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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.$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
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.
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.
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, but you’ll also receive a virtual card you can add to a digital wallet right away.
Open a One Finance account when you meet these requirements:
Have this information ready when you apply online:
If you’re looking for a digital account with a stronger APY, compare your options to find the right one for you.
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:
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.
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 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.
There are nine ways to access money in your One digital bank account:
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.
★★★★★ — Excellent
★★★★★ — 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.
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