Overall institution rating
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.
» COMPARE: Best online checking accounts
- No overdraft fees.
- No monthly fees.
- Competitive rate on savings account.
- No minimum opening deposits.
- Early direct deposit.
- Requirements must be met to earn strong savings rate.
- No branch access.
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.