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One Finance Review: an online bank with you in mind

Updated: Mar 13, 2023

Disclosure: This post contains affiliate links through which I'm paid. No additional cost to you that's just how marketing works sometimes and its actually pretty awesome, more here.


If you're looking for a reliable and innovative bank, you might have come across One Finance Bank. In this comprehensive review, we'll dive deep into the features, pros, and cons of this bank and help you decide if it's the right fit for your financial needs.

If you haven't heard of One Finance yet I imagine you will soon. They are an online-only bank, similar to Chime, and with a key focus on their customers.

If you ever Google personal finance software, or Chime bank, or Ally Bank, then One Finance will target you with ads. That's how I heard about them.

Once I saw the ad pop up I knew it was a company with grand ambitions and I had to check them out. Read my One Finance review to learn more about this online-only bank with a focus on offering more. If you find this is the right online bank for you, follow this link, and get $50 automatically deposited into your account just for being a loyal follower of The Saving Dude.

How does One Finance Score:

Cost and Fees: 10 out of 10

Security: 8 out of 10

Ease of Use: 9 out of 10

Features and Tools: 8 out of 10

Overall: 9 out of 10


3.0% APY on Auto-Save purchases

1.0% APY on your Save Pocket (more on what Pockets are later)

No fees or minimums

55,000 no-fee ATMs

Early Paycheck program

Mobile App


Auto-save max is $1,000 per month

Save Pocket max is $5,000

No physical locations

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What is One Finance?

One Finance is an online bank with a corresponding app available on Google Play and the App Store. Their tagline is "Your financial well-being is the goal", which really resonated with me. The goal here at The Saving Dude is to teach others about personal finance in an effort to improve their situation. One Finance aligns with that by focusing on providing better banking incentives than most, if not all, of their competitors.

One has come up with some creative ways to help simplify your banking experience and your finances. The features they offer really help put their customers at ease should they experience an unexpected financial hardship.

Who Owns One Finance?

One Finance is a privately-held financial technology company headquartered in San Francisco, California. The company was founded in 2019 by Bill Barhydt, a seasoned entrepreneur and former CIA computer scientist. The company has raised over $25 million in funding from reputable investors, including Foundation Capital, Core Innovation Capital, and Obvious Ventures.

Is One Finance a Real Bank?

Yes, One Finance is a real bank, but it doesn't have physical branches like traditional banks. Instead, it operates entirely online and offers a full range of banking services, including checking and savings accounts, debit cards, loans, and investments.

How does One Finance work?

One Finance works just like any other bank just without the physical locations. It's a fully online bank with a solid website and complimentary app that helps you gain control of your finances through the use of "Pockets".

Just like pockets in your pants or jacket, Pockets within One Finance's system are simply places to put some money to keep it safe until you need it for something. You can set up an unlimited number of Pockets. If you read their blog they give you a bunch of examples for how to use your Pockets.

How can Pockets help you?

From my perspective Pockets would be great for a down payment on a house, a car, or even allocating money to various bills every month. For example, if you have a credit card that you need to pay down, you can set up a Pocket called Credit Card, set aside a bit of extra money every month, and then set up automatic payments from your One Finance account to knock out that credit card debt.

One Finance Pockets
One Finance Pockets

One Finance Features

One provides a ton of great features that you can take advantage of. From a high rate on your savings dollars to early access to your paycheck, One has a wide variety of customer-centric features to help out a wide variety of customers.

Direct Deposit

I list direct deposit first because many of the other features build off of this. Having your paycheck automatically deposited into a checking account is a great feeling. You know you will have money in your account on a specific day, or days, every month.

That feeling of security is amazing. The alternative, having to take your check to a bank to get it cashed, only having access to part of it, or worse, having to take it to a check-cashing facility and paying them a fee to get your hard-earned money, just isn't a place anyone should have to be.

Early Paycheck

This is an amazing feature that One offers. During these challenging and uncertain times, the ability to access your paycheck early could be a blessing for many individuals and families. The best part is that getting access to your paycheck early doesn't cost you a thing. One puts trust in their account holders and the direct deposits they set up.

As I stated before, all of the features One has to offer stem from the direct deposit you set up. The one downside here is that you can potentially get yourself into trouble by spending more than your paycheck is worth so be cautious and if you need money to help pay your bills click here to find a side hustle that'll quickly bring you some much-needed cash. Or click here to learn about easy ways to get Amazon gift cards (anymore you can get anything you need on Amazon).

Earn Cash

As I stated earlier in the article, One Finance is focused on expansion and offering incentives for anyone willing to help them grow their customer base. Your first card purchase earns you $5. You can also earn money from referrals. Here are the details:

Round Up

Ever have trouble saving? Ever heard of Acorns? Well, the round-up feature offered by One is a great way to quickly and easily add money to your savings without even noticing. Like Acorns, as you use your debit card from One, they round up each transaction to the nearest dollar and move the difference to your savings account.

For example, you spend $4.75 on a latte. One Finance will round up to $5.00, pull that from your checking and place the $0.25 into your savings account. On top of that, you will earn 1% on everything you round up.

Paycheck Auto-Save

Automatically moving money into your savings account every month is a great way to get your emergency savings built. It can also help you save for a new car, a down payment on a house, help you pay down a credit card or student loan debt, or anything else in life that you might want to save for.

The best part is you earn 3.0% APY on your savings. That is currently well above even the highest interest savings accounts and, as of Feb 2021, interest rates are still very low.

One Finance Bank Review: Pros and Cons


  • No fees: One Finance doesn't charge any monthly fees, overdraft fees, or foreign transaction fees.

  • Competitive interest rates: One Finance offers high-yield savings accounts with an interest rate of up to 1.00% APY, which is higher than most traditional banks.

  • Easy to use: One Finance's mobile app is user-friendly and intuitive, making it easy to manage your finances on-the-go.

  • Instant notifications: One Finance sends real-time notifications for every transaction, helping you stay on top of your spending.


  • Limited account options: One Finance only offers one checking and one savings account option, which may not be suitable for all customers.

  • No physical branches: If you prefer face-to-face interactions with bankers, One Finance might not be the best option for you.

  • No joint accounts: One Finance doesn't offer joint accounts, which may not be ideal for couples or business partners.

Is One Finance a Good Bank?

One Finance is an excellent bank for people who prefer online banking and value low fees, competitive interest rates, and a user-friendly mobile app. Its real-time notifications and innovative financial tools make it easy to manage your finances and stay on top of your spending. However, if you need more account options or prefer face-to-face interactions with bankers, One Finance might not be the best fit for you.

How to get started with One Finance

Getting started with One Finance was a bit different than some of the other processes I've gone through, and I liked it.

One Finance Sign Up Page
One Finance Sign Up Page

Next, they collect your basic personal information.

One Finance Basic PI Collection
One Finance Basic PI Collection

That's it! They make the process super fast and easy. From there you can spend your time customizing your Pockets to get the most out of what One Finance has to offer, a better way to organize your money.

Who can benefit from using One Finance?

One Finance offers great rates on your savings, some of the best in the industry. Anyone with a savings account could probably benefit from a little extra on top of what they may be making at this point. In addition, if you have ever had to use a check-cashing service, or have struggled paycheck to paycheck, then you should give One Finance a look. Their early paycheck feature could really help you save the huge fees check cashing companies charge.


In conclusion, One Finance Bank is a legitimate and innovative online bank with many attractive features and competitive rates. However, it may not be suitable for everyone, depending on your specific financial needs and preferences. We hope this review has provided you with the necessary information to make an informed decision on whether One Finance is the right bank for you.

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