One Finance digital account review
- Fee
- $0 per month
- APY
- Up to 4.35%
- Minimum deposit to open
- $0
Our verdict
An all-in-one banking platform with a debit card, envelope budgeting, high APY and cashback rewards.
One Finance's One Cash account is a free digital checking account with spending and saving features. It that lets you organize your money into different categories called “pockets” for saving, spending and sharing. Becoming a Plus customer offers the most perks, which simply requires setting up direct deposit of $500 or more each month. Plus customers get 4.35% APY on savings balances, free cash ATM withdrawals at Allpoint ATMs, mobile check deposits and overdraft protection. Plus customers can also make free cardless withdrawals at Walmart stores and earn 3% cash back on Walmart purchases up to $50 per year. If you’re not a Plus customer, you can still earn 4.35% APY on autosave contributions, enjoy early paycheck arrival and access limited cashback offers. You can also earn the 4.35% APY on your savings by maintaining a daily account balance of $5,000. However, One Cash has limited customer support options since it's a digital account, and it doesn’t support joint accounts.
Best for: Those who want an all-in-one, free digital account.
Pros
-
No fees or minimums
-
Up to 4.35% APY with activity requirements
-
Cash back at Walmart with activity requirements
-
Autosave perks and savings subaccounts
-
Overdraft protection
Cons
-
No joint account
-
No automated bill pay
-
Limited phone support
Who is the One Cash account best for?
One Cash is best for those who want a low-fee, single bank account that can do it all. The One Cash checking account’s main perk is the ability to create subaccounts within your Debit and Save pockets for budgeting, spending or autosaving. To get the most out of the account, you’ll need to be a Plus customer, which requires direct deposit of at least $500 per month.
One Cash account plans and cost
The One Cash account doesn’t have any monthly fees, but there are different perks based on your activity with the account. You’ll get the most perks as a Plus customer.
| Tier | Benefits |
|---|---|
| All customers |
|
| Holding $5,000+ account balance | Additional perks include:
|
| Plus customer, requires direct deposit of $500+ per month | All other perks, plus:
|
What we like about One Cash
One Finance, formerly Even, is a fintech with banking services provided by its partner bank. The One Cash account has a decent number of perks and is completely free to open and maintain. There are no monthly, account or foreign transaction fees. But to get the most perks, consider making it your everyday account and setting up direct deposit.
Savings and budgeting
You can create an unlimited number of subaccounts within your main Debit or Save sections, which is similar to the popular envelope budgeting method. Each pocket has its own routing and account number, which lets you use specific pockets for certain bills if you’d like. You can also set up automatic transfers between pockets.
One Cash also allows for savings round-ups, which round up your purchases to the nearest dollar. It automatically deposits the excess into your savings account, which can add up quickly.
Also, you can automatically move part of your paycheck into one of your save pockets to start earning interest. You’ll earn 4.35% APY on your autosave pocket even if you don’t have a daily balance of $5,000 or receive $500 in direct deposit.
Plus customers get the most pluses
By setting up direct deposit of $500 or more each month, you’ll get everything there is to offer with the One Cash account. These perks include 4.35% APY on your total savings balance, no bill pay fees, access to mobile check deposit, cashback rewards on Walmart purchases up to $50 per year and free cash withdrawals at 55,000+ Allpoint ATMs.
Being a Plus customer also provides you overdraft protection. If your balance dips below $0, One Cash covers up to $200, depending on the individual account.
By setting up eligible direct deposits of $500 or more, you become a Plus customer which gives you these extra perks:
- Payroll
- ONE@Work Instapay payments
- Spark Driver earnings (Walmart delivery)
- Social Security
- Government salary
- Recurring government benefits
- Retirement payments
- Unemployed payments
ONE@Work for working customers
One also offers the ONE@Work pay management app. It’s available to employees of companies that offer the app as a benefit, which includes Walmart. One Finance also issues Walmart’s prepaid debit card.
One Finance reports that over 800,000 employees use this app to manage their paychecks and budget. It offers features like Instapay for payday advances, if approved in your state and by your employer. Interest charges, availability and borrowing frequency all vary by state and employer.
Where it falls short
Some perks of being a Plus customer are standard on other digital accounts. For example, to perform mobile check deposits, you must be a Plus customer. Mobile check deposit is a standard feature with nearly all modern bank apps. You must also be a Plus customer to get fee-free cash withdrawals at Allpoint ATMs, whereas most banks automatically offer free ATM access within their network.
Additionally, to earn the best 4.35% APY on your total savings balance, you need either a balance of $5,000 or direct deposit of $500 per month. Admittedly, the $500 direct deposit requirement is pretty straightforward, but it’s still a requirement. Plenty of top savings accounts with high APYs have no requirements.
The One Cash account also isn’t a great fit for couples or families, as it doesn’t accept joint owners.
One Cash account’s fees and access
| Type of fee | Fee details |
|---|---|
| Monthly service | $0 |
| Opening deposit | $0 |
| ATMs |
|
| Debit card fees |
|
| Overdraft or nonsufficient funds | $0 |
| Wire transfers |
|
| Other fees |
|
Compare One Cash to other top banking options
Compare other top banking options by fees, features and APYs. For a better side-by-side comparison, tick the Compare box on multiple providers to compare.
Customer experience
One Finance has an F rating with the Better Business Bureau (BBB), but only has a handful of complaints — a rarity among fintechs and banking institutions. Most fintechs have thousands of customer complaints, so this is a good sign.
A current BBB alert states that One Finance is in violation if using the BBB’s name and its trademarked logo, “despite BBB’s best efforts to get the business to cease using the BBB trademark.”
The fintech has over 200 customer reviews on Trustpilot, which are mostly negative. Unhappy customers often say deposits weren’t going through or took over a week to clear, or struggles to get their cash back rewards earned at Walmart. Many other customers report poor customer service, stating it takes a long time to hear anything from representatives or that they receive generic answers in the customer support chat.
On Reddit, most threads talk highly of One Finance. Many customers are very pleased with the account, and many Redditors say they switched from Simple to One Cash. Users praise features like the pockets that allow for envelope budgeting, the overdraft service, high APYs on savings, the ability to move cash between pockets easily and the 3% cash back they can earn at Walmart.
Frequently asked questions
Is One Finance a legit bank?
One Finance is legitimate, but it isn’t a bank. It’s a fintech company with banking services provided by its partner bank, Coastal Community Bank, Member FDIC.
Does Walmart own One Finance?
Yes, and it became the owner of One Finance indirectly. In January 2022, Walmart formed a partnership where it majority-owned and acquired One Finance, which meant that Walmart was now the majority owner of One Finance, as reported by ProPublica. While it is majority-owned by Walmart, One Finance operates independently.
Checking account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees and customer service.
Your reviews
Bethany Finder
Editor, Banking
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