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Updated: Feb 05, 2024

One Savings Account 2024 Review

Our review of the mobile-focused One Savings account looks at the interest rates, account fees, and other features that help you manage your savings better.
4.0
Editor's Rating
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ONE is an all-in-one solution for saving and spending. When you download the ONE app and create an account, you'll earn a competitive APY on savings balances and pay no monthly fees for mobile banking. 

Our Verdict

ONE is a fintech company that provides banking services through Coastal Community Bank, member FDIC. A ONE account is a checking account that has a built-in savings feature. 

Saving with ONE could be right for people who:

  • Want to be able to save and spend in the same place
  • Are looking for a highly competitive savings APY
  • Would like to avoid steep banking fees
  • Don't mind doing their banking online or via a mobile app

It takes just a few minutes to download the ONE app and create an account. Once you've opened an account you can begin designating savings "pockets" for different financial goals.

One Savings Account Pros & Cons

Pros
  • Exceptional savings APY on balances up to $250,000
  • No monthly service fee or minimum deposit requirement
  • Automated savings program (round-ups on debit card purchases)
  • FDIC-insured up to the applicable limits
Cons
  • No branch network

Compare Savings Options

Be sure to check out these savings accounts worth considering:

Savings
Checking
CDs

Compared to Other Online Savings Accounts

MyBankingDirect High Yield Savings Account

MyBankingDirect delivers a solid rate for savers who have at least $500 to open an account. There are no monthly account fees and deposits are FDIC-insured. You can also open high-yield CDs or a checking account here for added convenience. 

Read our review

Rising Bank High Yield Savings Account

Rising Bank is another option for high-yield savings and the APY is on par with what you'd find at top online banks. The bank has a reputation for superior customer service and you'll get access to helpful tools to grow your savings. There is one small catch--you'll need at least $1,000 to open an account here. 

Read our review

M1 High Yield Savings Account

M1 offers a high-yield savings option with an outstanding rate for those who are M1 paid subscribers. If you're already investing on the platform, it might make sense to open a savings account to hold your uninvested cash. As an added benefit, you can get up to $5 million in FDIC insurance. 

Read our review

Ivy Bank High Yield Savings Account 

Ivy Bank offers both high-yield and index savings accounts for people who want to grow their money. You'll need a $2,500 minimum opening deposit to get started. And you'll also need to maintain that same minimum balance to earn the highest savings rate.  

Read our review

Interest Rates

ONE holds its own in terms of savings rates. The current APY is similar to what you'll find with other highly-rated online savings options. 

There are, however, a few rules to know. To qualify for the highest APY, you'll need to do one of the following:

  • Receive $500 a month in eligible direct deposits
  • Have a total daily balance of $5,000 or more

The highest APY applies to savings balances up to $250,000. 

Is ONE's savings account rate the highest? Not necessarily. 

Other savings options are offering slightly higher rates. But you might lean toward ONE if you'd also like to have access to a checking account with no monthly fees. 

If you're looking for the best high-yield savings accounts, start with your current bank first. Then expand your search to include other banks. 

And if you're not sure whether an online bank might be right for you, consider the pros. Online banks may offer higher savings rates and charge fewer fees. 

As you're shopping around for a high-yield savings account, remember these tips:

  • Savings account rates may be tiered or apply to all balances. 
  • Minimum deposit requirements can vary greatly from bank to bank.
  • Unlike CD rates, savings account rates usually aren't guaranteed. 

Once you're done checking out rates, you can look at other savings account features. The fees are a good place to start. 

Fees

Banks charge fees because that's how they make money. But you don't have to accept high fees as a requirement for earning a high savings rate. 

ONE doesn't have a lot of banking fees, but there are a few to know.

Other Service Fees - One Savings

Type Fee
Monthly maintenance fee $0
Excess withdrawal fee $0
Bill pay $0 for direct deposit customers ($3 for all other customers)
ATM fee $0 for direct deposit customers ($3 for all other customers)
Cash withdrawal at Walmart $0 for direct deposit customers ($3 for all other customers)
Over-the-counter withdrawal fee $0 for direct deposit customers ($3 for all other customers)
ONE debit card replacement fee $0 for direct deposit customers ($3 for all other customers)
Incoming wire transfer fee $0
Cash deposit fee $0

As you can see, being a direct deposit customer has some advantages. You'll pay lower fees for most services. 

You can also get paid up to two days early when you set up direct deposit of your paychecks or other payments into your ONE account. 

ATM Access

ONE account holders can withdraw cash at more than 55,000 Allpoint ATMs. There's no fee if you're enrolled in direct deposit. 

If you're not a direct deposit customer, you'll pay $3 for each cash withdrawal. 

Don't want to pay the ATM fee? You can withdraw cash at any Walmart location in the U.S. You'll just need your ONE debit card or the ONE mobile banking app to make the withdrawal.

There's no fee to use your debit card to withdraw cash at Walmart locations, regardless of whether you're signed up for direct deposit or not. If you have to make the withdrawal using a barcode generated by the ONE app, there's a $3 fee. 

Account Management

You can manage your ONE account online or through the mobile banking app. You'll also get a debit card which is linked to your account that you can use to make purchases or withdraw cash. 

One of the highlights of saving with ONE is the ability to set up savings pockets. You can set individual goals for each pocket and schedule automatic contributions from each one. 

You can also add money to your savings pocket in a different way. When you turn on the round-up feature in the ONE app, you can round up transactions and save the difference. 

As mentioned, you can deposit or withdraw cash at Walmart locations. And you can withdraw cash at banks or ATMs, but you might pay a fee for that convenience. 

FDIC Insurance

Having FDIC insurance protects you in case your bank fails. ONE doesn't provide FDIC insurance directly, since it isn't a bank. 

However, deposits are still insured through Coastal Community Bank. You're insured up to $250,000. 

What to Look for in a Savings Account

Savings accounts aren't all the same and it's a good idea to shop around. But how do you find the best savings account for your needs? 

Here's a checklist of things to compare:

  • Interest rates and APY
  • How rates are applied (i.e., tiered or across all balances)
  • Minimum opening deposit
  • Minimum balance to earn interest or avoid a monthly fee
  • Fees, including maintenance fees or excess withdrawal fees
  • Online and mobile banking features
  • ATM or debit card access
  • Branch banking access, if applicable
  • Savings features and money management tools, such as round-ups or savings buckets
  • Deposit and withdrawal limits
  • Overdraft protection
  • Customer service and reputation
  • Overall user experience

It might take a little time to compare savings accounts at online banks and traditional banks, but it's well worth it. At the end of the day, you want to find the account that fits exactly what you need (or as close to it as you can get). 

Frequently Asked Questions

Is ONE a bank? 

ONE is a fintech company, not a bank. Banking services are provided through Coastal Community Bank, which is a member FDIC. 

Is the ONE account a savings account? 

ONE accounts are technically checking accounts, with a built-in savings feature. You can set up savings pockets to fund different goals. You can round up transactions from your checking account, then deposit the difference in savings. 

Which bank offers the best savings account rates?

Savings account rates tend to be highest at online banks, versus traditional banks or credit unions. When comparing online banks, remember to check the rates, fees, APY, and minimum deposit requirements to find one that's right for you.