Personal Finance Banking Savings
Written by Laura Grace Tarpley, CEPF and Sophia Acevedo, CEPF; reviewed by Evelyn He
2024-02-07T15:19:09Z
- Pros and Cons
- About ONE
- Is ONE Trustworthy?
- ONE FAQs
- ONE Review
- How ONE Compares
- Why You Should Trust Us
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
Compare ONE Checking and Savings
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ONE Checking
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ONE Savings
Annual Percentage Yield (APY)
None
Minimum deposit
$0
Annual Percentage Yield (APY)
up to 5.00%
Minimum deposit
$0
Start banking
On ONE's website
ONE Pros and Cons
| Pros | Cons |
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About ONE
ONE offers Checking and Savings accounts (called Checking and Savings tabs). You can keep your regular spending money with ONE Checking. Meanwhile, ONE Savings has separate "pockets" to store your savings. The Savings tab has one primary savings pocket as well as customizable savings pockets to help you save for specific goals.
ONE is an online banking platform and approved accounts are FDIC-insured by Coastal Community Bank for up to $250,000 per depositor.
You'll have free access to 55,000 ATMs in the Allpoint network.
ONE doesn't charge overdraft fees. Instead, ONE has overdraft protection that allows you to overdraw up to $200. To qualify for overdraft protection, you must first receive at least $500 in direct deposits for at least 31 days.
The ONE mobile app has received 4.8 out of 5 stars in the Apple store and 4.6 in the Google Play store.
You can contact customer support over the phone, via online chat, or through email from 9 a.m. to 9 p.m. ET every day.
Is ONE Trustworthy?
ONE is backed by its partner bank, Coastal Community Bank. ONE currently has an B rating from the BBB because it has received a high number of customer complaints on the BBB website. The Better Business Bureau gives Coastal Community Bank a B- rating because it still needs to respond to one customer complaint and it has received quite a few complaints.
On the BBB website, there is also a note that says that scam attempts have been made through social media and email using the ONE name and logo. Be aware that ONE will never ask you for your bank account number, social security number, or other personal information, to obtain a social media prize. If you receive an email from ONE, the address includes @onefinance.com. ONE also is not affiliated with Priority Loan Servicing, Priority Payday Loan, Cash Priority Loan Servicing, or the Payment Protection Program.
ONE FAQs
Is ONE Finance a legit bank?
ONE is an online banking platform, not a bank. However, it's partnered with an FDIC-insured financial institution. Coast Community Bank provides the platform's banking services.
How does ONE Finance work?
ONE has a checking and savings account. If you meet certain requirements, you can get features like a high interest rate and cash back at Walmart stores.
Is ONE Finance owned by Walmart?
Hazel, a fintech company created by Walmart and the investment firm Ribbit Capital, acquired ONE in 2022.
Does ONE Finance pay early?
Yes, ONE Finance allows you to receive direct deposit up to two days early.
Does ONE Finance have fees?
The ONE account doesn't charge monthly fees or overdraft fees. If you use an out-of-network ATM, you may be charged a $3 ATM fee.
ONE Review
ONE Savings
ONE Savings
Insider’s Rating
4.25/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
up to 5.00%
Minimum Opening Deposit
$0
Pros
- High APY on Savings
- Create up to three goals
- No minimum opening deposit
- No monthly service fees
Cons
- Must meet certain requirements to earn highest APY
Insider’s Take
ONE could be a good fit if you qualify for the banking platform's perks. ONE Savings pays a competitive interest rate on balances up to $250,000 — that's on par with the rates of our best high-yield savings accounts. ONE Checking offers 3% cash back (up to $50 per year) on Walmart purchases with its debit card.
Product Details
- Set up a Savings Pocket and earn up to 5.00% APY on balances up to $250,000 by either receiving at least $500 in eligible direct deposits each month or having a total daily account balance of $5,000 or more
- All other Savings balances will earn 1.00% APY
- Round up debit card purchases to the nearest dollar, and the money goes into the Savings Pocket
- Deposits are FDIC-insured through Coastal Community Bank
You can earn up to 5.00% APY on ONE Savings for balances up to $250,000 if you meet certain requirements. You'll have to receive at least $500 in eligible direct deposits each month or have a total daily account balance of $5,000 or more. All other savings balances earn 1.00% APY.
ONE Checking
ONE Checking
Start banking
On ONE's website
Insider’s Rating
4.25/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$0
Pros
- No monthly service fee
- No minimum opening deposit
- 3% cash back on Walmart purchases
- Free overdraft protection for up to $200 if you meet certain requirements
- No fee for using an out-of-network ATM if you have direct deposits set up
- Receive paychecks sooner with early direct deposits
Cons
- $3.00 out-of-network ATM fee if you do not have direct deposits set up
- Doesn't reimburse fees charged by out-of-network ATM providers
Insider’s Take
ONE could be a good fit if you qualify for the banking platform's perks. ONE Savings pays a competitive interest rate on balances up to $250,000 — that's on par with the rates of our best high-yield savings accounts. ONE Checking offers 3% cash back (up to $50 per year) on Walmart purchases with its debit card.
Product Details
- If you receive $500 or more of eligible direct deposits in the previous month or have a total daily account balance of $5,000 or more for at least 3 consecutive months, you'll be eligible to earn 3% cash back on Walmart purchases (up to $50 annually)
- Free access to 55,000 Allpoint ATMs in the US
- Round up debit card purchases to the nearest dollar, and the money goes into the Savings Pocket
- Overdraft protection for up to $200; To qualify, you must first receive at least $500 in direct deposits per month
- Deposits are FDIC-insured through Coastal Community Bank
The checking account tab won't earn any interest. If you receive at least $500 in eligible direct deposits each month or have a total daily account balance of at least $5,000 for three or more consecutive months, you'll be eligible for cash-back perks. With ONE's cash-back debit card, you can earn 3% cash back on Walmart purchases (up to $50 per year).
Compare Today's Savings Rates
How ONE Compares
ONE Review vs. Wealthfront Cash Account Review
Wealthfront pays interest on your entire balance. Meanwhile, if you have an account with ONE, your interest rates will depend on where you keep your money. You won't earn interest on ONE Checking, and ONE Savings only pays 5.00% APY on balances up to $250,000 if you meet certain requirements.
Wealthfront is also known for its investing products. If you'd like to do your banking and investing with one company (and a pretty user-friendly one) you might like Wealthfront.
Wealthfront Cash Account Review
ONE Review vs. Chime Review
Chime is another online banking platform. It offers a checking and savings account. The savings account pays 2.00% APY for the entire balance. You might prefer ONE if you're looking for a competitive savings rate, although you'll need to meet certain requirements to obtain the highest savings rate.
If you prioritize overdraft protection services, Chime's program is a bit easier to qualify for. To be eligible for the Chime SpotMe® Program, you have to receive $200 or more in qualifying direct deposits each month. At ONE, you'll need to receive $500 or more in qualifying direct deposits per month to be eligible for the overdraft protection program.
Chime Review
Why You Should Trust Us: How We Reviewed ONE
To review ONE, we used our bank account methodology. We use a scale of 0 to 5 stars and consider specific account features as well as the overall banking experience. To determine the rating for the ONE Account, we used our savings and checking account methodologies.
In general, we look at ethics, customer support, and mobile apps when rating an institution. Other factors we consider depend on which type of account we're reviewing. For example, we look at ATM network/fees for checking accounts and interest rates for savings accounts.
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is a senior editor at Personal Finance Insider. She oversees coverage about mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Business Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF).She has written about personal finance for over seven years. Before joining the Business Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@businessinsider.com.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She edits and writes bank reviews, banking guides, and banking and savings articles for the Personal Finance Insider team. She is also a Certified Educator in Personal Finance (CEPF).Sophia joined Business Insider in July 2021. Sophia is an alumna of California State University Fullerton, where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:
- Are banks open today? Here's a list of US bank holidays for 2023
- Best CD rates
- Best High-yield savings accounts
- Four reasons why your debit card might be denied even when you have money
Compliance and Operations Associate
Evelyn He is a compliance and operations associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst.Outside of work, she enjoys spending time with her 15-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
Top Offers From Our Partners
SoFi Checking and Savings Earn up to 4.60% APY on savings balances and up to a $300 bonus with qualifying direct deposit. FDIC Insured. There is no minimum direct deposit amount required to qualify for the 4.60% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. To earn the $300 bonus, the customer must complete a direct deposit with a minimum initial deposit of $250 in a new SoFi Checking and Savings account within 45 days of clicking to qualify (offer expires 06/30/24).
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
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