One Finance Review 2022: High-Yield Savings and Online Checking

GOBankingRates score

Quick shot: One Finance is one online banking platform which encourages users to build good savings and budgeting habits. Although it has minimal product offerings compared to a traditional bank, it offers good APY in some of its products. Although One Finance only exists online, deposits are insured by the FDIC for up to $ 250,000, like most other financial institutions.
  • APYs

  • Benefits

  • Products

  • Customer service

How do we calculate this?


  • Exceptional APY savings for qualified account holders
  • Unique ability to split the main account into sub-accounts using “pockets”
  • No overdraft fees for overdrafts refunded at the end of the month


  • Balance limits to earn APY savings
  • Monthly deposit limit on the account with the best APY

An overview of finance

One Finance has a unique feature called “pockets” that allows people to set up a checking account that can serve as both a checking account and a savings account. When a user opens a One Finance account, instead of opening traditional checking and savings accounts, they open a single checking account with three “pockets”: an expense pocket, a savings pocket, and an automatic savings pocket.

The spending pocket essentially acts like a checking account with a linked One Mastercard debit card. The other two pockets act as interest-bearing savings accounts.

Key features

GOBankingRates’ One Finance review considered the following notable features to determine an overall rating of 4.5 stars.


While One’s Spend pockets don’t generate interest, Save and Auto-Save pockets earn pretty APY, especially for those who set up qualified direct deposits with One and meet other minimum requirements.

The Save pocket wins 0.00% APY on balances up to $ 5,000 and 0.00% APY on any balance over $ 5,000, unless the account holder has qualified direct deposits with One. With direct deposit, account holders can win 0.00% APY on balances up to $ 25,000 and 0.00% APY on any balance over $ 25,000.

Qualified account holders can earn .00% APY in the automatic savings pocket. A qualified direct deposit must be set up and turn on the card’s auto-save feature or auto-save transfer to get the APY. A limit of $ 1,000 per month can be added to this pocket.


One Financial offers some unique benefits that customers don’t usually see with traditional checking and savings accounts.

One Financial does not charge overdraft fees as traditional banks usually do. When an account holder discovers their spending pocket, the amount of the overdraft begins to accrue interest of 1.00% per month, which means an APR of 12.00%.

However, if the overdraft is repaid at the end of the month, the account holder will not charge accrued interest. Any non-refundable overdraft will be paid, including accrued interest, with the following deposit in your pocket of expenses.

Another unique benefit of One is the ability to create additional spending bags. Each Expense Pocket has its own routing and account numbers and can be treated as a separate account for the payment of bills and other purposes. Some account holders may want to base these additional pockets on budget categories to help them better control spending in those categories.


Those who want to open a CD, a money market account or a credit card will not find these products through One Finance. Technically, the platform only offers a current account that includes the Spend, Save, and Auto Save options.

Holders of a financial account can set up a Credit Creator pocket. This pocket acts as a secured credit card, and monthly payments are reported on time to primary credit bureaus.

Customer service

One customers can receive customer service via Chat on the One website or by phone at 855-970-1919 Monday through Friday from 8:00 a.m. to 5:00 p.m., Pacific Time. Customers can also use chat outside of these hours to request an email response during customer service hours.

As One Finance points out

One Finance may be limited in product offerings, but features and functions built into your checking account make One Finance unique. The APY of your automatic savings pocket could easily turn those you spend into savers.

Comparable financing options

Here are two other online banking options to consider that are comparable to One.


Unlike One Finance, Varo has a full bank card and offers cash advance loans and credit creation programs in addition to checks and savings. Qualified savers can earn a 0% a .00% APY.


Monifi works the same way as One Finance. Provides a checking account that can be used for savings and current. Monifi’s savings balance only earns a 0% APY, but the platform has features that allow account holders to set and track savings targets easily.

How to apply

New customers can set up an account on the One website or use the One app. Customers may need to submit a photo of their government-issued ID upon joining, so have your hand in hand. Customers must be 18 years of age or older and reside in the United States

New account holders can fund their One account in the following ways:

  • Direct deposit
  • Transfer of funds from an external bank
  • Bank transfer
  • Deposit of mobile checks
  • A peer-to-peer service like Venmo, PayPal or Cash App

For whom are the best finances

One Finance is best for those who are trying to build better budgeting and savings habits. Auto save The 0.00% APY for qualified account holders is ideal for those who have trouble saving, and the platform’s “pocket” system can help those with budget difficulties. Those who want to build or improve their credit score will benefit from the Credit Creator feature.

Final shot

What One Finance lacks in product offerings, make up for it with unique deposit account features and excellent APY. However, their product range is very limited. Those who prefer to manage most of their banking needs with one bank should look for other banks.


Here are answers to some common questions about One Finance.

  • Is One Finance a Real Bank?
    • One Finance is not a bank, but offers financial products that are insured by the FDIC through its banking partner, Coastal Community Bank.
  • Is One Finance Legitimate?
    • With so many financial platforms available, consumers should always determine the legitimacy of any platform before using it. One Finance is a legitimate financial platform that offers deposit accounts. All deposits are secured by the FDIC through One Finance’s banking partner, Coastal Community Bank.
  • Is One Finance a Good Bank?
    • While One Finance is not a real bank, it is a good option for those who want to be able to easily manage checks and savings in a single account. Qualified account holders on this financial platform can earn a very good APY in savings.

Data is accurate as of June 21, 2022 and is subject to change.

Editorial Note: This content is not provided by One Finance. The opinions, analyzes, reviews, assessments or recommendations expressed in this article are solely those of the author and have not been reviewed, approved or endorsed by One Finance.

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About the author

Andrea Norris has been in the web publishing business for the past 15 years, both as a content contributor and as a publisher specializing in personal finance, frugal living, household issues, and automobiles. Writes short and long content and is well versed in SEO keyword research and writing.

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