Walmart-backed (WMT) ONE now offers 5% saving account yield
ONE, a fintech company backed by Walmart (NYSE:), has reportedly begun offering a 5% interest yield on savings accounts of up to $100,000, an early Wednesday report by Reuters claims.
According to people familiar with the matter, ONE accounts that received a direct deposit of at least $500 in the previous month, have a total daily balance of $5,000, or automatically save part of the customer’s paycheck, are all eligible for the new 5% savings offering, which is more than 12 times higher than the current national average of 0.4%.
The move comes as alternative banking companies step up the war for consumer deposits – back in April Apple (NASDAQ:) announced 4.15% savings yield on its Goldman Sachs-backed (NYSE:) Apple Card, while a fintech startup Step began offering 5% yield as in May.
The new offerings dwarf sub-0.1% rates still offered by traditional big banks such as Bank of America (NYSE:).
ONE, a company majority-owned by Walmart, and headed by former Goldman Sachs executives seeks to build what the Wall Street Journal once described as a ‘financial services super app,’ aimed at both Walmart consumers, as well as broader public.
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