One (One Finance) review

Nothing to open it. Monthly fees are $0 and the minimum deposit is $0, so an account can be opened and left empty. The cost that matters is sending money, at 1.75% of the transaction amount, minimum $0.25 per transfer.

Yes. Deposits are covered by FDIC up to USD 250,000. Banking services come through Coastal Community Bank or Lead Bank under FDIC oversight, and One also lists licences with the NMLS and the California Department of Financial Protection and Innovation.

The account pays a variable rate of 3.35%, which sits above the 2.6% median for teen accounts on the site. Because the rate type is variable, it can change rather than staying locked for a fixed term.

Access terms are Demand deposit accounts; no limit on monthly withdrawals, so money can be taken out as often as needed and there is nothing to plan around. Payouts go to bank and card destinations once money is on the move.

One is built for teens in the US, and teen accounts make up 31.3% of listings on the site. It is a free, easy-access account rather than a fixed-term savings product with a locked rate.

One runs support through phone, chat and help centre, so a phone line, live chat and a help centre are all in place. Phone is the most common channel among the accounts on the site at 79.5%, and chat is offered by fewer.

It is an easy access account running on Demand deposit accounts; no limit on monthly withdrawals. That leaves the balance available on demand rather than committed to a term, so a fixed-term product would suit anyone saving for a set date.

One is a US company, One Finance, Inc., and its protection sits with FDIC up to USD 250,000. If you are in Europe and want a euro account under a deposit guarantee, bunq or Pixpay FR are the closer match.