Banking Savings & Money Market Accounts

One Review [2024]: High APY Savings With a Budgeting Twist

One offers an innovative approach to digital banking with high APY savings and built-in budgeting tools. Still, the lack of physical branches may be a dealbreaker for those who prefer in-person banking.

By Gabriela Walsh
and Lance Cothern

Edited by Melinda Sineriz, ABFP™

Updated Dec. 17, 2024

One Cash

OUR VIEW

One is a fintech company founded in 2019 that partners with Coastal Community Bank to provide banking services. While it's not a traditional bank, One offers FDIC-insured accounts through its banking partner. The company aims to simplify personal finance by combining checking, savings, and budgeting features into a single digital platform.

As someone who's researched numerous online banking options, I can say that One's approach is unique in the fintech space. Its integration of budgeting tools directly into the banking experience sets it apart from many competitors.

Pros

Up to 3.75% APY on Savings with eligible deposits¹

No minimum balance requirements or monthly fees

Integrated budgeting tools through customizable "pockets"

Cash back rewards on debit card purchases

Cons

No physical branch locations

Cash deposits can only be made at Walmart locations

$5 excess withdrawal fee after 6 transactions per statement cycle

How we evaluate products

One 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.

One 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.

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

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

One Spend pocket basics

APY	None
Minimum balance for APY	N/A
Minimum deposit to open account	None
Monthly maintenance fees	$0
ATM access	Yes, fee-free ATM withdrawals at Walmart. Also free at 55,000+ Allpoint Network ATMs with eligible deposits² <p element-id="3">Allpoint Network ATM transactions are fee-free for accounts with eligible direct deposits totaling at least $500 in the previous month. For all other ATM transactions, the One ATM Fee will apply, and third-party ATM fees may be incurred.</p>
FDIC insured	Yes

The One 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 One Debit card, you can earn up to 5% cash back from select brands, including 3% cash back from Walmart.³ Cash back can be earned through the Debit Rewards Program. <a href="https://static.one.app/terms-and-conditions/cash-rewards/7/ONERewardsTerms.html?%24web_only=true&_branch_match_id=1171805993434719260&utm_medium=marketing&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXz0jNycnXy89L1UssKNBP1S9KLU8sSinWLUktyi0GAPWpptMlAAAA">Terms apply</a> You can earn up to $50 each year with cash back from Walmart purchases.⁴ To receive 3% cash back, eligible customers (at the time their purchase settles) must (i) have received $500 or more of eligible direct deposits in the previous month, or (ii) have a total account balance of $5,000 or more. 3% cash back is limited to up to $50 per year and applies only to purchases made at U.S. Walmart locations and on Walmart.com. This promotion may not be combined with other One promotions that offer cash back on purchases at Walmart. <a href="https://static.one.app/terms-and-conditions/promotional-terms/22/PromotionsTermsandConditions.html?%24web_only=true&_branch_match_id=1217510716574732888&utm_medium=marketing&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXz0jNycnXy89L1UssKNBP1S%2FPLdFNTizO0E1KTM7WLUktyi0GAAc26YwrAAAA#:~:text=3.%203%25%20Cash%20Back%20at%20Walmart%20Promotion">Terms Apply</a>.

One Save pocket basics

APY	3.75% on your savings if you receive at least $500 in direct deposits per month or maintain an account balance of $5,000 or more¹ <p element-id="440">3.75% annual percentage yield (APY) applies to the Savings balance of One Cash customers who either (i) received $500 or more of eligible direct deposits in the previous month or (ii) have a total daily account balance of $5,000 or more. 3.75% APY is also earned on Pay Autosave balances without these deposit or balance requirements. In all instances 3.75% 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> <p class="" element-id="440"><br element-id="439"></p>
Minimum balance for APY	None
Minimum deposit to open account	None
Monthly maintenance fees	$0
ATM access	Yes, fee-free ATM withdrawals at Walmart. Also free at 55,000+ Allpoint ATMs with eligible deposits² <p element-id="3">Allpoint Network ATM transactions are fee-free for accounts with eligible direct deposits totaling at least $500 in the previous month. For all other ATM transactions, the One ATM Fee will apply, and third-party ATM fees may be incurred.</p>
Transactions per month	Unlimited
FDIC insured	Yes

The Save pocket offers an impressive 3.75% 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.

One Pay Autosave pocket basics

One Pay Autosave is similar to the Save pocket, but the way you earn the higher APY is a little different. You can earn 3.75% APY on balances in the account up to $250,000 with eligible deposits.¹ 3.75% annual percentage yield (APY) applies to the Savings balance of One Cash customers who either (i) received $500 or more of eligible direct deposits in the previous month or (ii) have a total daily account balance of $5,000 or more. 3.75% APY is also earned on Pay Autosave balances without these deposit or balance requirements. In all instances 3.75% 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.

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 One card. This feature automatically rounds up your purchases to the nearest dollar, sending the change to your Savings pocket.

One Debit card

As a One customer, you get a One Debit card. The debit card is directly linked to the One 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 One

Great APYs on Save and Pay Autosave: One offers above-average interest rates. You can earn 3.75% 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 1.00% (as of 10/10/24).¹ 3.75% annual percentage yield (APY) applies to the Savings balance of One Cash customers who either (i) received $500 or more of eligible direct deposits in the previous month or (ii) have a total daily account balance of $5,000 or more. 3.75% APY is also earned on Pay Autosave balances without these deposit or balance requirements. In all instances 3.75% 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.
Earn rewards with the One Debit card: You can earn 3% cash back at Walmart, up to $50 every year, with eligible deposits.³ Cash back can be earned through the Debit Rewards Program. <a href="https://static.one.app/terms-and-conditions/cash-rewards/7/ONERewardsTerms.html?%24web_only=true&_branch_match_id=1171805993434719260&utm_medium=marketing&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXz0jNycnXy89L1UssKNBP1S9KLU8sSinWLUktyi0GAPWpptMlAAAA">Terms apply</a> 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 To receive 3% cash back, eligible customers (at the time their purchase settles) must (i) have received $500 or more of eligible direct deposits in the previous month, or (ii) have a total account balance of $5,000 or more. 3% cash back is limited to up to $50 per year and applies only to purchases made at U.S. Walmart locations and on Walmart.com. This promotion may not be combined with other One promotions that offer cash back on purchases at Walmart. <a href="https://static.one.app/terms-and-conditions/promotional-terms/22/PromotionsTermsandConditions.html?%24web_only=true&_branch_match_id=1217510716574732888&utm_medium=marketing&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXz0jNycnXy89L1UssKNBP1S%2FPLdFNTizO0E1KTM7WLUktyi0GAAc26YwrAAAA#:~:text=3.%203%25%20Cash%20Back%20at%20Walmart%20Promotion">Terms Apply</a>.

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. You can also earn up to 5% cash back on select brands, though the amount varies depending on the merchant. Individual offer details can be found in the One app.
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 fees: Unlike many traditional banks, One doesn’t charge monthly fees.
Early payday: You may get your paycheck up to two days early when you set up direct deposit.⁵ Direct deposit may be available up to 2 days in advance, but depends on when your employer sends paycheck data. This feature has become something I look for in an account because getting my paycheck early really comes in handy.
Overdraft protection: One offers overdraft protection of up to $200 to customers who have at least $500 in eligible direct deposits in the past 31 days.⁶ Available with Direct Deposits totaling at least $500 in the previous month. You must be 18 or older to receive Overdraft Protection. When on, Savings Backup will be used before Overdraft Protection. Overdraft balance is due right away. Transactions eligible for Overdraft Protection are at the discretion of One and may exclude certain transactions (e.g., bill pay, global transfers). <a href="https://support.one.app/hc/en-us/articles/360052260773-Overdraft-Protection">See details</a>.
Bill pay: One'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 One 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: One 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 One best for?

One 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 One?

To open a One 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 One account

One’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.

First, you have to verify your mobile phone number via text message.
Next, you provide your name, email, and physical address. Your address is where they will send your One card.
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. One 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 One 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.

One customer service

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

FAQs about One

Is One a legit bank?

One is not a bank itself. Instead, the company works with a legitimate banking provider, Coastal Community Bank. This bank is an FDIC member, which means up to $250,000 of your deposits are insured.

Does One deposit your paycheck early?

One may deposit your paycheck up to two days earlier than the scheduled payment date. This depends on several factors, including the timing of the payer’s deposit transmission as well as the type of payer transmitting the deposit.

One says regular paychecks that qualify as a direct deposit must be from a private company or another employer type to qualify. Other qualifying direct deposits include Social Security income, annuities, retirement payments, government salary, or other government payments such as unemployment payments.

How do you add money to your One card?

Your One card is a debit card that uses money from your pockets. You can add money to your One pockets using direct deposit, moving funds from an external bank, mobile check deposit, wire transfer, and apps such as Cash App, Venmo, and PayPal.

Your One card can access the money from pockets you choose by using the One app to assign the card to a specific pocket.

What bank does One use?

One uses Coastal Community Bank as its banking provider. Coastal Community Bank is a member-FDIC institution.

Alternatives to One

If One 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 One, 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).9 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.⁷ *Important Risk Disclosure 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>. 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. 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. 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. For additional important risks, disclosures and information, please visit <a href="https://www.acorns.com/terms/">https://www.acorns.com/terms/</a>. 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

…or read our full Acorns review.

Bottom line

One 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, One 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, One 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.