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Oxygen Review 2023

Full service personal and business banking on your device

Reviews 290
Reviews 290
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Patrick Sather
Feb. 09, 2023
3 min read
Patrick Sather
Oxygen Summary
Oxygen is a mobile-only virtual bank that provides personal and business banking solutions. It offers 4 loyalty tiers, with each successive level carrying additional benefits. APY on balances under $20,000 ranges from 0.25%–1.25%. Users can access 40,000 Allpoint ATMs surcharge-free and earn between 2–6% cashback on qualifying purchases. In addition, Oxygen’s app enables business account owners to form an LLC during the registration process.


  • Ability to create an LLC in the Oxygen app
  • Competitive interest rates and cashback rewards
  • Benefits when you pay bills with your card


  • Mobile-only
  • Higher tiers include fees and qualifying restrictions
  • No APY on business accounts

Oxygen Oxygen Visit Oxygen

Advantages Over Traditional Banks 

Founded in 2018, Oxygen is a neobank that has several advantages over traditional banks. Its 4 loyalty tiers offer flexible banking solutions, with the Earth tier carrying no annual fee, transaction fees, or minimum balance requirements. Users can create virtual cards for risky purchases and control card permissions from the mobile app. Even better, Oxygen’s mobile app allows you to access all of your account’s features anytime, anywhere, so you can manage your finances on the go. 

Cutting-Edge Banking Services 

What sets Oxygen apart from other banks is its loyalty tiers and cutting-edge protections. Personal banking options include Earth, Water, Wind, and Fire accounts. Earth’s PVC Card offers 2% cashback, 0.25% savings APY, and 3 virtual cards. Water’s Embedded Metal Card offers 4% cashback, 0.75% savings APY, and 15 virtual cards. Wind’s All Metal Card provides 5% cashback, 1.01% savings APY, and unlimited virtual cards. And, finally, Fire’s Mechanically Engraved All Metal Card rewards owners with 6% cashback, 1.25% savings APY, and unlimited virtual cards. 

Additionally, paying certain bills and travel expenses with your card grants you added protections at no extra cost. When you use your card to pay your monthly cellular phone bill, Oxygen covers your phone for damages or theft up to $500 per claim or $1,000 per 12-month period. If you use your card to rent a car, Oxygen covers most rentals for damages and theft up to the Actual Cash Value (ACV). Oxygen’s Cardholder Guide to Benefits gives a detailed overview of all other features. 

With Oxygen’s mobile app, users have total control over their spending. There is no limit to the number of transfers and wires you can make daily, and it's easy to send funds via PayPal, Venmo, Green Dot, or an external bank account. If you don’t want to call customer support, you can chat with an agent directly from the app during business hours. In addition, business account users can create an LLC through Oxygen’s app prior to completing an application.

Traditional Banking Services

While Oxygen is a mobile-only bank, it still delivers some familiar traditional banking services. Users can access over 40,000 Allpoint ATMs, surcharge-free, in all 50 states, including the District of Columbia. Although it does not offer IRAs or loans, Oxygen savings accounts provide competitive interest rates ranging from 0.25%–1.25%. Additionally, you can earn between 2% and 6% cashback on qualifying purchases and $1 when you buy groceries and coffee. 

Interest Rates and Fees 

Oxygen’s Earth and business account holders pay no monthly or transaction fees and require no minimum balance to open or maintain an account. Water, Wind, and Fire account owners pay an annual fee of $19.99, $49.99, and $199.99, respectively. However, Oxygen waives the annual fee if you meet both the minimum spending and deposit requirements for 12 consecutive months. Oxygen offers access to 40,000 ATMs in Allpoint’s network, surcharge-free, while out-of-network ATM withdrawals incur a $3 charge. Depending on the tier, interest rates on balances under $20,000 range from 0.25%–1.25% APY.

Account TypeAnnual feeBalance required to qualify for APY (and fee waiver)Spending required to qualify for APY (and fee waiver)APY on balances under $20,000

Customer Service and Online Experience

As a mobile-only bank, Oxygen’s services can only be accessed through the Oxygen mobile app. Should customers need help with their account, phone and live chat support is available from 10 am–10 pm ET, Monday–Friday. You may also contact customer service representatives via email at support@oxygen.us.

Oxygen’s friendly customer service staff can help you access your account, find more information about services and fees, and utilize app features. 

Mobile App  

To sign up for and access a personal or business account, you must download Oxygen’s free mobile app from the Apple or Google Play store. Through the app, you can make unlimited daily deposits and send or receive unlimited wire transfers. In addition to ACH and wire transfers, Oxygen’s mobile app supports check deposits, PayPal, Venmo, Green Dot, and external bank account connections. You can manage virtual cards, controls, and spending freezes through the app dashboard and locate nearby Allpoint ATMs with its ATM locator. The app is available for iOS and Android smartphones and tablets. 


All accounts carry FDIC insurance up to $250,000 through Oxygen’s banking services provider, The Bancorp Bank. The app offers biometric security features and is PCI DSS certified. Additionally, virtual cards enable you to avoid using your physical debit card for risky purchases. However, Oxygen does share some personal information with third parties for marketing purposes. Oxygen’s privacy policy provides full details about how it uses and shares your data. 


Oxygen provides secure and affordable mobile-only banking services for individuals and businesses. Users can earn between 2%–6% cashback on qualifying purchases and gain protection benefits when paying for certain bills using their debit card. APY for personal accounts ranges from 0.25–1.25%, and although business accounts do not earn interest, owners pay no annual or transaction fees. In addition to managing spending, transferring funds, and generating virtual cards, Oxygen allows users to create an LLC during the business account application process. 

Oxygen Oxygen Visit Oxygen


This review was based on Oxygen’s website information, third-party reviews, and conversations with customer service representatives.  

Patrick Sather
Written by
Patrick Sather
Patrick Sather is an award-winning personal finance writer and licensed broker who has worked for some of the largest financial firms in the United States, including TD Ameritrade and Pacific Life. A graduate of the University of Nebraska in both Economics and International Trade and English, his articles on life's most common financial decisions and quandaries are straightforward, practical, and always easy to understand.
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Trustpilot reviews
See what some customers are saying about Oxygen
Average • Reviews 290
We upload 100 to 400 Trustpilot reviews to our website daily, displaying them by default from "best" to "worst". You have the option to adjust the sorting criteria. If you wish to see all reviews, you can visit Trustpilot's website here.
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Jose Pimentel
4 weeks ago
I want my money out of your account…
I want my money out of your account oxygen I am locked out of the app can't get any of my money I just got my income tax deposited in that account and can't get my money what the heck is going on
Timothy Buckner
3 months ago
Quick resolutions
On the rare occasions I've had to reach out to customer service they are quick to resolve my concerns.
Ian Murrell
3 months ago
Amazing that about sums up this banking…
Amazing that about sums up this banking institution. From the travel benefits you rarely see on anything but high unachievable credit cards to the ease of use of their app usually found only on the most modern of banks it all is there and works perfectly add in the burnable cards for online shopping and it just makes them the perfect choice for a banking partner. And it looks like they will be adding more benefits in the future so I will definitely be sticking with them for the long run.
Freda J Swigert
3 months ago
I love my oxygen card i get 4 percent cash back on a lot of purchases and customer service is always fast and curious!
3 months ago
Very grateful for Oxygen and its…
Very grateful for Oxygen and its incredible customer service, coupled with a wealth of features, and the occasional unexpected customer appreciations gifts that truly make me feel like a VIP. I’ve been a proud cardholder for years, and plan to remain a member for years to come.