One Finance Bank Review 2022: Earn Up to 3% APY

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May 15, 2022
By: ADAM K
OneFinance

What is One Finance?

One Finance Bank is a Sacramento, California-based fintech company that was founded in 2019. The company’s co-founder and current CEO is Brian Hamilton.

This cutting-edge digital only fintech firm allows customers to earn up to 3% APY depending on how much the account holder saves.

Is One Finance Legit?

One Finance partners with Coastal Community Bank, Member FDIC, to provide banking services. So, yes, One Finance is legit.

I am always a bit skeptical about new Fintech companies as well. For peace of mind, you can check out Coastal Community Bank’s FDIC Certification.

How Do I Earn 3% APY?

There are 2 ways you can earn 3% APY:

  • Paycheck Auto-Save. Auto-Save between 1% and 10% of your paycheck (up to $1,000/month) and earn 3% APY.
  • Card Auto-Save. When you make a purchase with your debit card, One rounds up to purchase to the nearest dollar and puts the difference into your Auto-Save Pocket and you earn 3% APY on the rounded up difference.

Important Note: You can hit the $1,000/month cap on the direct deposit Auto-Save, but you will continue to earn 3% APY on your Card Auto-Save round-ups. In other words, there is no cap on the card Auto-Save!

The Card Auto-Save feature may not be appealing for some people. Depending on your credit card, you can earn between 1-3% cashback on your purchases.

Paycheck Auto-Save Example:

Your total direct deposits for the month of June are $10,000. If you save 10% of your paycheck ($1,000), you will earn 3% APY.

In order to earn 3% on the maximium balance ($1,000), you need to have total direct deposits of $10,000 per month.

A fintech competitor HMBradley also offers 3% APY, but they allow 3% for up 20% of your Direct Deposits saved and then tiers down to 2% at 15% savings rate.

RoundUp Auto-Save Example:

You make a debit card purchase for $95.50. The RoundUp Auto-Save then rounds the purchase up to $96. The $0.50 is deposited into your Auto-Save Pocket the next day and you earn 3% APY on $0.50.

Earning 1% APY On Other Balances

  • If you have a qualifying direct deposit, you can earn 1% on balances up to $25,000.
  • No direct deposit, earn 1% on balances up to $5,000.

Additional Features


A Credit Line Available For Overdrafts

When you open your account with One Finance, you are eligible for a credit line if you make a purchase and your balance dips below $0.

If you bring your balance back above $0 during the same month, you owe nothing. Otherwise, you are charged 1% a month or 12% APR. There are no other fees.

An interesting feature, especially if encounter cash flow timing discrepancies.

Get Paid Up To 2 Days Earlier

If you have direct deposit setup, your paycheck may post up to 2 days earlier. I like that!

According to their website, early direct deposit of a paycheck depends on factors such as:

  • Timing of the payer’s deposit transmission
  • Type of payer transmitting the deposit

Qualifying direct deposits including standard employer paychecks:

  • Social security income
  • Government salary
  • Other government payments such as annuities 
  • Retirement payments 
  • Unemployment payments 

No Fees & No Minimums

One Finance does not charge any fees or have account balance minimums. Common fees charged by traditional banks may include:

  • Monthly fees
  • Account fees
  • Overdraft fees
  • NSF (non-sufficient funds) fees
  • Foreign Transaction fees
  • ATM fees (One Finance doesn’t charge a fee, but the ATM Network might)

No Investments In The Fossil Fuel Industry

One and its partner Coastal Community Bank do not make any investments in the fossil fuel industry.

Final Thoughts

One Finance makes it a bit more tricky complicated to earn 3% APY via direct deposits AND card Round-Up purchases. Additionally, you may be giving those treasured credit card points by using your debit card instead.

One’s structure may be more beneficial for some people given some of their additional features such as a credit line for overdrafts and zero fees. Plus, their commitment to no investments in fossil fuels may be appealing to some potential customers.

If you are simply looking to stash cash by saving a large chunk of your paycheck, then HMBradley may be a better option.

That said, with most high-yield savings account paying only around 0.50%, it’s still worth opening an account.

Definitely a great way to encourage saving as not everyone will be able to meet the requirements.

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