One Finance Review: A Unique Online Banking Option With High Yields

GOBankingRates Score

4.5
Quick Take: One Finance is an online banking platform that encourages users to build good savings and budgeting habits. While it has minimal product offerings compared to a traditional bank, it offers good APYs on a few of its products. Although One Finance only exists online, deposits are FDIC-insured for up to $250,000, like most other financial institutions.
  • APYs
    4.8
  • Benefits
    4.5
  • Products
    4.2
  • Customer Service
    4.5
How did we calculate this?

Pros

  • Exceptional savings APY for qualified account holders
  • Unique ability to break the primary account into sub-accounts using "pockets"
  • No overdraft fees for overdrafts repaid by month's end

Cons

  • Balance limits for earning savings APY
  • Monthly deposit limit on account with best APY

One Finance Overview

One Finance has a unique feature called “pockets” that allows people to set up one checking account that can serve as both a checking and savings account. When a user opens a One Finance account, rather than opening traditional checking and savings accounts, they open a single checking account with three “pockets” — a Spend, a Save and an Auto-Save pocket.

The Spend pocket essentially acts as the checking account with a linked One Mastercard debit card. The other two pockets act as interest-bearing savings accounts.

Key Features

GOBankingRates’ One Finance review considered the following noteworthy features to determine an overall rating of 4.5 stars. 

APYs

While One’s Spend pockets are non-interest bearing, the Save and Auto-Save pockets earn nice APYs, especially for those who set up qualifying direct deposits with One and meet other minimum requirements.

The Save pocket earns .00% APY on balances up to $5,000 and 0.00% APY on any balance over $5,000 unless the account holder has qualifying direct deposits with One. With direct deposit, account holders can earn .00% APY on balances up to $25,000 and 0.00% APY on any balance over $25,000.

Qualifying account holders can earn .00% APY on the Auto-Save pocket. A qualifying direct deposit must be set up and either the Auto-Save Card or Auto-Save Transfer feature activated to earn the APY. A limit of $1,000 per month can be contributed to this pocket.

Benefits

One Financial offers a few unique benefits that customers don’t often see with traditional checking and savings accounts.

One Financial does not charge overdraft fees like traditional banks typically do. When an account holder overdraws their Spend pocket, the overdraft amount begins accruing interest at 1.00% per month, which is a 12.00% APR.

However, if the overdraft is repaid by the end of the month, the account holder is not charged the accrued interest. Any overdraft not repaid will be paid down, including the accrued interest, with the next deposit into the Spend pocket.

Another unique One benefit is the ability to create additional Spend pockets. Each Spend pocket has its own routing and account numbers and can be treated as a separate account for bill pay and other purposes. Some account holders may wish to base these additional pockets on budget categories to help control spending on those categories better.

Products

Those looking to open a CD, money market account or credit card won’t find these products through One Finance. Technically, the platform only offers one checking account that includes the Spend, Save and Auto-Save options.

One Financial account holders can set up a Credit Builder pocket. This pocket acts like a secured credit card, and on-time payments are reported to the primary credit bureaus each month.

Customer Service

One customers can get customer service via Chat on the One website or by phone at 855-970-1919 Monday through Friday from 8 a.m. to 5 p.m. Pacific time. Customers can also use Chat outside these hours to request a response via email during customer service hours.

How One Finance Stands Out

One Finance may be limited in product offerings, but the features and functionality built into its checking account make One Finance unique. The APY on its Auto-Save pocket could easily convert spenders into savers.

Comparable One Finance Options

Here are two other online bank options to consider that are comparable to One.

Varo

Unlike One Finance, Varo has a full-bank charter, and it offers cash advance loans and credit-builder programs in addition to checking and savings. Qualified savers can earn a 0% to .00% APY.

Monifi

Monifi works much the same way as One Finance. It offers a checking account that can be used for checking and savings. Monifi’s Save balance only earns a 0% APY, but the platform does have features that allow account holders to set and track savings goals easily.

How To Apply

New customers can set up an account on the One website or use the One app. Customers may need to submit a picture of their government-issued ID when joining, so have that on hand. Customers must be 18 years or older and reside in the U.S.

New account holders can fund their One account in the following ways: 

  • Direct deposit
  • Transfer of funds from an external bank
  • Wire transfer
  • Mobile check deposit
  • A peer-to-peer service such as Venmo, PayPal or Cash App

Who One Finance Is Best For

One Finance is best for those trying to build better budgeting and savings habits. The Auto-Save .00% APY for qualified account holders is ideal for those who have trouble saving, and the platform’s “pocket” system can help those who struggle with budgeting. Those who want to build or improve their credit score will benefit from the Credit Builder feature.

Final Take

What One Finance lacks in product offerings, it makes up for in unique deposit account features and great APYs. However, its product offerings are very limited. Those who prefer to handle most of their banking needs with one bank should look to other banks. 

FAQ

Here are answers to some common questions about One Finance.
  • Is One Finance a real bank?
    • One Finance is not a bank, but it does offer financial products that are FDIC-insured through its banking partner, Coastal Community Bank.
  • Is One Finance legitimate?
    • With the many financial platforms available, consumers should always determine the legitimacy of any platform before using it. One Finance is a legitimate financial platform providing deposit accounts. All deposits are FDIC-insured through One Finance's banking partner, Coastal Community Bank.
  • Is One Finance a good bank?
    • While One Finance is not an actual bank, it is a good option for those who want the ability to manage checking and savings in one account easily. Qualified account holders on this financial platform can earn a very good APY on savings.

Data is accurate as of June 21, 2022, and is subject to change.

Editorial Note: This content is not provided by One Finance. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by One Finance.

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About the Author

Andrea Norris has been in the web publishing business for the past 15 years both as a content contributor and a copy editor specializing in personal finance, frugal living, home and auto topics. She writes both short and long-form content and is well-practiced in SEO keyword research and writing.

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