When it comes to traditional banking, it feels like most financial establishments cater to audiences with sizable incomes. Why? When customers have more money to deposit, save, invest, and spend on banking products, banks have an increased opportunity to raise their bottom lines. However, there are really only a small percentage of consumers that fall into this high income bracket.
Those with smaller paychecks, savings, or a limited need for banking products, are usually left with the bare minimum regarding perks, service, and customer experience when it comes to banking. Luckily ONE, a bank founded in Sacramento, CA, in 2019, has stepped up to the plate to offer comprehensive assistance to everyday consumers.
Security is a significant concern for banking customers of all income levels. Many are fearful that hackers will access their accounts, leaving them penniless and stressed. Although funds deposited into an accredited bank account are FDIC insured, ONE takes things a step further to put its customers’ minds at ease.
ONE’s 256-bit AES level encryption applies to all consumer data and is among the best in the banking industry. Customers can use biometrics like fingerprints and face IDs to access their accounts on the ONE mobile app. ONE also offers real-time transaction alerts with the ability to quickly report a lost or stolen card and block transactions instantly.
Say Good-Bye to Banking Fees
When you work hard for your money, you don’t want to give a portion of it to your bank for miscellaneous fees. Traditional banks charge customers for minimum balances, maintenance, ATM usage, wire transfers, foreign transactions, overdrafts, and insufficient funds. These fees can average almost $290 a year.
However, high banking fees are not an issue for ONE customers. ONE believes in helping customers to keep as much of their hard-earned money as possible. They don’t charge fees for everyday transactions and their Overdraft policy gives customers a $200 safety net that can come in handy in a pinch (all overdrafts must be repaid, and interest accrues at 1% a month).
Budgeting Tools For Financial Wellness
Oftentimes budgets are good in theory but difficult to pull off in practice. By the end of the pay cycle, accounts can be tapped out and it’s hard to track where your money went. ONE’s Pockets serve as a unique budgeting tool to help customers attain financial wellness and stick to a budget.
Pockets are sub-accounts connected to a ONE debit card. There are three standard Pockets called Spend, Save, and Auto-Save. The Spend Pocket serves as the primary account where customers receive funds from various deposit or transfer sources. The Save Pocket is a high-yield option that occurs at a whopping 1.00% APY. The Auto-Save Pocket is an option where ONE rounds daily transactions to the nearest dollar and transfers the change to the Auto-Save feature, which accrues 3.00% APY.
For customers that wish to improve their budgets, Pockets can be customized to correlate with their monthly bills and expenses. You can create a Pocket for housing, groceries, transportation, healthcare, pets, tuition, debts, and other financial obligations. Transfer funds from the Spend Pocket to customized Pockets and complete transactions using the appropriate sub-account.
Continued use of Pockets enables customers to track their expenses, eliminate wasteful spending, increase their savings, and accomplish financial goals.
While ONE is new to the banking industry, they’re making significant headway in improving the lives of everyday consumers. With top-notch security features, zero fees, high-yield savings opportunities, and budgeting resources, customers get an all-around positive experience that ultimately leads to improved financial wellness. If you’re interested in a bank that caters to consumers of all income brackets, then opening an account with ONE is a great option.