ONE review [digital banking] | finder.com (2024)

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Who is ONE best for?

ONE is best for those who want a low-fee single bank account that can do it all — checking, savings and budgeting. The APY and rewards available through ONE aren’t the greatest on the market, so the account best serves those looking for a little simplicity and saving or budgeting tools.

What we like about ONE

As an all-in-one banking account, ONE has a variety of features that help it stand out.

Minimal fees

ONE does away with a lot of the big fees that can drag an account down. There are no monthly fees, account fees, foreign transaction fees or ATM fees on in-network ATMs.

While it doesn’t waive overdraft fees, it does offer overdraft protection. If your balance dips below $0, ONE covers up to $200, depending on the individual account. But to qualify for this benefit, you’ll need to deposit at least $500 a month in direct deposit.

Savings and budgeting

There are a few savings and budgeting tools offered to ONE account holders. The hallmark feature is the savings “pockets” you create. Users can create an unlimited number of these subaccounts and label them according to their savings needs. For example, you can have a pocket for emergencies and another for vacations.

These accounts are separate from your default “spend” pocket, and each has its own routing and account number. You can provide these to utility companies, home lenders, credit card issuers and the like to ensure these companies can only debit funds from specific pockets. You can also set up automatic transfers between pockets to ensure each one has the funds it needs to pay the bills.

ONE also allows for savings round-ups where your purchases are rounded to the nearest dollar. The excess amount rounded up is automatically deposited into your savings account, which can quickly add up and help your savings.

Finally, ONE offers automated budgeting features. Set up your account to automatically transfer funds from a pocket to a linked bank account or selected pocket on a weekly, biweekly or monthly basis. Also, through ONE’s autosave feature, you can automatically move part of your paycheck into one of your save pockets to start earning interest.

Cashback rewards

Though it doesn’t make for a significant amount of ONE‘s value, its cashback bonus is a nice addition to round out the account. You can earn up to 3% cashback at Walmart online or in-store up to $50 per year with eligible deposits. To get that cashback rate, you must direct deposit at least $500 each month or have a total account balance of $5,000 or more. This is the type of bonus you’d typically find on a credit card, though more limited in scope.

Where it falls short

ONE has a few drawbacks that hurt the overall utility of the product. Among them is a lack of traditional automated bill pay function. Unlike traditional checking accounts, like Chase, you can’t schedule bill payments to go out on a recurring basis. ONE also doesn’t support joint accounts, which makes this account a poor choice for couples who want to share finances in one account.

Customer experience

ONE is not accredited by the Better Business Bureau (BBB), and it has no reviews on the BBB’s website. It has 21 reviews on Trustpilot with an average rating of 4.2 out of 5 stars. Many of the positive reviews mention the high APYs and positive customer service experiences.

There are three ways to reach customer support:

• Email help@onefinance.com
• Call 855-830-6200
• Live chat in the mobile app

Customer service hours are weekdays from 9 a.m. to 5 p.m. PT.

How does ONE compare to Simple?

Ever since the neobank Simple announced it was shutting down in January 2021, ONE has been working hard to position itself as a perfect replacement. But does it do the trick?

As a Simple customer for nearly eight years, ONE does check most of the same boxes for me, including the lack of fees and ease of use. However, it doesn’t have an intuitive budgeting system like Simple did, and this account requires a bit of a learning curve. But One makes up for those shortcomings in other ways, including subaccounts and high interest rates.

If you’re a Simple user looking for a replacement bank, ONE is a good alternative. But if you don’t get paid by direct deposits, you might want to compare other accounts like Juno, which offers 5% cash back and up to 5% APY.

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