Originally Posted by
TTT103
I'm a little confused with the One card account I opened online last evening. I plan on loading $990 vie gebit today just to experiment, but am seeing "Debit Balance" and "Savings Balance" accounts when I log into my One account. I assume that when I load, it goes to the "Debit Balance" account and I then have to manually transfer funds between "Debit Balance" and "Savings Balance" accounts if I want to earn the 1%/5% interest? I then need to transfer from "Savings Balance" back to "Debit Balance" if I want to transfer funds to my external bank account?
Are these all correct assumptions?
Originally Posted by
ericdabbs
You don't have to transfer funds in the Savings balance back to Debit balance in order to transfer out to bank account. Each account has its own account number....literally just off by 1 digit. So you can set up an ACH pull from your external bank to your Savings balance just fine. That is what I do and I don't bother with the Debit account.
Be very careful about the number of transactions your savings account is being subject to.
Savings accounts are not meant to be demand accounts like checking. There almost always is a limit, either stated or implied, that the depositor will not exceed this number per month and I suspect that one of the reasons people got shut down in One was that they were depositing lots of money into their savings account to garner the 5% and then pulling it out numerous times to pay various bills.
One comes with an attached checking account. That is the one that you should use to pay bills. Try and keep your deposits and withdrawals to between 5-10 per month in your savings account.
A bit of a pain but it beats getting shut down
