[Update: Lower Limits] Juno Review – Earn 5% APY Up To $5,000

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)