OnePay Review [2025]: High APY Savings With a Budgeting Twist

OnePay is a technology company that partners with Coastal Community Bank to offer unique banking services. Money held in accounts at Coastal Community Bank is Federal Deposit Insurance Corp. (FDIC) insured.

OnePay aims to improve the financial lives of the families and individuals who use its service while avoiding negative environmental impacts. It does this by never using money held in its care to organizations that support exploration, mining, or production of oil, gas, and coal, as well as other environmental issues.

OnePay quickly caught the attention of retail giant Walmart, which acquired the company in 2022. This move has positioned OnePay to potentially reach Walmart's massive customer base, though it continues to operate as a separate entity.

OnePay is a financial technology company, not a bank. Banking services are provided by Coastal Community Bank or Lead Bank, Member FDIC.

OnePay Spend pocket basics

The OnePay Spend pocket functions like a checking account but with a twist. Unlike traditional checking accounts, it allows you to create multiple sub-pockets for different spending categories. This feature can be particularly useful for budgeters who like to allocate their funds to specific purposes.

You can create custom virtual cards for each Spend pocket to make spending money easier. You can also send the number of an individual Spend pocket to someone to manage your account.

With the OnePay Debit card, you can earn 3% cash back from Walmart. You can earn on up to $150 spent per month on Walmart purchases.⁴ <p class="">Cash back is earned as OnePay Points, redeemable as a deposit into a OnePay Cash account pursuant to the <a href="https://www.onepay.com/legal/onepay-rewards-terms?%24web_only=true&amp;_branch_match_id=1207782460763901308&amp;utm_medium=marketing&amp;_branch_referrer=H4sIAAAAAAAAAwXBSwqAMAwFwBO12QviwoNIi09btB9eAtl5dmeK2dRFZHQER45pzvjW%2FgiE8MRTg4FNt4%2B4QNZ%2BH5nDFVz3wtHwA%2BiTVRhCAAAA" style="background-color: rgb(255, 255, 255);">OnePay Rewards Terms</a>. Only applies to OnePay Cash accounts that have either (i) received <a href="https://www.onepay.com/help-center/articles/direct-deposit?%24web_only=true&amp;_branch_match_id=1207782460763901308&amp;_branch_referrer=H4sIAAAAAAAAAwXBQQ6AIAwEwBdB7ybGgw8hIqs0Im1KE26%2B3ZnqrmMhko4wkeOhGhv3h0CFDaeHApXBHiqabp%2Fhghn3O2WTOWDrXk1e%2FLyW8klIAAAA" style="background-color: rgb(255, 255, 255);">Direct Deposits</a> totaling $500+ in the current or previous month, or (ii) have a balance of $5,000+ as of the last day of the previous month. This reward applies to purchases at U.S. Walmart locations and on Walmart.com only and may not be combined with other OnePay Cash promotions for cash back at Walmart.</p>

OnePay Save pocket basics

The Save pocket offers an impressive 3.75% (as of 12/20/2024) APY, which is significantly higher what many other high-yield savings account offer. However, it's important to note that this rate is only available if you receive at least $500 in eligible direct deposits each month or maintain a total daily balance of $5,000 or more. 

You can have up to three Save pockets based on different goals and even name the accounts. This can help you visualize your savings and give you another reason not to raid them.

OnePay Autosave pocket basics

OnePay Autosave is similar to the Save pocket, but the way you earn the higher APY is a little different. You can earn 3.75% (as of 12/20/2024) APY on balances in the account up to $250,000 with eligible deposits.² <p element-id="440">3.75% (as of 12/20/2024) annual percentage yield (APY) applies to the Savings balance of OnePay Cash accounts that either (i) received $500+ of <a href="https://support.one.app/hc/en-us/articles/360053046053-Direct-deposit">Direct Deposits</a> in the current or previous month or (ii) have a&nbsp; balance of $5,000+ at the end of the previous month. 3.75% (as of 12/20/2024) APY is also earned on Pay Autosave balances without deposit or balance requirements.&nbsp; 3.75% (as of 12/20/2024) APY is limited to a total Savings balance of up to $250,000. All other Savings balances will earn 1.00% APY. APYs are as of 12/20/2024, but may change at any time before or after account opening.</p>

This feature helps you automate your savings. This can help you set aside money before spending it, which can make it a bit easier to save.

You can also turn on autosave with the OnePay card. This feature automatically rounds up your purchases to the nearest dollar, sending the change to your Savings pocket.

OnePay Debit card

As a OnePay customer, you get a OnePay Debit card. The debit card is directly linked to the OnePay Finance app, allowing you to monitor your spending and financial status easily. You can lock and unlock your card within the app, set spending limits, and receive immediate transaction notifications.

The card offers features such as round-up savings — where spare change from purchases can be automatically deposited into one of your savings pockets — and cashback rewards on eligible purchases. (More on that in a moment.)

What we like about OnePay

• Great APYs on Save and Pay Autosave: OnePay offers above-average interest rates. You can earn 3.75% (as of 12/20/2024) if you receive at least $500 in eligible direct deposits each month and/or have a total daily account balance of $5,000 or more on up to $250,000, and all other Savings balances will earn an APY of 3.75% (as of 12/20/24).² <p element-id="440">3.75% (as of 12/20/2024) annual percentage yield (APY) applies to the Savings balance of OnePay Cash accounts that either (i) received $500+ of <a href="https://support.one.app/hc/en-us/articles/360053046053-Direct-deposit">Direct Deposits</a> in the current or previous month or (ii) have a&nbsp; balance of $5,000+ at the end of the previous month. 3.75% (as of 12/20/2024) APY is also earned on Pay Autosave balances without deposit or balance requirements.&nbsp; 3.75% (as of 12/20/2024) APY is limited to a total Savings balance of up to $250,000. All other Savings balances will earn 1.00% APY. APYs are as of 12/20/2024, but may change at any time before or after account opening.</p>
• Earn rewards with the OnePay Debit card: You can earn 3% cash back at Walmart on up to $150 spent per month.⁴ <p class="">Cash back is earned as OnePay Points, redeemable as a deposit into a OnePay Cash account pursuant to the <a href="https://www.onepay.com/legal/onepay-rewards-terms?%24web_only=true&amp;_branch_match_id=1207782460763901308&amp;utm_medium=marketing&amp;_branch_referrer=H4sIAAAAAAAAAwXBSwqAMAwFwBO12QviwoNIi09btB9eAtl5dmeK2dRFZHQER45pzvjW%2FgiE8MRTg4FNt4%2B4QNZ%2BH5nDFVz3wtHwA%2BiTVRhCAAAA" style="background-color: rgb(255, 255, 255);">OnePay Rewards Terms</a>. Only applies to OnePay Cash accounts that have either (i) received <a href="https://www.onepay.com/help-center/articles/direct-deposit?%24web_only=true&amp;_branch_match_id=1207782460763901308&amp;_branch_referrer=H4sIAAAAAAAAAwXBQQ6AIAwEwBdB7ybGgw8hIqs0Im1KE26%2B3ZnqrmMhko4wkeOhGhv3h0CFDaeHApXBHiqabp%2Fhghn3O2WTOWDrXk1e%2FLyW8klIAAAA" style="background-color: rgb(255, 255, 255);">Direct Deposits</a> totaling $500+ in the current or previous month, or (ii) have a balance of $5,000+ as of the last day of the previous month. This reward applies to purchases at U.S. Walmart locations and on Walmart.com only and may not be combined with other OnePay Cash promotions for cash back at Walmart.</p> In order to qualify, you need to have at least $500 of eligible direct deposits into your account each month or maintain a balance of $5,000 or more.⁴ <p class="">Cash back is earned as OnePay Points, redeemable as a deposit into a OnePay Cash account pursuant to the <a href="https://www.onepay.com/legal/onepay-rewards-terms?%24web_only=true&amp;_branch_match_id=1207782460763901308&amp;utm_medium=marketing&amp;_branch_referrer=H4sIAAAAAAAAAwXBSwqAMAwFwBO12QviwoNIi09btB9eAtl5dmeK2dRFZHQER45pzvjW%2FgiE8MRTg4FNt4%2B4QNZ%2BH5nDFVz3wtHwA%2BiTVRhCAAAA" style="background-color: rgb(255, 255, 255);">OnePay Rewards Terms</a>. Only applies to OnePay Cash accounts that have either (i) received <a href="https://www.onepay.com/help-center/articles/direct-deposit?%24web_only=true&amp;_branch_match_id=1207782460763901308&amp;_branch_referrer=H4sIAAAAAAAAAwXBQQ6AIAwEwBdB7ybGgw8hIqs0Im1KE26%2B3ZnqrmMhko4wkeOhGhv3h0CFDaeHApXBHiqabp%2Fhghn3O2WTOWDrXk1e%2FLyW8klIAAAA" style="background-color: rgb(255, 255, 255);">Direct Deposits</a> totaling $500+ in the current or previous month, or (ii) have a balance of $5,000+ as of the last day of the previous month. This reward applies to purchases at U.S. Walmart locations and on Walmart.com only and may not be combined with other OnePay Cash promotions for cash back at Walmart.</p>
  
  This is a unique feature. While it has a fairly low cap and some steps you need to take to qualify, every penny counts, and it adds up over time if you shop at Walmart frequently. 
• Customizable pockets: You can have several pockets with custom names to help you budget and save for specific purposes (e.g., a dream vacation, an emergency fund, and so on).
• No monthly fees: Unlike many traditional banks, OnePay doesn't charge monthly fees.
• Early payday: You may get your paycheck up to two days early when you set up direct deposit.⁵ <p><a href="https://www.onepay.com/help-center/articles/direct-deposit?%24web_only=true&amp;_branch_match_id=1207782460763901308&amp;_branch_referrer=H4sIAAAAAAAAAwXBQQ6AIAwEwBdB7ybGgw8hIqs0Im1KE26%2B3ZnqrmMhko4wkeOhGhv3h0CFDaeHApXBHiqabp%2Fhghn3O2WTOWDrXk1e%2FLyW8klIAAAA" style="background-color: rgb(255, 255, 255);">Direct Deposit</a> is required. Funds may be available up to 2 days in advance, depending on when your employer sends paycheck data</p> This feature has become something I look for in an account because getting my paycheck early really comes in handy.
• Bill pay: OnePay's bill pay feature allows you to manage and pay bills directly from the app easily. You can schedule one-time or recurring payments, track your payment history, and receive reminders to ensure bills are paid on time.

What OnePay could improve

• Balance limits for APYs on save pockets: The higher APY is only available if you receive at least $500 in eligible direct deposits each month and/or have a total daily account balance of $5,000 or more, and only up to $250,000.
• No physical locations: OnePay is an online-only technology solution and has no branches.
• Limited customer service hours: You can't call customer service 24/7 as you may be able to with some larger institutions. Live chat is available 24/7, but phone support is only available on weekdays from 9 a.m. to 9 p.m. Eastern.

Who is OnePay best for?

OnePay is ideal for tech-savvy individuals who are comfortable with digital-only banking and are looking for a high-yield savings account combined with budgeting tools. It's particularly well-suited for:

• Those who want to earn a high interest rate on their savings
• People who struggle with budgeting and would benefit from built-in money management tools
• Users who prefer to handle all their banking needs through a mobile app
• Individuals who don't need to deposit cash frequently or visit physical bank branches

Who can open an account with OnePay?

To open a OnePay account, you must be at least 18 years old, have a mobile phone number, and be a U.S. citizen or permanent resident.

You must have a Social Security number or Individual Taxpayer Identification Number (ITIN) as well. To apply, you may need a copy of a government-issued photo ID or a utility bill.

How to open a OnePay account

OnePay's sign-up process is straightforward and can typically be completed in just a few minutes, provided you have all the necessary information on hand.

1. First, you have to verify your mobile phone number via text message.
2. Next, you provide your name, email, and physical address. Your address is where they will send your OnePay card.
3. You also need to provide your date of birth and Social Security number or ITIN.

You may be required to submit a copy of a government-issued photo ID or utility bill to verify your identity. OnePay will also use a soft credit inquiry to verify your identity, which doesn't impact your credit score.

Once approved, you'll need to fund your OnePay account. You can do this in many ways, including linking an external bank account, setting up direct deposit, mobile check deposit, wire transfer, and peer-to-peer payment services such as Cash App, Venmo, or PayPal.

OnePay customer service

You can call OnePay at 1-855-830-6200 Monday through Friday from 9 a.m. to 9 p.m. Eastern. You can also chat with OnePay using the app or on your desktop. Live chat is available 24/7.

FAQs about OnePay

Alternatives to OnePay

If OnePay doesn't seem like the best fit for you, here are two alternatives to consider.

Varo

Varo offers a bank account that's available with no credit check. It also has no minimum balance and no monthly fees. Like OnePay, you may also be able to get your paycheck early if you opt for direct deposit. If you apply for and open a Varo savings account, you could earn an APY of 5.00% (as of 6/14/24). You earn a higher rate with direct deposit.

Visit Varo

…or read our full Varo review.

Acorns

Acorns is a saving and investing app that allows you to automatically save with Round-Ups.⁶ <p>*Important Risk Disclosure</p> <p>Investing involves risk, including loss of principal. Please consider, among other important factors, your investment objectives, risk tolerance and Acorns’ pricing before investing. Investment advisory services offered by Acorns Advisers, LLC (Acorns), an SEC-registered investment advisor. Brokerage services are provided to clients of Acorns by Acorns Securities, LLC, an SEC-registered broker-dealer and member <a href="https://www.finra.org/#/">FINRA</a>/<a href="https://www.sipc.org/">SIPC</a>.</p> <p>Round-Ups® investments are transferred from your linked funding source (checking account) to your Acorns Invest account, where the funds are invested into a portfolio of selected ETFs. If you do not maintain an adequate amount of funds in your funding source sufficient to cover your Round-Ups® investments, you could incur overdraft fees with your financial institution.</p> <p>Only purchases made with Round-Up accounts linked to your Acorns account with the feature activated are eligible for the Round- Ups® investment feature. Round-Up investments from your funding source will be processed when your Pending Round-Ups® investments reach or exceed $5. </p> <p>The average Acorns investor, with a verified and active account, has rounded up $166 between 1/1/21 and 4/30/21. Individual results will vary and the average Round-Ups® only take into account the investments themselves and do not reflect the impact investment volatility will have on overall performance.</p> <p>For additional important risks, disclosures and information, please visit <a href="https://www.acorns.com/terms/">https://www.acorns.com/terms/</a>. </p> With Round-Ups, any purchases you make with a linked credit or debit card are rounded up to the nearest dollar, and the difference is invested in an Acorns Invest account.

Visit Acorns

Paid Non-Client Promotion

FinanceBuzz doesn’t invest its money with this provider, but they are our referral partner. We get paid by them only if you click to them from our website and take a qualifying action (for example, opening an account.)

…or read our full Acorns review.

Bottom line

OnePay offers an innovative approach to digital banking that combines high-yield savings with built-in budgeting tools. Its high APY on savings is among the most competitive in today's market, and the ability to create multiple pockets for different spending categories can be a game-changer for those struggling with budgeting.

However, the lack of physical branches and limited customer service hours may be drawbacks for some. If you're comfortable with online-only banking and are looking for a way to simplify your finances while earning a great interest rate, OnePay is an excellent choice. But if you prefer more traditional banking features or need to deposit cash frequently, you might want to consider other options.

Ultimately, OnePay shines in its ability to merge banking and budgeting seamlessly. For the right user, it could be a powerful tool for achieving your financial goals.