OXYGEN: Mobile Banking

OXYGEN: Mobile Banking

About this app

Oxygen is a modern digital banking platform for the 21st century economy – the free thinkers, rebels, and entrepreneurs. Oxygen is a financial technology company, not a bank. Banking Services provided by The Bancorp Bank, Member FDIC

CASHBACK REWARDS¹
TraderJoes, Gas, Food delivery, and more. Plus $1 back at your favorite coffee shop!

GROW & MANAGE SAVINGS
Boost your savings by rounding up the change; grow it with Annual Percentage Yields (APYs)³, up to 20x the average national rate.⁴

RETAIL & TRAVEL BENEFITS
Retail benefits like cell phone insurance and extended warranty, travel perks like delayed and lost luggage, hotel theft, and car rental damage waiver protection. See below for premium benefits on SELECT ELEMENTS.

EASY & SECURE
Pay friends through the app, fee free bank transfers, pay bills, and access over 40,000 fee-free domestic ATMs⁵. Keep your money safe with card controls, card freezing, and virtual cards.

PERSONAL TIERS

EARTH
No qualifications or fees. No monthly fees or minimum balance
All standard benefits, plus:
2% Cashback / 0.50% Savings APY³ / 3 Savings Goals / 3 Virtual Cards


WATER
Qualification: 30 consecutive days qualified deposit ($1,500), spend ($500) plus a $19.99 Annual fee.⁶
All standard benefits, plus:
4% Cashback / 1.00% Savings APY³ / 10 Savings Goals / 15 Virtual Cards / 2 mo. Netflix reimbursement

AIR
Qualification: 30 consecutive days qualified deposit ($3,000), spend ($1,000) plus a $49.99 Annual fee.⁶
All standard benefits, plus:
5% Cashback / 2.00% Savings APY³/ Unlimited Savings Goals & Virtual Cards / 2 mo. Netflix & Peloton digital reimbursement/ PriorityPass™ Membership plus 5 Annual Visits

FIRE
Qualification: 30 consecutive days qualified deposit ($6,000), spend ($2,000) plus a $199.99 Annual fee.⁶
All standard benefits, plus:
6% Cashback / 3.00% Savings APY³ / Unlimited Savings Goals & Virtual Cards / 2 mo. Netflix & Peloton reimbursement/ PriorityPass™ Membership plus 10 Annual Visits / Global Entry Reimbursement.

BUSINESS ACCOUNT
Cashback on Ride Share, Gas & more!
Customizable invoices
Virtual cards with spending controls
Business Savings Account with a 1.00% APY⁷
Form an LLC from within the app⁸

Banking Services provided by The Bancorp Bank, Member FDIC. The Oxygen Visa® Debit Card and the Oxygen Visa® Business Debit Card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

¹ Cashback percentage varies by element. Variable annual fee, deposit and spend requirements may apply. Please refer to Cashback Terms & Conditions for full details.

² 3.00% annual percentage yield (APY) applies to Fire Element only and with balances of $20,000 or less. For balances over $20,000, APY ranges from 3.00% to 0.50%. APY current as of 08/04/22. Annual fee applies, fees may reduce earnings. No minimum balance to open the account, however, monthly spend and deposit requirements apply. See oxygen.us/apy for details.

³ Savings APY varies by Element. Variable annual fees, deposit and spend requirements may apply. Annual fee applies, fees may reduce earnings. No interest paid on balances over $20,000.  Please refer to oxygen.us/apy for details.

⁴ Based on the average Savings APY at Bankrate.com

⁵ Out-of-Network and International fees apply. Third party fees may apply.

⁶ Annual fee assessed only once if you continue to meet the deposit and spend qualifications

⁷ Refer to the Business Savings Account Agreement for full details

⁸ LLC formation is powered by CorpNet, Inc. Fees for LLC creation differ by state and services selected

Ratings and reviews

At first, I loved the app interface; temporary and virtual cards; and limits settings. However, things have changed. About once every two days, the app logs me out. The biometric log in randomly stops working, promoting me to use my passcode. From the start I knew the app did not offer a savings account, but I didn't realize how essential it was in my lifestyle. Finally, the new interface. The design seems overwhelming, and confusing. It was a good run, but it's time for something else.

The sudden drastic change of UI is allot. The UI is also too cluttered and is very noisy for the older populous. The different "elements" also seems like a workaround to "The richer you are the richer you get!"- scenario and causes anyone who might be living paycheck to paycheck or a lower tax bracket to easily shy away from this product. The previous developers did a much better job in my opinion. It's less noise and makes it easier to think

Whenever I try to use the cashback tab, the app crashes. The look and design of the app is ugly now compared to when it was only oxygen (without the elements). You now have to pay and meet certain requirements to get the full cashback benefits. It has become kind of ridiculous considering all the data they're collecting from us. It was fun to use at first, but I'm cancelling the account. They've become super greedy and unnecessarily complicated.

What's new

Bug fixes and improvements.