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Oxygen Review: Banking for Freelancers and Solopreneurs

Review Updated
Kevin Payne
Steven Porrello
By: Kevin Payne and Steven Porrello

Our Banking Experts

Nathan Alderman
Check IconFact Checked Nathan Alderman
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield

Oxygen is a digital-only financial company geared toward entrepreneurs and freelancers. It offers curated banking services thanks to a partnership with The Bancorp Bank. Oxygen customers have access to deposit and savings accounts specifically designed for individuals running their own businesses. Find out more about this modern bank in our Oxygen review.

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Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Bottom Line

Oxygen Bank is digital-only bank marketed for freelancers and entrepreneurs, although that's not a requirement. Most of its business benefits lie with its business bank accounts, but those features will appeal to a wide range of customers.

  • No monthly fees
  • Earns cash back rewards on purchases
  • Comes with travel perks and other benefits
  • Direct deposits up to two days early
  • Certain loyalty rewards tiers come with an initial activation fee
  • Activation fees are charged annually if you don’t meet minimum transaction requirements
  • Interest rates are based on tier status
  • No physical branches

Oxygen savings account review

Oxygen offers just one optional personal savings account at this time. With access to automatic savings tools, it might be the right place to keep your emergency fund.

Oxygen Savings Account

Oxygen's savings account is an optional interest-bearing account you can pair with your deposit account (more on that below). The account has a tiered APY that corresponds to four elements: Earth, Water, Air, and Fire. We'll go into more detail on these elements below. But, for the purposes of the Oxygen Savings Account, just know an Earth account has the lowest APY but no annual fee, while the other three elements have slightly higher APYs with annual fees ranging from $49 to $299.

You must have an active Oxygen deposit account to be eligible for a savings account. The savings account carries no minimum balance requirements, but you'll need to keep your account active -- at least one activity every nine continuous months -- to avoid having the account closed. Oxygen doesn't charge monthly fees, but you could pay an annual fee depending on your loyalty status level.

Besides earning interest, customers can make use of helpful savings tools to maximize their savings, like round-up rules, savings goal setting, and automatic transfers to your savings account.

High-yield savings account comparison

We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.

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Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at:
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
5.05% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
Rate info Circle with letter I in it. Our Disclosure: Annual Percentage Yields (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit for current rates, terms and account requirements. Member FDIC
Min. to earn: $0
Min. to earn: $0

Oxygen checking account review

Banking with Oxygen all starts with its personal deposit account. A solid checking account gives you quick access to your funds for everyday banking and spending needs. Here's a look at Oxygen's answer to traditional checking accounts.

Oxygen Account

The Oxygen Account is a digital-only alternative to a standard checking account. While it doesn't come with check-writing privileges, the account features several other benefits like online bill pay, early direct deposits, person-to-person transfers with other Oxygen account holders, and mobile check deposit.

Oxygen accounts come with a complimentary Visa debit card. Customers have access to fee-free ATM withdrawals through the Allpoint ATM network. Oxygen charges a $3 fee for out-of-network ATM use. Plus, you may get charged a fee by the ATM owner. In addition to electronic transfers, direct deposits, and mobile check deposits, customers can deposit cash into their account at Green Dot locations across the U.S. Customers can also use virtual card numbers during select transactions to mask their debit card details.

Compare checking accounts

Oxygen's checking account has a lot to offer, but it may not be right for you. Check out our list of the best checking accounts to find an account that fits your banking needs.

Oxygen customer service and experience

Oxygen has a mixed bag of reviews on third-party sites. For instance, on Google Play, it boasts a 4.7 out of 5 stars (out of 34,200 reviews), while on Apple Store it has a 4.8 rating (out of 25,200 reviews). Its Trustpilot account, however, is slightly lower (3 stars out of 255 reviews), while its Better Business Bureau profile has a B+ with over 275 complaints in the last three months.

If customer service is important to you, it might be worthwhile reviewing comments left by previous customers.

Oxygen loyalty benefits

Another feature of Oxygen that stands out from competitors is its loyalty rewards program. When you open a deposit account, you're automatically enrolled in the program at the entry-level tier, Earth. But you can move into any of the other three tiers by paying its annual fee. If you're interested, here's a brief overview of each one:

Earth Water Air Fire
Annual fee $0 $49 $99 $299
Cash back Up to 2% Up to 3% Up to 4% Up to 6%
Global Entry &TSA Precheck Reimbursement No No Yes Yes
Ambassador reward 25% discount on Water annual fee, after spending $4,200 25% discount on Air annual fee, plus $25, after spending $12,000 25% discount on Fire annual fee, plus $50, after spending $18,000 $150 bonus, after spending $25,000
Data source: Oxygen.

Each tier also has an APY, with Earth paying the least and Fire the most. Each card also includes valuable insurance, like cellphone protection, baggage delay protection, and extended warranties.

Alternatives to Oxygen

Choosing the right bank can help you manage your money efficiently and maximize your savings. If Oxygen isn't for you, here are a couple of other top banks to consider.

Ally Bank

Ally Bank is among the very best online banks we've seen. In addition to competitive APYs on its accounts, Ally also charges no monthly maintenance fees. Plus, the bank is home to a full suite of online deposit accounts including checking and savings accounts, a money market account, and several types of CDs. Ally also offers other products and services, like investment and retirement accounts -- plus home, auto, and personal loans.

Capital One Bank

Capital One is another option to consider, especially for people looking for high APYs on deposit accounts. This bank offers more than just the popular credit cards you've seen in commercials. Capital One offers several checking and savings accounts, including options for kids and teens. Don't forget its high-yield online CDs offering competitive APYs.

Is Oxygen right for you?

Oxygen is right for you if:

  • You want to earn cash back rewards on your purchases.
  • You want to take advantage of automatic savings tools to reach savings goals.
  • You don't need access to traditional in-person banking services.

Other products by Oxygen

You won't find full-service banking or financial services at Oxygen, but it does offer a set of accounts specifically geared toward entrepreneurs and freelancers. Oxygen's business deposit account and savings account are almost identical to its personal account offerings. One feature that stands out is that customers with business accounts can start the process of forming a limited liability company within Oxygen's mobile app.


  • Oxygen is technically not a bank but a financial technology (fintech) company. It partners with The Bancorp Bank to offer banking services. All accounts at Oxygen are FDIC insured up to $250,000 per depositor.

  • Oxygen offers four tiers on its accounts: Earth Water, Air, and Fire. Of the four, Earth is the only no-fee account, while the others have annual fees.

Our Banking Experts