‘One’ Accounts Review: Spend and Save
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Overall bank rating
- Banking experience
- Overdraft fees
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 but One doesn’t have its own ATMs and isn’t part of an ATM network. And while you can have ATM fees waived by the institution if you meet a direct deposit requirement, you’ll still be subject to fees by the ATM owner.
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 or use ATMs often.
- No monthly maintenance fees or minimum balances.
- Good rate on Auto-Save Pocket balances.
- Customers can open multiple pockets to save toward different goals.
- Cash deposits aren’t accepted.
- No physical branches.
- No certificates of deposit.
- No ATM network; all ATM withdrawals are subject to ATM owner fees.
Deposits are FDIC Insured
3.5/5 NerdWallet rating
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. But One doesn’t have its own ATMs and isn’t part of an ATM network.
Deposits are FDIC Insured
4.0/5 NerdWallet rating
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
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. Phone support is available daily from 6 a.m. to 6 p.m. Pacific time. Chat is also offered online through a website support widget, and is available the same times as phone support. Customers can get help through Twitter, too.
One doesn’t offer a free ATM network, and it charges a $3 fee for ATM withdrawals, which are also subject to ATM owner fees. One will waive its $3 fee if your account receives at least $500 in qualifying direct deposits in the 31 days prior. Cash deposits aren't currently available.
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.
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.