ONE: Better Banking Solutions For The Modern-Day Consumer
What is it that the average consumer wants from their bank? That’s a question that many people are starting to ask themselves. More than a place to deposit and store money, a bank should serve as a hub that assists account holders in acquiring financial stability. Consumers want to do business with banks that offer quality customer service, low fees, high-interest rates, and products and services geared toward better financial management and increased wealth.
Today’s tech-savvy consumers also expect comprehensive online banking tools that are accessible 24/7, user-friendly, and conducive to managing everyday financial transactions. ONE took this as a call to action to provide its customers with the most efficient banking solutions possible.
What is ONE?
ONE is an online bank founded in Sacramento, CA, in 2019. The agency’s goal is to provide innovative banking solutions that simplify financial management for customers from all walks of life. ONE continues to work diligently to offer a stress-free banking opportunity that makes receiving, spending, saving, budgeting, and borrowing money possible for everyone.
What Makes ONE Different?
What makes one different with hundreds, if not thousands of physical and online banks available to consumers today? In other words, how does ONE help its customers bank smarter? The answers just might surprise you.
No Fees Or Minimum Deposits
Earning a living is already hard enough. You work long hours only to have a portion of your income allocated to taxes, healthcare costs, insurance, and other deductions. The last thing you want is to have to cough up more cash to open or maintain your bank account.
If you add up the $2 ATM fees, $10 monthly maintenance fees, $12 minimum balance fees, and other costs other banks charge over a year, chances are you’re watching hundreds of dollars go down the drain. ONE customers can keep more money in their pockets as there are no fees or minimum deposits.
Early Direct Deposit
While it would be nice if money problems would only arise on payday, that simply isn’t the case. Whether it’s a utility bill with a shutoff notice attached or the need to acquire extra gas money for the week, you never know when you need access to quick cash. That’s why ONE customers appreciate early direct deposit. They can receive their paychecks up to two days earlier to handle the bills and unexpected expenses sooner rather than later.
Higher Interest Rates
Banks offer customers interest on funds deposited into savings. Unfortunately, that average 0.06% APY applied won’t amount to much. Banking customers that wish to save more will ultimately have to deposit more into savings or get a different account that requires higher initial deposits and minimum monthly balances. ONE wants to help their customers save more, so they offer 1.00% APY on Savings and 3.00% APY on Auto-Save pockets (sub-accounts).
Most financial institutions offer lines of credit to customers that enable them to borrow money to make every day, emergency, and big-ticket purchases. When used responsibly, consumers can boost their credit scores over time, opening the door for many other financial opportunities. The problem is not everyone meets the requirements to receive a line of credit.
For individuals that want to establish or build credit, ONE offers a credit builder option. There is no application, no separate accounts, or minimum deposits. Customers create a credit builder pocket (sub-account) and deposit funds.
When the credit builder feature is turned on, customers can spend as much or as little of the available funds paying bills and completing other transactions. ONE places a hold on the funds and makes a one-time payment at the end of the month. The timely payments are reported to the major credit bureaus, which increases your score over time.
Today’s consumers need a bank that continues to evolve as their needs change. They prefer to do business with financial institutions that make critical and tedious tasks like money management easier. For many people, ONE has cultivated a banking relationship that far exceeds those expectations. The company has created an innovative platform and banking system that helps support the average consumer in reaching financial wellness.