OnePay Accounts Review: Debit and Savings
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
OnePay (formerly 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 access to FDIC insurance for customer deposits, and is backed in part by retail giant Walmart.
OnePay offers a combination account called OnePay Cash for spending and saving.
The spending feature comes with a cash back rewards program, while the savings feature, known as a “pocket,” offers the chance to earn a competitive rate. You can divide your main pocket into sub-pockets earmarked for different savings goals.
The best features OnePay offers are for its OnePay Cash+ customers — those who receive qualifying direct deposits of at least $500 a month or have a balance of at least $5,000 at the end of the previous month. Without meeting one of those requirements, customers don’t have access to features that NerdWallet considers essential, such as mobile deposits. Our star ratings are based on the One Cash+ option.
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.
Product reviews
Checking
The debit portion of this neobank’s combination account functions like a checking account. It holds funds for your spending and is linked to your OnePay debit card. There are no monthly fees.
OnePay Cash+ program. Customers who receive $500 in qualifying direct deposits each month or have a balance of at least $5,000 at the end of the previous month gain access to the OnePay Cash+ program and receive the best features offered in this account. Benefits include:
The ability to earn a 3.35% APY on money in the savings portion of your OnePay account.
3% cash back on Walmart, dining and gas purchases (up to $54 cash back per year).
Access to more than 55,000 fee-free Allpoint ATMs.
The ability to make cardless withdrawals at Walmart locations for free.
Overdraft protection.
Mobile check deposit.
Available to all customers. The following features are available to all customers, including those not eligible for OnePay Cash+:
The ability to earn a 3.35% APY for Pay AutoSave deposits (which are direct deposits).
Ability to get paid up to two days early.
Ability to participate in a round-up savings program.
Free cash deposits and withdrawals at Walmart locations.
» Want other options? See our list of the best rewards checking accounts
OnePay Cash
Savings
The savings part of the combined account functions through what OnePay calls a “pocket.” It is also fee-free and there is no minimum balance required. The savings rate of 3.35% APY applies to OnePay Cash+ customers, those who sign up for ONE@Work (a OnePay-affiliated savings app available from select employers) and those with funds in a Pay Autosave pocket (see below for more info on Pay Autosave). The high rate applies to balances up to $250,000. All other savings pockets 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.
Pay 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 its own savings goal feature. Funds in your Pay Autosave pocket earn OnePay's high rate: 3.35% APY.
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.
Round-ups. Customers can also sign up for OnePay’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.
Savings
Customer experience & overdraft fees
Customer experience
What to know about neobanks: Nonbanks such as neobanks can be solid options for consumers who prefer managing money online and don’t mind having a nontraditional place to bank. But neobanks do have differences from banks that can pose risks, particularly in the way deposits are insured:
A neobank such as OnePay is a third-party banking technology platform that partners with a bank (or banks) to provide accounts to customers. Funds deposited at a neobank are ultimately held at the partner banks. The funds are FDIC insured in the event of a partner bank’s failure and only if the neobank maintained accurate deposit records. (Learn more about how neobanks work.)
If a neobank goes bankrupt, there is no FDIC insurance involved. It’s up to the neobank to ensure customers get their money back, which may involve delays and potential loss of account access. Banks, in contrast, receive prompt assistance from the FDIC if they fail. (Learn about what can happen if a neobank closes.)
Neobank accounts often have low monthly fees and earn strong rates. However, they may lack traditional banking features, including in-person customer service, wire transfers and access to personal or cashier’s checks (often required for large purchases, such as buying a home). Consider these details before opening an account.
Customer support: OnePay is online-only, meaning it has no branches, so customers need to be comfortable with remote customer service. Phone support is available daily 24 hours a day, seven days a week. OnePay also offers chat support.
» Explore more. Read NerdWallet’s list of the best high-yield savings accounts
Web experience
StrongMobile apps
Highly ratedPhone support
Monday through Sunday, 9 a.m. to 9 p.m. ETBranches
Online onlyOverdraft fees
For overdrafts, OnePay offers customers free backup transfers from their savings pocket. The fintech also offers OnePay Cash+ customers a fee-free overdraft protection option that skips the savings pocket transfer and instead involves coverage of transactions that would otherwise be declined. OnePay does not charge overdraft fees, though it is not required to pay overdrafts, including those covered in the overdraft protection program.
For customers without overdraft protection or sufficient funds in a backup savings pocket, OnePay would deny transactions that would cause an overdraft.
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.