Budget

Pockets overview

When you first open your One account, you’ll notice a few standard Pockets are waiting for you inside. Pockets are where your money will be stored for easy access to spend, save, and share! We’re covering everything you need to know about Pockets, no matter if you’re just getting started with us or have been a long time user looking to maximize all the Pocket benefits available. Follow along below to learn more about the features of every Pocket One offers along with the top frequently asked questions.

 

Getting started with Pockets

When you first log into your One account, you’ll notice there are 3 Pockets already created to help you on your financial journey. Every One account has a Spend Pocket, Save Pocket, and Auto-Save Pocket to get you going. Let’s give a brief overview of what they do and why you’ll love them.

 

 

Spend Pocket

This Pocket kick starts your spending from your One account. After you add funds to your account, you can start making purchases that get pulled from the Spend Pocket funds. 

Pro Tip → You can change what Pocket your One card spends from at any time (and as often as you’d like) in the One app!

The Spend Pocket also comes with an optional feature: Credit Line. If you’d like to have an overdraft protection plan that opens a line of credit versus declined transactions, you’ll want to turn on this feature. Find it in your Spend Pocket by tapping on the 3 stacked dots in the upper right-hand corner, then toggle it “on.”

One offers a Credit Line to help you access a built-in safety net when you need extra money. It can help you fill in a financial gap or avoid using high-interest credit through traditional credit cards. If you repay the borrowed balance within the month you borrowed, there’s no interest! If you choose to carry a balance into the next month, you’ll pay 1.00% per month (12% APR). APR (annual percentage rate) is the fee amount you pay each year to borrow money shown as a percentage. 

Did you know? One was named NerdWallet’s Best Checking Account with Overdraft Fee Avoidance in 2021.  

 

 

Save Pocket

This Pocket was made to help you build up your savings at an industry-leading rate: 1.00% APY.* APY (annual percentage yield) is the percentage rate that reflects the total amount of interest paid on your account balance. You’ll be able to save up to $5,000 at 1.00% APY* in this Pocket! Start saving up for long-term goals or get in the habit of putting extra income aside for a rainy day, aka an unplanned expense. 

Pro Tip → You can increase your savings potential to $25,000 in the Save Pocket by adding a qualifying paycheck direct deposit.

 

 

Auto-Save Pocket

This special Pocket helps you to save automatically. There are 2 ways to put your savings on auto-pilot in the Auto-Save Pocket. 


Card Auto-Save

Earn 3.00% APY* on card round ups. We’ll automatically round up every One card purchase to the next dollar, and we’ll transfer the difference from your Spend Pocket to the Auto-Save Pocket automatically.

Pro Tip → There are no contribution limits using card Auto-Save in the Auto-Save Pocket!

 

 

Paycheck Auto-Save

Earn 3.00% APY* by saving up to 10% of each qualifying paycheck direct deposit (up to $1,000/month).

 

 

You’ll want to turn on both of these features to enjoy the reassuring feeling of knowing that you’re auto-building a savings nest egg in the background while living your life. 

Turn on both ways to automatically save in your Auto-Save Pocket by tapping on the 3 stacked dots in the upper right-hand corner, then toggle both card Auto-Save and paycheck Auto-Save “on.” Then adjust the percentage (1-10%) you’d like to save with every paycheck direct deposit. Don’t forget! You’ll need to set up a paycheck direct deposit, too.   


 

Organize Your Money With Pockets

Ready to dive deeper into Pocket creation and how to share Pockets with your people? First things first, One customers can create as many free Pockets as they’d like. Go wild and get hyper-organized! Secondly, every Pocket has an individual account number, so you can share individual Pockets with other people while keeping additional Pockets private.

Pro Tip → All Pockets can be shared with other One customers except the Auto-Save Pocket.

 

How do I create my first Pocket?

  1. Open One app and sign in to your account.
  2. Tap “+” grey circle button under the Auto-Save Pocket.
  3. Tap “Create a Pocket.”
  4. Name your first Pocket or choose a popular Pocket from the list below.
  5. Tap “Create Pocket.”
  6. Tap “Add money” to fund this new Pocket.
  7. Tap “Share Pocket” if you’d like to invite one or more people to join your Pocket.
    Everyone who joins the Shared Pocket will be able to manage the funds inside.

  Pro Tip → A Pocket’s name has a 21 character limit, but One supports emojis!

 

 

Sharing Pockets With Your People

Now that you’re a Pocket creating pro let’s start sharing Pockets with people to help organize your life and goals. Share Pockets are a great tool to pool money with people in your life. Anyone who joins the Shared Pocket will be able to manage the funds in the Pocket. Create and share Pockets to budget, spend or save together!  

 

How do I share a Pocket I’ve created?

  1. Open One app and sign in to your account.
  2. Tap the Pocket you’d like to share.
  3. Tap the 3 stacked dots in the upper right corner.
  4. Tap “Share Pocket.”
  5. Options on how to share will automatically pop-up. Choose who and how you’d like to share this Pocket.
  6. Share the Pocket with one person or a large group!

    Pro TipInvite your people to One and you’ll both earn a $50 bonus!**

 

Clearing Old Pockets Off Your Dashboard

Maybe your Shared Pocket has run its course. You bought the group gift, reached the shared goal, or created it by mistake. Deleting a Pocket is super easy!

 

Here’s a helpful checklist before deleting:

✓ The Pocket balance is $0. If there are funds in the Pocket, transfer them to another Pocket.

✓ If it’s a Shared Pocket, let everyone know you’re deleting it.

✓ If your One card is assigned to this Pocket, make sure to point it to a new Pocket.

✓ Double-check you don’t have any pending payments, refunds, or transactions associated with this Pocket.

✓ Delete any scheduled transfers (if applicable).

 

How do I delete a Pocket I’ve created?

  1. Open One app and sign in to your account.
  2. Tap the Pocket you’d like to delete.
  3. Tap the 3 stacked dots in the upper right corner.
  4. Tap “Delete.”
  5. Tap “Confirm.”

Pro Tip → Only the creator can delete a Shared Pocket.
Pro Tip → Pocket’s can be renamed instead of deleting.

 

How do I leave a Shared Pocket?

  1. Open One app and sign in to your account.
  2. Tap the Pocket you’d like to leave.
  3. Tap the 3 stacked dots in the upper right corner.
  4. Tap “Delete.”
  5. Tap “Confirm.”

 

 

Does One offer joint accounts?

One offers something even better than joint accounts…we have Shared Pockets! Shared Pockets provide better flexibility and organization. You’ll be able to customize what finances are shared and what finances stay separate. Shared Pockets also eliminates the need for constant “pay me” requests!  

 

Are Pockets new accounts?

Nope! Technically they aren’t new or separate accounts. You’ll only have one account with One. Think of the Pockets as sub-accounts of your main One account and each Pocket has a unique account number so you can transfer money in and out of specific sub-accounts. 

 

What is a sub-account?

They’re separate accounts (Pockets) listed under your existing One account. Sub-accounts aka Pockets are free to create. They offer an easier way to manage your money because you can: 

  • Create a new Pocket without any new paperwork or hoops to jump through. 
  • Share an individual Pocket with a friend, partner or family member rather than the whole account.
  • Move money instantly between Pockets to organize and budget.
  • Have a better overview of your finances with the ability to separate spending, saving, and sharing rather than a lump sum sitting in one account.

 

New Feature Rolling Out! Scheduled Transfers

The Scheduled Transfers feature allows One customers to set schedules for how much money automatically transfers between two Pockets or between a Pocket and a linked bank account. Scheduled Transfers can be set up as weekly, every other week, or monthly. (Transfers on the 29th, 30th, or 31st will fall on the last day of the month in shorter months.)

 
Examples:

Transfer $20 from [Spend Pocket] to [Repair Pocket] on the 15th of every month.

Transfer $100 from [Linked Bank Account] to [Grocery Pocket] on the 3rd of every month.


Automating Pocket funding and creating custom funding schedules can now replace any manual transfers to external accounts or individual Pockets. Get ready to enjoy budgeting automatically! Set your funds to go where and when you need them.

Please note, this sets the day your transfer is initiated. If your transfer is between Pockets, it will happen immediately on that desired day. If it’s from or to and external institution, there can be a multiple business day delay in funds availability based on the external financial institution.

If you would like more information about Pockets, visit our Help Center.

 

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*Annual Percentage Yield effective as of 9/1/2020 and subject to change. 3.00% APY available on all Auto-Save balances. Maximum contributions of up to $1,000 per month in paycheck Auto-Save and no maximum contribution for card Auto-Save. 1.00% APY available on Save balances up to $5,000, up to $25,000 with a qualifying paycheck direct deposit.

**Receive up to $500 when you invite up to 10 people to join One. You will receive a $50 bonus for each person who signs up with One using your unique referral link and adds a qualifying paycheck direct deposit of $250 or more in a single transaction. Referred users must add their recurring paycheck direct deposit to their One account starting 12:01am PST on 12/28/20. The bonus will be deposited to the user’s Spend Pocket soon after the referred user completes a direct deposit. If a paycheck direct deposit is not recognized, please submit this form so that the correct team may assist you. Excludes money transfers and peer-to-peer payments. Learn more about what qualifies as a paycheck direct deposit here.

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