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  • Writer's pictureInvested Millennial

All-in-one Banking Platform: One 2021 Review

This post may contain affiliate links, but all opinions are 100% mine. Please read our terms of use & privacy policy for more information.


Each new year allows us to start fresh and set our goals for the next 12 months. Now, when it comes to personal finance, each new year gets us one step closer to our long-term money goals. In today’s post, I want to share with you my new favorite mobile banking app, One.


Here’s what I will be covering:

  1. How to sign-up and get started

  2. January promos & updates

  3. Transfers

  4. Credit Line availability

  5. Saving capabilities/Pockets


I opened my One account in December and I’ve been using it to deposit, track and save money from my side hustle and business. Before using One, I used my regular checking account to house my 9-5 direct deposits and the money I made from my business. My objective this new year is to be more organized with my money to ensure I fully understand what is coming in and what is going out.


If you prefer a video review of One to get a better understanding of how I use the app and how you can open an account, check this video out:


One is FDIC-insured through Coastal Community Bank, Member FDIC.



Opening a One Account

Setting up a One account is extremely easy! I opened my account directly on the app.


  1. Android: https://play.google.com/store/apps/details?id=com.onefinance.one

  2. iOS: https://apps.apple.com/us/app/one-mobile-banking/id1494523953


If you prefer using a computer, you can also start the process by going to this link https://web.onefinance.com/signup/


The setup process is plain and simple. Opening an account will not impact your credit score. You’ll need to enter your phone number and personal information (e.g., legal name, your email, your Social Security number, and your home address). Once that is out of the way, the One team will ship you a debit Mastercard that will be linked to your One account balance and Credit Line.



Comparison rates pulled December 29, 2020. Traditional banks’ APY calculated from average across leading national banks.



January Promos & Updates to Consider

This month, One wants to give your paycheck a raise! If you set up a direct deposit between 1/1/2021 - 1/31/2021, you’ll earn a $50 bonus. To qualify for this bonus, your payroll deposit needs to be $250+. See full details here.


For those looking to automate savings, direct deposit through One is the simplest and best way you can start working towards your savings goal in 2021! One provides you with a checking and routing number to facilitate this setup (just like a traditional checking account). Another advantage of setting direct deposit through One is the ability to get paid early. When you have your payroll directly deposited into your One account, One identifies the payroll deposit and accelerates your fund’s availability by up to two days. This perk can come in handy when money and payment dates are tight. Also, it’s important to note that you can automatically put 10% of your paycheck into your Auto-Save Pocket, where it will earn 3.00%.


Transferring Money to One

To add money to your One account, you’ll need to transfer funds from an external source if you’re not going to use the direct deposit feature. One utilizes Plaid to link your bank to their app to transfer funds as needed. Once you connect your One account to an external bank account, you can continue to set up subsequent transfers by visiting the “Move Money” tab on the app. If you’ve used money transfer apps like Venmo or Zelle...it’s the same concept with One!



Credit Availability

A Credit Line is automatically available when you join One. It won’t impact your credit score since One does not perform a hard inquiry. The purpose of a Credit Line through One is to bridge short-term spending gaps to cover purchases that take your balance below $0. You’ll be able to repay the Credit Line by making deposits to the Spend Pocket. It’s important to note that you may be subject to a 1.00% (12% APR) interest charge a month if you carry a balance over, so make sure you keep an eye on your spending!


Saving Capabilities & Pockets

Your One account comes with three standard Pockets: Spend, Save, and Auto-Save. You’ll be able to allocate money to these pockets as you wish and you can also create additional pockets for other spending habits (e.g., self-care, vacation, gas, bills, etc…). The purpose of the Pockets within your One account is to help you have better visibility of your spending and savings needs.


Final Thoughts

The One app is awesome...and I say this as a user myself. I love the tools built into the app that have given me the flexibility to allocate and manage my money more efficiently. For small business owners like myself and money-conscious people, this banking platform is worth considering. It’s intuitive, easy to use, and most importantly it’s a platform that will add value to your personal finance toolkit.


If you want to get a full rundown of how I utilize One and a visual of the interface, definitely check out my full review on my YouTube channel. I am excited to take you on my banking journey with One!


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