‘One’ Accounts Review: Spend and Save

One's "Pockets" help customers allocate money for different financial priorities, whether it's items in the household budget or saving toward a goal.
Mar 29, 2022

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Overall bank rating

One
  • Checking

  • Savings

  • Banking experience

  • Overdraft fees

4.5

NerdWallet rating 

The bottom line:

One Finance, or just "One," is an online-only nonbank financial institution that relies on a chartered partner bank to provide FDIC insurance for customers’ deposits. Its signature feature is the ability to organize money in multiple sub-accounts that One calls “Pockets,” whether to pay specific bills or save toward goals. One's customers start with three Pockets — Spend, Save and Auto-Save — and can create more for free.

Interest rates on Save and Auto-Save Pockets are higher than average, and One belongs to the Allpoint ATM network, which includes more than 55,000 fee-free ATMs for making withdrawals. But customer service via phone is unavailable in the evenings and on weekends.

Best for: Tech-savvy consumers who want help with budgeting their money into different sub-accounts, want to earn interest on their savings and don’t need to deposit cash.

Pros

  • No monthly maintenance fees or minimum balances.
  • Good rate on Save Pocket balances if direct deposit requirement is met.
  • Excellent rate on Auto-Save Pocket balances.
  • Customers can open multiple pockets to save toward different goals.

Cons

  • Cash deposits aren’t accepted.
  • No physical branches.
  • No certificates of deposit.
  • No weekend or evening customer service.

Full review

One Spend
One Spend

Checking

Deposits are FDIC Insured

4.5

/5
 NerdWallet rating 
Monthly fee
$0

The Spend Pocket has no fees or minimum balances. Customers can create free Pockets for allocating money to different expenses, such as gas or groceries — which can be useful for budgeting.

One Save
One Save

Savings

Deposits are FDIC Insured

5.0

/5
 NerdWallet rating 
APY
1.00%
With $0 min. balance for APY

Save Pockets offer 1.00% APY on balances up to $5,000, or up to $25,000 with qualifying paycheck direct deposit. Customers can create multiple Pockets based on their financial goals.

Auto-Save Pockets earn an unlimited 3.00% APY. Purchases made with the debit card are rounded up to the next dollar, and the difference is deposited into Auto-Save. Customers can also opt to have 10% of their direct deposit paychecks (maximum of $1,000 a month) put into Auto-Save. Those with direct deposit may also be able to receive their paychecks up to two days early, depending on their employer.

» Want to see other non-traditional banking options? Check out what these neobanks offer

Banking experience

3.5

NerdWallet rating 

What to know about neobanks: Neobanks can be solid options for consumers who prefer online-only banking. Funds deposited in these accounts are usually FDIC-insured through partner banks, which will also typically receive customers’ money if a neobank closes, so customer funds are safe. 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.

One customer experience: One offers a unique money management system with its “Pockets” setup. Each Pocket has its own account number, which means customers can set up direct deposits into individual Pockets. And customers can set up shared Pockets with multiple people. These operate much like joint accounts. A customer could, for example, start a shared Pocket with a spouse for saving for a down payment on a house. Customers get a debit card and can choose which Pocket it draws money from.

One is an online-only financial institution, meaning it has no branches, so customers need to be comfortable with remote customer service. But One’s customer service hours are limited. Phone support is only provided on weekdays from 8 a.m. to 5 p.m. Pacific time. Chat is also available online through a website support widget, but is limited to the same times as phone support.

Though One doesn’t have branches, customers have free access to more than 55,000 Allpoint ATMs for withdrawals. Cash deposits aren't currently available, however.

Overdraft fees

5.0

NerdWallet rating 

More and more banks are eliminating or reducing overdraft fees, and similarly, One doesn’t charge overdraft or nonsufficient funds fees. Customers can, however, receive overdraft protection in the form of an overdraft line of credit. The credit line covers purchases that drop your Spend Pocket balance below zero and is automatically repaid with deposits you make into Spend. One doesn’t charge interest on the credit line as long as the overdraft balance is paid by the end of the month.

One Spend
One Spend

Checking

Deposits are FDIC Insured

4.5

/5
 NerdWallet rating 
Monthly fee
$0

The Spend Pocket has no fees or minimum balances. Customers can create free Pockets for allocating money to different expenses, such as gas or groceries — which can be useful for budgeting.

Methodology

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.