One Finance Review

A One Finance account carries no monthly fees and no minimum balance requirements. Travelers benefit from no foreign transaction fees when using a One card overseas.

Budgeters might enjoy the “pockets” feature. Pockets are a unique feature of a One account that can help you separate your money for budgeting. By default, you get one pocket for spending and one for saving, but you can create up to three additional pockets. Each pocket has its own account number, and you can move money instantly between your pockets.

There are several ways to add money to your One account. If you need to add cash, you can deposit up to $3,000 per day at a Walmart Money Center. You can also receive money via wire transfer or direct deposit.  Finally, you can connect peer-to-peer payment apps like Cash App, Venmo and PayPal using your routing and account numbers. ATM deposits are not currently available with a One account.

If you receive $500 or more in eligible direct deposits each month, you can earn interest on up to $25,000 of your balances. Direct deposits must be a regular paycheck, Social Security income, retirement payment or government benefit. Even if you don’t have $500 in direct deposits posted to your account, you will earn a 1.00% APY on the first $5,000 of your balance..

One offers fee-free cash withdrawals at any Walmart location in the United States. You can use your One debit card to get cash from any Walmart cashier, Money Center or customer service desk. Select locations also let you use your One app to withdraw cash through the Walmart Money Center. If you withdraw cash using the One app through the Walmart Money Center, you will need to provide a government-issued ID.

You can also access the cash in your account through your One debit card. One partners with the Allpoint network to provide fee-free access to over 55,000 ATMs nationwide. ATM withdrawals are fee-free if you have eligible direct deposits totaling $500 or more each month. If you don’t have an eligible direct deposit, One Finance will charge you a $3 fee for the privilege of using an ATM, in addition to any fees charged by the ATM network.

Deposits held in your One account are FDIC insured, meaning your deposit is guaranteed against loss by the full faith and credit of the United States government. One Finance partners with Coastal Community Bank, which offers FDIC insurance.