The bottom line: 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.
One Pros and 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
no monthly service fee
up to 4.35%
$0
- High APY on Savings
- Create up to three goals
- No minimum opening deposit
- No monthly service fees
- Must meet certain requirements to earn highest APY
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.
- Set up a Savings Pocket and earn up to 4.35% 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 4.35% 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
no monthly service fee
None
$0
- 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
- $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
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.
- 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 cash-back debit card, you can earn 3% cash back on Walmart purchases (up to $50 per year).
Compare Today's 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 up to 4.35% 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% to 3.75% APY for the entire balance. However, the Chime Checking account is required to be eligible for a Savings Account. 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.
Why You Should Trust Us: How We Reviewed One
To review One, we used our bank account methodology. We use a scale of one to five 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, security, customer support, miscellaneous features, 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.
Chime® Disclosures:
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 Pay: 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.
The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
Round Up: Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.
SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical Chime Visa® Debit Card or secured Chime Credit Builder Visa® Credit Card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime's sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.
Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.
The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.
On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.
Qualifying Direct Deposit: The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
Save When You Get Paid: Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.
Once the retailer accepts your cash, the funds will be transferred to your selected Chime Account. Barcode and debit card cash deposits land in the Checking Account. Credit Builder card cash deposits first go through your Card Account and then land in your Secured Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade.
Tax e-file services provided by April Tax Solutions Inc. ("april") or Column Tax, Inc. ("Column Tax"). These tax filing offers are not endorsed or offered by our partners, The Bancorp Bank, N.A. or Stride Bank, N.A.
Maximum refund guarantee is provided by april or Column Tax. If you use april's service to prepare and file your return and you find an error in the tax preparation that entitles you to a larger refund (or smaller liability), you may use their service to amend that return at no additional charge. To qualify, the larger refund or smaller tax liability must not be due to differences or inaccuracies in data supplied by you, your choice not to claim a deduction or credit, positions taken on your return that are contrary to law, or changes in federal or state tax laws. See here for details. If you use Column Tax's service, Column Tax will reimburse you for up to $250 if you are able to pay less federal or state income tax or receive a larger federal or state income tax return by using another tax return preparation provider. Eligibility requirements apply. See terms for details.
If the april tax preparation software makes a mathematical error that results in your payment of a penalty and/or interest to the IRS that you would otherwise not have been required to pay, april will reimburse you up to a maximum of $10,000. See april terms for details. If interest and/or a penalty is imposed by the IRS as a result of a computational error by Column Tax, you may be entitled to up to $10,000 reimbursement by Column Tax. See Column Tax terms for details.
There are no fees required to use this product. Chime does not require you to deposit your refund into your Chime Account to qualify for free tax filing. Certain costs may be incurred if you decide to obtain other optional financial products offered in relation to your tax filing. The Internal Revenue Service (IRS) may impose penalties or other charges depending on your personal tax situation. If the april tax preparation software makes a mathematical error that results in your payment of a penalty and/or interest to the IRS that you would otherwise not have been required to pay, april will reimburse you up to a maximum of $10,000. See april terms for details. If interest and/or a penalty is imposed by the IRS as a result of a computational error by Column Tax, you may be entitled to up to $10,000 reimbursement by Column Tax. See Column Tax terms for details.
Chime does not guarantee timing of refund. Six day refund estimate is based on 2023 tax year filing data. Refund timing estimates are dependent upon timing of complete tax return submission and when the IRS submits your refund.
