One Finance Mobile Banking Review 2024

Learn about One Finance Mobile Banking, including how much it costs, if its safe, and who would benefit the most from it.
Editor's Rating
Editor's Rating
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Written by Rebecca Lake
Financial Expert
Managing Editor
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One is a financial technology company that offers mobile banking services through Coastal Community Bank. If you’re looking for a new banking option, you might consider going mobile-only with the One app. Taking a closer look at this account’s features and benefits can help you decide if it fits your needs.

One Mobile Banking at a Glance

Overall Impression

Banking with One offers a chance to earn cash-back rewards when you spend and a competitive interest rate when you save.

There are no monthly fees or overdraft fees, which can save you money. The mobile app is easy to navigate, and being able to deposit cash at Walmart locations is a nice benefit that other online bank accounts don’t offer.

Overall, this account could be a good fit for people comfortable with an online banking experience who may not qualify for a standard checking account.

Pros and Cons

Every bank account has pros and cons, and keeping both in perspective is essential. Here are some main advantages of banking with One, plus a few potential drawbacks.


  • One Finance charges no monthly fees or overdraft fees.
  • Eligible debit card purchases earn up to 5% cash back, which is like getting a discount when you spend.
  • One offers an impressive savings APY that is on par with some of the best high-yield savings accounts.
  • Cash withdrawals at Allpoint ATMs are fee-free.
  • Customer support is available seven days a week if you need help.


  • There are no branches, though you can add or withdraw cash at Walmart locations.
  • This is a checkless checking account, so there are no paper checks.
  • Minimum balance requirements apply to earn the maximum savings APY.

One Finance Mobile Banking Fees

Plus status allows you to avoid fees. You automatically become a One Plus customer when you have $500 or more in eligible direct deposits each month.

Compare to Other Mobile Banking & Checking Accounts

There are plenty of checking accounts to choose from, and it helps you know what to look for as you shop around. We’ve compared a few other checking options alongside One Banking.

Found Business Checking

Found Business Checking is a checking account designed for self-employed business owners. It’s free to sign up, and there are no account maintenance or minimum balance fees.

If you run a business, you can use this account to track business expenses and cash flow, send invoices, save for estimated tax payments, and pay taxes through the Found app.

You’ll be able to see all of your financial accounts in one place and create a digital paper trail for managing the books.

You can also manage and pay contractors through the app, run financial reports, and plan your business budget. However, this account isn’t designed to manage personal expenses.

Grasshopper Business Checking

The Grasshopper Business Checking account has no monthly fees and allows unlimited transactions.

This account earns cashback rewards and interest, though the rates you’ll earn are below what you could get with One Banking.

Grasshopper makes it easy to pay bills, send invoices, automate bookkeeping, and manage cash flow for your business.

You can deposit checks instantly through the mobile app and lock or unlock your debit card from anywhere.

Your account is FDIC-insured for up to $250,000, but you can access enhanced coverage of up to $125 million through Grasshopper’s network of partner banks.

If you need help with your account, you can connect with dedicated human support when you need it.

SoFi Checking and Savings

SoFi combines checking and savings into a single account with no monthly maintenance fees or overdraft fees.

You can earn up to 15% cashback on eligible debit card purchases and a competitive APY on savings balances. SoFi offers up to $2 million in FDIC coverage.

You could earn a new account welcome bonus if you get paid via direct deposit. You can also get paid up to two days early when you enroll your paychecks in direct deposit.

SoFi’s mobile banking app makes seeing all your money in one place easy. You can pay bills, track savings, and view your statements on the go.

Who Is One Finance Banking For?

Opening a One account may appeal to anyone ready for a different kind of banking experience. You might consider this checking option if you:

  • Want to avoid monthly maintenance fees and overdraft fees
  • Would like to earn cash back on eligible purchases
  • Are interested in a high-yield savings account
  • Need to be able to deposit or withdraw cash
  • Don’t mind a lack of branch banking access

Of course, you may want to look elsewhere if you’d prefer to be able to visit a branch or want a checking account that issues paper checks.

Rating the Features

Taking a closer look at a checking account’s features can help you decide whether it meets your needs. Here are the main highlights of the One account.

Mobile Banking

One is a mobile banking app that offers everything you’d expect in terms of features and usability.

If you visit the One website, you can share your phone number to get a download link to the app. Installing the app and opening your new account takes just a few minutes.

Customer Service and Experience

One customer service is available by phone at (855) 830-6200 from 9 a.m. to 9 p.m. ET seven days a week. You can also access help 24/7 via live chat when you log in to the mobile banking app.

One has low ratings with both Trustpilot and the Better Business Bureau. Customer complaints primarily involve issues with security and overall service. Reading independent reviews from bank customers can give you a better idea of what people like or don’t like about it.


One doesn’t have a lot of fees, which is typical of most online banks. And you can avoid fees altogether if you have Plus status. Again, all you need for a Plus account is $500 or more in eligible direct deposits per month.


One pays interest on savings balances, but you’ll need to meet two conditions to earn the highest APY.

  • $500 or more in eligible direct deposits each month
  • $5,000 or more daily account balance

If you can check those off, you can earn a rate surpassing some of the top online savings accounts. However, you’ll earn a much lower APY if you can’t.

Tools, Extras

One offers a few helpful tools, like the option to set up savings goals inside the mobile app and the ability to transfer money to friends and family easily.

The company is gearing up to add a credit-building feature, which is a nice addition for people hoping to establish or re-establish their credit scores. There’s no firm date on when that feature will be released.


There are several ways to access your account, including:

  • Allpoint ATMs
  • Mobile check deposits
  • Cash deposits and withdrawals at Walmart locations
  • Direct deposit
  • Wire transfers

You can also link your One account to money transfer apps like Venmo, Cash App, and Zelle. Remember that while One won’t limit your transfers through the apps, the apps themselves may impose transfer limits on how much you can send or receive.

Safety and Security

One Finance uses bank-level security to protect customer accounts, including encryption.

All accounts must enable multi-factor authentication, and you also have the option to set up a face or fingerprint ID. You can block transactions that you suspect are fraudulent through the app.

One accounts are FDIC-insured up to $250,000.

Minimum Deposit or Balance Requirement

There’s no minimum balance requirement to avoid a monthly fee.

However, as mentioned, a minimum balance of $5,000 is required to earn the highest APY on savings balances.

Frequently Asked Questions (FAQs)

Is One Finance a legit bank?

One Finance is a fintech company, not a bank. The company offers mobile banking services in partnership with Coastal Community Bank, an FDIC member institution.

Does One Finance build credit?

One Finance is set to release a credit-building feature that could help its users build or rebuild credit. No credit score is required to apply, and One Finance doesn’t perform a hard credit check.

Is an online checking account better?

Online checking accounts can offer features you don’t get at traditional banks, like debit card rewards, generous savings rates, and minimal fees. You have to decide whether you’re comfortable banking online if you’re used to managing your accounts at a branch.

About Author
Rebecca Lake
Rebecca Lake, a valued contributor at MoneyRates, unravels the intricacies of personal finance with her expertise in areas spanning from banking to homebuying and investing to small business strategies. Rebecca seamlessly bridges the gap between complex financial concepts and readers, demystifying them with her clear and insightful narratives. She has contributed to U.S. News and World Report, among numerous other publications. With Rebecca’s guidance, financial clarity is just an article away.
Our reviews are unbiased and thorough, focusing on consumer needs. For details, see our Editorial Policy & Methodology.