3 Reasons To Open a One Account in 2025 (And 3 To Avoid It)
Written by
Laura Bogart
Edited by
Gary Dudak
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It’s no secret that in recent years, banks have been competing fiercely for your attention online, offering a variety of digital services and apps to capture your interest — and your business. However, you might not realize that financial technology, or fintech, companies are also joining the fray, offering their own financial services — though they aren’t banks.
A new addition to this space is One, a company that provides high-interest banking services that come with no monthly fees or minimum balance requirements. If those terms piqued your attention, you’re not alone. Since One was acquired by Walmart, users of the app can enjoy some pretty nifty perks at the retailer, including 3% cash back on Walmart purchases made with its debit card.
As with any financial service, One has its advantages and disadvantages. Below, we’ll explore the reasons you should definitely consider opening an account — and the reasons to think twice.
A Creative, Goal-Oriented Approach to Saving
One, with banking services provided by Coastal Community Bank, allows you to create “Savings Pockets” to separate funds within your account. You can set up multiple savings goals and allocate portions of your deposits to each Pocket.
While the funds remain in your checking account, the system of separating them enables you to visualize your progress toward specific savings goals. It’s a simple yet effective way to stay organized and motivated.
A High APY
One of the platform’s notable features is the up to 5% APY you can earn on savings. According to The College Investor, “The One account offers up to 5.00% APY on your savings. This includes the funds in your Savings Pockets. The ability to earn a healthy APY on your funds is undeniably attractive.”
Undeniable Perks
The One platform comes with some undeniable benefits, such as the 3% cash back at Walmart, early direct deposit (up to two days early), and high interest rates on savings balances up to $250,000. There are no monthly service fees, making it easy to keep more of your money.
It’s also easy to access money by withdrawing cash via the One debit card, whether at Walmart or at an ATM. At Walmart, you can withdraw up to $999 per transaction and up to $3,000 daily, or deposit cash directly into your account. At ATMs, you can withdraw up to $500 per day.
But The Range of Services Can Be Limited
While One offers a sweet APY and useful features, its range of services doesn’t rival a traditional bank. For example, it lacks options like certificates of deposit (CDs) or money market accounts. Additionally, in order to access some of those amazing interest rates, you’ll have to meet certain requirements.
By no means can you expect One to replace the full suite of products and services you’d get at a traditional bank.
Divided Customer Reviews
Customer response to the One app seems to be fairly evenly divided, at least according to Trust pilot, where the platform has 45% five-star reviews and 48% one-star reviews, out of a total of 507 reviews, resulting in an overall rating of 3.5 out of 5 stars.
In particular, customers complained about layout issues, difficulties with the QR code, and frustration with tasks like name changes or connecting with customer service.
ATM Fees
Using an ATM out in the wild with your One card isn’t completely free — you’ll need to plan paying $3 per transaction. If you don’t live near a Walmart or prefer to avoid frequent trips to one, this could become inconvenient.
The Bottom Line
No financial service is perfect, but you might find that One’s features fit your needs. Its high APY, goal-oriented savings tools, and Walmart-specific perks make it worth considering. However, its limitations — like the lack of comprehensive banking products and potential fees — might not be for everyone.
Be sure to do your own research on fintech apps to see if One is truly the one for you.
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