With more than three years of experience as a personal finance writer, Jamela Adam simplifies complex money topics to help readers become experts at managing their finances. Her work has been featured by U.S. News, Chime, SuperMoney, Business Insider.
Jamela Adam Banking Review and WriterWith more than three years of experience as a personal finance writer, Jamela Adam simplifies complex money topics to help readers become experts at managing their finances. Her work has been featured by U.S. News, Chime, SuperMoney, Business Insider.
Written By Jamela Adam Banking Review and WriterWith more than three years of experience as a personal finance writer, Jamela Adam simplifies complex money topics to help readers become experts at managing their finances. Her work has been featured by U.S. News, Chime, SuperMoney, Business Insider.
Jamela Adam Banking Review and WriterWith more than three years of experience as a personal finance writer, Jamela Adam simplifies complex money topics to help readers become experts at managing their finances. Her work has been featured by U.S. News, Chime, SuperMoney, Business Insider.
Banking Review and Writer Lauren Graves Banking EditorLauren Graves is an educator-turned-editor specializing in personal finance content. She seeks to make complicated topics easier to understand and less intimidating to the average reader with accurate, reliable information and transparent writing. He.
Lauren Graves Banking EditorLauren Graves is an educator-turned-editor specializing in personal finance content. She seeks to make complicated topics easier to understand and less intimidating to the average reader with accurate, reliable information and transparent writing. He.
Lauren Graves Banking EditorLauren Graves is an educator-turned-editor specializing in personal finance content. She seeks to make complicated topics easier to understand and less intimidating to the average reader with accurate, reliable information and transparent writing. He.
Lauren Graves Banking EditorLauren Graves is an educator-turned-editor specializing in personal finance content. She seeks to make complicated topics easier to understand and less intimidating to the average reader with accurate, reliable information and transparent writing. He.
Updated: Apr 26, 2024, 4:50pm
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One, also known as One Finance, is a Sacramento-based financial technology (fintech) company founded in 2019. One is not a bank, but it provides banking services through Coastal Community Bank. One raised $40M in Series B funding in 2021 before being acquired by Walmart in January 2022. One’s only product is its One account, a checking account that earns interest and cash back.
One partially delivers on its promise of making the banking experience better by having an appealing mobile app and a high APY. But overall, the service is lackluster at best. It places tight limits on the amount of cash you can spend and withdraw in a day. Additionally, debit card rewards are restricted to certain merchants and capped for the highest rewards rate. Plus, account holders who don’t receive direct deposits must pay $3 each time they withdraw cash from an ATM. Many other fintech apps and banks have more compelling offerings.
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A One Finance account carries no monthly fees and no minimum balance requirements. Travelers benefit from no foreign transaction fees when using a One card overseas.
Budgeters may enjoy One’s “pockets” feature. Pockets are a unique aspect of One accounts that can help you separate your money for budgeting. By default, you get one pocket for spending and one for saving, but you can create up to three additional pockets. Each pocket has its own account number, and you can move money instantly between your pockets.
There are several ways to add money to your One account. If you need to add cash, you can deposit up to $3,000 per day at a Walmart Money Center. You can also receive money via wire transfers or direct deposits. You may also receive direct deposits up to two days early. Finally, you can connect peer-to-peer payment apps like Cash App, Venmo and PayPal using your routing and account numbers. ATM deposits are not currently available with a One account.
One offers fee-free cash withdrawals at any Walmart location in the United States. You can use your One debit card to get cash from any Walmart cashier, Money Center or customer service desk. Select locations also let you use your One app to withdraw cash through the Walmart Money Center. If you use the One app to withdraw cash at a Walmart Money Center, you’ll need to provide a government-issued ID.
You can also access the cash in your account with your One debit card. One partners with the Allpoint network to provide fee-free access to over 55,000 ATMs nationwide. You’ll also have access to fee-free ATM withdrawals and up to $200 in overdraft protection if you receive eligible direct deposits totaling $500 or more each month. If you don’t meet this requirement, One will charge a $3 fee each time you use an ATM. This fee is in addition to any fees charged by the ATM owner.
Though One’s Spend pockets don’t earn interest, you can earn 3% cash back on Walmart purchases when you pay with a One debit card. However, these rewards are capped at $50 per year and require you to either receive $500 in direct deposits per month or maintain an average average daily account balance of at least $5,000.
One’s Savings pockets, on the other hand, do earn interest. You can qualify to earn 5.00% APY on your savings balance if you receive at least $500 in direct deposits per month or maintain an account balance of $5,000 or more. If you activate the One Pay Autosave feature, which automatically transfers a portion of your direct deposits to your Savings pocket, you’ll also earn a 5.00% APY that only applies to balances up to $250,000. All other balances earn 1.00% APY. In all cases, interest accrues daily and is credited monthly.
Deposits held in your One account are FDIC insured, meaning your deposit is guaranteed against loss by the full faith and credit of the United States government. One’s banking partner, Coastal Community Bank, offers the standard $250,000 in FDIC insurance.
You can manage your One account through the fintech’s mobile app or website. The mobile app is available on both the Apple App Store and through Google Play. The app offers a set of basic features, including the following:
One also offers integration with Apple Wallet and Google Pay.
The app is well-reviewed on the Apple App Store, earning 4.8 out of 5 stars and 4.6 stars out of 5 on Google Pay.
If you’re considering the One debit card for its advertised rewards on purchases, you may be better off with a rewards credit card. The One card only offers its advertised 3% cash back rewards on purchases at Walmart stores or via Walmart’s website, and these rewards are capped at $50 per every 12-month period.
No-annual-fee credit cards like the Wells Fargo Active Cash® Card earn 2% cash rewards on purchases and offer more robust protections against fraud. For Walmart shoppers, the Capital One Walmart Rewards® Mastercard® * will give you better rewards at Walmart.
While One’s checking account and debit card may not have the most attractive perks and features compared to other products on the market, its savings account may be worth considering if you want to earn interest on your balance or create pockets. However, the high APY has direct deposit and balance requirements that may be too restrictive for many users. It’s also not ideal for account balances over $250,000.
If One’s rules don’t work for you, there’s good news. The best online banks offer similar or better APYs on savings with no restrictions. If you’re looking for high returns on your money with the security of FDIC insurance and the liquidity of a checking account, check out our list of the best high-yield savings accounts. If you need an account to receive direct deposits or use a debit card, consider the best checking accounts. Several banks offer checking accounts with attractive interest rates and no fees or minimum deposits requirements.
Finally, if you’re looking at the One card because it offers the purchasing power of a debit card and FDIC insurance, consider Bluebird from American Express. Bluebird offers free withdrawals at Walmart locations and through Allpoint ATMs, but it doesn’t charge a $3 fee at other ATMs and it has fewer restrictions on account usage.
Overall, One falls short of similar checking and savings accounts in several key ways. Other banks offer more generous rewards on purchases, higher interest rates and lower fees with fewer restrictions.
Forbes Advisor Banking Review And Writer Jamela Adam and Writer Aaron Hurd contributed to this article.
