ONE Finance Review: Get 5% APY On Up To $250,000 ($125 Signup Bonus)

Update 11/7/24: Now $125.

Update 10/15/24: Now reduced to $75

Update 10/6/24: Now $125/12,500 Membership Rewards points on Rakuten.

Update 9/17/24: Now reduced to $75.

Update 9/16/24: Now $125/12,500 Membership Rewards points on Rakuten. Hat tip to DDG

Update 7/22/24: Rakuten and Swagbucks both offering $75 bonus now; Rakuten requires $200 deposit, Swagbucks requires $30 deposit. There’s also an additional $25 bonus showing in the One app for adding your One debit card to Apple Pay, funding your account, and activating a cash back reward.

Update 6/28/24: Now $75 signup bonus via Swagbucks for depositing $30 (ht Kory)

Update 5/13/24: There is now a sign up bonus of $100. You get $75 by going through Swagbucks and depositing $30 and then can get another $25 in app when you link Google Pay. Hat tip to reader Jimmy

Update 6/27/23: Rate is now 5.00% APY on Savings balances up to $100,000 when you receive $500 a month in eligible direct deposits or have a total daily balance of $5,000 or more.

Update 9/20/22: Apparently new customers do not get the 3% rate; only existing customers get it as a grandfathered benefit.

Update 7/20/22: Some One Finance customers got the following email: starting August 8, 2022, your Save Pocket and the current balance in your Auto-Save Pocket will both earn 3.00% APY. Up to $25,000.

One Finance Review

Direct Link

One Finance is a fintech online bank with no fees and no minimums. They are FDIC-insured through a bank partner, Coastal Community Bank, Member FDIC.

Most interestingly, they have two savings account interest rate offers:

  • Get 1% APY on up to $5,000. If you have a qualifying paycheck direct deposit, the limit is $25,000.
  • Get 3% APY on a separate Auto-Save account. The way it works is you designate between 1 – 10% of your paycheck to go to this account and earn the 3% interest rate. Max $1,000 per month can be added to the 3% Auto-Save account. (You can also have any purchases on the One Finance linked debit card get rounded up and deposited to the 3% account. These roundups have no limit.)

They also offer unlimited account creation which they call Pockets that you can create to separate money for various purposes and even share them with other people.

$50 Referral Bonus

Referral Terms | Referrer Terms

One Finance also has a referral program with the following bonuses:

  • Both referrer and referee get a bonus of $50 when the person signing up receives a direct deposit of $250+
  • You can refer a maximum of 10 people per year.

We’ve created a page where readers can share their referrals. Do not put your referral links in the comments below.

Post History

Our Verdict

In the current interest-rate environment, even 1% APY on $25,000 is nice, though it probably wouldn’t get me to change my direct deposit. The more interesting part is the ability to get 3% APY which is terrific. It’s also a soft pull to open the account (no Chex either).

Though limited to 10% of paycheck, there’s no stated limit on how much can earn the 3%; if you have $120,000 in paychecks going to One Finance, you can max this out with $12,000/yr going to the 3% Auto-Save account. According to the current rules, that should be able to continue building year over year as you increase the balance – after 2 years you can have $24,000 earning 3%, after 3 years $36,000, etc. (Of course they can always add a limit or change the rate in the future, but for now it sounds good.)

We’ll add this to our list of Best High Yield Savings Accounts.

Thanks to readers Chris R, AA, and Trey for sending this in.
    Chuck
  • On November 7, 2024, 19:20
Tags: High-Yield AccountsSavings Account

View Comments (1061)

  • Anyone know how long it takes for Rakuten to go from "Pending" to "Confirmed"?

    The $125 bonus has been pending for nearly 2 months now.

  • For those that did not get the courtesy points. Rakuten strung this a long for a month+ with the line that they were still trying to get One to verify the account. After this time they told me they could not do anything and this was in all likelihood an invalid link I used even though it showed up as a shopping trip in Rakuten. When looking at One, they are backed by Coast Community Bank. So doing what I could here ( aka filing a CFPB complaint) against the bank to see if it would actually get someone to look at something. When I replied back into the missing points inquiry that I filed the complaint, Rakuten escalted a request to someone that said they were sorry that it had to come to me filing a complaint at the bank via the CFPB and credit the points as a courtesy the next day.

    • I filed a CFPB complaint as well and told Rakuten that. No response from Rakuten in the past 4 business days

      • Rakuten rep responded saying it takes 20-100 days for pending cashback to be confirmed. I pushed a bit more which the rep sent it to a specialist. The specialist responded "Pending Cash Back typically is confirmed within 20–100 days from the purchase date. If the order remains eligible, the order will be confirmed with the 100 day timeframe ."

        Might be SOL on this one

        • Looks like I dodged a bullet on this one. I had multiple ebates and buy.com accounts from way back, like 10+ year old dormant. Then rakuten gave me some non sense about them so I never got around to trying to get a new clean account and doing this.
          Most of the CB sites are pretty sleazy

  • I did the walmart deal where you get the $15 cash back. I wasn't able to use my prepaid card with it.

    I was able to fake a dd using a tbill. If you plan on going this route you have to do some planning since tbills are minimum 4 weeks and to get the $50 bonus they only give you 30 days. So I first created the tbill about 2 weeks before I signed up for a one account.

    Once I signed up for the one account, I changed the destination of the tbill. The rest of the of the reqs are easy like activate a deal and add card to gpay. I was able to get the $50 instantly after completing all reqs.

  • $125 for accounts opened at the beginning of October tracked right away and have been pending until today. Showing "confirmed" as of this afternoon.

  • OnePay integration on the Walmart.com site is glitchy... here's my DPs:

    P1 can use OnePay offers on the Walmart website by going through the "sign up for OnePay" button at the checkout page and then signing into One. Any card in the OnePay wallet can be used, but whichever card in OnePay is selected is *removed* from the Walmart.com wallet without warning. The One Debit card gets a special tile in the Walmart.com wallet but behaves just like other payment cards.

    P2 cannot use OnePay offers on the Walmart website. Going through the same checkout process as P1 simply results in the One Debit card being selected as the payment method in the normal Walmart.com wallet. OnePay cannot be chosen as a payment method and other cards in the OnePay wallet do not display. Additionally, the One Debit card cannot be removed from the Walmart.com wallet. The choice to delete the card is totally missing.

    The only setup difference I can think of here is that P1 added the One debit card to the Walmart.com wallet before signing into OnePay on the Walmart.com site.

    P2 signed into OnePay on the Walmart.com website before adding the One Debit card to the Walmart.com wallet and has ended up with a hobbled login that can't use OnePay offers on Walmart.com.

    Haven't found a way to fix the P2 issue yet.

  • Do they have any way of knowing whos apple pay the card gets added to? Thinking of doing this for a family member and adding the card to my apple pay since the family member doesn't have an iphone.

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