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ONE offers several advantages over traditional banks, especially if you receive direct deposits.
All users benefit from no monthly fee banking with eligible direct deposits, with no minimum balance requirement. Your ONE account comes with a checking account, physical debit Mastercard, and interest on savings.
If you set up direct deposit (minimum $500) with your ONE account or hold at least $5,000, you’ll receive a host of additional benefits that make the product increasingly attractive.
These benefits include a 3.75% APY on your savings, employer payments up to two days early, 3% cash back on Walmart purchases (up to $50 per year), and up to $200 in overdraft protection (only available with direct deposits, even if you hold more than $5,000). These features make ONE one of the best online banking companies for direct deposit users.
A ONE account includes some neat features to help you manage and save money.
For example, you can use the Pay Autosave feature to automatically move a portion of your (direct deposit) paycheck each month. Doing so activates the 3.75% APY on up to $250,000 in savings. You can also use the Round-ups feature to save with every purchase and create up to three “pockets” to organize your savings.
For Walmart shoppers, the ONE app is even more interesting. You can add or withdraw cash from any Walmart — even at the checkout line — and you’ll benefit from 3% cash back (up to $50 per year) on eligible purchases at the retailer.
The ONE web and mobile apps include all the basics you would expect of an online bank. You can easily move money between accounts, send money to friends and family, pay bills online, and check up-to-the-minute balances.
You can withdraw cash at any of 55,000 ATMs nationwide and at Walmart.
ONE isn’t a bank, though, so it doesn’t offer mortgages, individual retirement accounts (IRAs), or student or auto loans.
Your ONE savings start with an interest rate of 1.00% APY, but you can increase this to 3.75% APY by either receiving $500 per month in direct deposit or holding more than $5,000 in your ONE account.
| Account | Interest |
| Checking account | 0% |
| Savings: Receive at least $500 per month in direct deposits or hold at least | 3.75% APY |
| $5,000 in your ONE accounts | |
| Savings: All other customers | 1.00% APY |
Likewise, no fees are associated with your account, provided you’re a direct deposit ($500 minimum) customer. Otherwise, you’ll pay $3 per ATM withdrawal, Walmart withdrawal, mailed check, and online bill payment.
| Operation | Fee |
| Monthly fee | $0 |
| Overdraft fee | $0 |
| ONE ATM fee | $0 (for direct deposit customers at Allpoint network ATMs) $3 (for all other ATM withdrawals) |
| Barcode cash fee (withdraw cash at Walmart) | $0 (for direct deposit customers) $3 (for non-direct deposit customers) |
You can reach ONE’s customer service at 855-830-6200 from 9 a.m. to 9 p.m. ET, seven days a week. You can also access the in-app chat once you have an account 24 hours a day, seven days a week.
The ONE app boasts a rating of 4.7 out of five stars on both the iOS App Store and Google Play Store. However, it has a rating of only 1.7 out of five stars on Trustpilot, with most customer complaints centered around getting support and frozen accounts.
The ONE website is easy to navigate, and the help center’s articles are well-written with clear step-by-step instructions.
Signing up is straightforward, although the process differs depending on whether you’ve purchased a ONE retail card in-store or are signing up via the app. ONE retail card owners should download the app and scan the QR code on the package to create a full account and benefit from all of ONE’s features. Otherwise, download the app and click “Join ONE.”
The ONE app is available on iOS and Android and benefits from positive customer reviews (4.7 out of five stars on both platforms).
It’s simple to navigate: You can access most everyday banking features directly from the dashboard and see up-to-the-minute account balances. Click on checking or savings balances to see your transactions, manage savings Pockets, and transfer funds.
The convenient Cash Control menu has options for everything related to incoming and outgoing money, including paying bills, sending money, and mailing a check.
Finally, the ONE card works with Apple Pay and Google Pay.
The ONE app features 256-bit AES-level encryption for data, both in transfer (when you use the app to manage your money) and at rest. You can secure your account with Face ID or fingerprint authentication, too.
Your money is insured by the Federal Deposit Insurance Corp. up to $250,000 through ONE’s bank partner, Coastal Community Bank, which also issues the accounts and cards.
Notifications can help you stay abreast of fraudulent or suspicious charges, and if you lose your card or it gets stolen, you can freeze it from the app. ONE doesn’t have a dedicated fraud team but will provide immediate support via its regular customer support channels should you suspect your account security has been compromised.
ONE offers several interesting features for managing your money, especially for users who have their paychecks directly deposited into the account. These features include a 3.75% APY on savings, $200 in free overdraft protection, paychecks up to two days early, and more. The app has good ratings on the iOS App Store and Google Play Store and several security features to make online banking safer.
To craft this review, we gathered information through ONE’s company website and help center, as well as verified online user reviews from app stores and Trustpilot.
ONE is a financial technology company, not a bank. Banking services provided by Coastal Community Bank, Member FDIC. Approved accounts are FDIC insured up to $250,000 per depositor. ONE card is issued by Coastal Community Bank pursuant to licensing by Mastercard® International.
BestMoney is not compensated for reviews. The review is solely that of BestMoney.
1. 3.75% annual percentage yield (APY) applies to the Savings balance of One Cash customers who either (i) received $500 or more of Direct Deposits in the previous month or (ii) have a total daily account balance of $5,000 or more. 3.75% APY is also earned on Pay Autosave balances without these deposit or balance requirements. In all instances, 3.75% APY is limited to a total Savings balance of up to $250,000. All other Savings balances will earn 1.00% APY. APYs are as of 12/20/2024, but may change at any time before or after account opening.
2. To receive 3% cash back, eligible customers (at the time their purchase settles) must (i) have received $500 or more of eligible direct deposits in the previous month, or (ii) have a total account balance of $5,000 or more. 3% cash back is limited to up to $50 per year and applies only to purchases made at U.S. Walmart locations and on Walmart.com. This promotion may not be combined with other One promotions that offer cash back on purchases at Walmart. Terms Apply.
3. Use your One card at any Walmart Money Center, cashier, or Customer Service desk to deposit or make a cash withdrawal for free.
4. Cash back can be earned through the Debit Rewards Program. Individual offer details can be found in the One app. Terms Apply.
5. Direct deposit may be available up to 2 days in advance, but depends on when your employer sends paycheck data.
6. Available with Direct Deposits totaling at least $500 in the previous month. You must be 18 or older to receive Overdraft Protection. When on, Savings Backup will be used before Overdraft Protection. Overdraft balance is due right away. Transactions eligible for Overdraft Protection are at the discretion of One and may exclude certain transactions (e.g., bill pay, global transfers). See details
7. Allpoint Network ATM transactions are fee-free for accounts with eligible direct deposits totaling at least $500 in the previous month. For all other ATM transactions the One ATM Fee will apply and third-party ATM fees may be incurred.
