One Finance $50 Referral Bonus – Step By Step Guide

One Finance is a fintech bank that is currently offering a $50 signup bonus if you open an account using a One Finance referral link and have a direct deposit of $250 or more. 

This is a 100% free bank account with no minimum balance requirement, so this is an easy account you can earn the bonus with and not have to worry about managing.  

How To Earn Your One Finance $50 Referral Bonus 

The steps to earn your $50 referral bonus is straightforward. You have to do two things – once you meet both requirements, you’ll get your $50 referral bonus: 

1. Open a One Finance account using a referral link (here’s my One Finance referral link).
2. Have a direct deposit of $250 or more. 

Opening the account is a soft pull and has no impact on your credit score or credit report. The signup process is really easy and should take you 5 minutes at most to complete (I opened my account in just a few minutes). 

Meeting the $250 direct deposit requirement is a little bit trickier. At the moment, it appears that you need an actual employer direct deposit, so you should only open this account if you have an easy way to meet the direct deposit requirement. I’m able to meet this requirement easily because my wife’s payroll system allows her to divide her paycheck between as many different bank accounts as she wants (she uses a payroll system called Gusto). We set it up so that $251 of her next paycheck goes into my One Finance account and $251 goes into her One Finance account. If you have a similar payroll system that allows you to easily change your direct deposit, then I would definitely take advantage of this bonus. 

Remember, you only need one direct deposit, so you can change your direct deposit to this account one time, then change it back to your regular account after you meet the requirements. 

The terms state that your bonus will post within 10 business days of your direct deposit. Mine appeared to post instantly after I made my direct deposit, but I can’t guarantee that will happen for everyone. If you don’t see your bonus right away, give it 10 business days. 

Refer Your Friends And Family Members To Maximize Your Bonus 

The important thing about One Finance is that once you open an account, you get a referral link that you can use to refer other people. You can find your referral link under the “Details” section in your account.

Each person you refer will earn you $50 once they have a direct deposit of $250 or more (they’ll, of course, get $50 once they use your link and meet the requirements). You can earn up to $500 in referral bonuses, which means you can refer up to 10 people.

Because of the referral bonus, a household could potentially earn $150 with just a few minutes of work. First, open your One Finance account using a referral link. Then refer your spouse or partner using your own referral link. By doing this, you’ll get $50 once you meet the bonus requirements, your spouse or partner will get $50 once they meet the bonus requirements, and you’ll get an additional $50 for referring them. 

One Finance 3% Interest Account 

One interesting feature of One Finance is the 3% interest savings account that they offer. It’s a little confusing how it works, but essentially, you can save up to 10% of each direct deposit that goes into your One Finance account into a 3% interest savings account, up to a maximum of $1,000 per month. That means you could in theory get up to $12,000 per year into this 3% interest account. Doing so wouldn’t be easy though because you’d need $120,000 of paychecks going into your One Finance account.

I think there are easier ways to earn 3% or more interest on your savings. For example, check out my post: Where To Get 5% Interest Savings or my other post, Getting More From My Emergency Fund With 3% and 5% Interest Savings Accounts. 

That said, it’s something that some people might want to take advantage of, so it’s worth sharing.

Final Thoughts 

If you have an easy way to meet the direct deposit requirement, then this is a bank account I’d highly recommend simply because of how easy the terms are to meet and how fast it is to open this account.

I opened an account for me and my wife and set up our direct deposits in less than 10 minutes. All told, we’ll make $150 for the little amount of work we put into this deal. It was well worth our time. 

For more easy bank account bonuses, check out the additional posts below: 

• Chime Bank Referral Bonus – Step By Step Guide
• SoFi Money Referral Bonus – Step By Step Guide 
• First Tech Federal Credit Union Referral Bonus – Step By Step Guide

Hope this helps! 

H/T to Doctor of Credit.