One, formerly One Finance, is a mobile banking app that is offering a 3.75%1 APY on their high-yield Savings with no monthly fees or minimum balances. This fintech platform is also currently providing a $125 welcome bonus for new customers! Full details below.
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Offer #1: One $125 Sign-Up Bonus via Rakuten
One is offering a $125 welcome bonus when you sign up via Rakuten and complete a minimum first direct deposit of $500 within 45 days of signup. If you’re not a Rakuten member yet, register for a free account and you can earn an additional $30!
Step-by-Step Directions:
- Register for a Rakuten account (if you don’t already have one) using this link.
- Open a One account using this Rakuten page.
- Complete a minimum first Direct Deposit of $500 within 45 days of signup.
- Receive $125 cash back that will automatically be added to your Rakuten account within a few weeks.
Offer Terms & Conditions:
- Exclusions: Cash Back is distributed by Rakuten and not One.
- Cash Back is only available for new customers, one per Rakuten account, who open a One Cash account through a Rakuten link and complete a minimum first Direct Deposit of $500 within 45 days of signup.
- The qualifying first Direct Deposit must be an automated payment method where funds, such as paychecks, gig platform payments, retirement payments, or government benefits like unemployment payments or Social Security, are electronically transferred to your account.
- Payments or transfers through person-to-person providers such as Venmo, PayPal or Cash App are not considered a Direct Deposit.
- Cash deposits, mobile check deposits, wire transfers, One to One transfers, and ACH funding or debit card funding transfers initiated from the One app also do not qualify as Direct Deposits.
The Bottom Line
Great and easy bonus. The One app doesn’t use ChexSystems so you should be approved even if you signed up for number of bank bonuses recently. I’ll add this to the list of the best bank bonuses.
One banking is also interesting. Besides the competitive APY for savings, it also offers a debit card that earns up to 5% cash back on select brands and 3% cash back at Walmart and Walmart.com (up to $50 per year with eligible deposits).
To receive 3% cash back at Walmart though, you need to complete $500 or more of eligible direct deposits in the previous month OR have a total account balance of $5,000 or more.
One is a financial technology company, not a bank. Banking services provided by Coastal Community Bank, Member FDIC.
13.75% annual percentage yield (APY) applies to the Savings balance of One Cash customers who either (i) received $500 or more of Direct Deposits in the previous month or (ii) have a total daily account balance of $5,000 or more. 3.75% APY is also earned on Pay Autosave and ONE@Work Save balances without these deposit or balance requirements. In all instances, 3.75% 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 12/20/2024, but may change at any time before or after account opening.