‘One’ Accounts Review: Debit and Savings

One has a combination account for spending and saving that offers debit rewards and a strong savings rate to those who qualify.
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  • Checking
  • Savings
  • Customer experience
  • Overdraft fees

Overall institution rating


NerdWallet rating 
The bottom line:

One Finance, or just "One," is an online-only nonbank financial institution (also known as a neobank). It relies on a chartered partner bank to provide FDIC insurance for customer deposits, and it is backed in part by retail giant Walmart.

One offers a combination account for spending and saving.

The spending feature comes with a debit card rewards program, while the savings feature, known as a “pocket,” offers the chance to earn a high rate. You can divide your main pocket into sub-pockets earmarked for different savings goals.

The best features One offers are for its Plus customers — those who receive qualifying direct deposits of at least $500 a month. Without $500 a month in direct deposits, customers earn a far lower rate on savings and don’t have access to features that NerdWallet considers essential, such as mobile deposits. Our star ratings are based on the Plus option.

Best for: Those who can receive at least $500 in monthly direct deposits and are looking for a financial app that offers debit rewards, multiple savings “sub-pockets” and the ability to earn a competitive rate on savings.


  • No overdraft fees.
  • No monthly fees.
  • Competitive rate on savings account for Plus customers.
  • No minimum opening deposits.
  • Early direct deposit.


  • No branch access.
  • No certificates of deposit offered.
  • Requirements must be met to earn a strong savings rate.

Full review


One Debit
One Debit


Deposits are FDIC Insured


 NerdWallet rating 
Monthly fee

The debit portion of this neobank’s combination account functions similarly to a checking account. It holds funds for your spending and is linked to your One debit card. There are no monthly fees.

Plus program. Customers who receive $500 in qualifying direct deposits each month are enrolled in the Plus program and receive the best features offered in this account. Benefits include:

  • Access to 55,000 fee-free Allpoint ATMs.

  • The ability to make cardless withdrawals at Walmart locations for free.

  • Overdraft protection up to $200.

  • Mobile check deposit.

  • Bill pay without paying a fee.

None of these perks are available to customers who are not in the Plus program, and we consider these to be pretty essential, so if you don't qualify for Plus, you might consider a different account.

One does offer a few Plus features to non-Plus customers as well, but you'll have to jump through some hoops. If you aren't a Plus program member but you do maintain a $5,000 minimum daily balance, you'll access two other Plus program features:

  • 3% cash back on Walmart purchases (up to $50 a year)

  • The ability to earn a 5.00% APY on money in the savings portion of your One account.

» Want other options? See our list of the best rewards checking accounts.


One Savings
One Savings


Deposits are FDIC Insured


 NerdWallet rating 
With $5,000 min. balance for APY

The savings part of the combined account functions through what One calls a “pocket.” It is also fee-free and there is no minimum balance required to open it. The rate of 5.00% APY applies to Plus customers, non-Plus customers with a minimum $5,000 daily balance, and any customers who create an Autosave pocket (see below for more info on Autosave). All other savings pockets for non-Plus customers at One earn 1.00% APY.

Along with the primary savings pocket, you can create up to three custom savings pockets to help you reach your savings goals. These sub-pockets earn the same rate as the primary pocket.

Autosave. Along with your primary pocket, you can create a Pay Autosave pocket, which automatically allocates a portion of any direct deposits you receive into Pay Autosave. Funds in your Autosave pocket earn One's high rate: 5.00% APY.

Round-ups. Customers can also sign up for One’s round-up program, where every Debit transaction is rounded up to the nearest dollar, and the difference is transferred to your primary savings pocket.

It’s worth keeping in mind that there are high-interest savings accounts at other institutions that don’t make you jump through hoops to get similar rates.

Customer experience


NerdWallet rating 

One is online-only, meaning it has no branches, so customers need to be comfortable with remote customer service. Phone support is available daily from 9 a.m. to 9 p.m. Eastern time. One also offers chat support.

The neobank’s Plus customers have access to the Allpoint ATM network, with its 55,000 fee-free ATMs. All of our star ratings are based on the features available to Plus customers.

What to know about neobanks: Neobanks can be solid options for consumers who prefer online-only banking. They do have differences to banks:

  • Funds deposited in neobank accounts are usually FDIC-insured through partner banks, which also typically will receive customers’ money if a neobank closes, so customer funds are safe. (Learn about what can happen if a neobank closes.)

  • Neobank accounts often have low monthly fees and earn strong rates. However, they may also lack traditional banking features, including in-person customer service and access to personal or cashier’s checks (often required for large purchases, such as buying a home) or wire transfers. (Learn more about neobanks and what they offer.) Consider these details before opening an account.

» Explore more. Read NerdWallet’s list of the best high-yield savings accounts

Overdraft fees


NerdWallet rating 

One does not offer a traditional overdraft protection program. However, it does offer its Plus customers a fee-free option to cover overdrafts. Coverage starts at $10 and goes up to $200. One does not charge overdraft fees, though it reserves the right to decline any transaction, including those covered in the overdraft protection program.

For non-Plus customers without overdraft protection, One would deny transactions that would cause an overdraft.


NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star. How we rate banks, credit unions and other financial service providers.