Update 3/10/24: Starting on April 1, Juno is only offering 5% on the first $5,000, after that zero. RIP. Here is their email:
The bull market is here. Both the stock market and crypto market reached all time highs in the last few weeks. Traditional finance yields can no longer compete with onchain yields. Also, the federal interest rate is expected to reduce this year, while onchain yields continue to rise higher.
Starting April 1, 2024, we’re making some adjustments to our bonus structure to better align with this current market environment:
You will continue to earn a 5.00% annual bonus on the first $5,000 cash balance. The part of your cash balance exceeding $5,000 will no longer earn an annual bonus
Update 8/17/23: Update on rate changing:
What is changing:
Starting September 1st, 2023 your cash balances will earn a competitive annualized base rate of 3.00% per year. You will have the ability to unlock an industry-leading rate of 5.00% on cash balances up to $250,000
What does this mean for you:
Currently, our cash bonus program lets you earn 5.00% on cash balances only up to $50,000. With this change, you will be able to earn 5.00% on all your cash balances up to $250,000 by simply maintaining a daily closing balance of $20,000.
Why is the rate changing:
This change simplifies our cash bonus program and enables us to pass on the best rates to you, in line with the federal funds rate. We’ll closely monitor any changes in the federal funds rate and continue to offer an industry-leading rate.
Update 5/24/23: Walmart will be removed as a 5% merchant on June 1st (ht ieatdogfood and travelinpoints)
Original Post:
Juno is a new digital bank that has now launched. Juno offers 2.15% APY (Priority Access users thru April 2021) on balances up to $30,000 and offers FDIC insurance. In addition you can also earn 5% back up to $3,000 on five merchants, merchants include:
- Amazon
- Uber
- Netflix
- Airbnb
- Disney+
- Starbucks
- Lyft
- Dunkin Donuts
- Uber
There are two different tiers of membership:
- Basic membership: $0 per month
- 2.15% APY is on up to $5,000
- 5% back is on up to $500 in spend per year
- Metal membership: $9.99 per month
- 2.15% APY is on up to $30,000
- 5% back is on up to $3,000 in spend per year
You can also get metal membership for free for six months when you set up direct deposit. They also have a referral program where you can earn $25 per person that signs up, the person being referred also receives $25 (please do not share your referrals in the comments). Referral bonus is no longer being offered.
They have raised $3 million to date. I don’t think 2.15% APY and 5% on specific merchants is sustainable long term, but I certainly won’t say no to VC money in the meantime.
Post history:
- Update 2/2/23: Rate is now 5.12% APY on balances up to $25,000 and 4% APY on balances above $25,000 until $250,000.
- Update 1/17/23: Offer sent out to get 10,000 JCOIN bonus (looks like that’s worth around $35 now) when you hit a balance of $25,000 in your Juno checking account and maintain a balance of at least $20,000 for 15 days thereafter. Full details at this link. Seems like this offer is available to everyone (?).(ht Gadget)
- Update 1/3/23: Juno has recommended removing any and all crypto held with them: Dear User, This is an important announcement. Juno doesn’t custody crypto assets and relies on crypto partners for providing these services. Due to uncertainty with our crypto partner who is responsible for crypto operations for Juno, we strongly recommend withdrawing your crypto assets into a self-custody wallet. You can also choose to sell these assets for cash and keep them secured in your Juno checking account which is FDIC insured up to $250,000 via Evolve Bank and Trust. There are daily platform limits for sells and withdrawals and we’re working with our partner to increase them for a smoother transition. Due to current market uncertainty we have also disabled crypto buys on the platform and auto-converted some of the stablecoins (USDC, USDT and mUSDC) to USD. Any fees incurred will be reimbursed. We apologise for the inconvenience and will keep you posted.’
- Update 1/3/23: They’ve increased the 5% to $25,000 max (previously $10,000). (ht ShawntheShawn)
- Update 10/19/22: Starting today you’ll earn 5% APY on your first $10,000 and 3% APY on any amount above that up to $250,000. (ht Eric). Sign up bonus no longer available.
- Update: Looks like the 2.15% rate is guaranteed through 2020 and a maximum of $20,000. Those seem to be new restrictions that have since been added. Not a good start for Juno.
- Update 5/17/21: Rate has been reduced from 2.15% to 1.2% APY
- Update 2/24/22: Cashback has been increased from 5% to 10% on your five merchants when you pay in USDC. Valid through 5/31/22. $150 cashback limit. Requires metal card which requires $250 DD/Month. Hat tip to reader Davis
- Update 2/17/22: People have been sent out a bonus of $10 when purchasing crypto (purchase of $1 seems to work): Subject line: Get $10 of Bitcoin on your first trade! Buy any crypto in the next 48 hours and we’ll airdrop you $10 in BTC!
- Credit card: 3.5% + 60¢
- Debit card : 2% + 60¢
- Prepaid card: 2.3% + 60¢
- Update 2/1/22: You can now fund up to $500 per day with a debit, credit or prepaid card . Unfortunately fees are high: Credit card: 3.5% + 60¢, Debit card : 2% + 60¢, Prepaid card: 2.3% + 60¢. Update: No longer available
- Update 8/24/22: Rate increasing to 2.15%
Starting from September 1, 2022 cash deposits up to $100,000 will earn 2.15% deposit bonus per year in your checking account. Any deposits above $100,000 wilI continue to earn the current bonus of 1.20% per year.
- Update 8/21/22: Juno (previously called OnJuno) is getting rid of their 6% interest on USDC crypto beginning September 1st. (ht Mike and MCT)
- Update 6/27/22: OnJuno is running their Stellar Madness promotion from July 1 -16: Users can earn 10% on their card spends with USDC (up to $100 in Stellar USDC). Spending via USDC should be turned ON. Full terms here.
- Update 3/27/22: Cashback is doubled if you pay with USDC, 10% at $3,000 in spend = $300 max cashback
- Update 3/21/22: Referral bonus has been increased to $100. Please do not share your referral in the comments below, instead share it once in this linked post.
- Update 3/1/22: OnJuno is now showing a $50 bonus when you signup and set up your first direct deposit (I believe it needs to be $250 or more). Same offer is available via referral, but we are not allowing referrals on this post right now. (ht IS250)
“Disclaimer: Juno reserves the right, in sole discretion, to change the bonus rate without cause, reason, and notice.”
So from February 7, 2024, to 1st April, 2024, they increased the max to 250K that people could get 5% bonus at. Then after this action that was presumably intended to get people to increase their balances at Juno they reduced it all the way to 5K as the cap, and per their policy they don’t even have to notify their customers that they did so. Rugpull much? It almost smells like this is a cynical ruse to get a cash infusion and then deny their customers interest/bonus at this point… a friend got the notification that this reduction was coming on April 1st, but I never got a notification at all! How many people put money into Juno hoping to take advantage of the interest, never got a notification, and will be screwed out of a bonus while Juno pockets those earnings for themselves? Shady, shady!
The USFR ETF is comprised of floating rate US Treasury notes and is yielding 5.36% after fees. It’s also state-tax exempt
5% on 5K and nothing more?! Totally nuts. A friend and I just rushed for the exit / xferred around 6 figures out of Juno’s checking accounts between us. No sense being the last rat on the ship, even if the account is FDIC insured.
Hoping this is not another fintech on the verge of bankruptcy, but that dramatic opening line about the “bull market” sounds like all bull and no market to me… 😉
Closed my Juno account after they notified me of inactivity fees. I prayed they would eventually become competitive again, but they just keep digging their own grave.
I did not know they have inactivity fee…
I agree. There is not a single positive move in last one year. It would probably shut down soon after burning VC funds.
How long after you were inactive did they charge fees?
Six months. They email you a warning beforehand.
That’s pretty decent of them. I’m going to keep my account open but I just won’t keep that much money in there.
Are there any good high-yield checking accounts that offer 5% APY or higher without any special requirements or limits?
Wealthfront and Fidelity could be used as high-yield checking accounts but I’m wondering if there are other options.
I use primis and fierce finance.
Vanguard cash plus allows bill pay and other services like bank account with apy 4.7%
Are you aware of the below page? If not, I think that reading through the post and the comments will be very useful to you in deciding which account(s) to open.
https://www.doctorofcredit.com/high-interest-savings-to-get/
If you use the FDLXX money market in the Fidelity CMA account, you’ll get a 4.95% yield that is state tax exempt. You’ll have to manually purchase it, but Fidelity will auto-liquidate the fund for any debits
So federal interest rates haven’t changed, but oh no they might do it later, and that forces Juno to drop rates immediately?
Sounds more like impending bankruptcy than the “current market environment.”
To be fair, Union Square proactively nuked their Kasasa account the end of last month before the Fed lowered rates and I doubt that they are going out of business any time soon. I do agree that Juno might be on its legs though.
Juno has flip flopped on their 5% interest that they call “annual bonus” how many times in the past couple months? Signs of trouble…..
Juno maybe soon be out of Oxygen…..
duplicate post to eric & more