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One's Digital Banking Service Redesigns Banking for Modern Life
[September 22, 2020]

One's Digital Banking Service Redesigns Banking for Modern Life

SACRAMENTO, Calif., Sept. 22, 2020 /PRNewswire/ -- Created by the founding CEO of PayPal and a former Capital One executive, One launched today its new digital banking service that redesigns banking for modern life. It combines the technology and convenience of a digital bank with a full-suite of products that traditional banks offer. One was built to meet consumer needs today, especially for middle-income Americans.

According to a new online survey commissioned by One and conducted by The Harris Poll, more than three in five (62%) Americans say traditional banks do not offer middle-income consumers the same quality of customer service as they do the wealthy. And nearly four in five (79%) Americans feel that the wealthy have access to more programs/offerings from traditional banks than middle-income consumers.

"The traditional financial system hasn't caught up to the realities of how people live today. In many middle-income families, couples are choosing not to merge finances, siblings are pooling money to care for aging parents, former spouses are co-parenting, and the list goes on," said Brian Hamilton, Co-Founder and CEO of One. "Consumers have to stay on top of multiple banking and credit accounts, creating a lot of anxiety. We knew there could be a better way to bank, which is why we created One—banking that supports you and simplifies your finances, alleviating some of the stress that the fractured financial products market has forced upon us."

One has redesigned the key fundamentals of banking, with an innovative approach designed for real life and real people. It's the first digital banking service to seamlessly combine saving, spending, sharing and borrowing into one account, with one card. One offers:

  • A new and easier way to spend and share money with family, friends and more
    One has introduced a new way to organize money and share it with others, called Pockets. You can create unlimited Pockets for any spending or savings goal, and share them with anyone in your life—with no fees, no additional paperwork and no hassles of joint accounts, or one-off payment requests. Whether you want to set aside money for future travel or pool money for household expenses with a roommate, Pockets aim to remove money friction from your relationships and give yo clear visibility, flexibility and more options. Your One card can be connected to any Pocket so you can easily pay for expenses with money you've allocated to a specific Pocket, and others you've shared the Pocket with can spend from it with their One card as well.
  • An integrated line of credit for flexible spending

    Every One account comes with a Credit Line, so you can spend confidently knowing One will cover you if your account dips below zero, rather than charging you overdraft fees like other banks. If you pay it back within the calendar month, you pay no interest. If you need to carry a balance into the next month, you pay 1.00% per month (12% APR) on any amount borrowed. And when you set up a recurring direct deposit of your income, which could be a paycheck, or social security check (all approved sources can be found here), you become eligible for a larger Credit Line—up to the size of your paycheck or monthly income.
  • Build healthy financial habits with Auto-Save and industry-leading savings rates
    Your primary One Save Pocket will earn 1.00% Annual Percentage Yield (APY)*, with no minimum balance required, for balances up to $10,000. When you sign up for paycheck direct deposit, you can automatically set aside a portion of your paycheck (up to 10%) at 3.00% APY* with Auto-Save—one of the most competitive rates available today, and one of the easiest ways to build emergency savings in today's unpredictable world. And, everyone who joins One has the option to automatically round up your One card spending to the nearest dollar, depositing the difference into your Auto-Save Pocket that earns 3.00% APY*. It's set-it-and-forget-it saving.

    *APY effective 9/1/2020, subject to change.
  • One card to rule them all
    Every One account comes with a Mastercard Debit card that can also connect to your mobile wallet; and when you set up direct deposit, you can also use your One card as a credit card. It also works with Mastercard Tap & Go® contactless payments technology, making purchasing items easier and touch-free.
  • Customer support that goes above and beyond what other digital banking services offer
    One doesn't automate customer support. You can schedule a call at your convenience with our Customer Experience team. Because everybody deserves great service from their bank, not just the wealthy.

"I switched from Chase, and now One is my primary bank. I love the app's easy-to-understand design. And the Line of Credit really helps manage unexpected expenses," says Justin, a customer based in Kansas City, Kansas.

One is free to download on iOS and Android and is available on the web. There are no fees or minimum balances. To sign up for One, visit

About One
One is the first life-based banking service, combining saving, spending, borrowing and sharing money in one account. Based in Sacramento, One was founded in 2019 by Bill Harris, the founder and former CEO of Personal Capital, and Brian Hamilton, the founding CEO of Azlo and a former SVP at Capital One. One is backed by Foundation Capital, Core Innovation Capital, and Obvious Ventures. One's banking services are provided by Coastal Community Bank, Member FDIC. For more information visit

This survey was conducted online within the United States by The Harris Poll on behalf of One from Sept 1-3, 2020 among 2,054 U.S. adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact

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