One
One Finance, sometimes known as "One," is one of the the best internet banks and is an online-only nonbank financial organization that depends on a partner bank with FDIC protection. One of its distinguishing characteristics is the capability to allocate funds among various sub-accounts, which One refers to as "pockets," whether to pay particular bills or save for objectives. Customers of One begin with three pockets—SSpend, Save, and Auto-Save—aand are able to add more for no additional cost.
Although One does not have its own ATMs and is not a member of an ATM network, interest rates on Save and Auto-Save Pockets are higher than normal. Additionally, even though the institution may waive ATM fees if you meet its direct deposit requirements, the ATM owner will still charge you.
Best for: Tech-savvy shoppers who want assistance setting up many sub-accounts for their finances, want to earn interest on their savings, and don't frequently need to deposit cash or use ATMs.
Pros:
- No monthly maintenance fees or minimum balances.
- Good rate on Save Pocket balances if direct deposit requirement is met.
- Excellent rate on auto-saving pocket balances.
- Customers can open multiple pockets to save toward different goals.
Cons:
- Cash deposits aren’t accepted.
- No physical branches.
- No certificates were deposited.
- No ATM network; all ATM withdrawals are subject to ATM owner fees.
Website: https://www.oneaccount.com/
NerdWallet rating: 4.5/5.0
