Juno Bank 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:
- Dunkin Donuts
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). 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 mean time.
- 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.