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Oxygen personal bank account
Earn cash back on your debit card purchases from everyday merchants, including Trader Joe's and Walmart.
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.
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$0 per month
Fee
$0
Minimum deposit to open
Details
| 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
kimberly.ellis@findercrew.comKimberly 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.
Expert review
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.
How do I open a personal bank account?
Here’s how to join Oxygen‘s digital banking platform.
- Go to the provider’s site and follow the steps to apply.
- From the provider page, select Get the app.
- Add your mobile number and hit Send.
- Download the app on the Apple or Google Play App Store.
- Tap Get started.
- Enter your email, choose a password and select Sign up.
- Input your personal information, including your name and date of birth.
- Confirm your phone number by entering the verification code.
- Fill out your address and tap Continue.
- Follow the prompts to complete the account verification process.
Eligibility
To open an Oxygen personal bank account, you must meet the following requirements.
- US citizen or permanent resident
- At least 18 years old
- Valid Social Security number
- Valid email address
Required information
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.
What are the benefits of an Oxygen personal account?
A personal account with Oxygen gives you access to the following benefits.
- No fees. You don’t have to worry about monthly charges, overdraft fees or a minimum balance fee.
- Earn cash back. Swipe your card at an approved merchant and earn some cash rewards. For instance, you can get up to 7% back at Trader Joe’s or 5% back at Walgreens.
- Physical and virtual debit cards. Swipe your Visa debit card or conceal your physical card details by generating a single-use virtual card.
- Get your paycheck sooner. Oxygen generally posts direct deposits on the same day they’re received, which could give you access to your cash up to two days earlier.
- Access to a credit line. If you are approved for a line of credit, you’ll pay a flat monthly fee of $29.99 to borrow funds if you need it.
What should I look out for?
Consider the following cons before opening an Oxygen personal bank account.
- Deposit cash for a fee. A retail service fee of about $4.95 applies every time you load cash to your account at any GreenDot location, including Walmart, CVS and Walgreens. But you can use the mobile app to deposit checks or transfer money for free.
- Online only. Oxygen has no physical locations for face-to-face service.
- No paper checks. Unlike other checking accounts, Oxygen doesn’t support any check transactions besides depositing them through the mobile app. If you need to send a check, your only option is to use Bill Pay through Oxygen’s app. After you initiate the bill payment, Oxygen will send a paper check to the person or company.
Oxygen‘s ATM network and fees
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 |
Compare with other checking accounts
Frequently asked questions
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.
- Must deposit at least $200 within 60 days.
- Must have at least five debit card transactions within 60 days.
Checking account ratings
★★★★★ — 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.