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finder.com’s rating: 4.7 / 5.0
★★★★★
The Oxygen personal bank account is a free online account that offers perks like getting your paycheck sooner and a line of credit to help fund your gigs. But you can only deposit cash through a GreenDot location, and it will cost you.
$0 per month
Fee
$0
Minimum deposit to open
APY | N/A |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
ATMs | 55,000 Allpoint ATMs |
Out-of-network ATM fee | $3 |
Foreign transaction fee | 1% |
Overdraft fee | $0 |
New account fee | $0 |
Review by
Kimberly Ellis is a writer at Finder. She hails from New York City with a BA from Queens College and a New York State teaching certificate. After teaching in both public and private schools, Kimberly decided to take the world by storm and dive into the media industry — where she covers everything from home loans and investing to K–12 education and shopping. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.
The Oxygen personal bank account won’t drain your funds with monthly or overdraft fees. Plus, you’ll earn instant cash back between 5% and 7% on your debit card, which is an impressive way to put some dough back in your pocket.
But if you need to deposit cash or like to keep a checkbook handy, you’ll want to consider another checking account. Oxygen doesn’t support any check transactions unless you’re depositing a check through its mobile app. And if you need to deposit cash, your only option is to deposit it at a GreenDot location, which may cost you $4.95.
If you want a free checking account, consider Ally Bank Interest Checking account that has no fees and offers APY. And if you’re after a rewards checking account, consider OnJuno, which has no monthly fee, earns an APY-like savings bonus of 1.2% and gets you 5% cashback on purchases from five retailers of your choice.
Here’s how to join Oxygen‘s digital banking platform.
To open an Oxygen personal bank account, you must meet the following requirements.
As part of the USA Patriot Act, Oxygen must verify your identity. It may request a copy of your driver’s license and Social Security information.
A personal account with Oxygen gives you access to the following benefits.
Consider the following cons before opening an Oxygen personal bank account.
Withdraw cash for free at over 55,000 Allpoint ATMs. You’ll pay $3 for every withdrawal you make at an out-of-network ATM. Minimize costs by using in-network ATMs and opting to fund your account through its mobile app or ACH transfers.
Transaction type | Location | Fee |
---|---|---|
Deposit cash | GreenDot locations | $4.95 |
Deposit check | Mobile app | Free |
Withdraw cash |
|
|
Direct deposit or ACH transfer | Any bank | Free |
Are my deposits safe at Oxygen?
Yes, Oxygen uses the highest banking security standard, PCI DSS. And your cash, up to $250,000, is insured by the Federal Deposit Insurance Corporation (FDIC).
How does the Oxygen referral system work?
If a friend becomes a new Oxygen customer using your unique referral link, you and your referral will get $25 each. But the new account must meet a few additional conditions.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.