Financial Services for Independent Professionals and Small Businesses: A Review of Oxygen Bank

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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 you don't make the required number of purchases each year, you'll be hit with an activation fee.
  • 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. You can pay an annual fee to maintain your loyalty status with Oxygen instead of paying monthly.

Customers can earn interest on their savings and use helpful savings tools like round-up rules, savings goal setting, and automatic transfers to your savings account to save the most possible money.

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.

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Account Rating
As an overall impression, I give it a 5. 0% of the possible 5 stars
In the shape of a circle, the letter I The scale we use to rate things is out of five stars. Best is rated 5 stars. Four stars indicates high quality. With 3 stars, I would rate it as Good. Two stars means it was just average. A rating of 1 indicates Very Low Quality. We're trying to find ways to make your money go further. In light of this, our rankings give preference to packages that satisfy multiple needs while reducing out-of-pocket expenses.
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A 4 for the resulting picture zero out of five
Enclosed within a circle is the letter I. The scale we use to rate things is out of five stars. Five stars indicates the very best. Four stars indicates a high quality product or service. The average rating for Good is 3. Two stars indicates a mediocre performance. A rating of 1 indicates a low quality. As such, we're here to help you get more out of your money. As a result, our rankings favor packages that provide flexibility while reducing out-of-pocket expenses.
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4.5 out of 5 stars for the depiction 0 stars out of 5
Symbol of an I inside a circle To make things simple, we use a 5-point scale for all of our ratings. For the most part, a perfect score of 5 stars indicates the Best. That's a 4 out of 5 rating, which is Superb. Rating: 3 stars - Good Rating: 2 stars - Fair Rating of 1 indicates Very Low Quality We're trying to find ways to make your money go further. For this reason, our rankings favor packages that provide flexibility while reducing out-of-pocket expenses.
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APY 3.30% 3.30% 4.05% Min in order to accumulate annual percentage yield $0 $1 $100 Next Steps

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. Here are a couple of other great banks to look into 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

For those seeking competitive annual percentage yields (APYs) on savings accounts, Capital One is another viable choice. 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.
  • To save money and get ahead, you'd like to set up some kind of automatic savings plan.
  • 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. The business checking and savings accounts offered by Oxygen are nearly indistinguishable from the personal ones. Users with business accounts can begin the process of forming a limited liability company without ever leaving the convenience of the Oxygen mobile app.

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