OnJuno

Discussion of the Cash portion of the Permanent Portfolio

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Xan
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OnJuno

Post by Xan » Mon Dec 14, 2020 9:14 am

https://onjuno.com/

FDIC insured, 2.15% interest. Balances up to $5,000, or up to $30,000 with a $10/month fee.

Thoughts?
thisisallen
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Re: OnJuno

Post by thisisallen » Mon Dec 14, 2020 11:33 am

“ OnJuno, a challenger bank based in India, is catering to Indian and Asian immigrants to the U.S. with a high-interest checking account that rewards their propensity for saving. It’s also using some novel outreach efforts involving cricket and chess.”

2.15% guaranteed until April

All above info from here:
https://newsopener.com/banking/a-challe ... cash-back/
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Re: OnJuno

Post by dualstow » Mon Dec 14, 2020 12:04 pm

On a balance of $30,000, $645 in interest minus $120?
That doesn't sound terrible.
I guess I can't be one of those people who calls customer service and asks for a North American accent.
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jhogue
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Re: OnJuno

Post by jhogue » Mon Dec 14, 2020 12:30 pm

I like the idea of a bank with offices in US, India, and Singapore.
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A stock trader asked him, "Groucho, where do you put all your money?" Groucho was said to have replied, "In Treasury bonds", and the trader said, "You can't make much money on those." Groucho said, "You can if you have enough of them!"
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Xan
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Re: OnJuno

Post by Xan » Mon Dec 14, 2020 1:58 pm

jhogue wrote:
Mon Dec 14, 2020 12:30 pm
I like the idea of a bank with offices in US, India, and Singapore.

It looks like the actual bank part is more traditional:
Banking services provided by Evolve Bank & Trust; Member FDIC
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Re: OnJuno

Post by pmward » Mon Dec 14, 2020 2:07 pm

I work with a guy from India, and he plans on moving back when he retires. He has been putting tons of money into Indian money markets lately because he is getting like 4-5% interest on cash there. Pretty crazy. What I would do to get a guaranteed risk free 4-5% return on cash???
thisisallen
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Re: OnJuno

Post by thisisallen » Mon Dec 14, 2020 5:52 pm

For a person living in India and planning to spend his money in India then the conversion from dollars earned in US to rupees is worth it. The rupee loses value to the dollar over time. So, on the other hand, if you later plan to convert the rupees back to dollars then you may easily find that you’ve lost the advantage of a higher interest rate.
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Re: OnJuno

Post by whatchamacallit » Sun Dec 20, 2020 12:34 am

I hope it does well and encourages competition.

You should be able to find comparable rates with reward checking account.
Depositaccounts.com

I think the cash back on debit card is also great. Looks like good option if you didn't want t have credit cards to juggle cashback.

My concern is if they can continue their rates. I have chased high rate reward checking and then they change their rate after I went through hassle of it all.
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