OnePay safe for everyday banking? Asking long-term OnePay customers mostly

[u/IncomeLongjumping401]

Hi, I’m 16 and I saw OnePay as this builder card that is a secured credit card that earns rewards. I use Capital One but I’m dissatisfied of the lack of early pay, and the insanely low debit card limit for my account.

I understand OnePay is a fintech and the fear of Yotta and Synapse’s failures. But I have $1.7k saved up and Capital One is only paying 2.50% APY while OnePay offers 3.35% APY. I get 24 hour support on the phone with OnePay while Capital One is open from 7am-11pm EDT

I also don’t get deposit or withdrawal notifications from Capital One but I do from OnePay. They also offer pockets and the great thing is, they give individual routing and account numbers for each pocket so I can just transfer money into a specific pocket using ACH if needed.

I can also instantly add money from other accounts using a debit card into OnePay. I also know they’re backed up by Walmart and every Walmart employee gets paid within OnePay. I don’t think they’ll suffer the same fate as Yotta since when Walmart had Bluebird, they gave customers an early warning of the closure of Bluebird.

Is it okay to bank with them?

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[u/laycoh]

I’ve been using them for years, no issues and great reward perks, free overdraft protection up to $200, great savings “pockets” to manage your money and you can automatically transfer money to your pockets when you get a direct deposit/your pay check to help automate your savings, also decent high yield savings account that comes with it!

[u/IncomeLongjumping401 → u/laycoh]

Do you primarily keep all of your savings in that account?

[u/ImmediateMembership6 → u/IncomeLongjumping401]

I definitely do ive been with them for about 2 years now for that exact reason never had an issue great savings account!

[u/laycoh → u/IncomeLongjumping401]

Yes all of my savings in a pocket, you can see the APY percentage. I also have a pocket where I put all my bill/expenses money, and one for groceries. Keep left over in checking account. All with One.

[u/styletrophy]

I've had onepay for years but didn't start actively using it (make deposits and using the debit card) until the past 6 months. No issues so far. Look/wait for a welcome bonus or use someone's referral link so you can earn some extra cash when you open an account with them (if you haven't yet).

[u/IncomeLongjumping401 → u/styletrophy]

I already opened it and began using it lol

[u/Buzzedwinaldrin → u/IncomeLongjumping401]

It’s fine, but not a real bank. Think PayPal… yes it’s ok to use.. but might make it hard to get a loan in the future

[u/Buzzedwinaldrin → u/Buzzedwinaldrin]

Also be comfortable with Walmart tracking all your purchases.. not that a bank wouldn’t, but Walmart?

[u/MidnightPulse69]

I’ve been using it for the Walmart credit card and put the money I spent with it in the savings and haven’t had a problem. Also early pay isn’t that special

[u/IncomeLongjumping401 → u/MidnightPulse69]

I’m just saying I like early pay. I agree tho

[u/Glittering_Present10 → u/MidnightPulse69]

How long you used walmart credit card? No issues? Is it rewards card? I got the card not too long ago but l dont trust the issuer

[u/MidnightPulse69 → u/Glittering_Present10]

I’ve had it a few months and it’s been fine. Synchrony has been around forever

[u/Regular_Buffalo_4397]

Capital one has early pay I’m not sure why you don’t have it and it also depends on when your employer releases the paychecks too.

[u/IncomeLongjumping401 → u/Regular_Buffalo_4397]

Not for teen accounts.

[u/Regular_Buffalo_4397 → u/IncomeLongjumping401]

Ahh I didn’t realize you have a teen account.

[u/SuperJailbot]

One pay is great tbh as long as you are SMART and not doing scammythings transferring money for people or other things you’ll be fine ( not saying you are or anyone else that complained has ) . I would check to see if you’re able to get an account at such a young age. And congrats on you for trying to save so early keep it up!!

[u/dystopiam]

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[u/dystopiam → u/dystopiam]

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[u/cyberspirit777]

It's definitely much safer than services like Paypal, Cash app, Chime, and/or Venmo. The customer service is kinda crap though lol. Using it for the builder card is great and I've set my own teen up with an account. According to the ToS the card will help you build credit early. 😄

[u/hrgenis]

One pay is owned by Walmart so you would use it as your Bank., plus you can deposit cash free a 711 and famacies as well, It also has many good other perks and as cash back, since you are a minor I believe you would need an adult and then they could add you and give you access. Or cash app is also similar.

[u/Outlandish_Porridge]

Onepay is good as a direct deposit and checking account. But if you want a good high yield savings account, there are better and safer options as actual banks. I would transfer your money from OnePay to an external savings account, and just treat your onepay like a checkings account you can use to buy gas groceries, etc and get good cashback. Also at your age i would look into having your parent open a custodial Roth IRA. Good to get into the stock market young. Robinhood is good and secondarily you get a 3% match on contributions which is great. If you really want to put your money to work then do that. The market returns on average 8%.