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One Finance review

A spend and save account with 1% APY and a line of credit — but it lacks some features.

finder.com’s rating: 4.7 / 5.0

★★★★★

One Finance 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 can earn 1% APY on up to $5,000 on these savings, or up to $25,000 when you sign up for direct deposit. One also offers a few simple cash back opportunities during your first year from account opening: 2% cash back on Walmart purchases, gas station purchases and drug store purchases on up to $50 earned total.

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$0 per month

Fee

3.00%

APY

$0

Minimum deposit to open

Details

APY3.00% on auto-save pocket money saved through paycheck auto-saves and card round-ups, 1% APY on save pocket balances up to $5,000 or $25,000 with qualifying direct deposits
Fee$0 per month
Minimum deposit to open$0
ATMs55,000 Allpoint ATMs nationwide
ATM transaction fee$0
Out-of-network ATM fee$0
Foreign transaction fee0%
Overdraft fee$0

Review by


Michael Benninger is a staff banking writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Business Insider and the Los Angeles Times. Michael is passionate about all facets of personal finance and has written hundreds of articles about money management during the past decade.

Expert review

One Finance is best for those who want a single bank account that can do it all — checking, savings and budgeting. There are no fees or minimum balance requirements and you have the potential to earn 1% APY on up to $5,000 saved, or $25,000 when you sign up for direct deposit.

I opened an account in January, and although I’ve been mostly pleased with my decision to bank with One, the account still leaves some room for improvement. For example, the APY structure largely depends on whether you have direct deposits set up, and the old 3% APY is now only available to One customers who were signed up for paycheck auto-save, which is no longer available for new customers.

The account has two separate savings options, which you can use simultaneously. You’ll earn 1% on money kept in your Save pocket, but the maximum is $5,000 for those without direct deposit and $25,000 for those with it — and you won’t earn any interest on money that exceeds the limit.

The account also lacks some other features, such as bill pay, and it no longer allows you to share subaccounts, which was a terrific feature for partners.

How do I open a One Finance account?

Open a One Finance digital bank account online in eight steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. From the One Finance website, select Get started.
  3. Enter your email address and create a password, then select Get started.
  4. Enter your first name, last name and mobile phone number, then select Continue.
  5. Enter the verification code sent to your mobile phone.
  6. Enter your home address and click Continue.
  7. Enter your date of birth and Social Security number and click Continue.
  8. Follow the prompts to finish setting up your account by linking to an external bank account.

You’ll get your One Finance debit card in the mail seven to 14 business days after you create your account, but you’ll also receive a virtual card you can add to a digital wallet right away.

Eligibility

Open a One Finance account when you meet these requirements:

  • At least years old
  • US residential address
  • Social Security number

Required information

Have this information ready when you apply online:

  • Full name
  • Date of birth
  • Phone number
  • Email address
  • Home address
  • Social Security number

Where One Finance shines

One Finance isn’t technically a bank, but it is FDIC-insured for up to $250,000 through its partner, Coastal Community Bank. Here are my favorite features about this account:
  • No fees or minimums. One Finance foregoes most fees traditional banks charge, such as monthly fees, account fees, overdraft fees, foreign transaction fees, ATM fees and more.
  • Organize your money with pockets. One Finance lets you create unlimited subaccounts or pockets for expenses such as rent, groceries and vacation funds.
  • 1% APY. If your employer deposits your paycheck directly into your One Finance account, you can earn 1% APY on up to $25,000. This cap is limited to $5,000 if you don’t activate direct deposit. You can also choose to round up every debit card purchase to the nearest dollar and have the difference deposited into your savings, which earns 1% APY.
  • Earn modest cash back for your first year. One Finance earns 2% cash back on up to $50 earned total on Walmart purchases, drugstore purchases and gas purchases. This is effectively a signup bonus for opening a One account.
  • Overdraft protection. If your account balance dips below $0, One Finance will cover up to $200 depending on the account. To earn this benefit you must deposit at least $500 a month in direct deposit to your account.
  • Automated budgeting. In February 2021, One Finance introduced scheduled transfers, which you can use to automate budgeting by transferring funds from your Spend pocket or a linked bank account to a specific pocket on a weekly, biweekly or monthly basis. If you pay specific bills from certain pockets, this can help you automate your finances.

How does my One Finance account earn interest?

One Finance now earns a 1% APY on all deposits up to $25,000 total. However, this amount is capped at $5,000 if you don’t sign up for direct deposits and $25,000 if you do.

Where One Finance falls short

One Finance has quite a few benefits, but these drawbacks are worth noting:
  • No joint accounts. One Finance doesn’t support joint accounts, but you can share access to specific pockets with other One Finance customers.
  • Limitations on Save pocket. Funds that exceed the $5,000 or $25,000 limit won’t earn any interest.
  • No built-in bill pay. One Finance doesn’t offer a true bill pay functionality, but each subaccount has its own routing and account number, so you can pay certain bills directly from those accounts.
  • Limited phone support. One Finance currently only offers phone support on weekdays from 9 a.m. to 5 p.m. Pacific time. If you live on the East Coast, you can’t speak with a support specialist until noon.
  • Inconsistent early paydays. Although One Finance offers early pay days up to two days earlier when paid via direct deposit, I’ve never actually received my paycheck two days early. It usually arrives one day earlier.

If you’re looking for a digital account with a stronger APY, compare your options to find the right one for you.

How do additional Spend pockets work with One Finance?

Aside from the main savings account that comes with your One Finance account, you can create up to 3 additional Spend pockets for various purposes. Here’s how you can take advantage of your additional pockets:

  1. Create separate Spend pockets for bills and budgeting. Each Spend pocket you create has a unique account number you can provide to utility companies, home lenders, credit card issuers, etc. Doing so ensures these companies can only debit funds from specific pockets, which can help you budget and maintain more control over your finances.
  2. Set up automatic payments. You never have to think about paying a bill once you set up automatic payments linked to a particular pocket.

One Finance‘s ATM network and fees

You get free access to 55,000 Allpoint ATMs nationwide with your account. One Finance won’t charge you a fee for using a non-network ATM, but the operator might.

One Finance reviews and complaints

One Finance is not accredited by the Better Business Bureau (BBB), and it has no reviews on the BBB’s website. However, One Finance does have 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.

How does One Finance compare to Simple?

Ever since the neobank Simple announced it was shutting down in January 2021, One Finance 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 Finance does check most of the same boxes for me, including the lack of fees and ease of use. However, One Finance doesn’t have an intuitive budgeting system like Simple did and this account requires a bit of a learning curve. But One Finance makes up for those shortcomings in other ways, including the built-in line of credit, subaccounts and the high interest rates.

If you’re a Simple user looking for a replacement bank, One Finance is a good alternative. But if you don’t get paid by direct deposits you might want to compare other accounts like Juno, which offers 5% cashback and up to 2.15% APY.

Compare One Finance with other digital accounts

Compare One Finance against other digital bank accounts to see which one suits you best. Select up to 4 products and click Compare to check out their features side-by-side.

Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
Chime Checking account
Finder Rating: 4.7 / 5: ★★★★★
Chime Checking account
$0 per month
$0
N/A
Save easily and access your paycheck up to 2 days early with direct deposit. Pay $0 monthly fees, and no minimum balance is required. Access 24/7 support and get daily balance and transaction alerts.
Varo
Finder Rating: 4.7 / 5: ★★★★★
Bonus
Varo
$0 per month
$0
5.00% on balances of $0 to $5,000
3.00% on balances of $5,000+
Earn $30 bonuses every time a friend signs up for an account and spends at least $20 within 30 days
A digital account with a $0 monthly fee, access to 55,000+ free Allpoint ATMs and no minimum balance required. This account gives you access to an optional savings account with yields as high as 5% APY.
Upgrade Rewards Checking
Finder Rating: 4.3 / 5: ★★★★★
Upgrade Rewards Checking
$0 per month
$0
N/A
Earn up to 2% cashback rewards on everyday purchases. Pay $0 fees for overdraft, domestic wire transfer and monthly maintenance. Pair with Upgrade’s savings account to earn 3.75% APY. Get up to 20% discounts on Upgrade loans and credit lines.
Lili
Finder Rating: 4.6 / 5: ★★★★★
Lili
From $0 per month
$0
1.50%
Designed for freelancers, Lili offers a suite of tools including invoicing software, expense reports, write-off tracker, and automated tax savings. Get paid up to two days early with direct deposit and no monthly fees. Lili Pro account holders get cashback rewards, 1.5% APY for savings.
First Citizens Bank Free Checking
$0 per month
$50
N/A
First Citizens Bank Free Checking stands out for its built-in finance tracking tool, Manage My Money. Available to residents in NC, SC, TN, AZ, CA, CO, FL, GA, KS, MD, MO, NM, OK, OR, TX, VA, WA, WV, and WI.
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How do I deposit or withdraw my money?

There are nine ways to access money in your One digital bank account:

Deposits

  • Direct deposit
  • Wire transfer
  • ACH transfer
  • Mobile check deposits using the One Finance app
  • Transfer from an external account

Withdrawals

  • ATM
  • Cash back at a retailer
  • Wire transfer
  • ACH transfer
  • Transfer to an external account

How can I contact customer support?

There are three ways to get ahold of One Finance customer support:

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

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