One Finance Review 2022: High Yield Savings and Online Verification

GOBanking Rates Score

Quick take: OneFinance is a online banking platform which encourages users to develop good saving and budgeting habits. Although it has minimal product offerings compared to a traditional bank, it does offer good APYs on a few of its products. Although One Finance only exists online, deposits are FDIC-insured up to $250,000, like most other financial institutions.
  • APY
  • Advantages
  • Some products
  • Customer service

How did we calculate this?


  • Exceptional Savings APY for Qualified Account Holders
  • Unique ability to divide main account into sub-accounts using “pockets”
  • No overdraft fees for overdrafts repaid at the end of the month

The inconvenients

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

Introducing OneFinance

One Finance has a unique feature called “pockets” that allows people to create a checking account that can act as both a checking account and a savings account. When a user opens a One Finance account, rather than opening traditional checking accounts and savings accounts, they open a single checking account with three “pockets”: an Expenses pocket, a Savings pocket and a Self- Save.

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

Main characteristics

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


While One’s Spend pockets are interest-free, Save and Auto-Save pockets earn handsome APYs, especially for those who have set up qualifying 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 qualifying direct deposits with One. With direct deposit, account holders can earn 0.00% APY on balances up to $25,000 and 0.00% APY on any balance over $25,000.

Eligible account holders can earn .00% APY on Auto-Save pocket. A qualifying direct deposit must be in place and the Auto-Registration Card or Auto-Registration Transfer feature must be enabled to earn APY. A limit of $1,000 per month can be paid into this pocket.


One Financial offers a few unique benefits customers don’t often see with traditional checking and savings accounts.

One Financial does not charge overdraft fees as traditional banks typically do. When an account holder exceeds their spending pocket, the overdraft amount begins to earn interest at 1.00% per month, or an APR of 12.00%.

However, if the overdraft is repaid before the end of the month, the account holder does not pay accrued interest. Any unpaid overdraft will be refunded, including accrued interest, with the next deposit in the Expenses pocket.

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

Some products

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

One Financial account holders can create a Credit Builder pocket. This pocket acts as a secure credit card and on-time payments are reported to major credit bureaus each month.

Customer service

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

How One Finance stands out

One Finance may be limited in product offerings, but the features and functionality built into its checking account make One Finance unique. The APY on its Auto-Save pocket could easily convert spenders 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 banking charter and offers cash advance loans and credit building programs in addition to checking and savings. Qualified savers can earn a 0% to .00% APY.


Monifi works much the same as One Finance. It offers a checking account which can be used for checking and savings. The Monifi Saved balance earns only one 0% APY, but the platform has features that allow account holders to easily set and track savings goals.

How to register

New customers can create an account on the One website or use the One app. Customers may need to submit a photo of their government-issued ID when registering, so have it handy. Customers must be 18 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
  • Mobile check deposit
  • A peer-to-peer service such as Venmo, PayPal, or Cash App

Who is finance for?

One Finance is best for those trying to develop better budgeting and saving habits. The automatic backup 0.00% APY for qualified account holders is ideal for those who find it difficult to save, and the platform’s “pocket” system can help those who find it difficult to budget. Those who wish to build or improve their credit score will benefit from the Credit Builder feature.

Final take

What One Finance lacks in product offerings, it makes up for in unique deposit account features and excellent APYs. However, its product offerings are very limited. Those who prefer to handle most of their banking needs with one bank should look to 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 does offer FDIC-insured financial products through its banking partner, Coastal Community Bank.
  • Is One Finance legit?
    • With the many financial platforms available, consumers should always determine the legitimacy of any platform before using it. One Finance is a legitimate financial platform providing deposit accounts. All deposits are FDIC insured through One Finance’s banking partner, Coastal Community Bank.
  • Is One Finance a good bank?
    • Although One Finance is not a real bank, it is a good option for those who want to be able to easily manage checking and savings in one account. Qualified account holders on this financial platform can earn a very good APY on savings.

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

Editorial Note: This content is not provided by One Finance. Any opinions, analyses, criticisms, evaluations or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed or otherwise endorsed by One Finance.

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About the Author

Andrea Norris has worked in the web publishing industry for 15 years, both as a content contributor and editor specializing in topics related to personal finance, frugal living, home and automotive. She writes short and long content and is well trained in SEO keyword research and writing.

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