ONE Finance Review: A Combined High-Yield Bank Account With Checking and Savings Features

ONE Finance is not a full-service bank in the usual sense. Instead, the financial technology company lets people do all of their banking from one account. The account offers an opportunity to earn high APY and carries no monthly fees or minimum balances. Find out if this bank account is right for you in our in-depth ONE Finance review.

Instead of offering several kinds of accounts, ONE Finance operates via one single bank account. Accounts are equipped with "pockets." These are subaccounts that allow you to organize and manage your money. ONE accounts automatically come with a Checking tab connected to your ONE debit card, and a Savings tab. Your Savings tab is where you can access your primary and custom savings pockets (subaccounts), which are where your money is stored. You can create up to three custom pockets in addition to your main Savings pocket. If you enroll in ONE's Pay Autosave -- which automatically saves a percentage of eligible direct deposits -- you can also set up a Pay Autosave pocket.

We've highlighted some of the best features and drawbacks below. Take note of these details as you decide whether to open an account.

Top perks

Up to 5% APY

Customers can earn a 5% APY on their savings in three ways:

• Direct deposit $500 or more per month.
• Maintain a daily account balance of $5,000 or more.
• Use Pay Autosave. This pocket sets aside a percentage of each eligible direct deposit. You determine the amount using the ONE app. All Pay Autosave balances earn 5% APY, with no other requirements.

The 5% APY is limited to a combined savings balance of $250,000. Savings beyond this amount earn 1%.

Early direct deposit

ONE customers can access paycheck funds up to two days early, depending on how an employer transmits deposits.

Low or no fees

ONE Finance doesn't charge many of the fees you might find at other banks. There are no monthly maintenance fees, overdraft fees, non-sufficient funds fees, or ATM fees (when using ATMs within the Allpoint network).

Money management

Not only are checking and savings features housed in one bank account, but customers can also set up custom subaccounts to cover expenses in their budgets or to save toward goals.

Money transfers

ONE Finance offers a perk called One to One. After you enroll, you can transfer money for free to and from other ONE customers. This could be a convenient way to transfer money between family members, roommates, or others who regularly need to pay each other.

Cash back at Walmart

Eligible ONE customers who shop at Walmart can earn 3% cash back, up to $50 every 12 months (you'll earn 3% back on approximately $1,666 in purchases). To qualify, you need to have at least $500 of eligible direct deposits into your account each month, or maintain a balance of $5,000 or more. ONE says that most Walmart purchases qualify for cash back. For instance, you won't earn cash back on lottery tickets, gift cards, or purchases from third-party vendors inside the Walmart ecosystem.

ONE occasionally also offers bonus cash back on Walmart purchases to new customers.

These are your options for depositing money into and withdrawing money from your ONE account.

Deposit options

You can add money to your ONE account in any of the following ways:

• External ACH transfer
• Direct deposits
• Mobile check deposit
• Wire transfers
• Peer-to-peer services
• Deposit cash at an Walmart in the U.S.

Withdrawal options

Below are your options for withdrawing money from your ONE account:

• External bank transfers
• ATM withdrawals
• Peer-to-peer services like Zelle or Venmo
• Using your debit card or ONE app at any Walmart location in the U.S.

ONE customers have access to fee-free ATM use at over 55,000 Allpoint network ATMs worldwide. You may be charged a fee by ATM owners when using ATMs outside of the Allpoint network.

While you can deposit funds into your ONE account via wire transfer, you can't send wire transfers from your account.

ONE Finance is a good fit for if you:

• Want to save toward multiple goals and stay organized in the meantime
• Can easily meet the requirements for the 5% interest rate on savings
• Regularly shop at ONE Finance's partner stores, like Walmart, that pay cash back

Our bank and credit union methodology

Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

Learn more about how The Motley Fool Ascent rates bank accounts.