One Finance recently rebranded to OnePay and are now offering a $125 cash bonus through Rakuten.
OnePay is a fintech company that works with Coastal Community Bank and Lead Bank (both Member FDIC) to offer banking services. They offer OnePay Cash, which comes with a debit card that offers cash back, no monthly fees, and 3.75% APY on your savings with you use OnePay Cash+ (requires $500+ monthly direct deposit and $5,000+ balance).
If you open an account through Rakuten and meet certain conditions, they’ll send you $125.
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How to get $125 from OnePay
This bonus is offered through Rakuten, not from OnePay directly, and so you will need to sign up for a Rakuten account if you don’t already have one. If you use my referral link, you will get an extra $30 cash back when you fulfill this offer.
Once you have an account, go to OnePay page on Rakuten and review the terms. To get cashback, you have to open an account and complete a direct deposit of $500+ within 45 days of signup. The qualifying first direct deposit must be an automatic payment method, such as a paycheck, gig platform payments, retirement payments, or government benefits. Person to person transfers like Venmo or PayPal won’t count nor will an ACH or debit card funding.
If you run into any problems, you need to reach out to Rakuten for the bonus as it’s being offered through them, not OnePay.
Remember, if you use this referral link, it’s an extra $30 in cash back.
👉 See the OnePay offer on Rakuten
How does this bonus compare?
The cash back bonus offer on this varies throughout the year, probably based on how badly OnePay needs new customers. I’ve seen it as high as $250 and $200, so $125 is a bit on the lower side.
For a single $500 direct deposit, the offer is OK. You may want to wait until it’s a bit higher or, if you don’t feel like waiting, pull the trigger now.
Here are some other offers:
U.S. Bank – up to $400
Earn up to $400 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through May 6, 2025. Member FDIC.
Get started with an initial deposit of $25 within 30 days. Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
Barclays – $200
Barclays Bank will give you a $200 if you open a new savings account and deposit $25,000 within 30 days of opening the account and maintain at least $25,000 in that account for 120 days. The savings account also pays a competitive interest rate of up to 4.40% APY while you wait.
BMO Checking – $350
BMO is offering a $350 bonus* when you open a BMO Checking account and have $4,000 in qualifying direct deposits within 90 days of opening. It is a very straightforward offer that is available nationwide.
*Conditions apply
Bank of America – $300 Bonus Offer
Bank of America offers a $300 Bonus Offer cash bonus if you open a new account and Set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $300
Chase Bank will give you $300 when you open a Total Checking account and set up and receive direct deposits totaling $500 or more within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!
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About Jim Wang
Jim Wang is a forty-something father of four who is a frequent contributor to Forbes and Vanguard’s Blog. He has also been fortunate to have appeared in the New York Times, Baltimore Sun, Entrepreneur, and Marketplace Money.
Jim has a B.S. in Computer Science and Economics from Carnegie Mellon University, an M.S. in Information Technology – Software Engineering from Carnegie Mellon University, as well as a Masters in Business Administration from Johns Hopkins University. His approach to personal finance is that of an engineer, breaking down complex subjects into bite-sized easily understood concepts that you can use in your daily life.
One of his favorite tools (here’s my treasure chest of tools, everything I use) is Empower Personal Dashboard, which enables him to manage his finances in just 15-minutes each month. They also offer financial planning, such as a Retirement Planning Tool that can tell you if you’re on track to retire when you want. It’s free.
Opinions expressed here are the author’s alone, not those of any bank or financial institution. This content has not been reviewed, approved or otherwise endorsed by any of these entities.
