One review: Keep your checking and savings in the same account and earn a high APY on your savings

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  • One is an online banking platform that keeps your checking and savings in one account by creating savings "pockets."
  • You'll earn 1% APY on your Savings Pocket on balances up to $5,000, or up to $25,000 if you enroll in direct deposits.
  • You can automatically put up to 10% of your paycheck into the Auto-Save Pocket, where it will earn 3%.
  • One also rounds your debit card purchases up to the nearest dollar and puts the spare change into your Auto-Save Pocket.
  • See Business Insider's picks for the best high-yield savings accounts »

Is One a good match for you?

You might like One if you …You might not like One if you …
  • Are comfortable banking digitally
  • Would like to keep checking and savings in the same account
  • Want to earn a high interest rate on your savings
  • Like the idea of purchases being rounded up and put into savings
  • Are looking for a no-fee account
  • Want to tap into an overdraft line of credit
  • Aren't comfortable banking digitally
  • Want separate accounts for checking and saving
  • Are looking for a bank with weekend customer support hours
  • Plan to keep a large balance in your savings account

The bottom line: One pays great interest rates on savings, and if you don't mind its limits on how much you can save and earn interest on, it could be a good fit.

One Account review

One Account

One Finance One Account

One pays great interest rates on both your Savings and Auto-Savings Pockets. But if you expect to keep more in savings than it pays interest on, or if you want to automatically save more of your paycheck than it allows, you may want to look at bank accounts elsewhere.

One features

One Finance is an online banking platform, and your account is insured by Coastal Community Bank for up to $250,000.

You'll have free access to 55,000 ATMs in the Allpoint network. One doesn't charge any fees for using out-of-network ATMs, but an ATM provider might.

One doesn't charge overdraft fees — instead, it has an overdraft line of credit that you automatically tap into by swiping your debit card. If a debit card purchase overdraws your account, you have until the end of the calendar month to replenish your funds. If you can't repay the amount in time, you'll pay 1% interest per month, or 12% APR. You can extend the repayment time to three calendar months if you've faced financial or health hardships.

The One mobile app has received 4.8 out of 5 stars in the Apple store, and 4.3 out of 5 stars in the Google Play store.

You can contact customer support over the phone, via online chat, or through email Monday through Friday, 9:00 a.m. to 6:00 p.m. Pacific Time. 

How the One Account compares to similar bank accounts

We've compared One with two other online banking platforms that keep your spending money and savings all in the same account: Wealthfront and HMBradley.

One Financial
Wealthfront
HMBradley

APY

Up to 3% APY

APY

0.35% APY

APY

Up to 3% APY

Earn interest on entire balance

No

Earn interest on entire balance

Yes

Earn interest on entire balance

Yes

Open an accountOpen an accountOpen an account

One Account review vs. Wealthfront Cash Account review

Although Wealthfront pays interest on your entire balance, not just your savings, One pays significantly higher rates. If you plan to keep a good chunk in savings, you'll probably prefer One.

Wealthfront is also known for its investing products. If you'd like to do your banking and investing with one company (and a pretty user-friendly one) you might like Wealthfront. The company also lets you receive your paycheck up to two days early when you set up direct deposits, which you may find appealing.

One Account review vs. HMBradley Account review

You might prefer HMBradley if you can save a large percentage of your paycheck. HMBradley rewards you for saving more of your paycheck by paying a higher interest rate. If you save at least 20% of your income, you earn 3% APY. Even if you can't save that much, you'll earn 2% APY if you save 15%, and 1% if you save 10%. And you'll earn interest on your entire balance.

But if you can't save as much, One could be the better choice. You're guaranteed certain rates on your Savings and Auto-Savings Pockets, regardless of how much you save.

Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.

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