Is Juno 5% High Yield Checking Account Safe To Use?

kingvoid1 | Jan 18, 2023 | 3 posts since 2023

Juno (https://juno.finance/) is offering 5% APY on up to $25,000 in their checking account. They claim it is FDIC insured and funds are held by Evolve Bank and Trust which seems to be a normal bank member FDIC. Is it safe to use, considering they also offer buying crypto also?

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Answers

greenback | Jan 18, 2023 | 55 posts since 2022

Things always look pretty on paper. Your "concern" about their safety is a good answer in itself to your posted question no matter what others might say. Welcome to DA :-)

kingvoid1 | Jan 18, 2023 | 3 posts since 2023

Also, can any company that manages money claim to be FDIC insured or is there some sort of law or requirements they have to follow to make that statement?

JeffinEasternFL | Jan 19, 2023 | 744 posts since 2020

You can "look it up" or inquire direct with the FDIC and help answer your questions that way!

kingvoid1 | Jan 19, 2023 | 3 posts since 2023

I asked the support, they told me they are just the app and that Evolve Bank holds the money which a legitimate FDIC insured bank on deposit accounts.com with a FDIC license number. Now I don’t trust that response enough to make more than a small deposit although I wish someone here would be able to confirm further.

Sardonic | Jan 19, 2023 | 34 posts since 2022

M1 Finance looks interesting. 3.3% on their interest checking (no limit) and they're launching a savings account this year that will pay 4.5%. I have not used M1, but people seem to be pretty happy with it for buying stocks / ETFs.

I'm skeptical of Juno as its tied to crypto.

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