Nowadays, most bank accounts pay a small amount of interest on your money, and whenever possible, they are eager to charge you a hefty $35 overdraft fee. This is how big banks make money.
Why let them rip you off? Fortunately, we found a banking service that can pay you the highest interest rate we have seen in a while.It is called one, It pays you up to 50 times the national average. (This is not a typo. We will list the numbers for you.)
Not only that, One also allows you to borrow money from the affordable line of credit it provides you. It allows you to overdraw your account without charging you any fees.
One is the most advanced online account created specifically for the 2020s. It combines all the useful features provided by other digital accounts-such as the ability to get paid two days in advance. You can save money automatically.
However, One is unique in that its generous interest rate plus convenient credit line can help you overcome any temporary financial obstacles you encounter. No other account we have seen can match it.
Easily organize your funds
This is an all-in-one account, a mixture of spending and savings, and you can deposit your money in different “pockets.”
Here are the three Pockets you started using:
spend: This is basically like a checking account with a debit card. There are no maintenance fees or minimum balances. If you want, you can also create different Pockets here to pay for various expenses, such as gasoline, rent, or groceries.
save: You can deposit your savings into this Pocket, and it pays a good interest rate of 1.00% APY*-much higher than most traditional banks. It pays up to $5,000 in interest on the balance, and if you deposit your salary directly into One, you will pay up to $25,000 in interest.
Auto save: This is the headline news and is a big draw for many One customers. This is where you automatically save. It acts as a high-yield savings account, paying up to 3.00% APY*. Seriously, according to FDIC data, this is 50 times the national average interest rate on savings accounts, and the current annual interest rate is 0.04%.
You can save it automatically in two different ways. You can deposit up to 10% of your direct deposit salary (up to $1,000 per month) into this Pocket. You can also round your debit card purchases to the nearest dollar and send your digital spare change to auto-save.
Each of the three Pockets—Spend, Save, and Auto-Save—has its own account, so you can set up direct deposits to each according to your needs.
You can also set up a shared pocket with others, similar to a joint account. Share an account with your spouse or roommate to save money for common goals.
Tens of thousands of One customers have created Pockets, sharing more than $20 million with others.
so. many. feature.
There is a lot of competition in the evolving digital banking service industry. To be honest, that area has become a bit crowded.
So, as we said before, one Make sure it provides all available modern banking tools, designed to make your life easier.
This is a list.
Borrow money: When you set up direct deposit, eligible customers can get a credit line equal to their salary. If you find yourself in a financial crisis, it is very easy to fund the purchase from your credit line. It charges 1% monthly interest, which is equivalent to 12% APR⁑. (The interest charged by credit cards is much higher.)
Get paid in advance**: If you have direct deposit, you can get your salary up to two days in advance, depending on your employer.
Free overdraft protection: The average overdraft fee charged by banks these days has risen to nearly $35. With this account, you can avoid overdraft fees. If you overdraft your account, it will automatically enter your credit limit to make up the difference. If you pay it off before the end of the month, you will not have to pay any interest.
ATM: You can use nearly 55,000 ATMs for free through the Allpoint network.
Credit builder†: This feature automatically pays eligible customers on time every month, helping to build your credit and improve your credit rating.
FDIC insured: Your account is FDIC insurance through One’s partner Coastal Community Bank. It is protected by bank-level 256-bit encryption.
Pros and cons
Are there any disadvantages to One? Well, if you are not used to having an online-only account, you may need to make some adjustments. But you may be surprised that you rarely miss a physical bank. You don’t really need one.
Customer support can be obtained by phone, email or chat from Monday to Friday.
Here are our favorite professionals:
- We like to be able to earn some real interest from your income. Physical banks used to pay substantial interest on savings accounts, but they don’t do so anymore.
- We like the flexibility of One, which allows you to deal with any temporary financial failures you encounter. We also like the ability to easily share money with others.
These reasons are why One’s application is highly valued by the people who use it. As of September, the app has received 8,500 reviews in the Apple App Store, 4.8 points (out of 5), and nearly 5,000 reviews on Google Play, 4.6 points (out of 5).
Registration is easy. You enter your basic information. They conduct a soft credit check, which will not damage your credit, and then you complete your profile.
One’s motto is, “Organize your money and simplify your life. Make real progress.” If you use the tools it provides, you actually were able Make real progress.
Mike Brasfield ([email protected]) Is the senior writer of The Penny Hoarder. He likes to earn interest.
*The annual rate of return is effective from September 1, 2020, and may change. 3.00% APY applies to all automatically saved balances. The salary is automatically saved and the maximum monthly contribution is $1,000, and the card is automatically saved without the maximum contribution. 1.00% APY can be used to save the balance up to 5,000 US dollars, and the eligible salary direct deposit is up to 25,000 US dollars.
Early Paycheck can post up to 2 days before the scheduled payment date. Direct deposit of salary in advance depends on factors such as the time the payer transfers the deposit and the type of payer who transfers the deposit.Learn more about what is salary direct deposit here.
⁑ Subject to credit approval. The offer is applicable to One card issued by One account holder. After you set up regular qualified direct deposit, we will notify you of your credit limit. Your credit limit may be determined by many factors, including your credit score, income, and repayment ability. The APR ranges from 12% to 18%. Other restrictions, terms and conditions apply.
† Credit Builder is used as a secure debit card to help you build credit. You must have a One account to use Credit Builder. No credit history required. Many factors affect your credit, including payment history, usage, derogatory flags, account age, total number of accounts, and queries. Building your credit may take time and a process, but Credit Builder may be able to help.
FDIC National Average Interest Inspection Rate as of May 17, 21
One card is issued by Coastal Community Bank and FDIC members under the license of Mastercard International.
Banking services provided by FDIC member coastal community banks. One is a fintech company, not a bank.