One Finance Review (2021 Update)

The online bank One is a no-fee and no-minimum, FDIC-insured bank with loads of features, including “pockets” to help you save and control spending.

Recently, it’s been advertised as a Simple alternative and will even reward you for moving money from that bank into this one.

Below is a full review of One. Learn about all of its features and see screenshots of the app and website so that you can determine if it’s the right choice for you.


One Bank Features

  • A debit card that draws directly from our One account.
  • Earn $5 on your first card purchase.
  • Debit card works with Apple Pay and Google Pay.
  • 1.00% APY in Save Pocket.
  • Credit line to avoid overdrafts; no interest if you pay back in the same month.
  • Round up card purchases into a savings account with 3.00% APY.
  • Build “pockets” to organize goals.
  • Debit card works at over 50,000 ATMs.
  • Auto-contribute 10% of your paychecks into a high-yield savings account.
  • Use Early Paycheck to get paid faster.
  • Live customer support.

As great as those are, there are some things I don’t like about One:

  • You can’t set up two-factor authentication. The closest thing beyond a password is the fingerprint reader option from the mobile app.
  • There doesn’t appear to be a way to change your password. You might have to reach out to One to do that.
  • Recurring transfers are in the works but not yet supported.
  • Check deposits will also be implemented, but it’s not available yet.

Website Walkthrough

The One website is super clean. There aren’t a bunch of ads or unnecessary buttons and offers. It shows what it needs to where it needs to, which is refreshing compared to some of the banking apps I’ve seen.

The main area of the site is Pockets. By default, your money either goes into Spend or Save, whichever you choose. Any auto-save funds are transferred into that pocket.

As you can see, you can make more pockets with the plus button. This is where this bank excels and how you’ll end up saving money. You can move a portion of your funds into one just for gas, for example, or food, entertainment, bills, vacation, a home purchase, etc. It’s up to you how you do it. At any time, you can instruct your debit card to spend funds from one of those pockets so that you never accidentally use funds earmarked for something else.

Move Money is where you go to add money to your One bank account, transfer money between pockets or out of your bank, pay bills, etc. Further on down this page is also where your routing number and account number is, for both your Spend and Save account.

Finally, the Detailed screen houses a link to your profile, statements, and all your external banks that are linked to this one. The Spend page shows important information about your physical debit card and lets you turn it off or report it lost/stolen.

Mobile App Walkthrough

The app, fortunately, works just as the website does. The same Pockets, Move Money, and Details screens are available, so they’re just as easy to use. You can download it for Android and iPhone.

One banking app for Android

A Perk for Simple Users

Through the end of January 2021, new users who transfer money from Simple into One will get a 10% reward.

This is happening because Simple is closing down, and One is using it as an attractive opportunity to lure in some more users. Plus, the “Goals” in Simple are very similar to One’s “pockets,” so it’s a no-brainer to switch if that’s why you used Simple.

So, if you transfer $300 from Simple into One, for example, you’ll receive a $30 sign-on bonus. Nice!

This bonus caps out at $50, so if you’re moving $500 or more, you’ll get the maximum bonus. However, you can get another $50 when you add a qualifying paycheck direct deposit. So, signing up today and adding Simple as an external account, and then moving money into One, could ultimately net you $100 free!

There are some other banks we recommend as Simple alternatives if you’re not interested in One.

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