One Finance Review: A Neobank Option With No Fees and a High APY
Written by
Andrea Norris
Edited by
Melanie Grafil
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
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by Experts
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Millions of Readers
GOBankingRates Score
ONE App
-
Checking Account
4.5
-
Savings Account
4.1
-
Banking Experience
4.0
Pros
- High savings APY for qualified account holders
- No monthly fees or minimum balances
- Get your paycheck up to two days early with eligible direct deposits
- Offers up to $200 in overdraft protection
- 3% cash back on Walmart purchases, up to $50 a year
Cons
- Product offerings are limited
- Cash deposits can only be made at Walmart locations
One Finance Overview
One Finance is an online-only banking platform that offers a cash management account to help you save, spend and grow your money with no hassles and no monthly fees. A unique feature called “pockets” allows you to set up one checking account that can serve as both a checking and savings account. Within the account are Spend and Save “pockets.”
GOBankingRates has ranked One Finance among the Best Neobanks of 2024.
One Finance Review
GOBankingRates’ One Finance review considered the following noteworthy features to determine its rating.
Checking Account
The Spend pocket serves as the One Finance checking account. It comes with a debit card you can use to make purchases, pay bills and withdraw cash.
Withdrawals are free at any U.S. Walmart location. Users who receive at least $500 in qualifying direct deposits in the previous month also can withdraw money for free from over 55,000 Allpoint ATMs available across the nation.
You can deposit cash for free with any Walmart cashier or at the customer service desk or money center — U.S. locations only. The deposit is immediately available in your Spend pocket.
One Finance gives you two ways to deposit checks: mobile deposit, which uses your phone to upload photos of the check, and direct deposit. Mobile check deposits take four business days to clear. Direct deposits are made available to you as soon as One Finance receives them. If your employer initiates the deposit before payday, you’ll receive it as much as two days early.
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The Spend pocket doesn’t earn interest. However, the debit card offers 3% cash back on purchases made at Walmart, up to $50 a year, as well as cash back from participating retailers. The rewards are credited to your account daily, and they never expire.
Savings Account
Savings balances earn a nice annual percent yield, especially for those who set up qualifying direct deposits with One and meet other minimum requirements.
You can earn up to APY on your Savings balance. The requirements include having direct deposits that total at least $500 monthly or having a total account balance of at least $5,000. This APY applies on any balance up to $250,000. Outside of this, other Savings balances earn APY.
One allows up to three custom savings pockets in addition to the Save pocket. Custom pockets are a great way to build an emergency fund or save for other goals using money you want to keep separate from your regular savings.
To maximize your savings, turn on Round-ups in the mobile app to round debit card purchases up to the nearest dollar and deposit the difference into your Save pocket. The other way to deposit money into Save is by transferring it from your Spend pocket.
Direct Deposit With Pay Autosave
This feature lets you set aside either a certain amount of dollars or a percentage from your direct deposits. Pay Autosave also earns on any balances up to $250,000, as well as APY above this limit.
Banking Experience
One Finance provides a satisfying banking experience for users who prefer a simple set of basic banking features over the sometimes complicated — and expensive — accounts offered by traditional banks. It also offers a few unique benefits that customers don’t often see with traditional checking and savings accounts.
One Finance does not charge overdraft fees like traditional banks typically do. One offers up to $200 to customers in overdraft protection. You can qualify by receiving at least $500 in qualified direct deposits in the previous month.
One customers can get customer service via chat on the One website or by phone at 855-830-6200. Both are available seven days a week from 6 a.m. to 6 p.m. PT.
Digital and Mobile Experience
The One website has an extensive help section that answers most questions a new or existing user is likely to have.
The app has a 4.7-star rating in the App Store and 4.6 stars on Google Play.
How To Apply
New customers can set up an account on the One website or use the One app. Customers may need to submit pictures of their government-issued IDs when joining. Customers must be 18 years or older and reside in the U.S.
New customers can fund their One accounts in the following ways:
- Direct deposit
- Transfer from an external bank
- Wire transfer
- Mobile check deposit
- A peer-to-peer service such as Venmo, PayPal or Cash App
Comparable Neobank Options
Here are two other neobank options to consider that are comparable to One Finance.
Varo
Unlike One Finance, Varo has a full-bank charter, and it offers cash advance loans and credit-builder programs in addition to checking and savings. Qualified savers can earn a to APY.
Acorns
Acorns offers a checking account as well as retirement and investment accounts. It can be a better choice for users with cash they want to sock away for the long term, but they’ll pay at least $3 per month for a subscription.
Final Take
One Finance is best for those trying to build better budgeting and savings habits. The platform’s “pocket” system can help those who struggle with budgeting.
What One Finance lacks in product offerings it makes up for in unique deposit account features and great APYs. However, its product offerings are very limited. Those who prefer to handle most of their banking needs with one bank should look to other banks.
FAQ
Here are answers to some common questions about One Finance.- Is One Finance a real bank?
- One Finance is not a bank, but it does offer financial products that are FDIC insured through its banking partner, Coastal Community Bank.
- Is One Finance a legitimate bank?
- With the many financial platforms available, consumers should always determine the legitimacy of any platform before using it. One Finance is a legitimate financial platform providing deposit accounts. All deposits are FDIC insured through One Finance's banking partner, Coastal Community Bank.
- Is One Finance a good bank?
- While One Finance is not an actual bank, it is a good option for those who want the ability to manage checking and savings in one account easily. Qualified account holders on this financial platform can earn a very good APY on savings.
- Which bank is behind One Finance?
- Coastal Community Bank provides banking services for the One Finance platform.
- Who bought One Finance?
- Hazel, a fintech company launched in partnership with Walmart and investment firm Ribbit Capital, acquired One Finance in April 2022.
Caitlyn Moorhead and Melanie Grafil contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 15, 2023.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
To determine rankings for the Best Neobanks, GOBankingRates looked at the following factors: (1) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (2) minimum needed to earn APY; (3) savings APY; (4) products/services offered (credit cards and investment services); (5) the average mobile app rating between the Android and Apple app stores; and (6) number of extra benefits and perks unique to neobanks. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighted 0.5 times, and factors (3) and (6) were weighted 2 times.
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