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The bottom line: One could be a good fit if you qualify for the banking platform's perks. One Savings pays a competitive interest rate on balances up to $250,000 — that's on par with the rates of our best high-yield savings accounts. One Checking offers 3% cash back (up to $50 per year) on Walmart purchases with its debit card.
One Pros and Cons
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About One
One offers Checking and Savings accounts (called Checking and Savings tabs). You can keep your regular spending money with One Checking. Meanwhile, One Savings has separate "pockets" to store your savings. The Savings tab has one primary savings pocket as well as customizable savings pockets to help you save for specific goals.
One is an online banking platform and approved accounts are FDIC-insured by Coastal Community Bank for up to $250,000 per depositor.
You'll have free access to 55,000 ATMs in the Allpoint network.
One doesn't charge overdraft fees. Instead, One has overdraft protection that allows you to overdraw up to $200. To qualify for overdraft protection, you must first receive at least $500 in direct deposits for at least 31 days.
The One mobile app has received 4.8 out of 5 stars in the Apple store and 4.6 in the Google Play store.
You can contact customer support over the phone, via online chat, or through email from 9 a.m. to 9 p.m. ET every day.
Is One Trustworthy?
One is backed by its partner bank, Coastal Community Bank. One currently has an B rating from the BBB because it has received a high number of customer complaints on the BBB website. The Better Business Bureau gives Coastal Community Bank a B- rating because it still needs to respond to one customer complaint and it has received quite a few complaints.
On the BBB website, there is also a note that says that scam attempts have been made through social media and email using the One name and logo. Be aware that One will never ask you for your bank account number, social security number, or other personal information, to obtain a social media prize. If you receive an email from One, the address includes @onefinance.com. One also is not affiliated with Priority Loan Servicing, Priority Payday Loan, Cash Priority Loan Servicing, or the Payment Protection Program.
One FAQs
One is an online banking platform, not a bank. However, it's partnered with an FDIC-insured financial institution. Coast Community Bank provides the platform's banking services.
One has a checking and savings account. If you meet certain requirements, you can get features like a high interest rate and cash back at Walmart stores.
Hazel, a fintech company created by Walmart and the investment firm Ribbit Capital, acquired One in 2022.
Yes, One Finance allows you to receive direct deposit up to two days early.
The One account doesn't charge monthly fees or overdraft fees. If you use an out-of-network ATM, you may be charged a $3 ATM fee.
One Review
One Savings
no monthly service fee
up to 4.35%
$0
- High APY on Savings
- Create up to three goals
- No minimum opening deposit
- No monthly service fees
- Must meet certain requirements to earn highest APY
One could be a good fit if you qualify for the banking platform's perks. One Savings pays a competitive interest rate on balances up to $250,000 — that's on par with the rates of our best high-yield savings accounts. One Checking offers 3% cash back (up to $50 per year) on Walmart purchases with its debit card.
- Set up a Savings Pocket and earn up to 4.35% APY on balances up to $250,000 by either receiving at least $500 in eligible direct deposits each month or having a total daily account balance of $5,000 or more
- All other Savings balances will earn 1.00% APY
- Round up debit card purchases to the nearest dollar, and the money goes into the Savings Pocket
- Deposits are FDIC-insured through Coastal Community Bank
You can earn up to 4.35% APY on One Savings for balances up to $250,000 if you meet certain requirements. You'll have to receive at least $500 in eligible direct deposits each month or have a total daily account balance of $5,000 or more. All other savings balances earn 1.00% APY.
One Checking
no monthly service fee
None
$0
- No monthly service fee
- No minimum opening deposit
- 3% cash back on Walmart purchases
- Free overdraft protection for up to $200 if you meet certain requirements
- No fee for using an out-of-network ATM if you have direct deposits set up
- Receive paychecks sooner with early direct deposits
- $3.00 out-of-network ATM fee if you do not have direct deposits set up
- Doesn't reimburse fees charged by out-of-network ATM providers
One could be a good fit if you qualify for the banking platform's perks. One Savings pays a competitive interest rate on balances up to $250,000 — that's on par with the rates of our best high-yield savings accounts. One Checking offers 3% cash back (up to $50 per year) on Walmart purchases with its debit card.
- If you receive $500 or more of eligible direct deposits in the previous month or have a total daily account balance of $5,000 or more for at least 3 consecutive months, you'll be eligible to earn 3% cash back on Walmart purchases (up to $50 annually)
- Free access to 55,000 Allpoint ATMs in the US
- Round up debit card purchases to the nearest dollar, and the money goes into the Savings Pocket
- Overdraft protection for up to $200; To qualify, you must first receive at least $500 in direct deposits per month
- Deposits are FDIC-insured through Coastal Community Bank
The checking account tab won't earn any interest. If you receive at least $500 in eligible direct deposits each month or have a total daily account balance of at least $5,000 for three or more consecutive months, you'll be eligible for cash-back perks. With One cash-back debit card, you can earn 3% cash back on Walmart purchases (up to $50 per year).
Compare Today's Rates
How One Compares
One Review vs. Wealthfront Cash Account Review
Wealthfront pays interest on your entire balance. Meanwhile, if you have an account with One, your interest rates will depend on where you keep your money. You won't earn interest on One Checking, and One Savings only pays up to 4.35% APY on balances up to $250,000 if you meet certain requirements.
Wealthfront is also known for its investing products. If you'd like to do your banking and investing with one company (and a pretty user-friendly one) you might like Wealthfront.
Wealthfront Cash Account Review
One Review vs. Chime Review
Chime is another online banking platform. It offers a checking and savings account. The savings account pays 2.00% APY for the entire balance. You might prefer One if you're looking for a competitive savings rate, although you'll need to meet certain requirements to obtain the highest savings rate.
If you prioritize overdraft protection services, Chime's program is a bit easier to qualify for. To be eligible for the Chime SpotMe® Program, you have to receive $200 or more in qualifying direct deposits each month. At One, you'll need to receive $500 or more in qualifying direct deposits per month to be eligible for the overdraft protection program.
Why You Should Trust Us: How We Reviewed One
To review One, we used our bank account methodology. We use a scale of one to five stars and consider specific account features as well as the overall banking experience. To determine the rating for the One Account, we used our savings and checking account methodologies.
In general, we look at ethics, security, customer support, miscellaneous features, and mobile apps when rating an institution. Other factors we consider depend on which type of account we're reviewing. For example, we look at ATM network/fees for checking accounts and interest rates for savings accounts.
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
