One Banking Review: Pros, Cons, And Alternatives


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One is a financial technology company, or fintech, that offers high-interest mobile banking services with no monthly fees or minimum balance requirements. 

 If you’re looking for a banking experience with a solid rewards program, low fees, and convenient spending options, then you’ll want to place One on your shortlist.

How does its features compare to other online banking fintechs? We explore One’s key features to help you decide if it’s the right fit for your situation.

ONE logo
  • One offers up to 5% cash back on debit card purchases through select brands
  • Earn 3% cash back on Walmart purchases, up to $50 per year
  • Earn up to 5.00% annual percentage yield (APY) on your savings balance

What Is One?

One, sometimes called One Finance, is a fintech company that was acquired by Walmart in early 2022. While One offers a banking experience, it is not a bank. Instead, the banking services provided are through Coastal Community Bank. 

What Does It Offer?

One offers various mobile banking services, including a checking account with savings features. Here’s a closer look. 

Earn Up To 5% Cash Back

Using your One debit card, you can earn up to 5% cash back on your spending. The catch is that the amount of cash back is capped and your earnings vary from store to store.

For example, you can earn up to 3% cash back on purchases made at Walmart, up to $50 yearly. However, you’ll need an account balance of at least $5,000 and receive at least $500 in direct deposits to qualify for this cash back deal.

You’ll need to check the app to find out where you can earn cash back for your purchases. Any earnings are sent directly to the Savings portion of your account.

Savings Pockets

You can create ‘Savings Pockets’ to separate your funds within your account. Through the One platform, you can set up three different savings goals. While the funds are still within your checking account, the separation makes it easier to visualize your progress toward selected savings goals.

Each time a deposit goes into your account, you can have a portion automatically transferred to your savings pockets.

Earn Up To 5.00% APY

The One account offers up to 5.00% APY on your savings. This includes the funds in your Savings Pockets.
The ability to earn a healthy APY on your funds is undeniably attractive.

Get Paid Early

You can get paid up to two days in advance via early direct deposit. Of course, faster access to your pay check can make it easier to stay on top of your finances. You just have to be careful not to overspend. 

Easy Cash Access

One makes it easy to deal with physical cash. You can withdraw cash with your One debit card at Walmart or through an ATM. At Walmart, you can take out up to $999 per transaction, and up to $3,000 for the day. If you make a withdrawal from an ATM, you can withdraw up to $500 per day.

You also have the option to seamlessly add cash at Walmart.

Unfortunately, you’ll face a $3 ATM fee unless you are a Plus customer. In order to be a Plus customer, you must receive at least $500 in eligible direct deposits per month. 

Are There Any Fees?

You won’t encounter a monthly fee or minimum balance requirement when you work with One. However, you will be charged a $3 ATM withdrawal fee if you don’t meet the Plus customer requirements. 

How Does One Compare?

One isn’t the only fintech that can help you manage your spending and savings.  

Varo is an online bank that offers a checking and savings account, which comes with a top APY of 5%. Through the app, you can tap into cash advances of up to $100. It also offers a way to build credit through a secured credit card, called Varo Believe.

GO2Bank offers a mobile banking platform, with a checking and savings account. The savings account offers an APY of up to 4.50%. In addition to banking features, it offers a secured credit card to help you build credit.


ONE logo
Varo Bank logo

$5, or waived with direct deposit



How Do I Open An Account?

If you want to open an account, start by downloading the iOS or Android app and providing your phone number. After confirming the number with a code sent to your phone, you’ll need to provide your name, email address, physical address, and more.

It should only take a few minutes to move through the required information. 

Is It Safe And Secure?

When you work with One, the banking services are actually provided by Coastal Community Bank, Member FDIC. This means your funds are insured for up to $250,000. 

Regarding the security of the One platform, the company uses 256-bit AES level encryption, and logging in to your account requires you to use multi-factor authentication. One customers also have the option of using biometric ID, including fingerprint authentication and Face ID. 

How Do I Contact One?

If you want to get in touch with One, you can call 855-830-6200 from 9 AM to 9 PM EST every day. Another option is to chat on the website, which is available 24/7.

Unfortunately, One has an unattractive rating on Trustpilot, with 1.5 out of 5 stars. Most of the bad reviews center around poor customer service. On a positive note, One appears to respond promptly to poor reviews on Trustpilot, with offers to look further into the various issues customers are experiencing. 

The mobile app earned at least 4.6 out of 5 stars in both the Apple App Store and Google Play Store, so it’s definitely possible to have a positive experience. 

Is It Worth It?

The attractive APY and minimal fees can make One a worthwhile option for some. That’s especially true if you want to tap into built-in cash-back opportunities through your debit card. It’s rare to find a banking app offering both cash-back rewards AND a high-yield savings component.

Of course, keep in mind the minimum balance and direct deposit qualifiers you must meet to maximize One’s benefits. Not everyone will be able to maintain a $5000 balance or $500 in direct deposits. Also the 3% Walmart cash back is capped at a $50 yearly maximum, which isn’t very high. 

1. For ONE Retail Cards purchased at an in-store retail location, a $5 ONE Retail Card Fee will be applied 15 days after card purchase and then every month until you apply for a ONE deposit account, are approved, and make an additional deposit.

2. Cash back can be earned through the ONE Rewards Program. Individual offer details can be found in the ONE app. Terms apply

3. To receive 3% cash back, eligible customers (at the time their purchase settles) must (i) have received $500 or more of eligible direct deposits in the previous month, or (ii) have a total account balance of $5,000 or more. 3% cash back is limited to up to $50 per year and applies only to purchases made at U.S. Walmart locations and on This promotion may not be combined with other ONE promotions that offer cash back on purchases at Walmart. Terms Apply.

4. 5.00% annual percentage yield (APY) applies to the primary Savings pocket and custom pockets of customers who either (i) received $500 or more of eligible direct deposits in the previous month or (ii) have a total daily account balance of $5,000 or more. Customers can also earn 5.00% APY on Pay Autosave and ONE@Work Save balances.  In all instances 5.00% APY is limited to a total Savings balance of up to $250,000. All other Savings balances will earn 1.00% APY. APYs are as of 5/12/2024, but may change at any time before or after account opening. Fees may reduce earnings on this account. 

5. Allpoint Network ATM transactions are fee-free for accounts with eligible direct deposits totaling at least $500 in the previous month. For all other ATM transactions the One ATM Fee will apply and third-party ATM fees may be incurred.

One Features

Online checking account with savings pockets

Up to 5% at select brands, 3% at Walmart (if you qualify)

5.00% on eligible balance

Web/Desktop Account Access

Free with eligible deposits

Over 55,000 No-Fee ATMs, with eligible deposits

Yes, through Coastal Community Bank


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