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The bottom line: ONE could be a good fit if you are comfortable with keeping your money all in the same place. The ONE account pays a competitive interest rate on savings balances up to $100,000 and is included in our best high-yield savings account guide.
ONE: Pros and Cons
ProsCons
High interest rate on savings balances up to $100,000
Earn 3% cash back (up to $50 per year) on Walmart purchases
No-fee account
Overdraft protection for up to $200
Early direct deposit
Doesn’t have separate accounts for checking and savingNeed to meet certain requirements to be eligible for the highest interest rateMay not be the best option if you plan to have large balance in your savings account (Other high-yield savings accounts may offer a higher interest interest rate on account balances of $100,000 or more)
ONE Review
The One Account works as a hybrid checking/savings account. You’ll have a checking tab where you can keep your regular spending money, and a savings tab that has separate “pockets” to store your savings. The savings tab has one Primary Savings pocket as well as customizable savings pockets to help you save for specific goals.
The checking account tab won’t earn any interest. You can earn One account – APY APY on Savings balances up to $100,000 if you meet certain requirements, though. You’ll have to receive at least $500 in eligible direct deposits each month or have a total daily account balance of $5,000 or more. All other savings balances earn 1.00% APY.
If you receive at least $500 in eligible direct deposits each month or have a total daily account balance of $5,000 or more for three or more consecutive months, you’ll be eligible for cash back perks. You can earn 3% cash back on Walmart purchases (up to $50 per year).
ONE Features
ONE is an online banking platform, and your account is FDIC insured by Coastal Community Bank for up to $250,000.
You’ll have free access to 55,000 ATMs in the Allpoint network.
ONE doesn’t charge overdraft fees. Instead, ONE has overdraft protection that allows you to overdraw up to $200. To qualify for overdraft protection, you must first receive at least $500 in direct deposits for at least 31 days.
The ONE mobile app has received 4.8 out of 5 stars in the Apple store, and 4.7 out of 5 stars in the Google Play store.
You can contact customer support over the phone, via online chat, or through email 9 a.m. to 9 p.m. ET every day.
Is ONE Trustworthy?
ONE is backed by its partner bank, Coastal Community Bank. ONE currently has an A rating from the BBB because it has received 46 complaints on the BBB website. The Better Business Bureau gives Coastal Community Bank a B rating because it still needs to respond to one customer complaint and it has received 73 customer complaints.
A good BBB rating won’t necessarily guarantee that your relationship with the bank will be perfect. You’ll want to reach out to friends or family, or read online customer reviews.
On the BBB website, there is also a note that says that scam attempts have been made through social media and email using the ONE name and logo. Be aware that ONE will never ask you for your bank account number, social Security number, or other personal information, to obtain a social media prize. If you receive an email from ONE, the address includes @onefinance.com. ONE also is not affiliated with Priority Loan Servicing, Priority Payday Loan, Cash Priority Loan Servicing, or the Payment Protection Program.
One Account Review vs. Wealthfront Cash Account Review
Wealthfront pays interest on your entire balance. Meanwhile, if you have an account with ONE, your interest rates will depend on where you keep your money. You won’t earn interest on checking balances at ONE, and the savings account only pays 5.00% APY on balances up to $100,000 if you meet certain requirements.
Wealthfront is also known for its investing products. If you’d like to do your banking and investing with one company (and a pretty user-friendly one) you might like Wealthfront.
One Account Review vs. HMBradley Account Review
You may prefer ONE if you want to receive your paychecks sooner. You can receive direct deposits up to two days early with ONE.
For HMBradley, you will earn 3.00% APY when you open the account. Then, for the following month, you can earn up to 4.50% APY if you meet certain requirements. If you make an incoming deposit totaling at least $500 per month and maintain a positive monthly cash flow, you will earn 4.00% APY. To reach the highest APY, you will also need to spend $500 per month on the HMBradley Credit Card in addition to fulfilling the requirements for earning 4.50% APY.