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The Elements Of Banking – An Oxygen Bank Review

Oxygen is a Through its mobile banking app, the San Francisco-based company provides personal and business bank accounts. It is focused on delivering low-fee, high-interest-paying accounts. People can use these accounts to achieve their financial goals.

In our Oxygen Bank review, you’ll find out how the bank stacks up against its competitors. I will cover what you can expect out of an Oxygen account, what fees you should and shouldn’t expect, the pros and cons of using this service, and more. Oxygen is a great service for people who want to manage their finances securely.

Everything you need to know about Oxygen Bank can be found here. Oxygen Bank is a modern digital bank that offers innovative financial products and services that meet the needs of today’s consumers.

or, skip straight to the section on how to sign up for Oxygen Bank

Oxygen Bank Features

Before we get into the specifics of Oxygen accounts, let’s take a look at some of the broader features you’ll enjoy as an Oxygen Bank customer. You can use the Oxygen Bank app to manage your accounts, make payments, and transfer money with ease.

Mobile Banking

You can only manage your Oxygen account through the mobile app. A simple and intuitive user interface is what the app is designed to make managing your account easy. You can’t do business on the company’s website. Customers can find all the information they need to make an informed decision.

The Oxygen app is well-reviewed in both the App Store and the Play Store, with a 4.5-star rating in the App Store and a 4.5-star rating in the Play Store. It is highly recommended by its users and has become a popular tool for health monitoring.

Virtual Cards

Oxygen also offers virtual cards. Those who don’t want to carry a physical card with them can use virtual cards. The ability to make payments with a virtual card is appealing. It helps to protect your financial information from potential fraud, so it’s helpful for online shopping.

The number of virtual cards you get depends on which Oxygen account you have. Oxygen’s virtual cards are easy to use and secure, making them a great way to manage business spending.

40,000 Free ATMs

More than 40,000 fee-free ATMs are part of the Allpoint ATM network. If you use an ATM outside of the network, there is a fee. It’s important to check with your bank for details on the fees associated with using an ATM outside of its network. Oxygen doesn’t reimburse out-of-network ATM charges. All receipts should be kept as proof of payment if you use an out-of-network ATM.

Oxygen is a mobile-only bank, so you won’t be able to make deposits at any ATMs. You can use the Oxygen app to transfer money from one bank account to another. Oxygen can be used to make mobile check deposits. Deposits can be made from the comfort of your own home or on the go. You can deposit cash at any Green Dot location. You can check your balance or withdraw cash from your card at Green Dot locations. You will have to pay fees if you go that route.

Cashback Rewards

You will earn rewards when you use your Oxygen card. You can use your Oxygen card to make purchases online or in-store, making it the perfect all-in-one payment solution.

Over time, the deals will change. You can save more money if you check back regularly for new offers. You can get offers from popular brands like Trader Joe’s and Walmart. Special offers from local businesses help support your community.

Oxygen Personal Banking

Oxygen has a personal deposit account that is both a checking account and savings account. The Oxygen Visa card has no minimum balance requirement. The Oxygen Visa card has no foreign transaction fees, making it ideal for international travel.


Oxygen’s loyalty program breaks its personal account into four “Elements” — Water, air, and fire. All life on Earth is based on these four elements.

Each element has different account perks and an annual fee. Access to exclusive discounts, travel benefits, and a variety of other features are offered by Element.

Take a look at the details of each savings/checking account option to determine which makes the most sense for your specific situation:

Included with all Elements

  • $1 cashback on food and coffee
  • Cell phone protection
  • Extended warranty protection
  • Auto rental collision damage waiver
  • Baggage delay protection
  • Lost luggage protection
  • Hotel theft protection
  • Early direct deposit (up to two days early)
  • Mobile bill pay


  • No annual fee
  • 0.25% APY (on balances up to $20,000)
  • 2% cashback with select merchants
  • Up to three savings goals
  • Three active virtual cards


  • $19.99 annual fee
  • 0.75% APY (on balances up to $20,000)
  • 4% cashback with select merchants
  • Up to 10 savings goals
  • Two-month Netflix reimbursement
  • 15 active virtual cards


  • $49.99 annual fee
  • 1.00% APY (on balances up to $20,000)
  • 5% cashback with select merchants
  • Unlimited savings goals
  • Two-month Netflix reimbursement
  • Two-month Peloton Digital reimbursement
  • Priority Pass Annual Membership (plus five free visits)
  • Unlimited virtual cards


  • $199.99 annual fee
  • 1.25% APY (on balances up to $20,000)
  • 6% cashback with select merchants
  • Unlimited savings goals
  • Two-month Netflix reimbursement
  • Two-month Peloton Digital reimbursement
  • Priority Pass annual membership (plus 10 free visits)
  • Global Entry/TSA Precheck reimbursement
  • Unlimited virtual cards 

To get a chance to level up, you have to meet minimum deposit and spending requirements over 30 days. It is optional to move to a higher tier. You can still enjoy the same level of service if you don’t upgrade. It might be worth looking into if you have a decent amount of cash on hand and the perks appeal to you. You should consider the cost of the membership fee and any additional costs associated with participating in the program before deciding if it’s right for you.

You will pay an annual fee if you move to a new tier. You won’t be able to switch back to your original tier once you make the move. There is no way around it. You have a chance to avoid paying the account fee in the future. You need to maintain a minimum balance in your account throughout the year.

Qualifying for UpperTiers

With that in mind, let’s take a look at how to qualify for each upper-level tier, along with the annual qualifications you’ll need to avoid the fee next year. It’s important to be aware that the qualifications you need to qualify for each tier may change from year to year.


  • Over thirty consecutive days, spend at least $500 and deposit at least $1,500.
  • In one year, spend at least $6,000 with your card. If you meet the qualification, you’ll get a cash bonus.


  • Over thirty consecutive days, spend at least $1,000 and deposit at least $3,000. Customers will have access to exclusive rewards once the initial qualifications are met.
  • In one year, spend at least $12,000 with your card. You have to opt in to receive electronic statements to be eligible for this qualification.


  • Over thirty consecutive days, spend at least $2,000 and deposit at least $6,000. The deposit and spending requirements must be met by customers in order to maintain their status after the initial qualification period.
  • In one year, spend at least $24,000 with your card. You will be eligible to receive rewards and other benefits once this requirement has been met.

Oxygen Bank Pricing & Fees

Oxygen isn’t a completely free platform, even though it skirts a lot of traditional banking charges. Oxygen charges a 1.5% markup on foreign exchange transactions and ATM fees, so users should be aware of these costs before making a transaction.

Annual fees

Aside from the Earth tier, each of Oxygen’s You have to pay an annual fee in your first year with Elements. When you upgrade to a higher tier of Elements, the annual fee is not charged. If you meet the requirements, you can get around the fees in subsequent years. If you meet certain criteria, you may be eligible for fee waivers or discounts.

With annual fees ranging from $19.99 to $199.99, members face an important question: are the higher tiers worth it? How much value members want to get from their membership is a factor to consider.

It depends, as is the case with most fees. It is important to understand the costs associated with the fee before committing to it. You can easily surpass the cost of the annual fee if you max out the APY within each tier. You will be able to take advantage of the benefits that come with having a premium credit card. The account becomes well worth it if you add in the additional perks. With this account, you’ll receive exclusive access to discounts and offers that are not available to the general public – plus, free shipping on all orders.

If you keep a lower balance and don’t take advantage of enough offers, you might end up paying more than you need to. It’s important to consider your financial habits when choosing a credit card.

Only you can decide what makes sense, because you know your financial situation better than anyone else.

ATM Fees

Allpoint ATMs are fee-free for ATM transactions. It is easy to find a fee-free Allpoint ATM when you are in a retail store. You have to pay Oxygen a $3 fee every time you leave the network. Oxygen does not reimburse the fee that the ATM charges. Before you withdraw money, be sure to check your bank’s ATM fees.

International Fees

You need to be aware of the fees if you plan to use your Oxygen card overseas. Before travelling abroad, it is important to speak to your bank or credit card provider about any applicable fees. 1% of the transaction amount is charged for each international transaction. If the transaction is in a foreign currency, the 1% fee applies.

International ATM withdrawals come with a flat $5 fee per transaction. The fee applies even if the amount is withdrawn.

These fees can add up when you travel across Europe.

Cash Deposit Fees

Cash deposits are only available through Green Dot, which you can use through merchants. Cash deposits can be made through Green Dot online or through their mobile app.

Depending on the merchant, Green Dot transactions come with a fee that can reach as high as $4.95. It is important to factor this fee into your budget.

Signing Up & Getting Started

To sign up for an Oxygen account, you need to download the app. You can open a personal or business account from there. Regardless of the type of account you choose to open, you can rest assured that your financial security is our top priority.

You can fill out the application after you create a login with your email address. Before you can submit your application, you will be asked to confirm your email address. Anyone over the age of 18 can have accounts with a residential U.S. Valid government-issued identification is required to open an account. There is an address and a valid Social Security number. You will need to provide proof of your identity, such as a valid form of photo identification, along with your current mailing address and a valid Social Security number to complete the process.

You should know within a couple of business days if you are all set. It is recommended to follow up with the organization if you don’t hear back after a few days. It could take up to three weeks to get an answer for business accounts. If you need help with your business account, it’s best to call customer service.

Oxygen Bank Promotions 

If you have a friend who is already using Oxygen, you can both earn Oxygen referral bonuses when you sign up for a new personal or business account. Make sure you both get the bonus by asking your friend for their referral code.

The bonus is worth up to $60 for you and your friend, but there are some requirements. You need to meet these requirements in order to get the bonus.

You can get the initial $10 bonus if you sign up through a unique referral link within 30 days of receiving it. Referring friends is an easy way to get the most out of this offer and maximize your bonus earnings. The bonus will hit both accounts within 10 days once the account is open. To make sure that the bonus has been received, you should keep an eye on both accounts.

You have to make at least five debit card transactions and deposit at least $500 into your new account in 60 days to get the remaining $50 bonus. You have to make sure that your account is in good standing for the duration of the bonus period. You will get the rest within 10 days after you qualify. You’ll get the funds in your account after you qualified for the bonus.

Oxygen Bank Security

The highest level of payment industry security is achieved by Oxygen. This makes sure that your data and payments are safe. The Payment Card Industry Security Standard, also known as the Payment Card Industry Sate Security Standard, ensures that companies process, store, and transmit debit or credit card information in a secure environment. A set of requirements has been established to protect card data and reduce fraud.

Deposits up to $250,000 are protected because Oxygen accounts are insured by the Bancorp Bank.

Customer Service & Support

To get in touch with Oxygen’s customer support team, you can send an email, use the in-app chat feature, or give them a call. Frequently asked questions and product tutorials can be found on their website. Many financial services companies don’t offer phone support, so this is a nice feature. It’s a great way for customers to get help in a timely manner.

The customer service agents are open seven days a week. Please don’t hesitateto reach out to our customer service team during these hours if you have any questions or concerns. to 10 p.m. Eastern Time. You can call the same number if you have a lost or stolen card. Cancel any recurring payments you may have set up with the card in order to avoid unwarranted charges, and make sure you have your account information on hand.

Oxygen is a new neobank, so it has yet to build up many user reviews. Users who have tried out its features have given it good feedback. That said, it isn’t off to a great start and has a The trustpilot rating was just 1.7 stars out of 5. Your mileage may be different. Everyone’s experience is unique and results may differ.

Oxygen Bank Review Pros & Cons

Oxygen Bank has pros and cons. It’s important to consider the pros and cons of Oxygen Bank before making a decision.


  • Tons of account perks
  • High APY on personal accounts
  • Well-rated mobile app
  • Free ATM access in the Allpoint network
  • No monthly fee
  • Combination savings and checking account


  • Surprisingly high annual fees
  • APY earning caps at $20,000
  • No physical branches

Alternatives to Oxygen Bank

If you like the sound of an online bank and want to see what else is out there, check out Chime or Revolut. Low-fee personal accounts are offered by these digital banking options. They can be used to manage and track your finances.

If you’re after a digital account for your business, look into Novo, Bluevine and Mercury offer online-only business banking platforms. Both Bluevine and Mercury offer comprehensive banking services that include features such as automated payments and deposits.

Oxygen Bank FAQs

There are a lot of questions about Oxygen Bank.

Is Oxygen Bank a real bank?

Yes and no. Oxygen isn’t a bank, but it does offer real bank accounts. The company offers accounts through its partner. A secure and easy-to-use platform is provided by the company.

Oxygen’s bank accounts are serviced by the Bancorp Bank, a real member-FDIC bank. One of the leading providers of e-commerce solutions for small businesses is it.

Is Oxygen a prepaid card?

No. Oxygen has deposit accounts with physical and virtual cards. Oxygen helps customers better manage their finances with budgeting and savings tools.

Does Oxygen Bank have Zelle?

Not at the time of writing. Oxygen is compatible with peer-to-peer payments, but not with Zelle. I wouldn’t be surprised if this changes in the future.

The Bottom Line

Oxygen is appealing to people who look at banking differently. They need the tools and services to achieve financial freedom. It depends on what you need from it. The bank’s fees and services should be considered to see if they meet your needs.

There are perks that are better than the best rewards credit cards. The added benefit of FDIC-insured safety and security is offered by these accounts.

The cost is the downside. Payment plans and financing options are available to help manage the cost. Oxygen does not shy away from account fees. It limits your earning potential with a cap on maximum balance requirements.

Overall, Oxygen is a good fit if you can max out the APY and meet the requirements to get around the annual fee.

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