‘One’ Accounts Review: 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.

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

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

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

• Overdraft protection up to $200.

• Mobile check deposit.

• Bill pay without paying a fee.

None of these perks are available to customers who are not in the Plus program, and we consider these to be pretty essential, so if you don't qualify for Plus, you might consider a different account.

One does offer a few Plus features to non-Plus customers as well, but you'll have to jump through some hoops. If you aren't a Plus program member but you do maintain a $5,000 minimum daily balance, you'll access two other Plus program features:

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

• The ability to earn a 5.00% APY on money in the savings portion of your One account.

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 to open it. The rate of 5.00% APY applies to Plus customers, non-Plus customers with a minimum $5,000 daily balance, and any customers who create an Autosave pocket (see below for more info on Autosave). All other savings pockets for non-Plus customers at One 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.

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 Pay Autosave. Funds in your Autosave pocket earn One's high rate: 5.00% APY.

Round-ups. Customers can also sign up for One’s round-up program, where every Debit transaction is rounded up to the nearest dollar, and the difference is transferred to your primary savings pocket.

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 Plus 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 Plus customers.