One Review: Keep Your Checking and Savings in the Same Account and Earn a Solid APY on Your Savings
Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
One: Pros and Cons
| Pros | Cons |
|
|
One Review
The
New customers can earn 1% APY on your Savings Pocket on balances up to $5,000 — or on balances up to $25,000 if you set up direct deposits.
You'll also earn up to 3% APY for the same balance amounts if you had money in Auto-Save and Save Pockets as of August 8, 2022. This pocket is for two types of automatic savings deposits: first, your round-up money. When you swipe your debit card, One rounds the purchase up to the nearest dollar and automatically sends the spare change to your Auto-Save Pocket. Second, if you enroll in direct deposits, you can set up automatic deposits of up to 10% of your paycheck (max $1,000 per month) into your Auto-Save Pocket.
One pays solid interest rates on both your Savings and Auto-Savings Pockets. However, there are online banks with more competitive savings rates right now.
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 4.6 out of 5 stars in the Apple store, and 2.5 out of 5 stars in the Google Play store.
You can contact customer support over the phone, via online chat, or through email Monday through Friday, 9 a.m. to 6 p.m. Pacific Time.
Is One Trustworthy?
One is backed by its partner bank, Coastal Community Bank. The Better Business Bureau gives Coastal Community Bank a B+ rating because it still needs to respond to one customer complaint.
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.
Coastal Community Bank does not have any recent public scandals, so you may decide you feel comfortable banking with this institution.
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 savings. If you plan to keep a good chunk in savings, you'll probably prefer Wealthfront since it pays a higher interest rate.
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 might prefer HMBradley if you want higher rate. You will earn 2.00% APY when you open the account. Then, for the following month, you can earn up to 4.20% 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 3.60% 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 3.60% APY.
You may prefer One if you want to receive your paychecks sooner. You can receive direct deposits up to two days early with One.