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Our verdict

A spend and save account with 5.00% APY — but it lacks some features.

One is a free digital spend and save account that lets you organize your money into different categories — called pockets — for saving, spending and sharing. You'll earn 5.00% APY on balances up to $250,000 when you receive at least $500 in monthly direct deposits or keep a total balance of at least $5,000. Otherwise, you'll earn 1.00% APY on all balances. You can also earn up to 3% cashback at Walmart up to $50 per year with eligible deposits. Just know that One has limited customer support options since it's a digital account.

Best for: Those who want an all-in-one, free digital account.

Pros

  • No fees or minimums
  • Up to 5.00% APY
  • 3 savings subaccounts
  • Overdraft protection

Cons

  • No joint account
  • No automated bill pay
  • Limited phone support

In this guide

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  • Ask a question

Who is One Cash best for?

One Cash is best for those who want a low-fee single bank account that can do it all — checking, savings and budgeting. The APY and rewards available through One Cash aren’t the greatest on the market, so the account best serves those looking for a little simplicity and saving or budgeting tools.

What we like about One Cash

As an all-in-one banking account, One Cash has a variety of features that help it stand out.

Minimal fees

One does away with a lot of the big fees that can drag an account down. There are no monthly fees, account fees, foreign transaction fees or ATM fees on in-network ATMs.

While it doesn’t waive overdraft fees, it does offer overdraft protection. If your balance dips below $0, One covers up to $200, depending on the individual account. But to qualify for this benefit, you’ll need to deposit at least $500 a month in direct deposit.

Savings and budgeting

There are a few savings and budgeting tools offered to One account holders. The hallmark feature is the savings “pockets” you create. Users can create an unlimited number of these subaccounts and label them according to their savings needs. For example, you can have a pocket for emergencies and another for vacations.

These accounts are separate from your default “spend” pocket, and each has its own routing and account number. You can provide these to utility companies, home lenders, credit card issuers and the like to ensure these companies can only debit funds from specific pockets. You can also set up automatic transfers between pockets to ensure each one has the funds it needs to pay the bills.

One also allows for savings round-ups where your purchases are rounded to the nearest dollar. The excess amount rounded up is automatically deposited into your savings account, which can quickly add up and help your savings.

Finally, One offers automated budgeting features. Set up your account to automatically transfer funds from a pocket to a linked bank account or selected pocket on a weekly, biweekly or monthly basis. Also, through One’s autosave feature, you can automatically move part of your paycheck into one of your save pockets to start earning interest.

Cashback rewards

Though it doesn’t make for a significant amount of One Cash‘s value, its cashback bonus is a nice addition to round out the account. You can earn up to 3% cashback at Walmart online or in-store up to $50 per year with eligible deposits. To get that cashback rate, you must direct deposit at least $500 each month or have a total account balance of $5,000 or more. This is the type of bonus you’d typically find on a credit card, though more limited in scope.

Where it falls short

One Cash has a few drawbacks that hurt the overall utility of the product. Among them is a lack of traditional automated bill pay function. Unlike traditional checking accounts, like Chase, you can’t schedule bill payments to go out on a recurring basis. One Cash also doesn’t support joint accounts, which makes this account a poor choice for couples who want to share finances in one account.

Customer experience

One Cash is not accredited by the Better Business Bureau (BBB), and it has no reviews on the BBB’s website. It has 21 reviews on Trustpilot with an average rating of 4.2 out of 5 stars. Many of the positive reviews mention the high APYs and positive customer service experiences.

There are three ways to reach customer support:

Customer service hours are weekdays from 9 a.m. to 5 p.m. PT.

How does One Cash compare to Simple?

Ever since the neobank Simple announced it was shutting down in January 2021, One Cash has been working hard to position itself as a perfect replacement. But does it do the trick?

As a Simple customer for nearly eight years, One Cash does check most of the same boxes for me, including the lack of fees and ease of use. However, it doesn’t have an intuitive budgeting system like Simple did, and this account requires a bit of a learning curve. But One makes up for those shortcomings in other ways, including subaccounts and high interest rates.

Compare One Cash to other checking accounts

Compare other digital accounts by monthly fee, minimum opening deposits and APY.

One Cash logo

One Cash

★★★★★

Finder rating 4.7 / 5

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Fee

$0


Annual Percentage Yield (APY)

5.00% on balances of $0 to $250,000
1.00% on balances of $250,000.01+


Minimum deposit to open

$0

SoFi Checking and Savings logo

SoFi Checking and Savings

★★★★★

Finder rating 4.5 / 5

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Fee

$0


Annual Percentage Yield (APY)

4.60% on balances of $0+
0.50% on balances of $0+
1.20% on balances of $0+


Minimum deposit to open

$0

Upgrade Rewards Checking Plus logo

Upgrade Rewards Checking Plus

★★★★★

Finder rating 4.3 / 5

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Fee

$0


Annual Percentage Yield (APY)

N/A


Minimum deposit to open

$0

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★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees and customer service.

Read the full methodology of how we rate checking accounts.

One is a financial technology company, not a bank. Banking services provided by Coastal Community Bank, Member FDIC. 5.00% APY: 5.00% annual percentage yield (APY) applies to the primary Savings pocket and custom pockets of 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. Customers can also earn 5.00% APY on Pay Autosave and ONE@Work Save balances. In all instances 5.00% 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 2/7/2024, but may change at any time before or after account opening. Fees may reduce earnings on this account. ATM: 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. 3% at Walmart: 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. Terms apply. Free Walmart Withdrawals: Use your One card at any Walmart Money Center, cashier, or Customer Service desk to deposit or make a cash withdrawal for free.

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Michael Finder

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