One Review [2024]: A Banking Solution for Budgeters

BANKING - SAVINGS & MONEY MARKET ACCOUNTS
One uses a concept called pockets to help you budget and save while paying interest on select savings balances.
Updated April 18, 2024
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We like One as a simple and digital way to make banking and budgeting easier. Budgeting can be frustrating, especially if you have to use multiple apps to track your funds and spending. But with One, it’s all in one place and easy to access from anywhere.

Let’s explore our One review to see if its products make sense for you.

One Benefits

  • Earn 3% cash back at Walmart1and up to 5% cash back2on select brands
  • Get paid up to 2 days early3
  • Earn 5.00% APY4on Savings with eligible deposits
  • No monthly fees or minimum balances
  • FDIC insurance through Coastal Community Bank5

In this One review

Key takeaways

  • We recommend One because it makes it easy to budget and manage your money from the same place. That means no bouncing around between different budgeting and banking apps (and wasting time in the process). With only one location for everything, you get some of your time back.
  • There are no monthly fees, and you can earn up to 5.00% (as of Feb. 7, 2024) APY on Savings with eligible deposits.6
  • One is a financial technology company, not a bank. Banking services are provided by Coastal Community Bank, Member FDIC.

One Finance overview

Pros
  • Up to 5.00% (as of Feb. 7, 2024) APY for savings
  • Up to 5% cash back from the One debit card
  • No monthly fees or overdraft fees
Cons
  • No physical locations
  • Phone support is not available 24/7
  • You only receive 1.00% (as of Feb. 7, 2024) APY if you do not qualify for the higher rate

One Finance, Inc., is a fintech company headquartered in Sacramento, California. It was founded in 2019 by Brian Hamilton. 

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.

Mobile Banking With Cash Back & High Yield Savings

Earn up to 5% cash back2and 5.00% APY4on Savings with eligible deposits. FDIC insurance through Coastal Community Bank.5

Visit One

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 deposits7
FDIC insured Yes

The Spend pocket is similar to a checking account. You can use this pocket to categorize your funds and save up toward multiple goals. The Spend pocket does not offer any interest. One Finance customers can schedule recurring transfers to each Spend pocket to ensure they have enough funds for each major expense category.

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.2 You can earn up to $50 each year with cash back from Walmart purchases.1

One Save pocket basics

APY 5.00% (as of Feb. 7, 2024) on your savings if you receive at least $500 in direct deposits per month or maintain an account balance of $5,000 or more6
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 deposits7
Transactions per month Unlimited
FDIC insured Yes

One's Save pockets are for non-automatic savings. You can earn 5.00% (as of Feb. 7, 2024) APY 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. Any dollar above $250,000 will earn 1.00% (as of Feb. 7, 2024) APY.

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

One Pay Autosave pocket basics

APY 5.00% (as of Feb. 7, 2024) APY on balances in the account up to $250,000 with eligible deposits.6
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 deposits7
Transactions per month Unlimited
FDIC insured Yes

The Pay Autosave helps you automate your savings. This can help you set aside money before spending it, which can make it a bit easier to save. Auto-save comes with a 5.00% (as of Feb. 7, 2024) APY on balances in the account up to $250,000 with eligible deposits.

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

What does One offer?

One is a technology company that works with a banking partner to provide a relatively uncommon all-in-one budgeting app and banking solution. The company offers account types called pockets, which allow you to create additional pockets to meet your budgeting needs. 

Save and Pay autosave pockets offer attractive APYs to encourage savings. Pockets can be named to match your budget categories and savings goals. One also offers the One Debit card. This debit card works in coordination with the One app offered on the Android and iOS app stores. 

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 easily monitor your spending and financial status. 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. 

You can earn 3% cash back at Walmart, up to $50 every year, with eligible deposits. 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.1 

What we like about One

  • Great APYs on save and pay autosave pockets: One offers above-average interest rates. You can earn 5.00% (as of Feb. 7, 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 1.00% (as of Feb. 7, 2024) APY.
  • Earn rewards with the One Debit card: With eligible deposits, you can earn 3% cash back at Walmart, up to $50 every year.1
  • Customizable pockets: You can have several pockets with custom names to help you budget.
  • 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.3
  • 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.8 
  • Bill pay: One's bill pay feature allows you to easily manage and pay bills directly from the app. 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 makes sense if you want a one-stop shop for your budgeting and banking needs. With One, you can check your daily finances, spend money with a checking account, grow your money with savings, use direct deposit, and earn cash back through different offers.

Note that One doesn’t have in-person branches, so it’s not the right financial institution if you prefer in-person banking. If you like digital banking, One is an excellent choice.

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.

One may be a good fit for detailed budgeters who want to separate their money into budget categories and spend directly from those categories with the One debit card. The relatively high APYs on save and autosave pockets may incentivize users to start saving. That said, people who want to accumulate high savings balances will be disappointed the APY only applies up to set limits.

Mobile Banking With Cash Back & High Yield Savings

Earn up to 5% cash back2and 5.00% APY4on Savings with eligible deposits. FDIC insurance through Coastal Community Bank.5

Visit One

How to open a One account

Opening a One account is a straightforward process. You can start by visiting the One website.

First, you have to verify your mobile phone number via text message. 

One screenshot

Next, you provide your name, email, and physical address. Your address is where they will send your One card.  

One screenshot

One screenshot

You also need to provide your date of birth and Social Security number or ITIN.

One screenshot

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.

You’ll need to fund your One account once approved. You can do this in many ways, including linking an external bank account to your One account. Other options include direct deposit, mobile check deposit, wire transfer, and peer-to-peer payment services such as Cash App, Venmo, or PayPal.

One customer service

Contacting One, an online-only service, isn’t difficult once you find its contact options, which are not prominently displayed on its website. You can call them Monday through Friday from 9 a.m. to 9 p.m. Eastern at 1-855-830-6200.

Another alternative includes chatting with One using the app.

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 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 Mar. 19, 2024).9 You earn a higher rate with direct deposit.

Visit Varo

…or read our full Varo review.

Acorns is a saving and investing app that allows you to automatically save with Round-Ups.10 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

…or read our full Acorns review.

Bottom line

One's mobile app, One debit card, and flexible pocket account structure offer an easy-to-use all-in-one budgeting solution. Although One isn’t a bank, its banking partner offers the actual bank accounts and FDIC insurance you’ll use.

Combine these benefits with attractive APYs on save and auto-save pockets and you may decide One is worth trying out. If it isn’t a good fit for you, check out our list of the best banks. People looking for just a checking or savings account may want to look into our list of best checking accounts or best savings accounts, instead.

One Benefits

  • Earn 3% cash back at Walmart1and up to 5% cash back2on select brands
  • Get paid up to 2 days early3
  • Earn 5.00% APY4on Savings with eligible deposits
  • No monthly fees or minimum balances
  • FDIC insurance through Coastal Community Bank5

Author Details

Lance Cothern Lance Cothern, CPA is a personal finance writer and founder of MoneyManifesto.com. Lance's work covering several personal finance topics has been published in U.S. News & World Report, Business Insider, Credit Karma, Investopedia, and several other publications.

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