Can you really earn 3% APY with One Finance? And are they worth checking out? ▼▼

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In this video I’m reviewing One Finance. They are a great banking option if you need the extra push to save money. They currently offer a giant 3% APY on your paycheck deposits into the account. They have a lot of other great features wrapped in a super modern and easy to use app & platform.

The goal of One Finance is to provide a banking service for people who have a tight budget or are living paycheck to paycheck OR just anyone who has some modern banking needs and wants a easy-to-use experience.

One Finance was launched under Coastal Community bank and was co-founded by Bill Harris who was previously CEO of Paypal, Personal Capital and Intuit. One’s other co-founder and CEO Brian Hamilton was previously CEO of Azlo Bank which I just covered in my business bank accounts video. Check that out here: • Best Bank Accounts for Small Businesses & …

If you find yourself struggling to save money, then One Finance might be a good fit for you. They have a number of features that help people save, even a tiny amount, so that you can go from zero savings, to the start of a savings.

One’s main features are:

Excellent mobile app
They have no fees or account minimums
They offer a super competitive 1% APY on balances up to $5,000 or up to $25,000 if you use direct deposit
They have paycheck Auto-save & card spending auto-save (more on these in a bit)
They different types of sub-accounts they call Pockets
Create unlimited pockets for various purposes
You get a One Card. Which is a debit card with some credit card like features.
Free ATM access at 55,000 allpoint ATMs
Great customer support (just look at some of their online reviews)
and they are FDIC Insured, so you don’t have to worry about your money, even though they are brand new

I think One’s standout feature is Pockets. These are basically sub-accounts that you can create for all kinds of purposes. You can create unlimited pockets for free. There are no transfer limits on pockets.

There are two pockets that earn interest. The main save pocket which earns 1% APY on balances up to $5,000 or up to $25,000 if you are using direct deposit.

The second interest-earning pocket is the auto-save pocket. The auto-save feature lets you save up to 10% of your paycheck automatically (if you use direct deposit), into this auto-save pocket. You will then earn 3% APY on the auto-saved money up to $1000/month

3% is extremely high given the current rates at most banks right now, which is why I’d guess it’s capped at $1,000/month. However the standard saving pocket rate of 1% is still fantastic. None of the big banks will give you anywhere near that. In fact most only offer 1/100th of that rate at 0.01% APY.

I think these features can be really powerful for people that struggle to save money. Having some built-in saving automation can be really handy. If you are someone who is living paycheck-to-paycheck or very close to it, then this can help you put even a tiny amount away into savings, where you might have struggled to do that before.

I think One Finance is taking a helpful approach to banking. I think they have a specific niche of people who want modern banking with great features, but haven’t quite been able to get control over their money yet. One makes the whole banking process easy and pleasant and has a lot of very desirable features. If anything I’ve mentioned in this review sounds like a good fit for you, then I suggest you give One Finance a try.