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5.00% APY now up to $250,000

Their home page still says up to 100K, but their help center is updated: https://support.one.app/hc/en-us/articles/15197303264023-Earning-5-00-APY

Received this email:
Earn on even more of your money
You can now earn 5.00% APY on Savings up to $250,000.(1) It’s just one of the many reasons why it pays to bank through ONE.

(1) 5.00% annual percentage yield (APY) applies to the primary Savings pocket and custom pockets of customers who either (i) received $500 or more of eligible direct deposits in the previous month or (ii) have a total daily account balance of $5,000 or more. Customers can also earn 5.00% APY on Pay Autosave and Even Save balances. In all instances 5.00% APY is limited to a total Savings balance of up to $250,000. All other Savings balances will earn 1.00% APY.

APYs are as of 8/25/2023, but may change at any time before or after account opening. Fees may reduce earnings on this account.

Yann
Yann

Is selfie newly required to sign up on their app? Looks like they do business the same as Juno. Worrisome that my personal picture may be misuse.

Raj
Raj

Just received this email

You’ve unlocked 5.00% APY with either $500 a month in eligible direct deposits or a total daily balance of $5,000 or more. Starting 7/15/2023, if you no longer qualify for 5.00% APY, your primary Savings and any custom pockets will earn 1.00% APY. See Deposit Account Agreement.3

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1. 5.00% annual percentage yield (APY) applies to the primary Savings pocket and custom pockets of customers who either (i) received $500 or more of eligible direct deposits in the previous month or (ii) have a total daily account balance of $5,000 or more. Customers can also earn 5.00% APY on Pay Autosave and Even Save balances. In all instances 5.00% APY is limited to a total Savings balance of up to $100,000.

All other Savings balances will earn 1.00% APY. APYs are as of 6/14/2023, but may change at any time before or after account opening.

2. Based on the FDIC’s National Deposit Rate for Savings as of May 15, 2023. See FDIC website for more information.

3. As a Prior User, today you earn 3.00% APY on your primary Savings pocket up to $5,000 for non-Direct Deposit Customers, and up to $25,000 for Direct Deposit Customers, and excess incremental balances in the Savings pocket earn 1.00% APY. This structure will remain in place until 7/15/2023.

Mo
Mo
Mo
Mo

Oops.. Sorry didn’t see a post on this but saw it’s already on the high-yield savings list.

Bah
Bah

I gave up on them moving from 3% not long before this and closed the account instead of keeping it with mere pennies. I’d have swung back had I known it was coming. Oh well, the period it would have been useful for is almost over anyways.

OST

Did the 2% Walmart last year.
Has anyone tried again this year?

ShawntheShawn

What is wrong with One Finance? Just received the following email:

Subject: Your ONE Application Status

Welcome to ONE! We’re reaching out to let you know that while your application has been approved, we’re still processing your account opening. You can sign in and make a deposit today, but you’ll be unable to make any withdrawals, use your debit card, or make any other transactions from your account.

We should have an update for you in one business day and we appreciate your patience and understanding in the meantime. Please let us know if you have any questions but you’ll hear from us soon.

sg77

Lots of people got that email today (many reports on reddit & discord), even people who had already closed their accounts. Probably just an email that was accidentally sent to the wrong people.

Rico
Rico

I received the same email. The user interface looks different than in 2021. If they changed their system, it might have triggered something to send people these emails.

UPDATE: I checked with support. They said it’s an error and to disregard to email. They are aware of the issue.

Kaze
Kaze

Yup, got the email today too.

GoGet
GoGet

I never completed the application a year ago and in fact have an email received last year asking me to complete my application, but today I received the same email above.

Looks like they are desperate to get some new customers after they pulled their 3% savings and people probably closed accounts.

DL
DL

Just got an email from them about new fees and terms. If I’m reading Appendix A correctly, it looks like you will now need direct deposit to get the 1% (or 3% for grandfathered accounts) up to $25k. Otherwise interest will only be given in the first $5k. This also appears to apply to the (now-defunct) Auto-Save pocket. As a result, I’m probably going to take all my money out and close the account, too many hoops to jump through when the rate isn’t even that great (see Ally no-penalty CD @3.5%)

sg77

The 2023-01-05 terms look basically the same to me as the 2022-09-15 terms, which also mentioned the $500 direct deposit requirement to get interest on $25k instead of $5k (the terms before September were similar but didn’t have the $500 minimum for direct deposit).

DL
DL

Thanks, for some reason I didn’t get the September update email from them. I haven’t set up direct deposit, but was still getting the full 3% on the $25k balance between September and now.

sg77

Did you previously have direct deposit into One, and then stopped it? Or is one of your deposits classified as direct deposit without you knowing about it? (One counts various things as DD. In the One app (not the website), when you tap on a deposit to view the details, it would say “Paycheck Direct Deposit” for Transaction type.)

Or maybe they’re not enforcing the direct deposit requirement (I wonder if they never did, or maybe it’s a temporary thing while they’re changing the terms).

DL
DL

I did have direct deposit once upon a time, but stopped it many months ago when the Auto-Save from paycheck went away. Now the money just sits there collecting interest, shouldn’t have any transaction that counts as DD.

sg77

I think the main difference in the terms is a $3 fee for ATM or withdrawing cash at Walmart or mailing a check (none of which I’ve ever done) if you don’t have $500 DD.

Nina T
Nina T

anyone think they will be raising the rate? If not I’m moving the money out

Gadget - Bank Bonus Geek

Nobody can answer that for sure, but I moved out months ago.

Peek

Gadget - Bank Bonus Geek What are your thoughts on keeping this open? I was thinking of closing in case a new bonus comes along in the future.

Gadget - Bank Bonus Geek

It’s hard to say. Some fintechs don’t want to let you back in once you have had an account in the past. Since they are partnering with Walmart, they will likely get people to sign up with a 2-liter sign-up bonus.
https://imgur.com/QctE5Zs

I will probably close it, but it’s not on my priority list.

sg77

I was keeping money in Auto-Save, since if their rate becomes competitive again, it’d be nice to have that account without the $25k cap (if we withdraw from Auto-Save, it won’t be possible to put the money back in). But it seems kinda unlikely; maybe I’ll move my money out soon, since the rates elsewhere keep going up.

BBT
BBT

Looks like the save pocket is only 1% now.

Penny

both savings and auto-save are showing 3% for me

sg77

Auto-Save is still 3% for me, but Savings now says 1% (on both the website and the app). It was 3% for me previously; seems like something changed today. Other people in discord & reddit reported the same thing. Not sure if it’s a bug or if the rate really changed.

Is today the first day the pocket is named “Savings” instead of “Save”? Possibly they renamed it but forgot to change their special case for “Save” earning 3%.

Betelgeuse ㊙️

I’m seeing 3% for savings too.

sg77

It’s fixed now (my Savings says 3% again). On reddit a One employee said it was a bug.

BBT
BBT

Argh, pulled out money too soon then. Stupid bug. Thanks

Snowy
Snowy

Did anyone randomly get interest paid today in their Save account? I got credited $0.17 in my Save pocket around 11:30am EST. Nothing in my Auto-Save pocket though.

Betelgeuse ㊙️

Is the savings account type savings or checking? I linked one to my external account and the savings showed as checking?

sg77

checking

Betelgeuse ㊙️

Thanks! I didn’t know.