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Oxygen Bank Review: Banking for Freelancers and Solopreneurs

Many or all of the products here are from our partners that pay us a commission. 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.

Oxygen Bank is a digital-only financial company geared toward entrepreneurs and freelancers. The bank 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 Bank review.

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Best For: Banking loyalty rewards and savings tools

Oxygen Bank

Rating image, 3.50 out of 5 stars.
Info Icon 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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3.50/5
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.

Pros
  • No monthly fees
  • Earns cash back rewards on purchases
  • Comes with travel perks and other benefits
  • Direct deposits up to two days early
Cons
  • 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 Bank 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 Bank's savings account is an optional interest-bearing account you can pair with your deposit account. The account earns interest on balances under $20,000. The APY earned depends on your Element loyalty program tier (more on this below). 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 to avoid closure. 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.

Compare savings accounts

Always research savings accounts before choosing the right one for you. Check out our list of the best savings accounts to see how Oxygen Bank's savings account compares. Below are some of our top picks.

Rates as of Dec. 2, 2022
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Account
Goldman Sachs Bank USA
Sponsored Listing
Rating
Rating image, 4.00 out of 5 stars.
Info Icon 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.
= Best
= Excellent
= Good
= Fair
= Poor
4.00/5
Rating image, 4.00 out of 5 stars.
Info Icon 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.
= Best
= Excellent
= Good
= Fair
= Poor
4.00/5
Rating image, 4.50 out of 5 stars.
Info Icon 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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4.50/5
APY 3.00% 3.00% 3.60%
Min. to earn APY $0 $1 $100
Next Steps

Oxygen Bank 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 Bank'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 Bank'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 Bank customer service and experience

Oxygen Bank launched in January 2020, so there's not much customer feedback on its accounts and services yet. Trustpilot provides a small sample size with only 99 reviews (as of April 7, 2022), with the bank's rating at 2.7 out of 5 stars.

Oxygen recently won the 2021 Best Overall Fintech App at the Fintech Breakthrough Awards. It's also worth noting that the mobile app is required to open an account through Oxygen.

Oxygen Bank loyalty benefits

Another feature of Oxygen Bank 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. There are four loyalty tiers -- Earth, Water, Air, and Fire. Each tier carries its own qualifications and requirements, annual fee, and benefits. Some of the benefits include cash back on select purchases, cellphone protection, Netflix and Peloton partner benefits, and Priority Pass airport lounge access.

Alternatives to Oxygen Bank

Choosing the right bank can help you manage your money efficiently and maximize your savings. If Oxygen Bank 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 Bank 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 Bank right for you?

Oxygen Bank 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 Bank

You won't find full-service banking or financial services at Oxygen, but the bank 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.

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