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Oxygen personal bank account

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Earn cash back on your debit card purchases from everyday merchants, including Trader Joe's and Walmart.

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

N/A

APY

$0

Minimum deposit to open

Details

APYN/A
Fee$0 per month
Minimum deposit to open$0
ATMs55,000 Allpoint ATMs
Out-of-network ATM fee$3 for every withdrawal, you make at an out-of-network ATM.
$5 plus 1% of the transaction for international ATM withdrawals.
Foreign transaction fee1%
Overdraft fee$0
New account fee$0
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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.

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 $15,000 APY. And if you’re after a rewards checking account, consider OnJuno, which has no monthly fee and earns up to 2.15% APY and up to 5% in cashback rewards.

How do I open a personal bank account?

Here’s how to join Oxygen‘s digital banking platform.

  1. Go to the provider’s site and follow the steps to apply.
  2. From the provider page, select Get the app.
  3. Add your mobile number and hit Send.
  4. Download the app on the Apple or Google Play App Store.
  5. Tap Get started.
  6. Enter your email, choose a password and select Sign up.
  7. Input your personal information, including your name and date of birth.
  8. Confirm your phone number by entering the verification code.
  9. Fill out your address and tap Continue.
  10. 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 typeLocationFee
Deposit cashGreenDot locations$4.95
Deposit checkMobile appFree
Withdraw cash
  • From any Allpoint ATM — with over 55,000 locations across the US
  • From an ATM outside the Allpoint network
  • From an international ATM
  • Free for in-network ATMs
  • $3 per withdrawal for out-of-network
  • $5 plus 1% of the transaction amount for each withdrawal for international ATM withdrawals
Direct deposit or ACH transferAny bankFree

Compare with other checking accounts

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account
Up to 1.00%
$10
55,000 free in-network ATMs
$0
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Citibank® Account Package
Citibank® Account Package
0.50%
$0
No access to ATMs
$2.50
Earn a $300 bonus after opening new eligible checking and savings accounts and completing required activities.
HSBC Premier Checking
Finder Rating: 2.7 / 5: ★★★★★
HSBC Premier Checking
0.01%
$1
Free to use at all ATMs in the US
$0
Get a 3% cash bonus in the first six months (up to $600) or $450 welcome bonus when you open your account with qualifying activities. Must open HSBC Premier checking account through offer page by June 30, 2021, and set up qualifying direct deposits into the new account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.
Chime Spending account
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Chime Spending account
N/A
$0
38,000 fee-free ATMs nationwide
$2.50
Get rid of fees with this financial app offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
Axos Bank Essential Checking
Finder Rating: 5 / 5: ★★★★★
Axos Bank Essential Checking
N/A
$0
ATM fees reimbursed at any ATM nationwide
No fees. Unlimited domestic ATM fee reimbursements.
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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.

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