Amid continued growth for challenger banks, digital bank One, created by former CEO of PayPal Bill Harris and former Capital One exec Brian Hamilton, launched in the U.S. this week.

Why should we care?
One’s credo is a bank for the middle class, aimed at 30 to 50 year olds whose household incomes are between $44,000 to $72,000. One incorporates some of the known features of forward-thinking digital banks, including savings “pockets” that can be shared among different users (reminiscent of N26’s “shared spaces”). A user’s primary pocket doubles as a savings account that earns 1% APY on amounts less than $10,000. A key differentiator for One is a flexible line of credit, in which clients pay no interest if the debt is paid within the month, and a 1% per month fee if customers carry a balance. One faces competition from other challengers, including Chime, which recently raised $485M at a $14.5B valuation. Meanwhile, Marcus by Goldman Sachs, Goldman’s digital consumer bank, said it plans to roll out checking accounts in the near future.