One Finance review

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.

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.

How do I deposit or withdraw my money?

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

How can I contact customer support?

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

• Email help@onefinance.com
• Call 855-830-6200
• Live chat in the mobile app

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

One Finance is not currently available on Finder

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