Welcome to my comprehensive review of Oxygen Bank, a San Francisco-based fintech company that offers personal and business bank accounts through its innovative mobile banking app. In this review, I will delve into the key features and services offered by Oxygen Bank and evaluate how it compares to other banking options in the market.
With its focus on providing low-fee, high-interest-paying accounts, Oxygen Bank has gained attention from individuals and businesses seeking a modern and convenient banking experience. Through their mobile app, customers can manage their accounts, make secure payments, and access a range of unique perks and benefits.
Key Takeaways:
- Oxygen Bank offers personal and business bank accounts through their mobile banking app.
- The app has received positive reviews for its user-friendly interface and functionality.
- Customers have access to physical and virtual debit cards, with virtual cards offering added security.
- Oxygen Bank is part of the Allpoint ATM network, providing fee-free access to over 40,000 ATMs nationwide.
- The bank offers cashback rewards from select merchants and a loyalty program with different account perks based on different “Elements” tiers.
Features and Benefits of Oxygen Bank
Oxygen Bank is revolutionizing the way we bank with its mobile-based platform. With a focus on convenience and modernity, Oxygen Bank allows customers to manage all their banking needs through their user-friendly mobile app. Offering a range of innovative features and attractive benefits, Oxygen Bank is quickly gaining popularity in the digital banking industry.
Mobile App Excellence
The Oxygen Bank mobile app has received positive reviews on both iOS and Android platforms, showcasing its intuitive design and seamless functionality. Customers can easily navigate through various banking features and conduct transactions with just a few taps on their smartphones. The app offers a secure and convenient way to access and manage your Oxygen Bank accounts anytime, anywhere.
Physical and Virtual Debit Cards
When you open an account with Oxygen Bank, you’ll receive both a physical and virtual debit card. The physical card allows you to make purchases at any merchant that accepts Visa, while the virtual card provides an added layer of security for online transactions. With the virtual card, you can make secure payments without revealing your actual card details, giving you peace of mind when shopping online.
Fee-Free ATM Access
As a member of the Allpoint ATM network, Oxygen Bank offers fee-free access to over 40,000 ATMs nationwide. Whether you need cash or want to deposit funds, you can conveniently locate an Allpoint ATM near you through the Oxygen Bank mobile app. Say goodbye to ATM fees and enjoy easy access to your money with Oxygen Bank.
Cashback Rewards and Loyalty Program
“At Oxygen Bank, we believe in rewarding our customers. That’s why we offer cashback rewards from select merchants. Every time you make a purchase with your Oxygen Bank debit card, you have the opportunity to earn cashback. It’s our way of saying thank you for choosing Oxygen Bank as your trusted banking partner!”
Furthermore, Oxygen Bank offers a loyalty program that provides different account perks and annual fees based on its unique “Elements” tiers. Depending on your chosen tier, you can enjoy various benefits such as cashback rewards, savings goals, and virtual cards. With Oxygen Bank’s loyalty program, your banking experience can be tailored to your specific needs and preferences.
Oxygen Bank Account Options
When it comes to choosing a bank, Oxygen Bank offers a range of account options to meet the needs of both individuals and businesses. Let’s take a closer look at what they have to offer:
Personal Deposit Account
The personal deposit account from Oxygen Bank is designed to simplify your banking experience. It combines both checking and savings features, allowing you to manage your finances efficiently. This interest-bearing account comes with an Oxygen Visa debit card, providing you with convenient access to your funds. The best part? There is no minimum balance requirement, making it accessible to everyone.
Business Deposit Account
For business owners, Oxygen Bank offers a comprehensive business deposit account. This account not only provides the necessary banking services but also offers cashback rewards and other benefits that can help support your business growth. Whether it’s making deposits or accessing funds through physical or virtual debit cards, Oxygen Bank has your business banking needs covered.
Both the personal and business deposit accounts can be easily opened through the Oxygen app, ensuring a seamless and hassle-free process. To be eligible, you must be at least 18 years old, have a residential U.S. address, and a valid Social Security number.
To get a clearer picture, here’s a comparison of the key features of Oxygen Bank’s personal and business deposit accounts:
| Account Type | Key Features |
|---|---|
| Personal Deposit Account |
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| Business Deposit Account |
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With Oxygen Bank’s account options, you can choose the banking solution that best suits your personal or business financial needs. Their user-friendly mobile app allows you to manage your accounts with ease, providing a convenient and efficient banking experience.
Understanding Oxygen Bank’s “Elements” Tiers
Oxygen Bank offers a unique account structure by categorizing its personal deposit account into four “Elements” tiers: Earth, Water, Air, and Fire. Each tier comes with different perks and benefits, allowing customers to choose the level that best suits their needs and preferences. Let’s take a closer look at the benefits and considerations of these tiers.
Earth Tier
The Earth tier is the starting point for customers at Oxygen Bank. It offers a solid foundation for banking needs, with essential features and benefits. While it doesn’t have the same perks as higher tiers, it still provides a range of services that make banking convenient and accessible.
Water Tier
Moving up to the Water tier unlocks additional benefits and perks. Customers at this tier enjoy cashback rewards, providing an opportunity to earn money while making everyday purchases. Along with the rewards, the Water tier offers access to savings goal tools, allowing customers to set and monitor financial targets.
Air Tier
The Air tier takes banking to new heights by offering virtual cards for secure online transactions. This feature ensures that customers can shop confidently and protect their card information. In addition to virtual cards, the Air tier provides enhanced insurance protections, giving customers peace of mind.
Fire Tier
The Fire tier represents the pinnacle of Oxygen Bank’s personal deposit account. Customers at this tier enjoy all the perks of the previous tiers and gain exclusive access to additional benefits. These benefits may include higher cashback percentages, increased savings rates, and personalized assistance from dedicated support teams.
Customers have the flexibility to move up to higher tiers by meeting specific deposit and spending requirements. By doing so, they can unlock additional perks and advantages. It’s important to consider the annual fees associated with the higher tiers and evaluate if the benefits outweigh the costs.
Below is a summary of the “Elements” tiers and their key benefits:
| Tier | Key Benefits |
|---|---|
| Earth | Basic account features |
| Water | Cashback rewards, savings goal tools |
| Air | Virtual cards, enhanced insurance protections |
| Fire | Exclusive perks and dedicated support |
By offering these “Elements” tiers, Oxygen Bank aims to tailor the banking experience to individual needs, rewarding customers with a range of benefits. Whether you’re looking for essential banking services or seeking additional perks, Oxygen Bank’s multi-tiered approach provides options for everyone.
Fees and Charges at Oxygen Bank
While Oxygen Bank offers low fees compared to traditional banks, it’s essential to be aware of the charges associated with their services. Let’s take a closer look at the fees you need to consider when evaluating the value of Oxygen Bank.
Annual Fees
Annual fees are applicable for all “Elements” tiers, except for the Earth tier. In the first year, customers will be charged an annual fee based on their chosen tier. However, the good news is that subsequent fees can be avoided by meeting specific deposit and spending requirements. This flexibility allows customers to manage their fees effectively.
ATM Fees
Out-of-network ATM usage incurs fees. If you need to withdraw cash from an ATM that is not part of the Allpoint network, a fee will be charged. It’s important to plan ahead and use the network’s more than 40,000 ATMs to access fee-free services. This way, you can avoid unnecessary charges.
International Transaction Fees
Making international transactions comes with associated charges. When using your Oxygen Bank account for international transactions, such as purchasing goods or services overseas, additional fees will be applied. It’s advisable to be mindful of these fees, especially if you frequently engage in international transactions.
Cash Deposits at Green Dot Locations
Cash deposits incur charges when made at Green Dot locations. If you choose to deposit cash into your Oxygen Bank account at Green Dot locations, you will be subject to additional charges. While cash deposits can be convenient, it’s important to consider the fees associated with this service.
To make an informed decision about using Oxygen Bank, take these fees into account while considering the bank’s comprehensive offerings.
| Fees | Details |
|---|---|
| Annual Fees | Charged based on the chosen “Elements” tier in the first year. Subsequent fees can be avoided by meeting deposit and spending requirements. |
| ATM Fees | Applicable when using an out-of-network ATM. |
| International Transaction Fees | Charges incurred when making transactions outside of the United States. |
| Cash Deposits at Green Dot Locations | Fees associated with depositing cash at Green Dot locations. |
Applying for an Oxygen Bank Account
Opening an account with Oxygen Bank is quick and easy. Just follow these simple steps to get started:
- Download the Oxygen Bank mobile app from the App Store or Google Play Store.
- Launch the app and choose whether you want to open a personal or business account.
- Provide your email address, residential address, and Social Security number to complete the application process.
- For personal account applications, the review process is typically fast, allowing you to start using your account in no time.
- Business account applications may take longer to review, as additional verification steps may be required.
Pro Tip: Make sure to have your personal information handy to expedite the application process.
Additionally, Oxygen Bank offers a referral program that allows you and a friend to earn referral bonuses when they sign up for new personal or business accounts. Check the Oxygen Bank website for more information on referral criteria and eligibility.
Security and Customer Support at Oxygen Bank
At Oxygen Bank, we understand the importance of security and providing excellent customer support. We prioritize protecting your sensitive information and ensuring the safety of your funds.
First and foremost, we are proud to be PCI DSS-certified, which means that all payment card information processed and stored by Oxygen Bank is done so securely. Your financial data is treated with the utmost care and protected against unauthorized access.
Furthermore, all deposits at Oxygen Bank are FDIC-insured up to $250,000. This means that your funds are safeguarded, giving you peace of mind and reassurance that your money is protected.
When it comes to customer support, we strive to provide the best experience possible. Our dedicated team is available to assist you seven days a week, from 10 a.m. to 10 p.m., Eastern Time. Whether you have a question, need help with an account issue, or simply want guidance on using our services, our knowledgeable customer service agents are here to assist you.
You can reach out to us through multiple channels, including email, in-app chat, and phone support. We value your time and aim to provide timely and helpful responses to ensure your banking experience with Oxygen Bank is smooth and hassle-free.
At Oxygen Bank, your security and satisfaction are our top priorities. We are committed to providing you with a secure banking environment and excellent customer support every step of the way.
User Reviews and Ratings for Oxygen Bank
As a relatively new bank, Oxygen Bank has limited user reviews, but they have received mixed feedback. Their Trustpilot rating is 1.7 stars out of 5, based on 28 reviews. It’s important to note that individual experiences may vary, and it’s advisable to consider multiple sources of feedback when making a decision about banking with Oxygen.
Benefits of Oxygen Bank
Oxygen Bank offers a range of benefits that make it an attractive choice for individuals and businesses. Here are some of the key advantages:
- Cashback Rewards: Oxygen Bank provides cashback rewards from select merchants, allowing you to earn money back on your purchases.
- Virtual Cards: With Oxygen Bank, you can create virtual cards for secure online transactions, protecting your card details from being exposed.
- Insurance Protections: Oxygen Bank offers various insurance protections, giving you added peace of mind when it comes to your finances.
- Competitive Interest Rates: The personal deposit accounts at Oxygen Bank offer competitive interest rates, especially at the higher “Elements” tiers.
- Early Direct Deposit: Oxygen Bank provides early direct deposit, allowing you to access your funds sooner than traditional banks.
- Easy Transfers: Transferring money between accounts or sending money to friends and family is seamless and convenient with Oxygen Bank’s easy transfer options.
In addition to these benefits, Oxygen Bank’s mobile app has gained positive reviews for its user-friendly interface and smooth functionality.
Whether you’re looking to earn rewards, access competitive interest rates, or enjoy hassle-free banking through a mobile app, Oxygen Bank offers a range of benefits that make it worth considering.
Customer Testimonial:
“I love how easy it is to earn cashback rewards with Oxygen Bank. The virtual cards are a great feature for added security, and the competitive interest rates on the higher “Elements” tiers are a nice bonus!” – Julia S.
Drawbacks of Oxygen Bank
While Oxygen Bank offers several benefits, there are a few drawbacks that potential customers should consider.
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Annual Fees: One of the drawbacks of Oxygen Bank is the annual fees associated with the higher “Elements” tiers. These fees may not be worth it for customers who do not take full advantage of the perks offered at these levels.
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Lack of Physical Branches: Additionally, some users may find the absence of physical branches inconvenient. As all transactions and account management are done through the mobile app, customers who prefer in-person banking experiences may not find Oxygen Bank suitable for their needs.
It’s important for potential customers to carefully evaluate these drawbacks against the benefits Oxygen Bank provides, to determine if it is the right banking solution for them.
Comparison with Other Online Banking Options
When it comes to online banking options, Oxygen Bank is worth comparing to other digital banks in the market, such as Chime and Revolut. These banks offer similar low-fee personal accounts and provide a mobile-first banking experience.
Chime: Chime is a popular online bank that offers fee-free checking and savings accounts. They provide early direct deposit, automatic savings features, and a user-friendly mobile app. Chime also offers a free overdraft protection feature and rewards program for certain spending categories.
Revolut: Revolut is an international digital bank that offers multi-currency accounts and free money transfers. They provide features like budgeting tools, spending analytics, and even cryptocurrency trading. Revolut’s mobile app is known for its sleek design and user-friendly interface.
Comparison table:
| Features | Oxygen Bank | Chime | Revolut |
|---|---|---|---|
| Low-fee personal accounts | ✓ | ✓ | ✓ |
| Mobile-first banking experience | ✓ | ✓ | ✓ |
| Early direct deposit | ✓ | ✓ | ✗ |
| Automatic savings tools | ✓ | ✓ | ✗ |
| Cryptocurrency trading | ✗ | ✗ | ✓ |
It’s important to compare the features, fees, and benefits of these banks to determine the best fit for your individual banking needs. Consider factors such as account fees, ATM access, customer support, and additional services like cryptocurrency trading if they are important to you.
Ultimately, the best online banking option will depend on your personal preferences and financial goals. Take the time to evaluate each bank’s offerings and choose one that aligns with your needs.
Oxygen Bank Account Basics
At Oxygen Bank, we offer a range of personal and business checking and savings accounts to meet your banking needs. Let’s explore the features of our account options.
Personal Checking Account
Our personal checking account is designed to make managing your finances easy and convenient. With online bill pay, you can easily pay your bills without the hassle of writing and mailing checks. Transferring money between accounts is a breeze, and our mobile check deposit feature allows you to deposit checks directly from your smartphone. Plus, with our Oxygen Visa debit card, you can earn cashback rewards on your purchases.
Personal Savings Account
Your personal savings account is linked to your checking account, making it simple to save and grow your money. Our interest-bearing savings account helps your savings grow over time, and you can set up automatic transfers to ensure you reach your savings goals. Whether you’re saving for a vacation or an emergency fund, our savings account provides the flexibility and security you need.
Business Checking and Savings Accounts
If you’re a business owner, we have you covered. Our business checking account offers no monthly fees or minimum balance requirements, giving you the financial freedom you need to run your business. Enjoy the convenience of a Visa Business Debit Card and earn cashback rewards on select merchants. Our business savings account is designed to help you grow your business’s funds with competitive interest rates and automatic savings tools.
With Oxygen Bank, you can trust that your accounts are secure, and our customer support team is ready to assist you whenever you need assistance. Sign up with Oxygen Bank today and experience the convenience and flexibility of mobile banking.
Oxygen Bank Savings Account
The Oxygen Savings Account is an optional interest-bearing account that can be paired with the personal checking account. It offers a range of benefits and features that can help you save and grow your money.
Key features of the Oxygen Savings Account include:
- No monthly maintenance fee or minimum balance requirement
- Tiered Annual Percentage Yield (APY) based on the “Elements” tier, with higher tiers earning higher rates
- Automatic savings features such as round-up rules and savings goal setting
The Oxygen Savings Account provides a flexible and convenient way to save for your financial goals. Whether you’re saving for a vacation, a down payment on a house, or an emergency fund, this account can help you make progress towards your goals.
With no monthly maintenance fee or minimum balance requirement, you can open an Oxygen Savings Account without worrying about additional costs. Plus, the tiered APY ensures that your savings can earn competitive interest rates based on the “Elements” tier you qualify for.
Utilize the automatic savings features offered by the account, such as round-up rules and savings goal setting, to make saving effortless and more effective. Round-up rules automatically round up your debit card purchases to the nearest dollar and transfer the difference to your savings account. This allows you to save money with every transaction you make. Additionally, setting savings goals can help you track your progress and stay motivated as you work toward achieving your financial objectives.
Example of Oxygen Savings Account “Elements” Tiers and APY:
| Elements Tier | APY |
|---|---|
| Earth | 0.50% |
| Water | 1.00% |
| Air | 1.50% |
| Fire | 2.00% |
As you can see, the higher the “Elements” tier, the higher the APY. This allows you to earn more interest on your savings as you move up the tiers, providing an additional incentive to save and maintain a higher account tier.
Start saving with the Oxygen Savings Account and take advantage of the benefits it offers. Pair it with the personal checking account to have a complete banking solution that caters to your financial needs.
Oxygen Bank Business Cashback Checking Account
If you’re a business owner looking for a convenient and rewarding banking solution, Oxygen Bank offers a business cashback checking account that may suit your needs. This account comes with several benefits and features that can help streamline your financial transactions while earning cashback rewards.
Account Features
- No monthly fees: With the Oxygen Bank business cashback checking account, you won’t have to worry about any monthly fees eating into your profits. This can provide significant cost savings for your business.
- No minimum balance requirements: Oxygen Bank understands that businesses have unique cash flow dynamics. That’s why they don’t impose any minimum balance requirements, giving you more flexibility to manage your funds.
- Visa Business Debit Card: The account comes with a Visa Business Debit Card, providing you with easy access to your funds for everyday business expenses.
- Cashback rewards: Whenever you make purchases with your Visa Business Debit Card, you can earn cashback rewards on select merchants. This can help you save money and boost your business’s bottom line.
Convenient Deposit Options
Depositing funds into your Oxygen Bank business cashback checking account is a breeze. You can choose from various channels to make deposits:
- Direct deposit: Have your business’s funds deposited directly into your Oxygen Bank account, ensuring quick and seamless access to your money.
- ACH transfers: Transfer funds from other accounts or financial institutions using the Automated Clearing House (ACH) network.
- Mobile deposits: With the Oxygen Bank mobile app, you can conveniently deposit checks using your smartphone or tablet. Simply snap a photo of the check, and the funds will be deposited into your account.
Access to Physical and Virtual Debit Cards
Oxygen Bank provides both physical and virtual debit cards for your business cashback checking account. This gives you the flexibility to choose the card type that suits your business’s needs best.
Physical debit cards can be used for in-person transactions at brick-and-mortar stores, while virtual debit cards offer enhanced security and can be used for online purchases without sharing your card details.
Experience the Benefits of Oxygen Bank
With the Oxygen Bank business cashback checking account, you can enjoy the convenience of a mobile-first banking experience, along with the added advantage of earning cashback rewards on your business expenses.
Open your Oxygen Bank business cashback checking account today and take advantage of the benefits it offers to help optimize your business’s financial management.
| Account Features | Benefits |
|---|---|
| No monthly fees | Save on unnecessary costs |
| No minimum balance requirements | Flexibility in managing your funds |
| Visa Business Debit Card | Convenient access to your funds |
| Cashback rewards | Save money on select merchants |
| Convenient deposit options | Quick and hassle-free fund deposits |
| Access to physical and virtual debit cards | Flexible payment options |
Oxygen Bank Business Savings Account
As an extension of its services, Oxygen Bank offers a business savings account specifically designed for U.S.-based businesses that already have an Oxygen Bank business checking account. This account provides an ideal opportunity for businesses to earn competitive interest rates on balances up to $20,000. By keeping their funds within the Oxygen Bank ecosystem, businesses can take advantage of additional benefits and seamless integration between their checking and savings accounts.
The Oxygen Bank business savings account includes automatic savings features that simplify financial management for businesses. With round-up rules, purchases made with the Oxygen Visa Business Debit Card can be rounded up to the nearest dollar, with the difference automatically transferred to the savings account. This effortless and automated process helps businesses set aside small amounts regularly, enabling them to save and grow their funds effortlessly.
Furthermore, the account allows businesses to allocate their funds into different savings goals. Whether it’s setting aside money for a specific project, upcoming expenses, or a contingency fund, businesses can easily earmark their savings for specific purposes. This feature enhances financial planning and ensures that businesses stay on track with their savings goals.
| Oxygen Bank Business Savings Account Features | |
|---|---|
| Competitive APY | Earn a competitive APY on balances up to $20,000 |
| Automatic Savings | Utilize round-up rules and automatic transfers from the Oxygen Visa Business Debit Card |
| Savings Goals | Allocate funds into different savings goals to facilitate financial planning |
Overall, Oxygen Bank’s business savings account complements its business checking account offering, providing businesses with a convenient and integrated solution for their banking needs. With competitive interest rates, automatic savings features, and the ability to allocate funds into specific savings goals, businesses can effectively manage their finances and work towards their financial objectives.
By offering a comprehensive suite of banking services tailored to the needs of businesses, Oxygen Bank solidifies its position as a fintech leader, empowering entrepreneurs and business owners to thrive in a fast-paced and evolving financial landscape.
Conclusion
Oxygen Bank offers a unique and convenient mobile banking experience for individuals and businesses. With competitive interest rates and a range of account perks, it provides a compelling option for those seeking a modern and user-friendly banking solution.
However, it’s important to carefully consider the annual fees associated with the higher “Elements” tiers. While these tiers come with additional benefits, customers should evaluate if the advantages outweigh the costs before making a decision.
In summary, Oxygen Bank is a suitable choice for individuals and businesses looking for a mobile-first banking solution. Its valuable rewards and features, combined with a user-friendly mobile app, make it an appealing option for customers seeking a modern and efficient banking experience.
FAQ
What is Oxygen Bank?
Oxygen Bank is a San Francisco-based fintech company that offers personal and business bank accounts through its mobile banking app.
How can I open an account with Oxygen Bank?
To open an account with Oxygen Bank, you need to download their mobile app and choose between a personal or business account.
What are the eligibility requirements for opening an account with Oxygen Bank?
The eligibility requirements for opening an account with Oxygen Bank include being at least 18 years old, having a residential U.S. address, and a valid Social Security number.
How can I contact Oxygen Bank’s customer support?
Oxygen Bank offers multiple channels for customer support, including email, in-app chat, and phone support. Their customer service agents are available seven days a week, from 10 a.m. to 10 p.m., Eastern Time.
Are there any fees associated with Oxygen Bank?
Yes, Oxygen Bank charges fees for certain services, such as using out-of-network ATMs, making international transactions, and for cash deposits at Green Dot locations. Additionally, their “Elements” tiers have annual fees, except for the Earth tier.
Is Oxygen Bank FDIC-insured?
Yes, all deposits at Oxygen Bank are FDIC-insured up to 0,000, providing protection to customers’ funds.
How does Oxygen Bank compare to other digital banks?
Oxygen Bank can be compared to other digital banks such as Chime and Revolut. It’s worthwhile to compare the features, fees, and benefits of these banks to determine the best fit for individual banking needs.
What are the benefits of opening an account with Oxygen Bank?
Oxygen Bank offers several benefits, including cashback rewards, virtual cards, competitive interest rates, and a range of insurance protections.
Are there any drawbacks to using Oxygen Bank?
One of the drawbacks of Oxygen Bank is the annual fees associated with the higher “Elements” tiers. Some users may also find the absence of physical branches inconvenient.
What types of accounts does Oxygen Bank offer?
Oxygen Bank offers personal and business deposit accounts, including personal checking and savings accounts, and business checking and savings accounts.
What are the features of Oxygen Bank’s personal savings account?
Oxygen Bank’s personal savings account is an optional interest-bearing account that can be paired with the personal checking account. It offers a tiered APY based on the “Elements” tier, with higher tiers earning higher rates. Automatic savings features are also available.
What are the features of Oxygen Bank’s business checking account?
Oxygen Bank’s business checking account is a cashback checking account with no monthly fees or minimum balance requirements. It comes with a Visa Business Debit Card that earns cashback rewards on select merchants.
Does Oxygen Bank offer a business savings account?
Yes, Oxygen Bank offers a business savings account that is available to U.S.-based businesses that have an Oxygen Bank business checking account. The account earns a competitive APY on balances up to ,000 and offers automatic savings features.
Our Friends
- https://millennialmoney.com/oxygen-bank-review/
- https://www.fool.com/the-ascent/banks/oxygen-bank-review/
- https://www.forbes.com/advisor/banking/oxygen-bank-review/
