Down to $125
Update 2/3/25: Rakuten is increased to $250 now
Update 1/27/25: Rakuten is now at $200 (ht Tikky)
Update 1/8/25: The $125 Rakuten is available again, or $100 Swagbucks, or around $107 on MyPoints. There might also be $25 in bonuses from One after signup for completing certain tasks.
One Finance Review
One Finance is a fintech online bank with no fees and no minimums. They are FDIC-insured through a bank partner, Coastal Community Bank, Member FDIC.
- They offer 3.75% APY interest on their savings account. They also have cashback deals for 5% back at select merchants.
They also offer unlimited account creation which they call Pockets that you can create to separate money for various purposes and even share them with other people.
$50 Referral Bonus
Referral Terms | Referrer Terms
One Finance also has a referral program with the following bonuses:
Both referrer and referee get a bonus of $50 when the person signing up receives a direct deposit of $250+You can refer a maximum of 10 people per year.
We’ve created a page where readers can share their referrals. Do not put your referral links in the comments below.
Post History
- Update 11/7/24: Now $125.
- Update 10/15/24: Now reduced to $75
- Update 10/6/24: Now $125/12,500 Membership Rewards points on Rakuten.
- Update 9/17/24: Now reduced to $75.
- Update 9/16/24: Now $125/12,500 Membership Rewards points on Rakuten. Hat tip to DDG
- Update 7/22/24: Rakuten and Swagbucks both offering $75 bonus now; Rakuten requires $200 deposit, Swagbucks requires $30 deposit. There’s also an additional $25 bonus showing in the One app for adding your One debit card to Apple Pay, funding your account, and activating a cash back reward.
- Update 6/28/24: Now $75 signup bonus via Swagbucks for depositing $30 (ht Kory)
- Update 5/13/24: There is now a sign up bonus of $100. You get $75 by going through Swagbucks and depositing $30 and then can get another $25 in app when you link Google Pay. Hat tip to reader Jimmy
- Update 6/27/23: Rate is now 5.00% APY on Savings balances up to $100,000 when you receive $500 a month in eligible direct deposits or have a total daily balance of $5,000 or more.
- Update 9/20/22: Apparently new customers do not get the 3% rate; only existing customers get it as a grandfathered benefit.
- Update 7/20/22: Some One Finance customers got the following email: starting August 8, 2022, your Save Pocket and the current balance in your Auto-Save Pocket will both earn 3.00% APY. Up to $25,000.
- Update
10/19/213/28/22 back again: This is now 11,250 ($112.50) on Swagbucks and 22,500 on MyPoints ($142-$150) via their Revenue Universe walls. Swagbucks link | MyPoints link You should also geta $50 direct deposit bonus offer after signing up and also (sorry, expired)$5 after first debit purchase. (ht Kris) - Update 9/7/21: Now $87.88 on Swagbucks via RevU or $102 via 15,200 MP. Hat tip to Davis.
- Update 8/10/21: Swagbucks is offering $75 for opening an account and setting up direct deposit of $100 or more. Hat tip to CT
- Update 1/13/21: There is a $50 bonus for existing users that add two recurring paycheck deposits of $250 or more to their One account from 1/1/2021 through 11:59pm PST on 3/05/2021. I assume you can’t do this if you do the referral bonus/have done the referral bonus in the past. First direct deposit must be received by 11:59pm PST on 1/31/2021.
- Update 1/1/21: Reposting as referral offer has been increased to $50.
Our Verdict
In the current interest-rate environment, even 1% APY on $25,000 is nice, though it probably wouldn’t get me to change my direct deposit. The more interesting part is the ability to get 3% APY which is terrific. It’s also a soft pull to open the account (no Chex either).
Though limited to 10% of paycheck, there’s no stated limit on how much can earn the 3%; if you have $120,000 in paychecks going to One Finance, you can max this out with $12,000/yr going to the 3% Auto-Save account. According to the current rules, that should be able to continue building year over year as you increase the balance – after 2 years you can have $24,000 earning 3%, after 3 years $36,000, etc. (Of course they can always add a limit or change the rate in the future, but for now it sounds good.)
We’ll add this to our list of Best High Yield Savings Accounts.
Thanks to readers Chris R, AA, and Trey for sending this in.
$300 DD datapoint
Never received targeted email but did see the direct deposit bonus offer in app in January.
2/12/25 – Real DD $2500+
2/26/25 – Real DD $2500+
Terms said payout to occur after 15 business days from promotion end date. After that date passed and I hadn’t received a payout, reached out to CS (4/8/25) and was told the bonus will post this week.
4/9/25 – $300 “Cash Back” bonus posted to savings account.
Data point for a targeted direct deposit offer I got in January:
01/30/25 – Targeted offer received in email – “Peek, you can earn a special bonus” – offer tiers for DD amounts / payouts:
$500 – $1,999.99 – $50
$2,000 – $4,999.99 – $100
$5,000 or more – $300
Did $5000 total in real direct deposits over 3 months.
03/28/25 – $300 bonus posted in the savings.
I had gotten this bonus before the re-brand. I had forgotten to contact us it when received. If I see it again I will.
03/24/25 Opened Account
03/26/25 $502 Push from Wise “Payroll” in reference field and received email that Onepay Cash+ was unlocked for receiving direct deposit
03/26/25 $125 now shows pending in Rakuten
I just logged into my One account for a different reason and then noticed that it shows the following. I received a “Power Up” from 3% to 6% that expires the end of this month. Therefore, I can earn up to $9 in CB this month instead of the normal $4.50.
It’s worth it for all of you to check to see if you received a “Power Up” also.
“Walmart
Earn 3% 6% back
Power Up expires Mar 31, 2025
Cash back earned as OnePay Points. As a Cash+ customer, you’re earning 3 points per $1 spent at Walmart with your OnePay debit card (on up to $150 spent per month).”
The “3%” is crossed out on my screen but the copy/paste didn’t carry over to the DoC website.
I got Double your OnePay Points on all my rewards, including Walmart, Shell, DoorDash. Are you sue you only have Walmart “power up”?
I never wrote that I only received it on WM. 😉
I did notice the others after I made my comment as the WM was by itself on my screen. I guess that some might have some use for DD, 7-Eleven or some of the others.
I was mainly alerting people to look as I probably wouldn’t have if I wasn’t already on the site for another reason.
Thanks for clarifying. I had wondered if the term “power up” was a different offer as I didn’t see that in my app. Have a 24% for Shell up to $10 I might take advantage of today. Thanks for pointing this out.
About 30 minutes ago, I received an email from One with the subject “Power up your OnePay Points”. I’m just curious, did you receive that email too?
The reason I ask is because you noted that you didn’t see “power up” mentioned when you logged in yesterday but I did.
I just noticed that I replied exactly 24 hours after your reply to me. 😀
One Finance has rebranded as OnePay.
Updated, thanks
I wrote about the changes starting here: #2015724 .
Cashback confirmed after completing requirements 2/3/25. Have to wait until 5/15/25 to get paid by rakuten unfortunately. Anybody close the OneFi account yet?
Same here, opened 1/27 for $200, just went confirmed today. Just missed the 2/1 cutoff for 2/15 payment, will get paid on 5/15.
I have not closed yet. The first 10 days I was getting great wal mart offers, I was gonna keep but no offers since. Not worth keeping just for 3% there. I’ll close once I get my Rakuten check.
Might be worth keeping account for targeted offers. For example, someone mentioned that they received the following offer in January: https://safecorp-us-east-1-production-backend-assets.s3.amazonaws.com/terms-and-conditions/t/7f2c9d98/OPOC300TieredCashBackDirectDeposits.html
My $200 cashback at Rakuten was confirmed today.
01/27: Account opened
02/04: $500 Schwab transfer – received email that Rakuten cashback went to pending and also alerts on app that DD was received
02/04: Withdrew $500
03/03: $500 Treasury Direct deposit
03/04: Withdrew $500
03/22: $200 cashback confirmed on Rakuten
Thanks for your DP that prompted me to check on Rakuten and saw my $250 moved from pending to confirmed!
2/3 Applied, instant approved w act#
2/7 PSECU push in $505, arrived same day; Rakuten emailed $250 Cash Back is in your pending balance
2/10 Used One Pay wallet at Walmart; $15 posted to Savings
2/14 Pull $ out, leave $1 in
3/22 Saw $250 Cash Back “confirmed” at Rakuten
5/15 Rakuten will send $250 Big Fat Check Payment to Paypal
Another DP that sending $500 + from Wise and adding “Payroll” in the comment on Wise side triggers the bonus, in fact Rakuten email congratulating me came same day as the Wise xfer. Cant say if adding payroll comment is necessary but doesnt hurt!
I’m confused on how people are sending the money to the account, I linked using Plaid. I’m using Chase. What do people mean by ‘pushing’ from Chase? Can someone please provide detailed steps for the process?
You link your One Checking account to your Chase account on Chase’s website via test deposits using One’s routing info. You then do an ACH transfer from Chase to One using Chase’s site.
Thank you, I appreciate the response.
Go to Chase…. “add an external account” in Chase. Get the account and routing numbers from One, and add those as the external account within Chase.
Then, once the account is verified/active, FROM Chase, transfer money TO One. This is what the “push” is (vs a “pull” which would be initiated FROM One).
Make sense?
Got it, thank you for explaining. I’ll have to wait for my money to settle because I already did the plaid transfer. My only concern now is that it won’t code as direct deposit after I transfer it back and then ACH push from Chase (since theyve already had an interaction with my bank via Plaid). Any thoughts on this? Thanks to both of you for your help.
Hey Money, just keep the $500 in One Finance and spend it down through the app and debit card.
In my experience, once you have banks “linked” via Plaid, when you transfer money between them you have a fairly high chance of it being sent as a “real time payment”, which codes as RTP and does NOT count as “direct deposit”. This is another reason I prefer to almost never link banks via Plaid (though it’s mostly a privacy concern for me).
Of course, I can’t say for certain in this situation. It’s very possible you can “push” just fine without it being RTP. Perhaps some others have solid data points about it.
Gotcha, thanks man! That makes a lot of sense. I saw a datapoint about Ally being used, so I’ll try pushing from there or Discover if that doesn’t work.
Posted this the other day but got wiped out in the rollback:
2/3 signed up through the Rakuten link. Never tracked in the “shopping trip” field
2/4 pushed $500+ from Wise personal with “Payroll” in reference field. Coded as direct deposit and also “unlocked” OneCash+
2/26 e-mailed Rakuten customer service about my offer not tracking and never showing up in the “shopping trip”
3/11 received e-mail from Rakuten that my $250 is “pending”
Thanks for posting this. I, too, am in the same boat. Opened 4/8 and did Chase Biz DD 4/9 which was confirmed by app (OneCash+ unlocked) but didn’t receive Rakuten email or see the offer tracking. Now I know what to do and when to do it.
Good luck! My Rakuten is scheduled to payout to PayPal on 5/15.