The lines between the financially sound and struggling or poor American citizens are quickly fading. Recent changes in the nation’s economy have made sustaining a decent life for yourself and your family nearly impossible. Although the job market is leveling out, the minimum wage in most states pales in comparison to the rising prices of gas, groceries, healthcare, housing, utilities, and other necessary expenditures.
Living Frugally
Surviving for many Americans means getting serious about financial management and making the most of monthly income. Frugal living is one concept that comes to mind. Frugality is essentially being conscious of your finances and spending. It’s being intentional about making informed purchasing decisions that maximize your resources without compromising your quality of life.
Convenient Banking For The Frugally-Minded
As more consumers adopt frugal practices, they begin analyzing and demanding more from the financial institutions where they store, save, manage, and spend their money. They require products and services from banks that will aid them in simplifying their finances and building a brighter future. ONE, a bank founded in Sacramento, CA, in 2019, answered the call. Below are some of ONE’s products and features that support the financial well-being of struggling consumers today.
No Fees
There’s a misconception that frugal living means being cheap. However, that is far from the case. Someone who is frugal is intentional about not spending money on things they don’t need so they can invest adequately in the things they want. So, opening a bank account with no fees is an economically wise decision.
ONE does not charge its customers monthly, maintenance, overdraft (up to $200), foreign transaction, wire transfer, application, or minimum fees – ever. Such an offer saves customers hundreds of dollars every year.
High-Yield Interest Rates
A frugal person is willing to invest in products and services that maximize their incomes. They understand that there are simple ways to earn more without working harder. ONE accountholders have the opportunity to increase their earnings with 3.00% APY savings options.
Ultimately, they receive more interest on their account balances over the course of 12 months than most banks in the nation. Although it may not seem like much, prolonged savings can help consumers invest more in emergency, college, retirement, and other life goal funds.
Overdraft Protection
While most financial institutions generate revenue from charging their customers overdraft fees, ONE takes a different approach. They understand that things arise that get overlooked or prevent you from being able to cover a transaction. As such, ONE offers overdraft protection of up to $200 for its eligible customers.
If a transaction hits your account that causes your Spend account to go below $0, ONE will cover the costs up to $200. It saves you a $35 insufficient or overdraft fee, allowing you time to resolve the matter. Should you need a bit more time, ONE will only charge 1% interest, so the debt doesn’t become overwhelming.
Credit Building Opportunities
Your financial history and credit rating play a significant role in sustaining a decent quality of life in the US. Your credit can directly or indirectly impact everything from housing opportunities to your eligibility for financial products like credit cards and loans. Unfortunately, not everyone has an established positive credit rating, resulting in higher costs of living.
ONE wants to help its customers achieve financial wellness, which is why they offer credit building options for account holders with no or low credit scores. There’s no interest, no deposits, no credit check, and no hidden or excessive fees.
The product works by improving consumer payment history (which accounts for 35% of your credit score). You deposit funds into the credit builder account and spend as usual. ONE places a hold on these funds and submits them as a single monthly payment, which gets reported to the major credit bureaus.
The challenging economic climate today has forced many consumers to rethink their finances, including the way they bank. As more American citizens move towards frugal living practices, they are making an informed decision to choose financial institutions that want to do more than make a quick buck on their hard earnings. Organizations like ONE have heard their pleas and hit the marketplace offering a plethora of services and account features that make it just a bit easier to live frugally.
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