ReviewUpdated
By:Kevin Payne andKimberly Rotter, AFC®
Our Banking Experts
Fact CheckedNathan Alderman
ONE Finance is not a full-service bank in the usual sense. Instead, the financial technology company lets people do all of their banking from one account. The account offers an opportunity to earn high APY and carries no monthly fees or minimum balances. Find out if this bank account is right for you in our in-depth ONE Finance review.
ONE Finance
Rating image, 4.00 out of 5 stars.
4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Bottom Line
A modern take on banking that combines savings and checking into one account, all with no fees and the ability to earn a high interest rate on some balances.
Pros
- Earn high interest on savings
- No overdraft or monthly fees
- Easy to set multiple savings goals
- Free money transfers to and from other ONE customers
- Cash back on Walmart purchases
Cons
- Not everyone qualifies for high interest rate
- Low limit on cash back
- Some hoops to jump through for benefits
How does ONE Finance work?
Instead of offering several kinds of accounts, ONE Finance operates via one single bank account. Accounts are equipped with "pockets." These are subaccounts that allow you to organize and manage your money. ONE accounts automatically come with a Checking tab connected to your ONE debit card, and a Savings tab. Your Savings tab is where you can access your primary and custom savings pockets (subaccounts), which are where your money is stored. You can create up to three custom pockets in addition to your main Savings pocket. If you enroll in ONE's Pay Autosave -- which automatically saves a percentage of eligible direct deposits -- you can also set up a Pay Autosave pocket.
Full ONE Finance review
We've highlighted some of the best features and drawbacks below. Take note of these details as you decide whether to open an account.
Top perks
Up to 5% APY
Customers can earn a 5% APY on their savings in three ways:
- Direct deposit $500 or more per month.
- Maintain a daily account balance of $5,000 or more.
- Use Pay Autosave. This pocket sets aside a percentage of each eligible direct deposit. You determine the amount using the ONE app. All Pay Autosave balances earn 5% APY, with no other requirements.
The 5% APY is limited to a combined savings balance of $250,000. Savings beyond this amount earn 1%.
Early direct deposit
ONE customers can access paycheck funds up to two days early, depending on how an employer transmits deposits.
Low or no fees
ONE Finance doesn't charge many of the fees you might find at other banks. There are no monthly maintenance fees, overdraft fees, non-sufficient funds fees, or ATM fees (when using ATMs within the Allpoint network).
Money management
Not only are checking and savings features housed in one bank account, but customers can also set up custom subaccounts to cover expenses in their budgets or to save toward goals.
Money transfers
ONE Finance offers a perk called One to One. After you enroll, you can transfer money for free to and from other ONE customers. This could be a convenient way to transfer money between family members, roommates, or others who regularly need to pay each other.
Cash back at Walmart
Eligible ONE customers who shop at Walmart can earn 3% cash back, up to $50 every 12 months (you'll earn 3% back on approximately $1,666 in purchases). To qualify, you need to have at least $500 of eligible direct deposits into your account each month, or maintain a balance of $5,000 or more. ONE says that most Walmart purchases qualify for cash back. For instance, you won't earn cash back on lottery tickets, gift cards, or purchases from third-party vendors inside the Walmart ecosystem.
ONE occasionally also offers bonus cash back on Walmart purchases to new customers.
Fees
| ONE Account | Monthly Maintenance | ATM Withdrawal | Overdraft | Stop Payment | Insufficient Funds |
|---|---|---|---|---|---|
| Fees | $0 | $0 | $0 | $0 | $0 |
How to access your money
These are your options for depositing money into and withdrawing money from your ONE account.
Deposit options
You can add money to your ONE account in any of the following ways:
- External ACH transfer
- Direct deposits
- Mobile check deposit
- Wire transfers
- Peer-to-peer services
- Deposit cash at an Walmart in the U.S.
Withdrawal options
Below are your options for withdrawing money from your ONE account:
- External bank transfers
- ATM withdrawals
- Peer-to-peer services like Zelle or Venmo
- Using your debit card or ONE app at any Walmart location in the U.S.
ONE customers have access to fee-free ATM use at over 55,000 Allpoint network ATMs worldwide. You may be charged a fee by ATM owners when using ATMs outside of the Allpoint network.
While you can deposit funds into your ONE account via wire transfer, you can't send wire transfers from your account.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
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Open Account for SoFi Checking and Savings Member FDIC. Rating image, 4.75 out of 5 stars. 4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | up to 4.60% Rate infoYou can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.Min. to earn: $0 | N/A | Open Account for SoFi Checking and Savings |
Open Account for American Express® High Yield Savings Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 4.35% Rate info4.35% annual percentage yield as of March 8, 2024Min. to earn: $1 | N/A | Open Account for American Express® High Yield Savings |
Open Account for UFB Secure Savings Account Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 5.25% Rate infoTo ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.Min. to earn: $0 | N/A | Open Account for UFB Secure Savings Account |
This bank account is right for you if:
ONE Finance is a good fit for if you:
- Want to save toward multiple goals and stay organized in the meantime
- Can easily meet the requirements for the 5% interest rate on savings
- Regularly shop at ONE Finance's partner stores, like Walmart, that pay cash back
FAQs
ONE Finance is not a payday lender. It's not exactly a bank, either, but you can think of it as one. It's a financial technology company that partners with an FDIC-insured bank. That's a mouthful, but it means ONE Finance is a service that you can use to organize your money and earn interest on your savings, and it'll feel just like a bank.
One of ONE Finance's benefits is that if you receive your pay by direct deposit, you might be able to get paid up to two days early. It depends on when your employer initiates payment.
No, ONE Finance and OneMain Financial are totally different companies.
In a roundabout way, yes. Walmart is an owner (but not the only owner) of a company called Hazel. Hazel owns ONE Finance.
Our Banking Experts
By:Kevin Payne
Kevin Payne is a freelance writer and family travel and budget enthusiast behind FamilyMoneyAdventure.com. His work has been featured in Forbes Advisor, Credible, CreditCards.com, Bankrate, SlickDeals, Finance Buzz, Student Loan Planner, and more. Kevin lives in Cleveland, Ohio with his wife and four teenagers.
By:Kimberly Rotter, AFC®
Accredited Financial Counselor®
Kimberly is a career writer and editor with more than 30 years' experience. She's a bankruptcy survivor, small business owner, and homeschool parent. In addition to writing for The Motley Fool, she offers content strategy to financial technology startups, owns and manages a 350-writer content agency, and offers pro-bono financial counseling.
Fact CheckedNathan Alderman
Fact checker
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
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