About OnePay IRA

What is OnePay IRA?#

A OnePay IRA is a tax-advantaged investment account available in the OnePay app. It allows you to contribute money and invest for retirement while receiving certain tax advantages defined by the IRS.

OnePay offers two types of IRAs:

Traditional IRA – Contributions may reduce your taxes now, depending on eligibility, and you’ll generally pay taxes when you withdraw later. Investments can grow tax-deferred.
Roth IRA – Contributions are made with after-tax money, so your investments have the potential for tax-free growth and qualified tax-free withdrawals in retirement, depending on eligibility.

Eligibility and tax treatment can vary based on your income and tax filing status.

For more details about IRA rules, you can refer to IRS guidance. OnePay does not provide tax advice, so you may want to speak with a qualified tax advisor to understand what applies to your situation.

How can I apply for a OnePay IRA?#

You can open an IRA directly in the OnePay app.

To get started:

Go to Home
Tap the IRA tile under Your investments or Discover more
Follow the on-screen steps to complete setup

Once your account is open, you can fund it using your OnePay deposit account or a linked bank account.

Who is eligible to open a OnePay IRA?#

To open a OnePay IRA, you’ll need to meet basic account requirements, such as:

Being at least 18 years old
Providing required personal information (like your name, address, and contact details)
Meeting identity verification requirements

In addition, IRA-specific rules apply:

You must meet IRS eligibility requirements
You must stay within annual contribution limits

For Roth IRAs, eligibility also depends on your income and tax filing status. It’s important to confirm that you meet these requirements before opening a Roth IRA.

OnePay does not provide tax advice. You may want to speak with a qualified tax advisor to understand what applies to your specific situation.

Does OnePay choose investments for me?#

OnePay Invest and OnePay IRA are self-directed, which means you make all the decisions about buying and selling your investments. OnePay doesn’t provide recommendations or investment advice.

If you’re unsure what to invest in, consider researching stocks, ETFs, and retirement accounts or speaking with a licensed financial professional for guidance.

How do I fund my OnePay IRA?#

You can fund your OnePay IRA using a linked bank account or through your OnePay deposit account.

To fund your IRA:

Go to Home
Select your IRA under Your investments
Tap Contribute and follow the on-screen prompts

If you don’t have funds in your OnePay deposit account, you can use another linked bank account. If you don’t already have a linked bank account, you’ll be prompted to add one during this process. Linked bank accounts are also used for withdrawals.

After you make a contribution, the funds must fully settle in your IRA before you can invest. This typically takes 5 business days. You won’t be able to use funds that are still settling.

Click here for more information on linking an external account.

What can I invest in with my OnePay IRA?#

Once your funds are available, you can use this IRA buying power to buy the same types of investments available in OnePay Invest, such as stocks and ETFs.

Buying power is the amount of money available to buy stocks or ETFs. It updates as contributions settle and trades are completed. Money that is still processing, such as recently started, won’t be included until it has fully settled.

To buy securities in your OnePay IRA:

Open the OnePay app
Select Invest from the Home tab
Select Search Investments and choose an investment
Select your IRA as the payment method

Where are my investments held?#

OnePay Invest and OnePay IRA are offered through One Growth Securities LLC, a subsidiary of OnePay. Brokerage and custody services are provided by DriveWealth, a licensed and regulated clearing broker that works with One Growth Securities LLC to help complete your trades and keep your investments safe.

What risks should I be aware of?#

Investing involves risk, including the possibility of losing money. Some key risks to be aware of include:

Market risk: Prices may rise or fall with overall market conditions
Rapid price changes: Prices can change quickly, sometimes by a lot
Company-specific risk: A single company’s performance may affect its stock value
Hard-to-sell investments: Some stocks may be more difficult to sell quickly
Dividends: These aren’t guaranteed, and companies can reduce or stop paying them at any time
IRA-specific considerations: IRAs have rules around contributions and withdrawals, and taking money out early may result in taxes, penalties, or loss of tax advantages

Stock markets move up and down, and past performance doesn’t guarantee future results. OnePay doesn’t provide investment advice or guarantees. If you’re unsure about investing, consider researching stocks, ETFs, and retirement accounts or speaking with a licensed financial professional for guidance.

Does cash in my IRA earn interest?#

Yes. Uninvested cash in your OnePay IRA may earn interest.

The interest rate can change over time and is not fixed.

What are required minimum distributions (RMDs)?#

Required minimum distributions (RMDs) are minimum amounts that the IRS requires you to withdraw from certain retirement accounts once you reach a specific age.

RMD rules depend on factors like your age and account type.

The amount you're required to withdraw (your RMD) is based on IRS rules, including your age and account balance.

If you have questions about your specific RMD amount, you may want to speak with a qualified tax advisor. OnePay does not provide tax advice.

Are my investment accounts insured?#

Yes. Your investment accounts are protected by the Securities Investor Protection Corporation (SIPC) through DriveWealth. SIPC protects customers of its members up to $500,000 (including $250,000 for claims for cash). You can learn more in the explanatory brochure at www.sipc.org.

SIPC protection applies if a brokerage fails, and it does not cover market losses. In addition, your OnePay deposit account is FDIC-insured.

What are notional trading and fractional shares?#

Notional trading lets you buy a small portion of a stock based on how much money you want to invest, instead of buying whole shares.

Fractional shares are a portion of a full share of stock. They’re created when you place a notional order, which is an order based on a dollar amount rather than a specific number of shares.

This is how fractional shares work: For example, if a company’s stock costs $150 per share, you can invest $5 and own a fraction of that share.

Fractional shares can only be traded within OnePay Invest and OnePay IRA. They can’t be transferred to another brokerage account.

When can I place trades?#

You can place an order in the OnePay app at any time, but trades are only processed during U.S. stock market hours: Monday-Friday, 9:30 AM to 4:00 PM Eastern Time (excluding market holidays).

If you place an order outside those hours, it will automatically queue for the next market opening and go through when the market reopens. OnePay doesn’t support pre-market or after-hours trading.

How are trades completed?#

All trade orders are routed to our regulated clearing partner, DriveWealth, for execution.

Trades are placed at the current market price and usually go through right away during market hours (Monday–Friday, 9:30 AM–4:00 PM ET, excluding U.S. market holidays). If you place an order outside market hours, it will go through when the market reopens.

Prices in the app are updated frequently, but they may change slightly by the time your trade is completed.

Can I cancel a trade?#

Trades placed during market hours can’t be canceled because they’re processed right away at the current price.

If you place an order after market hours, you may be able to cancel it before the market opens.

To view your transaction history:

Open the OnePay app
Select Invest or IRA from the Home tab under Your Investments
On your portfolio page, you’ll see a section titled “Pending activity” where any open orders will be displayed
Select the order you would like to cancel, then click Cancel

Where does market data come from?#

Market data is provided by QUODD and Nasdaq Last Sale. In the OnePay app, you can see real-time stock and ETF prices, company charts, performance trends, and news updates.

What are the fees for a OnePay IRA account?#

Your OnePay IRA account has no trading commissions or maintenance fees.

When you sell investments, small SEC and FINRA regulatory fees may apply, and these will be shown in the app before you place your sell order. Regulatory fees apply no matter which investing service you use, and OnePay simply passes them along—we don’t make money from them.

If you choose to transfer your account to another firm, you may be charged $90 transfer fee.

A $2 fee may apply if a bank transfer into your IRA is returned by your bank.

Additional fees may apply in certain situations.

For complete details, see the OnePay IRA Account Agreement.

Why do I have to pay regulatory fees?#

When you sell an investment, regulators (like the SEC and FINRA) charge a small fee to help pay for the oversight of U.S. markets. These fees apply no matter which investing service you use, and OnePay simply passes them along—we don’t make money from them.

The FINRA Trading Activity Fee (TAF) helps cover the cost of market regulation, and the SEC Fee is collected by the U.S. Treasury to support market oversight.

You’ll see any applicable fees in the app before you place a sell order.

Why was I declined an investment account with OnePay?#

OnePay uses third-party data sources to verify your personal information during the application process. If we're unable to verify the information you provided, your application may be declined.

Other reasons your application may be declined include:

Identity verification issues – If we cannot confirm details such as your Social Security Number (SSN) or government-issued ID
Ineligibility – If you don't meet the requirements (for example, you're under 18, you don't have a valid SSN or ITIN, or you don't have a U.S. residential address)
Regulatory restrictions – Some applications may be declined due to compliance policies.