‘One’ Accounts Review 2025: Debit and Savings

The debit portion of this neobank’s combination account functions similarly to a checking account. It holds funds for your spending and is linked to your One debit card. There are no monthly fees.

One Cash+ program. Customers who receive $500 in qualifying direct deposits each month are enrolled in the One Cash+ program and receive the best features offered in this account. Benefits include:

• The ability to earn a 3.75% APY on money in the savings portion of your One account.

• 3% cash back on Walmart purchases (up to $50 a year).

• Access to 55,000 fee-free Allpoint ATMs.

• The ability to make cardless withdrawals at Walmart locations for free.

• Overdraft protection.

• Mobile check deposit.

One does offer some One Cash+ features to customers who don't qualify for the program, but you'll need to meet a separate requirement: Maintain a $5,000 minimum daily balance. If you do that, you can access two of the One Cash+ features:

• The ability to earn a 3.75% APY on money in the savings portion of your One account.

• 3% cash back on Walmart purchases (up to $50 a year)

Available to all customers. The following features are available to all customers, including those not enrolled in One Cash+:

• The ability to earn a 3.75% APY for Pay AutoSave deposits.

• Ability to get paid up to two days early.

• Ability to participate in a round-up savings program.

• Free cash deposits and withdrawals at Walmart locations.

• Cash back on some purchases from specific merchants.

The savings part of the combined account functions through what One calls a “pocket.” It is also fee-free and there is no minimum balance required. The rate of 3.75% APY applies to One Cash+ customers, customers with a minimum $5,000 daily balance, those who sign up for ONE@Work (a One-affiliated savings app available from select employers) or customers who create a Pay Autosave pocket (see below for more info on Pay Autosave). The high rate applies to balances up to $250,000. All other savings pockets earn 1.00% APY.

Along with the primary savings pocket, you can create up to three custom savings pockets to help you reach your savings goals. These sub-pockets earn the same rate as the primary pocket.

Pay Autosave. Along with your primary pocket, you can create a Pay Autosave pocket, which automatically allocates a portion of any direct deposits you receive into its own savings goal feature. Funds in your Pay Autosave pocket earn One's high rate: 3.75% APY.

It’s worth keeping in mind that there are high-interest savings accounts at other institutions that don’t make you jump through hoops to get similar rates.

What to know about neobanks: Nonbanks such as neobanks can be solid options for consumers who prefer managing money online and don’t mind having a nontraditional place to bank. But neobanks do have differences from banks that can pose risks, particularly in the way deposits are insured:

• A neobank such as One is a third-party banking technology platform that partners with a bank to provide accounts to customers. Funds deposited at a neobank are ultimately held at the partner bank. The funds are FDIC insured in the event of the partner bank’s failure and only if the neobank maintained accurate deposit records. (Learn more about how neobanks work.)

• If a neobank goes bankrupt, there is no FDIC insurance involved. It’s up to the neobank to ensure customers get their money back, which may involve delays and potential loss of account access. Banks, in contrast, receive prompt assistance from the FDIC if they fail. (Learn about what can happen if a neobank closes.)

• Neobank accounts often have low monthly fees and earn strong rates. However, they may lack traditional banking features, including in-person customer service, wire transfers and access to personal or cashier’s checks (often required for large purchases, such as buying a home). Consider these details before opening an account.

One's customer support: One is online-only, meaning it has no branches, so customers need to be comfortable with remote customer service. Phone support is available daily from 9 a.m. to 9 p.m. Eastern time. One also offers chat support.

The neobank’s One Cash+ customers have access to the Allpoint ATM network, with its 55,000 fee-free ATMs. All of our star ratings are based on the features available to One Cash+ customers.

For overdrafts, One offers customers free backup transfers from their savings pocket. The fintech also offers One Cash+ customers a fee-free overdraft protection option that skips the savings pocket transfer. One does not charge overdraft fees, though it reserves the right to decline any transaction, including those covered in the overdraft protection program.