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ONE: Pros and Cons
Pros
Cons
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 saving
Need to meet certain requirements to be eligible for the highest interest rate
May 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)
Earn a solid APY on your savings pocket and automatic savings pocket
Free overdraft protection for up to $200 if you meet certain requirements
No fee for using an out-of-network ATM if you have direct deposits set up
Receive paychecks sooner with early direct deposits
Cons
Only earn interest on up to a certain balance
$3.00 out-of-network ATM fee if you do not have direct deposits set up
Doesn’t reimburse any fees charged by out-of-network ATM providers
Highlights
More Information
If you receive $500 or more of eligible direct deposits in the previous month or have a total daily account balance of $5,000 or more for at least 3 consecutive months, you’ll be eligible to earn 3% cash back on Walmart purchases (up to $50 annually)
Free access to 55,000 Allpoint ATMs in the US
The ONE Account acts as a hybrid checking/savings account
Set up a Savings Pocket and earn up to 5.00% APY on balances up to $100,000 by either receiving at least $500 in eligible direct deposits each month or having a total daily account balance of $5,000 or more
Round up debit card purchases to the nearest dollar, and the money goes into Auto-Save Pocket; earn 5.00% APY on your Auto-Save Pocket
All other Savings balances will earn 1.00% APY
Overdraft protection for up to $200; To qualify, you must first receive at least $500 in direct deposits for at least 31 days
Deposits are FDIC insured through Coastal Community Bank
Additional Reading
Read our 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 up to 5.00% 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).
Compare Today’s Savings Rates
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.
How the ONE Account compares to similar accounts
ONE account
Wealthfront Cash Account
HMBradley Account
Editor’s Rating
4.25/5
Annual Percentage Yield (APY)
up to 5.00%
Editor’s Rating
4.25/5
Annual Percentage Yield (APY)
4.55%
Editor’s Rating
3.75/5
Annual Percentage Yield (APY)
3.00% to 4.50% (requirements for APY in the details)
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.
Laura Grace Tarpley, CEPF
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is a personal finance reviews senior editor at Insider. She oversees coverage about mortgage rates, refinance rates, lenders, bank accounts, investing, retirement , and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Insider’s “The Road to Home” series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF). She has written about personal finance for seven years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@insider.com. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »
Sophia Acevedo, CEPF
Banking Reporter
Sophia Acevedo is a banking reporter at Insider. She covers bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF). Sophia joined Insider in July 2021 and is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Los Angeles. You can reach out to her on Twitter at @sophieacvdo or email sacevedo@insider.com. Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >> Below are links to some of her most popular stories:
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Evelyn He
Compliance Associate
Evelyn He is a compliance associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love. The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 4-year-old Bichon named Tibber.
Wealthfront Cash Account
HMBradley Account
American Dollar Exchange Rate