First of all, we’d like to wholeheartedly thank every single one of you for joining the growing OnJuno community. We truly value the trust and confidence you have placed in our ability to provide you with a best-in-class banking experience.

Since our launch 5 months ago, OnJuno has been fortunate to enjoy healthy growth: 25% of our active users have set up direct deposits with us and 41% of users visit our mobile app more than 7 times a month.

When we first started building OnJuno in the fall of 2019, the economy was healthy and interest rates were stable. With this in mind, we wanted to offer our users a highly competitive bonus rate of 2.15% — thus giving back to you the entire share of the rate our partner banks had promised us.

Despite interest rates plummeting to an extreme low with the onset of the pandemic, we strived to continue providing you with a competitive rate that was both attractive and worthwhile. As a result, we chose to launch OnJuno in the fall of 2020, with the expectation that Federal Reserve rates would bounce back in due time.

However, we have now had to make the incredibly difficult decision to reduce our bonus rate from 2.15% to 1.20%.

We acknowledge this will be disappointing news for many of you.

However, the 1.20% bonus rate we will offer remains extremely competitive when compared with other accounts available now. In addition to this, as we would like to ensure you enjoy the 2.15% rate for as long as possible, it will be available for all existing Basic and Metal users until October 31st, 2021. 

We have now also eliminated the monthly $9.99 membership fee for all Metal members, which will result in savings of $120 a year for every member. We do believe this change will benefit a larger number of you. You’ll also no longer need to carry out those complicated calculations to determine whether paying the $9.99 fee would be beneficial for you.

While the decision to change your bonus rate was not made lightly, it was one we had to take to ensure OnJuno remains a sustainable banking platform that serves a larger number of people fairly and transparently.

We hope you understand our reasons for this particular decision. If you have any questions, concerns, or feedback, we’d warmly welcome you to discuss them with us. We are, and always will be, honest and open with you.

Best, 

Team OnJuno