One $250 Sign Up Bonus
There is a really great One $250 sign up bonus via Rakuten right now. The normal rate is only $125, so now is the time to grab this thing! That could also be considered 25,000 Membership Rewards points (even better) if you have your Rakuten account set up to earn them. If you are interested in this offer, and don't already have a Rakuten account, then you can sign up using our referral and get another nice little bonus on ToP of this offer. If you need more information on the Rakuten program then you can read our complete guide here.
What Is One?
The biggest question you might have in all of this is, what in the heck is One? Sounds like a fly by night scammy fintech app. Well, part of that is right – it is a fintech pseudo banking app. It isn't a scam though, as Walmart owns a controlling share in the company. They brought it into their stores to be their own version of American Express' Bluebird program. The two used to work very closely together until Walmart launched One as their own version.
It works like most online bank accounts, and it even has a decent savings account rate in the high 3% range the last time I checked. The app is pretty functional, and mostly intuitive once you get the hang of it. You can direct deposit money, or move it in and out to other bank accounts you have at other institutions. The transfer deposits are pretty quick too, usually hitting the next morning.
Your One account will also come with a debit card that will have spending offers at select stores. It works very much like Amex or Chase Offers. Sometimes they are pretty good too, especially if you get a Walmart one.
Offer Details
Now that you know what the account is, let's take a look at the One $250 sign up bonus offered via Rakuten:
- Cash Back is distributed by Rakuten and not One. Cash Back is only available for new customers, one per Rakuten account, who open a One Cash account through a Rakuten link and complete a minimum first Direct Deposit of $500 within 45 days of signup.
- The qualifying first Direct Deposit must be an automated payment method where funds, such as paychecks, gig platform payments, retirement payments, or government benefits like unemployment payments or Social Security, are electronically transferred to your account.
- Payments or transfers through person-to-person providers such as Venmo, PayPal or Cash App are not considered a Direct Deposit.
- Cash deposits, mobile check deposits, wire transfers, One to One transfers, and ACH funding or debit card funding transfers initiated from the One app also do not qualify as Direct Deposits.
I like that it only requires $500 worth of direct deposits to count. That is one of the easiest ways to rack up 25,000 Membership Rewards points ever. I am not sure if any other things work for the direct deposit requirement. There haven't been any positive reports that I have seen, just negative data points. I would plan on needing to do a regular direct deposit for this one.
Link To Offer (Or Search One On Rakuten)
One $250 Sign Up Bonus: ToP Thoughts
This One sign up bonus is a great bank bonus offer, especially since it can come in the form of Membership Rewards instead. If I didn't already have one I would be jumping on this offer and using it towards my goal of funding my Roth IRA with bank bonuses. Let me know if you plan on going for this one (no pun intended) over in the ToP Facebook Group.
