Financial Services for Independent Professionals and Small Businesses: A Review of Oxygen Bank
We receive compensation from many of our business partners whose products are featured here. It's how we make money, but our reporters and editors will never let money compromise their objectivity. Offers on this page may be subject to additional conditions. Financial
We receive compensation from many of our business partners whose products are featured here. It's how we make money, but our reporters and editors will never let money compromise their objectivity. The offers on this page may be subject to additional conditions.
Financial institution Oxygen Bank caters exclusively to independent workers and business owners via their website. Through an alliance with The Bancorp Bank, the bank is able to provide curated banking services. Those who purchase from Oxygen can open checking and savings accounts tailored to the needs of sole proprietors. Read our full opinion on the cutting-edge Oxygen Bank here.
- The absence of recurring costs
- Gets you rebates on what you spend.
- With discounts on airfare and other travel perks.
- Payroll deposits made up to two days early via direct deposit
- You have to pay a one-time fee to activate certain loyalty rewards tiers.
- If your annual transaction volume is below the threshold that triggers the activation fee, the fee will be applied.
- There are different interest rates depending on your tier.
- There are no actual locations for this branch
An Analysis of Savings Accounts at Oxygen Bank
There is currently only one savings account available to customers of Oxygen as an extra. There are convenient ways to save automatically, making this a good option for a rainy-day fund.
Fund for Conserving Oxygen
You can supplement your deposit account at Oxygen Bank with a savings account, which earns interest. If your balance is less than $20,000, you will receive interest. In the Element loyalty program, the APY you receive is tied to your tier. In order to open a savings account with Oxygen, you must first open a deposit account with them. There is no minimum balance required for the savings account, but account inactivity could result in the account being closed. While there are no monthly charges for Oxygen, there is an annual fee that varies with your loyalty tier.
Customers can not only benefit from interest earnings, but also from the availability of helpful savings tools such as round-up rules, savings goal setting, and automatic transfers to your savings account.
Assess various types of savings accounts
If you want to pick the best savings account, you need to do some research. Take a look at how Oxygen Bank's savings account stacks up against the competition by consulting our list of top savings accounts. Some of our favorites are listed below.
= Best
= Superb
= Good
= Fair
= Poor
5.00/5
= Best
= Superb
= Good
= Fair
= Poor
4.00/5
= Best
= Superb
= Good
= Fair
= Poor
4.00/5
Financial Services for Independent Professionals and Small Businesses: A Review of Oxygen Bank
Colorado's top financial institutions serve customers in every nook and cranny of the Centennial State, from the urban centers of Denver and Colorado Springs to the rural hamlets of the Front Range.
We only recommend products that have passed our rigorous testing criteria; advertisers have no say in which products we recommend. If you decide to visit one of our recommended partners, we may get a commission. To learn more, please review our advertiser disclosure. If
In terms of money, your checking account is the nerve center of your entire existence. The checking account is the most common type of bank account in the United States, and most Americans have one. As you can probably guess, Paychecks can be quickly deposited to a checking account,
This piece is a part of a larger series on banking for businesses. Your organization needs to have access to low- or no-fee checking, and the best banks for charities should be able to provide that. Depending on the institution, nonprofit organizations may qualify for a free or reduced
An Analysis of the Oxygen Bank Checking Account
The foundation of Oxygen's banking system is the individual deposit account. With a reliable checking account, you can easily access your money for all of your regular banking and spending needs. Take a peek at Oxygen Bank, the modern alternative to checking accounts!
Calculating Oxygen Use
If you're looking for a digital-only alternative to a traditional checking account, the Oxygen Account may be what you're looking for. Although you can't write checks with this account, you can still enjoy a number of convenient services, such as mobile check deposits, early direct deposits, P2P transfers with other Oxygen account holders, and online bill pay.
A Visa debit card is included at no cost with every Oxygen account. Withdrawals from any Allpoint ATM are always free to use. Any use of an ATM that is not part of the Oxygen network will cost you $3. In addition, the ATM operator may impose a fee on your transaction. Customers can fund their Green Dot accounts in a variety of ways, including electronic transfers, direct deposits, mobile check deposits, and cash deposits at any of the company's thousands of locations in the United States. S A customer's debit card information can be concealed during certain transactions by using a virtual card number.
Checking account comparison
The checking account at Oxygen Bank has many features, but you may not find them useful. Take a look at our top-rated checking account picks to locate the checking account that best serves your financial needs.
Customer service and expertise at Oxygen Bank
Since Oxygen Bank didn't begin accepting customers until January 2020, there isn't a ton of data available about the quality of its accounts and services. With only 99 reviews available on Trustpilot (as of April 7, 2022), the bank only has a 2 star rating. I give it a 7.0/5.
Last month, the Fintech Breakthrough Awards named Oxygen the Best Overall Fintech App of 2021. It's also important to remember that in order to sign up for an Oxygen account, you must use the mobile app.
Perks for Regulars at Oxygen Warehouse
What sets Oxygen Bank apart from the competition is its loyalty rewards program. An individual is automatically enrolled in the program at the first tier, Earth, when a deposit account is opened. Each of the four elements (Earth, Water, Air, and Fire) corresponds to a different level of loyalty. There are different entry requirements, annual costs, and perks for each tier. Cash rebates on certain purchases, mobile phone insurance, discounts at Netflix and Peloton, and airport lounge access with Priority Pass are just a few of the perks.
Substitutes for the Oxygen ATM
Putting your money into the right bank will allow you to save more and spend less. Other great banks to think about if Oxygen Bank isn't for you
Ally Bank
When it comes to online banking, Ally Bank is right up there with the best. Ally Bank offers competitive APYs on its accounts in addition to not charging monthly maintenance fees. In addition, there is a wide variety of deposit accounts available through the bank's website, including standard checking and savings accounts, a money market account, and several types of certificates of deposit. In addition to traditional banking services like mortgages, auto loans, and credit cards, Ally also provides financial planning services and retirement accounts.
Bank Capital One
If you're looking for a bank with a high annual percentage yield on deposits, Capital One is another viable option. You can get more than just the commercially-promoted credit cards at this bank. Capital One provides a variety of bank account choices, including some tailored to young people. Remember that it also offers high-yielding online CDs with competitive annual percentage yields (APYs)
Should you sign up with Oxygen Bank?
If you fit the following criteria, then Oxygen Bank is the service for you:
- You wish to accumulate cash rebates from your purchases.
- You hope to use automated savings mechanisms to help you meet your savings targets.
- A physical bank branch is not required.
Different Items Produced by Oxygen Bank
Although Oxygen does not provide a full range of banking or financial services, they do have a package of accounts designed with small businesses and independent contractors in mind. When it comes to features, Oxygen's business checking and savings accounts are virtually indistinguishable from their individual counterparts. The ability to initiate the formation of a limited liability company (LLC) within the Oxygen mobile app is a particularly useful function for customers who use their account for professional purposes.
Colorado's top financial institutions serve customers in every nook and cranny of the Centennial State, from the urban centers of Denver and Colorado Springs to the rural hamlets of the Front Range.
We only recommend products that have passed our rigorous testing criteria; advertisers have no say in which products we recommend. If you decide to visit one of our recommended partners, we may get a commission. To learn more, please review our advertiser disclosure. If
In terms of money, your checking account is the nerve center of your entire existence. The checking account is the most common type of bank account in the United States, and most Americans have one. As you can probably guess, Paychecks can be quickly deposited to a checking account,
This piece is a part of a larger series on banking for businesses. Your organization needs to have access to low- or no-fee checking, and the best banks for charities should be able to provide that. Depending on the institution, nonprofit organizations may qualify for a free or reduced
Facebook