About company
One Finance, based in Sacramento, offers innovative banking solutions through its One account, a checking account with features like interest earnings and cash-back rewards. Though not a bank itself, One collaborates with Coastal Community Bank to provide its customers with a range of banking services. Established in 2019, the fintech company gained significant traction, securing $40M in Series B funding in 2021. Its acquisition by Walmart in January 2022 marked a milestone in its journey. With its focus on providing a single, comprehensive financial solution, One has garnered attention in the fintech sector.
Key features
- Free App. One provides a user-friendly mobile app, allowing customers to manage their finances conveniently from their smartphones. The app is available for download on both iOS and Android devices, offering ease of access to banking services on the go.
- No Overdraft Fees. Unlike traditional banks that may charge hefty overdraft fees for insufficient funds, One stands out by eliminating overdraft fees altogether. This feature provides peace of mind to users, knowing that they won't incur additional charges for accidental overdrafts.
- No Monthly Fees. One's commitment to transparency and customer satisfaction is evident in its absence of monthly fees. Users can enjoy the benefits of their One account without worrying about recurring charges eating into their balances.
- Online Only. As an online-only banking platform, One streamlines the banking experience by offering digital services exclusively. This approach eliminates the need for physical branches, allowing for cost savings that are passed on to customers in the form of competitive rates and fee structures.
Pros and cons
Pros
Cons
Reliability
While it's not a bank itself, it collaborates with Coastal Community Bank, which is a Member FDIC institution, ensuring that approved deposit accounts are FDIC insured up to $250,000 per depositor. Additionally, the One card is issued by Coastal Community Bank under Mastercard International licensing, adding an extra layer of reliability and security for users.
Products
One Finance offers a comprehensive range of financial products designed to meet the diverse needs of its users. From the versatile One account, which serves as a checking account with features like debit card rewards and early pay options, to the upcoming One Credit Builder designed to help individuals establish or improve their credit history, One Finance prioritizes simplicity, accessibility, and user empowerment. Additionally, with competitive savings account options boasting attractive annual percentage yields (APY) and the convenience of fee-free withdrawals at thousands of ATMs nationwide, One Finance aims to provide holistic financial solutions tailored to the modern consumer.
Mobile banking
One mobile banking offers a range of attractive features to enhance the banking experience for users. With Debit Rewards and the opportunity to earn up to 5% cash back on select brands, customers can maximize their spending power. Additionally, One provides a competitive 5.00% APY on Savings accounts for eligible deposits, helping users grow their savings faster. With the option to get paid up to 2 days early through direct deposit, One prioritizes convenience and flexibility for its users. Furthermore, One mobile banking boasts no monthly fees or minimum balances, ensuring a hassle-free and cost-effective banking experience.
Credit Builder
One Credit Builder offers a straightforward solution for individuals looking to build their credit history. Although currently not available, it's coming soon, promising a hassle-free process with no credit check required to apply and no score necessary to get started. With low monthly payments and the assurance that every on-time payment contributes to building credit history, One Credit Builder simplifies the credit-building journey. Users can easily track their progress, making it convenient to monitor their path to stronger creditworthiness.
One Card
The One Card offers several enticing benefits for users. With eligible deposits, users can earn 3% cash back at Walmart, up to $50 a year, enhancing their purchasing power. Additionally, the card provides fee-free overdraft protection, ensuring financial flexibility without incurring additional charges. For savings, the One Card offers an attractive 5.00% APY, encouraging users to grow their savings over time. Furthermore, users can conveniently pay from their phone, adding to the card's versatility and convenience.
Other services One Finance offers
- Cash-Back Rewards. One Finance provides cash-back rewards on eligible purchases made with its debit card, allowing users to earn rewards while they spend.
- Savings Accounts. One Finance offers competitive savings account options with attractive interest rates, allowing users to grow their savings over time. These accounts may feature benefits such as high annual percentage yields (APY) and no monthly fees.
- Transfers. One Finance facilitates easy and convenient money transfers between accounts, both internally within One Finance accounts and externally to external bank accounts. Users can transfer money quickly and securely, whether they're paying bills, sending money to friends or family, or moving funds between accounts.
Conditions and requirements
Conditions
- Earn up to 5% Cash Back. Users have the opportunity to earn up to 5% cash back on select brands when making purchases using their One Finance account.
- 5.00% APY on Savings. One Finance offers a competitive 5.00% Annual Percentage Yield (APY) on savings accounts for eligible deposits. This allows users to grow their savings faster compared to traditional savings accounts.
- No Monthly Fees. One Finance does not charge any monthly fees for maintaining an account. Users can enjoy the benefits of their account without worrying about recurring charges.
- No Minimum Balances. There are no minimum balance requirements for One Finance accounts. Users have the flexibility to maintain their accounts without needing to meet a minimum balance threshold.
Requirements
- Age Requirement. Applicants must be at least 18 years old to apply for an account with One Finance.
- U.S. Based Physical Residential Address. Applicants must have a physical residential address located within the United States to be eligible for an account with One Finance.
- Mobile Phone Number. A valid mobile phone number is required for account registration and communication purposes.
- Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN). Applicants must be issued a valid Social Security number or Individual Taxpayer Identification Number (ITIN) to verify their identity and comply with regulatory requirements.
Network of ATMs
One Finance provides convenient access to cash through its extensive ATM network. With your One debit card, you can withdraw cash at most ATM locations nationwide. Plus customers enjoy fee-free ATM cash withdrawals at over 55,000 Allpoint ATMs across the country. Finding an Allpoint ATM near you is easy – simply navigate to the "Cash Control" menu in the One app and select "Find an ATM." While cash deposits are not currently available at ATMs, customers can make cash deposits at Walmart locations using a cash deposit barcode. This feature enhances the accessibility and flexibility of banking services for One Finance users, ensuring that they can easily access cash when needed.
Apps like One Finance
- Revolut provides banking services with features like spending analytics, budgeting tools, and international money transfers. It also offers cryptocurrency trading and investment options.
- Chime offers a mobile banking platform with features like early direct deposit, automatic savings, and fee-free overdraft protection. It also provides a debit card and access to a network of ATMs.
- CARD offers prepaid debit cards with customizable designs and features like direct deposit, mobile check deposit, and budgeting tools. It caters to individuals looking for flexible banking options without traditional bank accounts.
- Bank of America's mobile banking app provides access to traditional banking services such as checking and savings accounts, credit cards, and investment accounts. It offers features like mobile check deposit, bill pay, and spending tracking.
Editorial opinion
Additional Resources
- One Finance Reviews
