One, a Digital Banking Service, Announces Two Additions to Board of Directors: Barbara Yastine, Former Chair & CEO of Ally, and Jay Shah, President of Personal Capital
SACRAMENTO, Calif., March 3, 2021 /PRNewswire/ -- One, the new digital banking platform focused on improving the financial health and well-being of the middle class, today announced that Barbara Yastine, former Chair and CEO of Ally Bank, has been added to One's board of directors, along with Jay Shah, the President of Personal Capital. Michael Costigan, a former executive with Aspiration, has also joined One's leadership team in the role of VP of Business Development
One is a new banking service that makes managing, saving and growing household savings and affordable credit more intuitive and accessible. Through design, technology and business model innovation, One has created a bank purpose-built for middle-income individuals and families whose offerings include:
- An all-in-one account for spending, saving and sharing money with people in your life.
- A single account that can be divided into Pockets beyond the default Spend and Save Pockets. These Pockets can be created for any budgeting purpose (travel, groceries, college tuition, apartment expenses) and shared jointly - all connected within the one account and accessible with a Mastercard Debit card that can easily draw funds from any of your Pockets.
- 3.00% APY* on automatic savings contributions from your paycheck or card round-ups, which is 600% higher than the rates offered by almost any other digital or traditional bank.
- The ability to earn 1.00% APY* up to $25,000 in the Save Pocket.
- One has been named NerdWallet's 2021 winner for Best Checking Account for Overdraft Fee Avoidance.
- Early Paycheck, which gives you access to your direct-deposited paycheck days before most traditional banks would.
- No fees and no minimums, ever.
Barbara Yastine, one of One's newest board members, is the former Chair and CEO of Ally Bank where, beginning in 2013, she established a 5-year goal of 1 million deposit customers and $100 billion in deposits. That goal was achieved in 2018 - making Ally the 19th largest bank in the United States.
"One's mission of bringing financial wellness to all Americans irrespective of income aligns with my core values. Our society is becoming polarized, and the growing wedge between classes is simply unsustainable," said Yastine. "One has reimagined banking with a suite of tools that can enable anybody to grow and manage their money in ways that help them achieve their goals. They've created a banking experience unlike any other I've seen, and I couldn't be more excited to be joining their Board."
Jay Shah, the President of Personal Capital, has also been elected to One's Board of Directors. In 2009, Shah joined Personal Capital as their Chief Information Officer, and ultimately served in the roles of Chief Operating and Chief Executive Officer. Personal Capital helps millions of consumers see and understand over $1 trillion in their finances through its award-winning personal financial management software, and advises billions in client assets through customized investment portfolios for individuals throughout the U.S.
"I love working with young companies, and in One, I see a company with the potential to shape the next decades of banking," stated Shah. "They have reimagined the very notion of checking accounts and savings accounts, and have created unique ways of automatically saving and sharing money for distinct purposes, while earning interest rates 600% higher than what traditional banks offer. I welcome the opportunity to support them on their mission to bring inclusive financial services to those who have been underserved by the existing financial system."
"Barbara and Jay are two of the most impressive fintech and banking pioneers of our generation," said Brian Hamilton, One's CEO. "They helped shape the digital banking and wealth management industries we see today, and I've admired the enterprises they've built for many years. It's an honor to have them join us on our journey, and together, I expect One will help millions of people gain a new sense of financial-wellness and freedom."
Barbara Yastine was rated the 9th most powerful woman in banking in 2013 and 2014 by American Banker. She holds a B.A. and M.B.A. from New York University, and is a former director of First Data Corporation (global payments, September 2016 until its July 2019 acquisition by Fiserv Corporation) and privately held Symphony Teleca Corporation (a software engineering outsourcing firm that is now part of Harman International Industries). She previously served on the advisory board of Transactis (B2B payments) until its acquisition by MasterCard in 2019). Barbara is a former trustee of the Financial Accounting Foundation, and a former vice chairman and long-standing director of nonprofit Phoenix House.
Jay Shah, in addition to his leadership role at Personal Capital, was the Chair of Ellie Mae's Technology Advisory Board as they scaled from a multi-hundred million dollar market cap to a multi-billion dollar private equity exit. Ellie Mae is a software company that processes 35% of all U.S. mortgage applications.
In addition to these two Board-level additions to One's team, One has just added Michael Costigan to their leadership team in the role of VP of Business Development. Previously, Michael was VP of Business Development for Aspiration, the climate change fighting neobank, where he helped scale new customer sign ups to over 2 million with revenues growing by 6x. He has held prior senior business development roles at Usermind, Forge (acquired by WorkJam), and TeleSign (acquired by BICs). Michael attended the London School of Economics and holds a BSc. in Politics & International Relations.
"One is growing rapidly right now, as uncertainty and economic instability resulting from the COVID-19 pandemic continue to upend many people's finances," Hamilton, One's CEO stated. "We have an opportunity to help people chart their personal course out of this pandemic and back to a state of financial wellbeing. For millions of Americans, traditional banks offer almost no support on any matter except storing your money. One takes a holistic view of your entire life, and offers tools that enable you to live within a budget, save for things that matter, and earn interest-rates higher than can be found almost anywhere."
About One:
One, a digital banking service focused on improving the financial health and wellbeing of the middle class, is based in San Francisco and Sacramento and launched in 2020 with $26 million in venture-capital backing from Bill Harris, Obvious Ventures, Foundation Capital, and Core Innovation Capital. They have assembled a world-class team of fintech and banking innovators to design a suite of unique tools that can enable anybody to transform their finances and manage their money more intuitively. With a single account that unifies saving, spending, borrowing and sharing in one place, One helps people save more, spend less and gain control of their finances. One provides banking Services via a partnership with Coastal Community Bank, Member FDIC.
Media Contact:
Lauren Wallack-Estes
[email protected]
© 2017-2021 and TM, NerdWallet, Inc. All Rights Reserved.
*Annual Percentage Yield effective as of 9/1/2020 and subject to change. 3.00% APY available on all Auto-Save balances. Maximum contributions of up to $1,000 per month in paycheck Auto-Save and no maximum contribution for card Auto-Save. 1.00% APY available on Save balances up to $5,000, up to $25,000 with a qualifying paycheck direct deposit.
Banking Services provided by Coastal Community Bank, Member FDIC.
The One card is issued by Coastal Community Bank, Member FDIC, pursuant to license by Mastercard International.
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