A One Finance account carries no monthly fees and no minimum balance requirements. Travelers benefit from no foreign transaction fees when using a One card overseas.
Budgeters may enjoy One’s “pockets” feature. Pockets are a unique aspect of One accounts that can help you separate your money for budgeting. By default, you get one pocket for spending and one for saving, but you can create up to three additional pockets. Each pocket has its own account number, and you can move money instantly between your pockets.
There are several ways to add money to your One account. If you need to add cash, you can deposit up to $3,000 per day at a Walmart Money Center. You can also receive money via wire transfers or direct deposits. You may also receive direct deposits up to two days early. Finally, you can connect peer-to-peer payment apps like Cash App, Venmo and PayPal using your routing and account numbers. ATM deposits are not currently available with a One account.
One offers fee-free cash withdrawals at any Walmart location in the United States. You can use your One debit card to get cash from any Walmart cashier, Money Center or customer service desk. Select locations also let you use your One app to withdraw cash through the Walmart Money Center. If you use the One app to withdraw cash at a Walmart Money Center, you’ll need to provide a government-issued ID.
You can also access the cash in your account with your One debit card. One partners with the Allpoint network to provide fee-free access to over 55,000 ATMs nationwide. You’ll also have access to fee-free ATM withdrawals and up to $200 in overdraft protection if you receive eligible direct deposits totaling $500 or more each month. If you don’t meet this requirement, One will charge a $3 fee each time you use an ATM. This fee is in addition to any fees charged by the ATM owner.
Though One’s Spend pockets don’t earn interest, you can earn 3% cash back on Walmart purchases when you pay with a One debit card. However, these rewards are capped at $50 per year and require you to either receive $500 in direct deposits per month or maintain an average average daily account balance of at least $5,000.
One’s Savings pockets, on the other hand, do earn interest. You can qualify to earn 5.00% APY on your savings balance if you receive at least $500 in direct deposits per month or maintain an account balance of $5,000 or more. If you activate the One Pay Autosave feature, which automatically transfers a portion of your direct deposits to your Savings pocket, you’ll also earn a 5.00% APY that only applies to balances up to $100,000. Accounts that don’t meet activity or balance requirements and accounts that have balances exceeding $100,000 earn a much lower APY of 1.00%. In all cases, interest accrues daily and is credited monthly.
Deposits held in your One account are FDIC insured, meaning your deposit is guaranteed against loss by the full faith and credit of the United States government. One’s banking partner, Coastal Community Bank, offers the standard $250,000 in FDIC insurance.
