One Finance recently rebranded to OnePay and are now offering a $125 cash bonus through Rakuten.

OnePay is a fintech company that works with Coastal Community Bank and Lead Bank (both Member FDIC) to offer banking services. They offer OnePay Cash, which comes with a debit card that offers cash back, no monthly fees, and 3.75% APY on your savings with you use OnePay Cash+ (requires $500+ monthly direct deposit and $5,000+ balance).

If you open an account through Rakuten and meet certain conditions, they’ll send you $125.

How to get $125 from OnePay

This bonus is offered through Rakuten, not from OnePay directly, and so you will need to sign up for a Rakuten account if you don’t already have one. If you use my referral link, you will get an extra $30 cash back when you fulfill this offer.

Once you have an account, go to OnePay page on Rakuten and review the terms. To get cashback, you have to open an account and complete a direct deposit of $500+ within 45 days of signup. The qualifying first direct deposit must be an automatic payment method, such as a paycheck, gig platform payments, retirement payments, or government benefits. Person to person transfers like Venmo or PayPal won’t count nor will an ACH or debit card funding.

If you run into any problems, you need to reach out to Rakuten for the bonus as it’s being offered through them, not OnePay.

Remember, if you use this referral link, it’s an extra $30 in cash back.

See the OnePay offer on Rakuten

How does this bonus compare?

The cash back bonus offer on this varies throughout the year, probably based on how badly OnePay needs new customers. I’ve seen it as high as $250 and $200, so $125 is a bit on the lower side.

For a single $500 direct deposit, the offer is OK. You may want to wait until it’s a bit higher or, if you don’t feel like waiting, pull the trigger now.

Here are some other offers: