One, a U.S. digital banking startup, announced earlier this week it has officially launched its services. The company reported it is on a mission to “redesign banking for modern life” by combing digital banking with a full suite of products that traditional banks offer.
Created by founding CEO of PayPal, Bill Harris, and a former Capital One executive, Brian Hamilton, One states it puts the customer, not the customer’s bank, in control of their own money. The platform is a savings, spending, and sharing all-in-one account that connects customers and their money.
“Our mission is to connect people with their money by building a better way to bank, designed for real life, as we know it, today.”
One further claimed it is 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: Introduced a new way to organize money and share it with others, called Pockets. Users may create unlimited Pockets for any spending or savings goal, and share them with anyone in their life, with no fees, no additional paperwork and no hassles of joint accounts, or one-off payment requests.
- An integrated line of credit for flexible spending: Every One account comes with a Credit Line, so users can spend confidently knowing One will cover them if their account dips below zero, rather than charging them overdraft fees like other banks.
- Build healthy financial habits with Auto-Save and industry-leading savings rates: User’s primary One Save Pocket will earn 1.00% Annual Percentage Yield (APY), with no minimum balance required, for balances up to $10,000.
- One card to rule them all: Every One account comes with a Mastercard Debit card that can also connect to users’ mobile wallets; and when users set up direct deposit, they can also use their One card as a credit card.
Hamilton went on to add:
“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.”