Replace 8/6/23: Efficient 9/5/23, there are a variety of adjustments, together with the gutting of money again presents (ht fearthez). Foremost takeaways are:

• No extra annual price waiver for components primarily based on deposits and spend
• Component Annual Charge is being lowered for all tiers
• Spend to get a reduction on one other factor annual price is now very excessive
• Oxygen day requires you to attend for all of your money again & referral credit to return in on that day (eighth of the month) however no extra redemption minimal
• $1 meals and occasional is mainly gone and tied to small record of retailers
• All money again is now tied to small record of retailers
• Minimal spend for all money again has been raised (some to $9.99, some to $24.99)
• You must activate money again each time you need to use it, it doesn’t simply preserve the earlier activation
• You must activate particular retailers for a particular money again, not simply the generic money again
• Eliminated the Peloton and Netflix reimbursements

Replace 4/18/23: There’s now a referral bonus of as much as $110 for every

Replace 7/27/22: Oxygen additionally presents a enterprise account, and now you can get a $100 bonus + free  $329 iPad if you happen to’re a earlier Brex account proprietor and make a $10,000 deposit and 5 debit transactions. This provide expires on 11/15/22

Replace 2/10/22: New APY tiers efficient Feb 10, as much as 3% for Fireplace. Extra particulars right here. Hat tip to readers Zeus and Chris

Replace 11/30/21: Extra individuals focused for the $200/$300 direct deposit bonus. Topic line is ‘ Vacation Bonus: Get $200 or $300 whenever you arrange a qualifying Direct Deposit with Oxygen’. Hat tip to reader Gadget

Replace 11/7/21: Some current customers are getting an e mail provide for a direct deposit bonus of $200/$300 if you happen to get $2,000/$3,000 direct deposited. Many individuals are getting it, however not everybody (additionally examine your spam). Hat tip to readers Mike and Yaro. Additionally, the referral provide is now for $55.

Replace 6/17/21: Main change in price construction and advantages as they’ve now added 4 tiers with completely different advantages for every. See full particulars at this hyperlink.

Replace 5/16/21: Some current customers have been focused for a bonus of both $60 or $120 with direct deposit of $1,500/$3,000+. E-mail topic line is Topic: <your title>, Arrange Direct Deposit and earn as much as 💰 $120!💰’, get $50 whenever you swap your Direct Deposit to Oxygen’. Shall be attention-grabbing to see if this turns into a public provide. (Hat tip to readers Racoonzel, AS, Holly)

Replace 9/29/20: Some current customers have been focused for a $50 bonus once they arrange a direct deposit of $500+. E-mail topic line is ‘<title>, get $50 whenever you swap your Direct Deposit to Oxygen’. Shall be attention-grabbing to see if this turns into a public provide. Hat tip to readers Gadget & Jeffrey.

Authentic Submit:

[Below is a guest post from Evan Mullen. You can see his prior posts here.]

Oxygen Financial institution is a fee-free digital checking account marketed towards ‘free thinkers, rebels and entrepreneurs.’  The primary characteristic that entices me is the cashback presents on debit purchases. There’s additionally a $25 referral bonus.

Overview

Listed below are the foremost highlights of the account:

• Cell solely
• No charges
• FDIC Insured as much as $250,000
• Join exterior accounts through Plaid
• A number of digital playing cards
• Map of free ATMs close by
• Flat price line of credit score
• Help for private and enterprise accounts
• Debit card with cashback boosts (see under)

Cashback Boosts

The cashback boosts appear much like Money App, in that they are going to be rotating.  That is what I’m at the moment seeing for my presents:

• Walmart – 7%, legitimate for 60 days, limitless makes use of till you hit $10 in cashback (12 hour cooldown, minimal $5 buy)
• Dealer Joe’s – 7%, legitimate for 90 days, limitless makes use of till you hit $7 in cashback (4 hour cooldown, minimal $3 buy)
• Rideshare and Transportation – 5%, legitimate for 30 days, limitless makes use of till you hit $10 in cashback (2 hour cooldown, minimal $4 buy)
• Pharmacies – 5%, legitimate for 90 days, limitless makes use of till you hit $5 in cashback (2 hour cooldown, minimal $2 buy)
• Gasoline – 5%, legitimate for 30 days, limitless makes use of till you hit $10 in cashback (24 hour cooldown, minimal $5 buy)
• Gaming – 5%, legitimate for 90 days, limitless makes use of till you hit $5 in cashback (2 hour cooldown, minimal $2 buy)
• Meals Supply – 5%, legitimate for 90 days, limitless makes use of till you hit $5 in cashback (2 hour cooldown, minimal $2 buy)
• Meals and Espresso – $1, legitimate for 90 days, limitless makes use of till you hit $10 in cashback (2 hour cooldown, minimal $2 buy)

These presents will doubtless change over time. Hopefully Oxygen can proceed to supply helpful retailers.  Presently, the minimal cashback redemption is $10.

One profit to Oxygen over Money App is that Oxygen is an precise checking account, and subsequently will be linked to cashback apps.  Pei and Bumped have help for Oxygen, whereas Drop and Bits of Inventory don’t.

One detrimental to Oxygen in comparison with Money App is that you must fund the account through ACH as a substitute of an instantaneous debit.  Due to this fact you must plan extra prematurely if you happen to don’t need plenty of funds sitting in Oxygen, which earns no curiosity.  Nevertheless, the curiosity you lose from letting a number of hundred sit in Oxygen for even as much as a yr doesn’t come near the cashback you’ll earn from spending this stability at boosted retailers.  You’ll be able to, nevertheless, fund your account with money ‘at 90,000+ shops, together with CVS and Walgreens’, which can ‘be accessible inside a number of hours’ (retail service price applies).

For the flat cashback class ($1 again for Meals and Espresso), you’ll earn extra again through the use of Oxygen for purchases underneath $50 in case your various cashback earns 2% ($1/0.02 = $50).

Referrals

• There’s additionally at the moment a referral program the place the referrer earns $25 for each one who funds their account with a minimum of $200 and makes use of the Oxygen debit card 5 occasions inside 60 days. 
• New member additionally will get $25 once they open the cardboard utilizing a referral hyperlink and fund their account with $200 and use the Oxygen debit card 5 occasions inside 60 days.
• Referral bonus posts inside 10 enterprise days of qualifying.
• Your referral hyperlink will be discovered within the app.
• Please don’t depart referrals within the feedback; Oxygen stipulates that referrals are restricted to private mates, household, and identified acquaintances. Community with mates to get/give referrals.

Our Verdict

A number of banks are digital and fee-free today, so for me, the one worthwhile characteristic is the excessive money again charge at a number of the boosted retailers.  I’ll certainly be utilizing my card at Walmart, Dealer Joe’s (when the Money App 10% grocery enhance is now not supplied for Dealer Joe’s), and eating.  It’s additionally good you can double dip with cashback apps.