OnePay is streamlining its banking offerings and increasing perks for account holders.
About the Changes to OnePay:
The Walmart-backed neobanking app OnePay is making some big changes. Effective as of August 1st, the app’s Banking+ service will be discontinued. Instead, the benefits of that tier will be extended to all customers.
Previously, Banking+ could be unlocked by receiving qualifying direct deposits of at least $500 a month or by maintaining a balance of at least $5,000 a month. Now, this will no longer be a requirement for customers to earn a higher APY, up to 3% cashback on a selected category, and more.
Starting with the APY, all customers can currently earn 3.35% on Savings balances — up from 1% previously. Next, each month, account holders can select one eligible category to earn 3% back on when they use their OnePay debit card. Specifically, customers can choose between three categories: Walmart, dining, or gas purchases. Moreover, this 3% rate is capped at a total of $150 in purchases per month. Other perks now available to all customers include free cardless withdrawals at Walmart Money Centers or Customer Service desks and access to Credit Builder Loans. However, that latter benefit will only be available to those with OnePay accounts before September 1st, 2026.
Despite these particular perks going universal, a few features will still need to be unlocked. Customers who receive at least $500 in direct deposits monthly may be eligible for OnePay’s Fee-Free Overdraft program and may be able to borrow up to $400 with OnePay Advance. The mobile check deposit feature will also be available to those who meet the direct deposit requirement.
My Thoughts:
At a time when other neobanks are adding extra tiers and requirements to their products, it’s cool to see OnePay bucking the trend and going the opposite direction. Personally, I’ve been annoyed by the additions of these tiers since Chime introduced a third tier to its program and I saw my APY take a hit when I couldn’t meet the new, higher requirements. In contrast, it was a great surprise to see my OnePay APY increase — leading me to consider moving the money I have in Chime over to OnePay.
That said, if I can nitpick one thing, requiring a certain level of direct deposits in order to use mobile check deposits seems like a Catch-22. I’m not sure what the logic is here, but I think the app should reconsider this one aspect.
Other than that, though, kudos to OnePay for seemingly making a customer-friendly change!
