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finder.com’s rating: 4.7 / 5.0
★★★★★
One Finance is a free digital spend and save account with some interest perks. You can organize your money into different pockets — or categories — for saving, spending and sharing.Plus, earn up to 3% APY when you turn on auto-save features and get an instant line of credit if your balance dips below $0. But the APY requirements are complicated and the line of credit could potentially cost you 12% APR if you don’t pay it back the same month.
$0 per month
Fee
3.00%
APY
$0
Minimum deposit to open
APY | 3.00% 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 |
ATMs | 55,000 Allpoint ATMs nationwide |
ATM transaction fee | $0 |
Out-of-network ATM fee | $0 |
Foreign transaction fee | 0% |
Overdraft fee | $0 |
Review by
Cassidy Horton is a writer for Finder, specializing in banking and investments. She has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. Cassidy enjoys educating people about financial services, exploring the Pacific Northwest and watching endless reruns of The Office.
There are no fees or minimum balance requirements and you have the potential to earn up to 3% APY. Plus, you can divide your money up into different Pockets for spending, saving and sharing. The account also comes with an instant line of credit that kicks in when your balance dips below $0.
But there are a few things we don’t love about One Finance. First, the APY structure is complicated and largely depends on whether you have direct deposits set up.
For example, 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. After that, the APY drops to 0%. Likewise, you must use direct deposit to earn 3% APY on your Auto-Save Pocket money.
The fine print for the Credit Line Through Spend feature is also a bit tricky. You must pay your balance back within the same month to avoid 1% interest. That means if your balance dips below $0 on October 30, you have one day to pay it back before interest kicks in.
Open a One Finance digital bank account online in eight steps:
You’ll get your One Finance debit card in the mail seven to 14 business days after you create your account.
Open a One Finance account when you meet these requirements:
Have this information ready when you apply online:
The interest you’ll earn with a One digital account depends on two factors: if you have direct deposit set up and which Pockets you keep your money in.
This table shows how much interest you’d earn on money put in your Spend, Save and Auto-Save Pockets depending on whether you set up direct deposits:
Type of pocket | APY earned with no direct deposit | APY earned with direct deposit |
---|---|---|
Spend Pocket | 0% APY | 0% APY |
Save Pocket | 1% APY on balances up to $5,000 and 0% APY on balances over this limit. | 1% APY on balances up to $25,000 and 0% APY on balances over this limit. |
Auto-Save Pocket | 0% APY |
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You’ll see two lines of credit in your One digital account: a Credit Line Pocket and a Credit Line through Spend.
The Credit Line Pocket is like a credit card. It starts accruing 1% interest or 12% APR as soon as you make a transaction. You can access this money at any time by assigning your One card to the Credit Line Pocket. But you must have direct deposit set up to use this feature.
Credit Line through Spend works like overdraft protection. It only kicks in when your Spend Pocket balance dips below $0.
You won’t pay any interest on these funds as long as you pay the balance in full by the end of the month. After that, you’ll pay 1% a month for a total of 12% APR.
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.
If you’re looking for a digital account with a simpler APY structure, compare your options to find the right one for you.
Use this table to see how One Finance compares to other digital bank accounts.
There are nine ways to access money in your One digital bank account:
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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