[ad_1] The post Oxygen Bank Review – The Elements of Banking appeared first on Millennial Money. Oxygen is a San Francisco-based fintech company that provides personal and business bank accounts through its mobile banking app. It focuses on delivering low-fee, high-interest-paying accounts. In our Oxygen Bank review, you’ll find out how the bank stacks up against its competitors. I’ll cover what you can expect out of an Oxygen account, what fees you should and shouldn’t expect, the pros and cons of using this service, and more. Overall Rating Pros Tons of account perks High APY on personal accounts Well-rated mobile app Free ATM access in the Allpoint network No monthly fee Cons Surprisingly high annual fees APY earning caps at $20,000 No physical branches Mobile Banking 8.5 Virtual Cards 9.5 Free ATMs 8.0 Cashback Rewards 9.0 Oxygen Bank Features Before we get into the specifics of Oxygen accounts, let’s take a look at some of the broader features you’ll enjoy as an Oxygen Bank customer. Mobile Banking Oxygen is an entirely mobile platform, so you’ll manage your account exclusively through the mobile app. The company has a website, but you can’t transact on it. The Oxygen app is well-reviewed on both iOS and Android, with a 4.7-star (out of 5) rating in the App Store, and a 4-star (out of 5) rating in the Google Play Store. Virtual Cards In addition to physical cards, Oxygen offers virtual debit cards. The appeal of a virtual card is the ability to make payments while masking your actual debit card number. These cards can be deployed for single-use or merchant-locked transactions, and the number of virtual cards you get depends on which Oxygen account you have. 40,000 Free ATMs Oxygen is part of the Allpoint ATM network, so members can access more than 40,000 fee-free ATMs across the country. However, there’s a fee if you use any ATM outside of this network. Unfortunately, Oxygen doesn’t reimburse any out-of-network ATM charges. Note: Since Oxygen is a mobile-only bank, you won’t be able to make deposits at any ATMs. That said, you can use Oxygen’s app to make mobile check deposits. You can also head to any Green Dot location to deposit cash. But you’ll have to pay fees if you go that route. Cashback Rewards When you spend with your Oxygen debit card, you’ll earn cashback rewards from select merchants. Cashback deals will change over time. But you can expect offers from popular brands like Trader Joe’s and Walmart, plus rideshare and food delivery services. Oxygen Personal Banking Oxygen’s personal deposit account is an interest-bearing account that serves as both a checking account and savings account. It comes with an Oxygen Visa debit card and has no minimum balance requirement. Elements Oxygen’s loyalty program breaks its personal account into four “Elements” — Earth, Water, Air, and Fire. Each Element comes with different account perks, along with a different annual fee. Take a look at the details of each savings/checking account option to determine which makes the most sense for your specific situation: Included with all Elements $1 cashback on food and coffee Cell phone protection Extended warranty protection Auto rental collision damage waiver Baggage delay protection Lost luggage protection Hotel theft protection Early direct deposit (up to two days early) Mobile bill pay Earth No annual fee 0.25% APY (on balances up to $20,000) 2% cashback with select merchants Up to three savings goals Three active virtual cards Water $19.99 annual fee 0.75% APY (on balances up to $20,000) 4% cashback with select merchants Up to 10 savings goals Two-month Netflix reimbursement 15 active virtual cards Air $49.99 annual fee 1.00% APY (on balances up to $20,000) 5% cashback with select merchants Unlimited savings goals Two-month Netflix reimbursement Two-month Peloton Digital reimbursement Priority Pass Annual Membership (plus five free visits) Unlimited virtual cards Fire $199.99 annual fee 1.25% APY (on balances up to $20,000) 6% cashback with select merchants Unlimited savings goals Two-month Netflix reimbursement Two-month Peloton Digital reimbursement Priority Pass annual membership (plus 10 free visits) Global Entry/TSA Precheck reimbursement Unlimited virtual cards Every new Oxygen account starts at the Earth tier, and you’ll have to meet minimum deposit and spending requirements over thirty consecutive days to get a chance to level up. Moving to a higher tier is entirely optional. But if you’ve got a decent amount of cash on hand and the above perks appeal to you, it might be worth looking into. If you choose to move to a new tier, you’ll pay the annual fee for your first year upfront. There’s no way around it. Fortunately, you’ll have a chance to avoid paying the account fee in subsequent years. Qualifying for Upper Tiers With that in mind, let’s take a look at details for how to qualify for each upper-level tier, along with the annual qualifications you’ll need to avoid the fee the next year. Water Initial Qualification: Over thirty consecutive days, spend at least $500 and deposit at least $1,500. Annual Qualification: In one year, spend at least $6,000 with your debit card. Air Initial Qualification: Over thirty consecutive days, spend at least $1,000 and deposit at least $3,000. Annual Qualification: In one year, spend at least $12,000 with your debit card. Fire Initial Qualification: Over thirty consecutive days, spend at least $2,000 and deposit at least $6,000. Annual Qualification: In one year, spend at least $24,000 with your debit card. Oxygen Bank Pricing & Fees Even though Oxygen skirts plenty of traditional banking charges — like monthly fees, ACH transfer fees, and overdraft fees — it isn’t a completely free platform. Annual fees Aside from the Earth tier, each of Oxygen’s Elements comes with an annual fee that you have to pay during your first year with that given tier. That said, you can get around these fees in subsequent years if you meet the requirements. With annual fees ranging from $19.99 to $199.99, members face an important question: Are the higher tiers worth it? As is
