Walmart Wants to Be Your Bank Now — Is OnePay Right for Your Life Savings?

Walmart is where you go for $4 mascara and 48-packs of mac and cheese, but now it can also manage your money with a suite of financial products called OnePay. And honestly, it might be a better deal than your current bank.

Whether you’re looking for a cash back debit card, a contactless payment solution, or an easy way to boost your credit score, here’s a quick overview of OnePay’s financial product lineup:

Not sure if you’re ready to trust Walmart with your nest egg, even if it’s currently sewn inside your mattress? Let’s take a closer look at each OnePay product.

OnePay Cash

OnePay Cash includes a checking and savings account plus a debit card. With the debit card, you can earn 3% cash back on all Walmart purchases, up to $150 per month. Plus, you’ll rack up points every time you shop at select brands and can later redeem them for more cash back. You’ll also get an average of 10 cents back on gas purchases.

Unlike other bank accounts, OnePay Cash doesn’t impose monthly fees, minimum balances, or overdraft charges. It also gives you the option of early pay, so you can get your paycheck up to two days earlier via direct deposit. Other perks include free money exchanges to other OnePay users, international money transfers, and access to more than 55,000 Allpoint ATMs.

OnePay Cash+

OnePay Cash+, which is essentially the premium version of OnePay, is only available to OnePay Cash customers who meet certain requirements for direct deposit (at least $500 per month) or account balance ($5,000 or more).

If you join OnePay Cash+, you’ll enjoy all the perks of OnePay Cash plus extras like a 3.75% APY on your savings balances of up to $250,000, overdraft protection of up to $200, and access to OnePay Credit Builder, a credit builder loan that we’ll discuss further below.

OnePay Wallet

OnePay Wallet lets you earn rewards on purchases at Walmart.com or brick-and-mortar Walmart stores — where you can pay with a QR code in your OnePay app — by connecting your debit or credit card. You’ll get 1 point for every $10 you spend, and may redeem the points for cash back in your OnePay Cash account. (Note that the minimum redemption amount is 25 points.)

You can take advantage of OnePay Wallet if you already have a OnePay Cash or OnePay Cash+ account.

OnePay Credit Builder

OnePay Credit Builder, only available to OnePay Cash+ customers, is designed to — you guessed it — help you build your credit:

• To participate, you’ll take out a $300 loan with a 12-month repayment term, 0% APR, and $25 monthly payments.
• OnePay will deposit the loan amount into a locked bank account, so you can’t actually spend the money.
• Every month, you can put $1 (or more) towards your loan via autopay or manually.
• Your payments will get reported to the three major credit bureaus.
• Once you complete the program, OnePay will place your contributions into your OnePay Savings account. If you contributed $2 a month for 12 months, for example, you can expect $24 back at the end.

According to OnePay, customers who have used OnePay Credit Builder and had a credit score below 600 noticed an average increase of 38 points after only six timely payments. As a OnePay Credit Builder user, you’ll receive weekly insights and updates so you can easily keep tabs on your credit.

Is OnePay Worth It?

This depends on your unique situation. The questions below can help you determine which OnePay products could make sense (or not) for your finances.

OnePay Cash

• Are you looking for a debit card with cash back rewards?
• Do you shop at Walmart (online or in-person) often?
• Would you like to receive your paycheck up to 2 days early?

OnePay Cash+

• Does your current savings account have a less-competitive APY than 3.75%?
• Will you receive $500 or more in direct deposits each month or have an account balance of at least $5,000?
• Is overdraft protection important to you?

OnePay Wallet

• Do you prefer a contactless payment solution?
• Are you a frequent Walmart or Walmart.com customer?
• Are you planning on already signing up for OnePay or OnePay Cash+?

OnePay Credit Builder

• Do you need to improve and/or monitor your credit score?
• Can you temporarily part with $300?
• Are you planning on signing up for OnePay Cash+?

If you answered “yes" to any of these questions, OnePay could be a strong fit, especially if you’re already a Walmart shopper. Still, it’s always wise to consult a trusted financial advisor to ensure it aligns with your long-term goals. If not, there are plenty of other flexible tools out there that may better suit your lifestyle and financial needs. (And no, the inside of your mattress is probably not one of those tools.)