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One is a financial technology company that partners with Coastal Community Bank to offer online banking and money organization services. Signing up gives you access to checking and savings accounts — called “Pockets — overdraft protection, fee-free transfers and early access to direct deposit funds. One is available to residents of all 50 states and Washington, D.C., who are 18 and older.
Pros & Cons
- No fees or minimum balances
- Early access to direct deposit
- Overdraft protection
- 12% APR credit line
- Caps on interest earnings
- No phone or chat support on weekends
One is a mobile banking provider that also helps with money organization. It offers checking and savings accounts with no fees and no minimums, plus a Credit Builder feature and up to 3% APY on savings.
What is One?
One is a fintech company with a goal to help people organize money and simplify their lives. It partners with Coastal Community Bank, an FDIC-insured bank, to offer mobile banking services, including checking and savings accounts, an all-in-one debit and credit card and money management tools. Other features include early access to direct deposits, fee-free bank transfers, remote check deposit and overdraft protection.
One has no monthly, account, overdraft or foreign transaction fees, and you can withdraw money with no fee from any Allpoint ATM. The company doesn’t use customer deposits in loans that support oil, gas or coal exploration or production; firearms manufacturers or sellers; tobacco or palm oil manufacturers or wholesale distributors; or private prisons or businesses that operate private prison facilities. One Finance, Inc. was founded in 2019 and is based in Sacramento, California.
How to use One
You can apply for a One account on its website or by downloading the app. You may need to submit a picture of your driver’s license or passport for ID verification. You also need your Social Security number. There is no hard credit check.
Once an account is open, you can move money in via external bank transfer, direct deposit, wire transfer or a money transfer service like Venmo or PayPal. After you open your account, you'll receive your One card in seven to 14 business days. You get a $5 bonus when you start.
With One, you store money in “Pockets.” You start with a “Spend Pocket” and a “Save Pocket,” which are like checking and savings accounts. You may eventually have others and even share them with family and friends. You can change which Pocket your card is assigned to and transfer money between pockets. You can also use “Pocket Protector” to make sure charges from specific pockets are declined because of insufficient funds.
One also allows you to:
- Set up direct deposit
- Make a mobile check deposit
- Get cash with no surcharge at any Allpoint ATM
- Send money online or send a paper check
- Earn 1% and 3% annual percentage yield (APY) in Save and Auto-Save Pockets, respectively
- Set up overdraft protection
- Use Credit Builder to increase your credit score
- Access a line of credit and repay money over time (12% to 18% APR)
One offers a combination of standard banking services and other benefits. These include:
- Spend, Save and Auto-Save Pockets, or accounts, with the ability to create additional pockets and share them; Save and Auto-Save Pockets earn interest
- Direct deposit, with the ability to set aside 10% (up to $1,000) for your Auto-Save Pocket and earn 3% APY; you can also access funds up to two days earlier
- One card debit card, with a feature that rounds up transactions to the next dollar and transfers the balance to your Auto-Save Pocket for 3% APY
- Fee-free withdrawals from Allpoint ATMs, fee-free bank transfers and fee-free overdraft protection
- Credit Builder, which functions as a secured credit card to help you raise your credit score (no new card necessary)
- Credit Line, a personal line of credit with a limit up to $10,000 and a 12% to 18% APR
- Fetch Rewards, with one point earned for every $1 spent, redeemable for gift cards and more
- Customer support by phone, live chat and email Monday through Friday
How much does One cost?
One doesn’t have any of the following:
- Monthly fees
- Account fees
- Overdraft fees
- Nonsufficient funds fees
- Foreign transaction fees
- ATM fees
Keep in mind that even though One doesn’t charge ATM fees, you may incur fees from ATMs that are outside the Allpoint network. When you’re abroad, the merchant or Mastercard may charge conversion or other fees.
On Credit Line, One’s personal line of credit, there is an APR of 12% to 18% after a grace period.
What bank does One use?
One partners with Coastal Community Bank, which is based in Everett, Washington, just north of Seattle.
Where can I use One cards?
You can use your One card anywhere a Mastercard is accepted.
Is One FDIC-insured?
Yes, One accounts are FDIC-insured through One’s banking partner, Coastal Community Bank.
Does One affect my credit?
There is no hard credit check when you open a One account. One can actually help you improve your credit through its Credit Builder feature. One Credit Line may require a hard credit check to establish your credit limit.
Is One a good bank?
One measures up well against other fintech companies that provide mobile banking services. It charges no regular fees and offers a checking account, savings accounts, credit-building help and a personal line of credit. It has other useful features, like early access to direct deposit funds, overdraft protection, mobile check deposit and free money transfers. The company stands out for its pledge not to lend to companies in the fossil fuel, firearms, tobacco and private prison industries.
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