One Banking Review: Pros, Cons and Alternatives

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One is a financial technology company, or fintech, that offers high-interest mobile banking services with no monthly fees or minimum balance requirements.

If you're looking for a banking experience with a solid rewards program, low fees, and convenient spending options, put One on your shortlist.

How do its features compare to other online banking fintechs? We examine One's key features to help you decide if it's right for your situation.

Short Summary

• One offers up to 5% cash back on debit card purchases from select brands
• Earn 3% cash back on Walmart purchases, up to $50 per year
• Earn up to 5.00% Annual Percentage Yield (APY) on your savings

Table of contents

What is One?What does it offer?Are there any fees?How to compare?How do I open an account?Is it safe?How can I contact One?Is it worth it?One features

What is one?

One, sometimes called One Finance, is a fintech company that was acquired by Walmart in early 2022. While One offers a banking experience, it is not a bank. Instead, banking services are provided through Coastal Community Bank.

What does it offer?

One offers various mobile banking services, including a checking account with savings features. Here's a closer look.

Earn up to 5% cashback

You can earn up to 5% cash back on your spending with your One debit card. The catch is that the amount of cashback is limited and your earnings vary from store to store.

For example, you can earn up to 3% cash back on purchases made at Walmart, up to $50 per year. However, you must have a balance of at least $5,000 and receive at least $500 in direct deposits to qualify for this cashback offer.

You need to check the app to see where you can get money back for your purchases. All earnings are transferred directly to the savings section of your account.

Savings bags

You can create “savings pockets” to divide the funds in your account. You can set three different savings goals using the One platform. While the funds are still in your checking account, separation makes it easier to visualize your progress toward selected savings goals.

Every time a deposit comes into your account, you can have a portion automatically transferred to your savings pockets.

Earn up to 5.00% APR

The One account offers up to 5.00% APY on your savings. This also includes the balance in your savings pockets.
The opportunity to earn a healthy APR on your money is undeniably attractive.

Get paid early

You can receive your payment up to two days in advance via early direct deposit. Of course, it can be easier to stay on top of your finances if you can access your paycheck more quickly. You just have to be careful not to spend too much.

Easy access to cash

It makes it easier to handle physical cash. You can withdraw cash using your One debit card at Walmart or an ATM. At Walmart, you can withdraw up to $999 per transaction and up to $3,000 per day. When you make a withdrawal from an ATM, you can withdraw up to $500 per day.

You also have the option to seamlessly deposit cash at Walmart.

Unfortunately, you will have to pay a $3 ATM fee unless you are a Plus customer. To be a Plus customer, you must receive at least $500 in qualified direct deposits per month.

Are there any fees?

When you work with One, there is no monthly fee or minimum balance. However, if you do not meet Plus customer requirements, you will be charged a $3 ATM withdrawal fee.

How do you compare?

One isn't the only fintech company that can help you manage your spending and savings.

Precautionary is an online bank that offers a checking and savings account with an APR of 5%. You can access cash advances of up to $100 through the app. It also offers a way to build credit through a secured credit card called Varo Believe.

GO2Bank offers a mobile banking platform with checking and savings accounts. The savings account offers an APR of up to 4.50%. In addition to banking features, it offers a secured credit card to help you Build credit.

Headers
Evaluation
monthly fee	NO	NO	$5 or waived with direct deposit
APY on savings	5.00%	Up to 5%	4.50%
Pays cashback back	Up to 5%	Up to 6%	Up to 7%
FDIC insured	Yes	Yes	Yes
cell	cell	READ THE REVIEW	READ THE REVIEW

How do I open an account?

If you want to open an account, first download the iOS or Android app and provide your phone number. After confirming the number with a code sent to your phone, you will need to provide your name, email address, mailing address, etc.

It should only take a few minutes to go through the required information.

Is it safe and secure?

When you work with One, the banking services are actually provided by Coastal Community Bank, member FDIC. This means your funds are insured up to $250,000.

As for the security of the One platform, the company uses 256-bit AES-level encryption and logging into your account requires the use of multi-factor authentication. One customers also have the option to use biometric IDs, including fingerprint authentication and Face ID.

How can I contact someone?

If you would like to contact One, you can call 855-830-6200 daily from 9 a.m. to 9 p.m. EST. Another option is to chat on the website, which is available 24/7.

Unfortunately, One has an unattractive rating of 1.5 out of 5 stars on Trustpilot. Most bad reviews are related to poor customer service. On the positive side, One appears to respond promptly to poor reviews on Trustpilot and offer to investigate customers' various issues in more detail.

The mobile app has received at least 4.6 out of 5 stars in both the Apple App Store and Google Play Store, so a positive experience is certainly possible.

Is it worth it?

The attractive APY and minimal fees may make One a worthwhile option for some. This is especially true if you want to take advantage of the built-in cashback options through your debit card. It's rare for a banking app to offer both cashback rewards and a high-yield savings component.

Of course, keep in mind the minimum balance and direct deposit criteria you must meet to maximize One's benefits. Not everyone will be able to maintain a $5,000 balance or $500 direct deposits. Additionally, Walmart's 3% cash back is capped at an annual maximum of $50, which isn't very high.

Disclosure

1. ONE Retail Cards purchased at a retail store will be subject to a $5 ONE Retail Card fee 15 days after card purchase and each month thereafter until you apply for a ONE deposit account, are approved, and an additional Make a deposit.

2. Cashback can be earned through the ONE Rewards program. Individual offer details can be found in the ONE app. The General Terms and Conditions

3. To receive 3% cash back, eligible customers must (at the time of checkout) (i) have received qualifying direct deposits of $500 or more in the previous month, or (ii) have a total account balance of $5,000 or more. 3% cash back is limited to up to $50 per year and only applies to purchases at Walmart locations in the US and beyond Walmart.com. This promotion cannot be combined with other ONE promotions that offer cash back on purchases at Walmart. The General Terms and Conditions.

4. An Annual Percentage Yield (APY) of 5.00% applies to the Primary Savings Pocket and Custom Pockets for customers who either (i) received $500 or more in eligible direct deposits in the prior month or (ii) a total daily account balance of Have $5,000 or more. Customers can also earn 5.00% APY on Pay Autosave and ONE@Work Save balances. In all cases, the 5.00% APR is capped on a total savings balance of up to $250,000. All other savings balances receive 1.00% APR. The effective annual interest rates are as of May 12, 2024, but may change at any time before or after account opening. Fees may reduce earnings in this account.

5. Allpoint Network ATM transactions are fee-free for accounts with eligible direct deposits of at least $500 in the previous month. All other ATM transactions are subject to the ATM fee and third party ATM fees may apply.

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Editor: Colin Graves

Reviewed by: Robert Farrington

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