One, a US challenger hoping to reinvent banking for middle class families, has publicly launched following its beta testing.
One’s debit card offers a mixture of current, savings, and credit services.
Users can earn a 1% annual percentage yield (APY) on savings up to $10,000 via the basic One account. With a pay cheque direct deposit account, they can earn a 1% APY on up to $25,000.
Whilst the basic account offers a small no-fee credit line to avoid overdraft fees, the direct deposit account allows users to increase their credit line to the size of their pay cheque.
There’s no interest when users repay within the month they borrow. But if they do carry over a credit balance into the next month, they pay 1% per month (12% APR) on the amount borrowed.
Both accounts also offer an auto-save feature. Whilst the basic account offers 3% APY on round up savings, the direct deposit account allows users to save 10% of their deposit at the same 3% APY.