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OnJuno’s Digital Banking, Interest-Bearing Checking, and Debit Cards Help People Save

Onjunos Interest Bearing Checking And Debit Cards

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Matt Walker
By: Matt Walker
Posted: March 4, 2021

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In a Nutshell: Advances in technology have made it possible for companies to provide consumers with banking products and services that weren’t available just 10 years ago. OnJuno is one of these companies. The digital banking platform offers a checking account with interest rates that far exceed the average for other checking accounts, and even many savings accounts. OnJuno customers gain convenience as well as access to a significant cash back program with the OnJuno debit card. The company also prioritizes security and works with FDIC to insure customers’ funds and implements the latest bank-level data security measures.

Not that long ago people’s options, when it came to banking, were relatively few compared to today. Digital banking was nearly non-existent until the early 2000s, and brick-and-mortar banks and credit unions had free reign in the marketplace.

These traditional institutions meet the financial needs of millions of Americans with loans, debit cards, credit cards, and checking and savings accounts. While these standard accounts offer security, they aren’t exactly known for helping people grow their money.

OnJuno LogoThe average savings account interest rate is 0.07% while the average checking account interest rate — if the account even offers one — is even lower than that.

Thanks to advances in technology in recent years, a variety of businesses have popped up that offer banking services that were once only available at, well, banks. And they often come with distinct benefits.

OnJuno is one of these modern businesses that provide consumers with alternative banking options.

The company delivers an interest-bearing checking account with rates that far exceed those of most banks and credit unions. It also provides customers with convenient debit cards that help them save time and money.

While companies like OnJuno are often called challenger banks, the term isn’t quite accurate in this case.

Gary Chao, OnJuno’s Head of Growth, said OnJuno isn’t looking to displace the big banks, but rather it aims to deliver flexible and transparent banking options to today’s consumers.

Responding to the Demand for Higher Returns

Chao said OnJuno was created as a response to a need the founders saw in the market.

“There’s a huge trend where we’re seeing a lot of rates being depressed in typical savings and checking accounts, especially with bigger banks,” Chao said. “We saw that in some cases the interest rate was close to 0.01% — just really, really bad.”

Digital Banking Graphic

OnJuno’s digital banking platform was established to provide consumers a more competitive checking account option.

The OnJuno team believed there was a market for consumers who were looking for higher rates.

OnJuno is able to provide this middle ground for consumers.

“Instead of spending a lot of money on marketing and other channels, we decided to make our rates really attractive for as many customers as possible, and use that as kind of our selling point,” Chao explained.

Debit Cards and Interest-Bearing Checking Accounts with No Minimum Balance

“In regards to our vision, we really just want to make banking fair and transparent,” Chao said. “We want to make sure we can help people grow their savings and reach their financial goals faster. And at the same time, give them the comfort to do so.”

He said that a lot of people view saving as a daunting task and may not feel comfortable with learning how to navigate the stock market and other security investments.

“OnJuno is really meant to provide people with that safe vehicle for savings,” Chao said.

The company does this primarily through its interest-bearing checking account. Chao said OnJuno may expand its banking offerings in the future but for now the checking account and its associated debit cards remain the platform’s main focus.


“Banking that helps you save 20x more,” according to the OnJuno website. “As a digital banking platform, we operate without costly branches or overpaid executives. We pass these savings back to you with an industry-leading 2.15% on your deposits — 20x the national average.”

OnJuno’s checking account is designed to be suitable for nearly anyone, from people just beginning their financial journey to seasoned consumers who want to grow their money in a safe and secure manner.

And customers also receive a debit card to accompany their checking accounts. The basic account is free and comes with instant virtual debit cards. Consumers looking for a little more can upgrade to the premium account for just $9.99 per month.

Customers selecting this option can try the account for free for the first six months and will receive an eye-catching black metal debit card.

Convenience, Savings, and Security are Top Priorities

“OnJuno is kind of like a good middle ground between a savings account and a credit card,” Chao said. “We bring both the best rates from the savings account through a checking account, and, at the same time, also give you some of the rewards that a credit card will normally give you.”

These rewards include an impressive cash back program.

OnJuno App Graphic

OnJuno delivers a number of convenient features to users, including the ability to connect with a number of other apps.

“We offer 5% cash back for five brands of the customer’s choice,” Chao said. “We have a merchant list they can choose from. It’s pretty comprehensive and includes a lot of big retailers like Amazon, Walmart, Best Buy, and Netflix.”

Chao noted there are certain cash back limits, depending on which OnJuno account the customer has.

OnJuno also easily integrates with a number of other fintech services.

“Take your checking account wherever you go,” according to the company. “Connect your OnJuno account to your favorite apps. Pay your friends, invest in stocks, or buy crypto with a few clicks.”

These apps include Robinhood, Venmo, Acorns, CashApp, Coinbase, and about 3,800 others.

OnJuno also facilitates contactless payments, an important feature for many people these days.

“Start using your Apple Pay, Google Pay, and Samsung Pay for your favorite stores,” according to OnJuno. “Make quick and easy contactless payments directly through your phone.”

Many consumers are rightfully concerned about security issues when it comes to their finances and digital services. And OnJuno works to make sure customers’ information and funds are kept safe.

“Your deposits are insured up to $250,000 through Evolve Bank and Trust, Member FDIC,” according to the company. “With Mastercard’s Zero Liability policy, you’re protected from unauthorized transactions. We have cutting edge bank-level data security and promise to never sell your data.”

If you’re looking for a convenient checking account that will provide opportunities to grow your money more than traditional checking accounts offered by banks, OnJuno may be the right solution for you.