4 out of 5 stars
Juno one of the most trustworthy fintech platforms in the market.
The crypto and fintech space continues to evolve daily. Innovation in this field has led to the development of new products that promise to solve problems or offer a better way of doing things.
Despite their good intentions, many new platforms fail to live up to their promises, leading to significant losses for their users. Thus, it is necessary to understand platforms and their products before opting for their services.
This review discusses Juno, a digital banking and crypto platform. Our guide will consider all of the features and products offered by Juno. The goal is to clarify their services so users can understand what to expect from them.
Juno is a fintech company operating a digital bank that allows users to open online checking accounts in US dollars and trade popular cryptocurrencies. Formerly known as OnJuno, the platform has offices in Bengaluru, Singapore, and San Francisco. However, Juno’s services are only available in the US.
The platform was launched in 2020 and has grown significantly since then, bridging the gap between traditional banking and the crypto space. Currently, the platform serves over 58,000 crypto natives and handles over $1 billion in transactions annually. Juno essentially offers two products, Juno Banking and Juno Pay.
Juno offers banking services through its partnership with Evolve Bank and Trust. Leveraging this feature, users can now open a high-yield checking account.
Compared to traditional checking accounts, this account offers a bonus rate of up to 1.20% on deposits. The rate is compounded monthly and paid at the beginning of the month.
The platform only offers two types of checking accounts, and there is no joint or savings account. Juno checking accounts do not charge overdraft fees. This is because Juno does not allow users to overdraw their accounts.
You cannot make purchases with your Juno account if the amount in your account is less than the amount you have available. Additionally, the Juno app allows users to switch between USDC stablecoin and USD dollars for purchases.
Juno Basic is the free version of the checking account. New users will get the Juno Basic account after they complete the registration process on Juno.
There is no minimum deposit requirement or monthly maintenance fee. With Juno Basic, users can earn 1.20% bonus interest on accounts with deposits worth up to $5000. Once the account balance exceeds $5000, the bonus rate drops to 0.25%.
Beyond the bonus rate, users will get cashback on their purchases. There are several companies where users can earn cashback. It is possible to earn cashback from a wide range of merchants, but users can only choose five. However, users can change their preferred cashback merchants once a month.
Users can then earn a cashback of 5% up to $500 from any purchase from those merchants. It is also possible to pay with USDC, and you get a cashback of 10% of every purchase, up to $50 annually.
When using the Juno Basic account, users automatically get access to the virtual debit card and can request a plastic card.
This is the premium version of the Juno checking account. It comes with more perks but also more requirements. The main benefit is that the bonus rate applies to larger account balances.
Users get a 1.20% bonus rate on balances up to $50,000. The bonus drops once your balance is over $50,000, and there's no bonus rate on the amount over $100,000.
There is also cashback on purchases, which can reach $3000 annually. Additionally, if you use USDC stablecoin for payments, you can get a 10% cashback up to $300 annually.
Additionally, instead of the five merchants available to Juno Basic checking account users, those on the Metal plan get to pick ten merchants. Users of Juno Metal also get more refunds for out-of-network ATM fees.
It is easy to switch to the Juno Metal plan. All you need to do is direct deposit at least $250 into your account. However, users must maintain a monthly direct deposit to remain in the premium checking account. If you don't fulfill this condition, your account will revert to the Juno Basic package. There are no extra fees for using the Metal Account.
Juno Pay is a product that focuses on crypto trading. This product focuses on businesses and allows them to integrate crypto trading into their apps and platforms with a simple code.
Cryptocurrencies available for purchase include ETH, BTC, USDC, LINK, MATIC, UNI, AVAX, and DAI. Juno Pay also provides a ramp for Layer-2 networks such as Optimism, Arbitrum, Polygon, and Stellar.
With Juno Pay, users can buy crypto using debit and credit cards, Cash App, and Venmo. It plans to add other payment options too. This product is for businesses that want to integrate crypto trading into their platform.
Crypto Trading on Juno
Juno is not a crypto exchange, but it is possible to buy cryptocurrencies on the platform using cash to crypto transfers. The Juno checking account also allows users to keep cryptocurrencies in their checking accounts.
The platform also has other notable features, especially for crypto trading. From the Juno checking account, it is possible to withdraw to Ethereum Layer-2 networks such as Polygon, Optimism, and Arbitrum.
This means cheaper fees and faster transactions as you don’t have to pay the fees needed to transfer funds from the Ethereum mainnet to L2 networks. It is also possible to transfer USDC from Juno to the Solana network without paying any fee.
Juno doesn’t charge any transaction fees on crypto trades, which makes it better than most crypto exchanges. However, once total trades exceed $250,000, it starts charging a small fee.
Cryptocurrencies deposited into the Juno checking account are not locked in. So, it is possible to withdraw any crypto assets in your Juno account into an external wallet at any time you want.
What makes it even better is that it offers a bonus on cryptocurrency deposits. Users can earn 3% on USDC and 6% annually on ETH and BTC. However, Juno will stop providing interest on digital assets from September 2022. This also applies to lending out crypto deposits.
Juno Debit Cards
Juno also offers debit cards through its banking partners. The debit cards allow users with checking accounts to purchase and withdraw seamlessly. There are two types of debit cards available – virtual and physical cards.
Users get the virtual debit card automatically when they open an account. The debit cards are compatible with Apple Pay, Samsung Pay, and Google Pay. Physical cards, whether plastic or metal, can only be obtained upon request depending on the type of account.
Juno Debit cards can be used within the US at all MoneyPass and Allpoint ATMs without charges. This means there are over 80,000 ATM points all over the country that you can use. Juno won't charge you for that, even when using other ATMs. However, the ATM provider might.
In such cases, Juno offers users fee refunds of a maximum of $4 each. Juno Basic account users get one fee refund per month, while those on the Metal plan are eligible for three fee refunds monthly.
Get Paid in Crypto on Juno
Another unique way to use Juno is to convert your paycheck or part of it into cryptocurrencies. However, this service is dependent on the payroll processor that your company is using.
Compatible payment processors make it possible to automatically convert part of your earnings into BTC, ETH, or USDC. This eliminates having to first receive the money in USD before converting it to cryptocurrency.
Different parts of the income can be paid out in digital assets on the Juno platform, with the remainder in fiat currencies. Additionally, receiving your crypto through Juno into a non-custodial wallet is possible. In such cases, the network fees will apply.
How to Make Deposits on a Juno Checking Account
After creating an account on Juno, you can fund it via wire or bank transfer. Immediately after creating an account, you will have to wait for approval. You must submit your social security number and a government-issued ID to complete the registration process. All these usually take minutes, and you're good to go.
After approval, you can start making deposits into your checking account. You can do this with your existing bank cards. Deposits via this option will reflect instantly in your account.
The platform also accepts ACH (Automatic Clearing House) transfers which take 3 – 7 business days. There is also the option for direct deposits and transfers from external accounts. In both cases, you'll need your Juno account and routing numbers.
Juno Insurance & Safety
Deposits on Juno are FDIC insured for up to $250,000 due to the platform partnership with Evolve Bank & Trust. However, the insurance on Juno only applies to USD deposits. Crypto deposits don’t have any insurance. But that doesn’t mean they are not safe. Juno uses BitGo cold storage facilities for its crypto deposit accounts.
The platform has a two-layer security system to prevent unauthorized access. This secure login includes using a username and password and the confirmation PIN when making a transfer or connecting/disconnecting a device.
Although Juno has not obtained insurance for its crypto assets, its partner BitGo offers cover for these assets. Currently, BitGo has a $250 million insurance policy for clients that entrust their private keys to its custody entirely. The insurance policy will come into effect in the event of:
- Insider theft or dishonest acts by BitGo employees or executives.
- Copying and theft of private keys.
- Loss of keys.
Leveraging on its partnership with BitGo, Juno offers insurance cover for all crypto deposits on its platform. Thus, users can rest assured that their assets are protected. However, users must protect their login details to prevent a breach of their account and loss of personal funds.
Fees and Limits on Juno Checking Account
Generally, withdrawals from your Juno checking account don’t attract any charges. The same thing applies to ACH deposits, i.e., when you send money from a bank account to Juno checking account. But if you fund your account using an external debit card or a credit card, fees will apply. The following fees currently apply:
- $0.30 + 2% for external debit card
- $0.30 + 3.5% for credit card
- Additional 1% for non-US debit or credit card transfers
Note that the fees are subject to change. There are also several limits, especially on deposits and withdrawals, that anyone using Juno should know about. They include:
- $10,000 daily limit on ACH deposits and withdrawals
- $50,000 daily limit on wire deposits
- $3 million on annual direct deposits
Fees and Limits on Debit Card
Although the debit card doesn’t attract fees for purchases or international transactions, there are limits.
- $2,500 daily limit on withdrawals through ATM
- $10,000 daily limit on spending
Fees and Limits on Crypto Transactions
Any crypto trading above $250,000 attracts a 0.50% fee on each trade. But there are no charges for crypto deposits or withdrawals. What might apply is network fees when transferring to an external wallet. There are also limits on crypto transactions.
- $15,000 worth of crypto trading daily for those on metal checking accounts
- $10,000 worth of crypto trading daily for those on the Basic checking account
- Despite the checking account, the monthly limit is $155,000 worth of crypto, and the annual limit is $500,000.
Compare to Juno lending alternatives
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Juno is a great digital banking platform with lots of crypto-friendly features. It has several benefits: high deposit yield, cashback, ease of use due to the web and mobile app platform's excellent user interface, and insurance on customers' deposits.
However, this doesn't mean it is perfect. Although its returns are competitive, they are not the highest in the market. Additionally, its services are only available in the United States.
Thus, users in other countries can't enjoy the Juno platform. Nevertheless, it is one of the most trustworthy fintech platforms in the market. We expect to see more improvements in services offered by Juno in the long term.
Is there a Savings Account on Juno?
No. The platform does not offer savings accounts. But its checking account is quite good in terms of APY, better than what most traditional savings accounts offer. Users can earn a 1.20% bonus on the checking account, and also enjoy cashback offers.
Where can you use Juno?
Juno is available to citizens and permanent residents in the United States with social security numbers and other valid means of identification. Temporary residents in the country can’t use their tax identification numbers to register.
How does Juno store your cryptocurrency?
Juno keeps your digital assets in the Juno wallet. All crypto deposits on this platform are stored with BitGo. This means that you don't have the private keys to your wallet. However, you still own the cryptocurrency because you can withdraw it anytime and send it to an external wallet whenever you want.
What do you need to open a checking account on Juno?
You only need your personal information, home address, mobile number, social security number, and a document verifying your identity to open an account on Juno.