The Oxygen mobile banking platform is a new way of managing your business or personal bank accounts. It provides a simple and convenient way to store your money while earning interest on it. You can deposit cash into your account, withdraw cash from any ATM worldwide (including those at grocery stores), and earn interest on your deposits. It is worth noting that Oxygen is not a bank but a financial technology company, so all its banking services are provided by its partner bank Bancorp Bank, Member FDIC.
What is the Oxygen Mobile Banking Platform?
Oxygen is a new way to save money on your bills and get the most out of your home or business by providing you with an easy-to-use, secure online account that allows you to pay all your bills on one platform. You can use it for any bill you want: water, electricity, gas, cable TV, internet service, phone, satellite TV, etc. It’s like having a personal banker who knows everything about you and will help you manage your finances and bank accounts, so you don’t have to.
How Did Oxygen Start?
In 2013, the company started with just one idea: to make it easy for people around the world to save their money online. Oxygen wanted to create a banking platform where you could put your money into savings accounts that would give you more than just a checking account. They wanted to offer something better than traditional banks. And so they created their digital banking platform.
Oxygen knew there was a need for this kind of service, but they didn’t know how big it would be until they launched their app, and the response was incredible. People love being able to have access to their money anywhere they are, and they love getting paid interest on their deposits. Since launching, they’ve added hundreds of thousands of users and now have over 1 billion dollars in deposits held by Bancorp Bank, Member FDIC.
How Does Oxygen Work?
The Oxygen banking platform is easy to use. You can open a business or personal bank account through their website or mobile apps.
To create an account with Oxygen, visit their website and choose the type of bank account you want to open. After answering some questions about yourself and your business or household, they’ll set up your account. Once your account is ready, you can start depositing funds, managing your bills or withdrawing your funds at your convenience, and you will receive a debit card to access your funds on your checking account.
Also, you can download the Oxygen mobile app to manage your account and access all the banking features from your phone.
Oxygen Services and Products
Oxygen offers business and personal bank accounts from their banking platform. However, since they are not a bank, your deposits are held by Bancorp Bank, insured accordingly by the FDIC.
You can choose between different types of accounts, including checking, savings, and investment accounts. Each account comes with its own unique features, which include things like free checks, free mobile banking, and no minimum balance requirements.
Oxygen Banking Platform Costs and Fees
There is no fee for depositing or withdrawing money with the Oxygen app. However, in order to keep costs low, they charge a small fee when you use some of their services. The fee charged depends on how many transactions you perform each month. For example, if you deposit $1,000 per month, then you would pay $10 per month. But if you deposited $100 per month, then you’d only pay $2 per month. However, this fee is waived if you hold an account with them.
Pros of Online Banking with the Oxygen App
With the Oxygen mobile banking app, there are many benefits to opening an account:
- No Monthly Fees: You won’t pay any monthly fees when you sign up for an account with them.
- High-Interest Rate: On average, they offer a higher interest rate than most other banks, and you can set up round-ups to send your spare change to your savings account. So if you’re looking for a way to earn extra income from your savings, this could be an excellent option for you.
- Cash-back Rewards: Earn up to 5% cash back on approved merchants’ purchases.
- Travel Insurance: Get phone insurance and travel perks such as lost or stolen luggage insurance, hotel theft or car rental protection when your use your debit card.
- Safe and Private: All of your personal information is kept private. They don’t share any of your financial details with anyone. They also use state-of-the-art encryption technology to protect your personal information.
- Instant Access: With the Oxygen App, you can deposit money, transfer funds, and make payments anytime, anywhere, from your mobile phone.
- Free Credit Score Report: You can get a free credit score report once per year.
- 24/7 Customer Service: Contact their support team via phone, email, or live chat whenever you need help.
Cons of Online Banking with the Oxygen App
While they offer great benefits for opening bank accounts through their app, consider these features that are not available on the Oxygen app:
- No ATM Access: You won’t find ATMs near you when you open an account with them. But you will still be able to make withdrawals and transfers through the app.
- Smaller Deposit Limits: While they do allow larger deposits, they must be made within 30 days of opening an account.
- No Overdraft Protection: When you overdraw your account, you’ll lose access to your funds until you cover the amount owed.
Should You Use Oxygen Over Other Digital Banking Platforms?
You may have heard about other online banks offering free checking accounts. However, Oxygen provides a platform to manage your personal and business accounts in one place. No matter how big or small your business or income is, they’ll give you a checking account that lets you spend your money quickly.
Even if you are living paycheck to paycheck, you have a family with young children, you are retired and looking for extra income from your savings or investments, you are a small business owner, or you want to save money without giving up control of your money and without sacrificing convenience, Oxygen may be the right place to manage your banking online.
If you’re looking for a convenient and easy way to save money, then Oxygen Bank may be the perfect solution for you. Signing up for an account with them couldn’t be simpler. All you need to do is download the Oxygen app, create an account, and add money to your account. Then, when you want to spend money, simply use the app to send money to someone else.
How to Get Started with Oxygen Banking Platform
To get started with Oxygen, you must be a legal resident of the U.S. To apply for an account, visit their website to open an account and follow these steps:
- Choose between a business or personal bank account.
- Enter your full name, address, zip code, date of birth, social security number, and other required information, such as business information.
- Add funds to your account.
- Download the mobile app available for Android or Apple devices in Play Store or App Store.
- Start managing your banking through the Oxygen app.