Welcome Simple Users | We’re Answering FAQs

With the recent Simple closing news, many users were left scrambling to look for a new home. You aren’t stranded or alone; we’re here to welcome you all to One! There have been many questions and requests coming into One, so we gathered all the ones Simple users have asked the most.

 

How does a Simple account compare to a One Pocket?

At One, Pockets hold your money. When you create your One account your money will be stored in Pockets, similar to how they were organized at Simple.

When you first get started, you’ll have a few default Pockets. A Pocket for spending: Spend Pocket, another for savings: Save Pocket and you’ll have a special Pocket to automatically save: Auto-Save Pocket. The Auto-Save Pocket will need to be toggled “on” but it’s there, ready to be used.

Easily create free and unlimited Pockets around your life and your people. There’s no limit to how many Pockets you can create in your One account. Each pocket has its own account and routing number, so you can transfer funds directly in and out of Pockets from external sources (example: to pay bills).  You can also share individual Pockets with other One users. You’ll also have the flexibility to choose which Pocket is debited when you use your One card by assigning your card to it in the One app. Adjust what Pocket your card points to at any time!

 

Does One connect to Mint?

At the moment, One is not available with Mint but is available on any budgeting tool that utilizes the Plaid exchange network.

 

When will Mint add One?

Mint prioritizes what financial institutions to add based on user demand. If you’d like to see One work with Mint, please follow below for a step-by-step guide on how to request it directly with the Mint team.

Mint users can request One to be added by:

  1. Logging into your Mint account through their desktop website. The app does not support requesting a new bank.
  2. Click “+ Add Accounts” button on the top navigation bar.
  3. Type in a few random letters (typing “One Finance” here will result in hundreds of incorrect results).
  4. Click “Request support for your bank” button.
  5. Type “One Finance” in the Bank name field.
  6. Copy and paste our website URL into the bank web address field: https://www.onefinance.com
  7. That’s it!

We appreciate your support and hope to move up in the line fast if enough requests for One come through!

 

Does One offer joint accounts?

One offers something even better, Pocket sharing! You can create and share as many Pockets as you’d like with any One user(s). This feature helps you get hyper-organized with your finances especially with the ability to slice and dice your finances so you can control who and what Pocket you share. For example: partners can each have their own separate One account but share one or more Pockets with each other for shared expenses like rent, groceries, car payments etc. They’ll both be able to access only the funds within the Shared Pockets while their main One account funds stay separate. Ditch the constant requests for bill splitting and continually ping ponging money back and forth through another app.

 

Can I move money between Pockets? How long does it take? Is there a limit to the amount of transfers?

Yes! It’s easy to move money between Pockets under the “Move Money” tab in the One App. It’s instant, and there’s no limit to the amount of transfers that can be done between your Pockets.

 

What does APY and APR mean? Why does One have higher rates than other brands?

The Annual Percentage Yield, or “APY”, is a percentage rate reflecting the total amount of interest paid to you on your account. Our APYs are based on the interest rates we offer and how often interest compounds (interest on the amounts you contribute plus any interest you have already earned).

The Annual Percentage Rate (APR) is the amount you pay each year to borrow money, including fees, expressed as a percentage.

One is able to offer higher rates because as a digital banking service we don’t have the traditional overhead that brick and mortar banks have. Instead of keeping the cost savings, we put it back into our product offerings, such as the 3.00% APY* One users enjoy in their Auto-Save Pocket, and the 1.00% APY* we provide on existing savings balances (up to $25k for our paycheck direct deposit customers). We’re able to maintain these industry-leading rates to our customers for two primary reasons. First, we focus on generating revenue through interchange (essentially card spending activity, which is driven by the expense that businesses pay to accept credit and debit cards) and fairly priced credit and lending, instead of fees like traditional banks. Second, our savings products are designed to help build, and rebuild, financial wellness, a big component of which is emergency savings and a cushion for unexpected expenses. For customers with very large existing savings balances looking for a place to park their money just to earn returns, we may not be the best option, and that is okay. We are focused on helping to improve and maintain financially healthy habits for our customers, while offering the most compelling and best priced spending, saving and credit options in the market.

 

Can a One account receive a wire transfer?

Yes! All One accounts can accept wire transfers but are not able to send wire transfers. One accounts can also receive international wire transfers. Please contact our team for additional information needed to accept an international transfer.

 

Your feedback is our fuel | One updates coming soon

There’s been a lot of great feedback from Simple users and we’re actively listening, combing through every post and working to update One. Our team is reprioritizing to make sure we fill in the biggest gaps first so our new friends from Simple can feel less anxiety and regain their financial peace of mind. Here’s a quick list of top requested updates (in no particular order) and how we’re approaching them:

 

Scheduled Transfers | Launched 2.10.21

Request Level: High
Status: Shipped
Availability: Currently Available

You’ll recognize this feature as “funding schedule.” It’s automating the funding of expenses and goals. We completely agree this is a feature One needs STAT. Manually allocating funds whenever new money lands in your One account is not fun.

Right now, you can allocate up to 10% of your paycheck direct deposit (up to $1,000/month) to automatically deposit into your Auto-Save Pocket. You’ll earn 3.00% APY* in the Auto-Save Pocket.

Our team imagines that an early version of the recurring transfers feature will allow a user to set similar rules for what money ends up in which created Pocket. Example: $100 to Grocery Pocket on the 3rd of every month.

 

Virtual Cards For Every Pocket | Launched 3.23.21

Request Level: Medium
Status: Shipped
Availability: Currently Available

This feature will help One users who have a very tight management around their recurring expenses. You’ll be able to set up dedicated Pockets, each with a unique virtual card number to pay these recurring bills. Example: a dedicated card to pay for your “Streaming TV” Pocket bill only. We’re also planning to support these cards later in Apple Wallet and Google Wallet to make spending even easier.

 

Remote Check Deposit | Early Access Launched 3.30.21

Request Level: High
Status: Shipped
Availability: Sign Up For Early Access

Grandparents send checks, the landlord still wants a check, work pays you with a check…love them or hate them checks are still a part of daily banking. The ability to deposit checks with your mobile device is in the works.

 

Configurable Overdraft

Request Level: Medium
Status: Currently working on
Availability: Launching Q2

Currently, the only Pocket that has overdraft protection is the default Spend Pocket. This Pocket comes with a built-in Credit Line in case your account dips below zip. We’re currently working on allowing any created Pocket to be auto-filled by available funds in the Spend Pocket when funds aren’t available to fill the transaction in the other Pocket. This update will take a lot of guesswork out of bill payments, including payments that have different amounts each month.

 

MFA/2FA

Request Level: Medium
Status: Currently working on
Availability: Shortly

We recognize that multi-factor authentication is an important security feature and are actively working to get this up and running.

 

Mail A Check

Request Level: Medium
Status: In queue
Availability: Coming soon!

We will soon support the ability to “cut a check” all within the One app. Users will be able to fill in the details and we’ll handle the printing and mailing of the physical check, free of charge! This feature will be in lieu of traditional paper checkbooks. Let’s be honest, those thick books just collect dust in a drawer and only have 1 or 2 taken out anyway.

 

We’re excited to bring these features to life, and know they’ll be a huge step towards getting you back to the kind of stress-free workflows you worked so hard to fine-tune over the years with Simple. Thank you so much for all your feedback! We can’t stress this part enough…keep it coming! With your help, we can continue to constantly improve One.

Get Your One account today!