Oxygen is a fintech app that offers “tools and services for extraordinary entrepreneurs and business owners”, letting you have one app that easily alternates between personal and business bank accounts. Banking services are through The Bancorp Bank, Member FDIC. The app design is very modern and slick, but let’s be honest, I’m here for the features and perks.
For personal accounts, you can get a $100 bonus if you open a new account via referral link (example, please contact me if you’d like a fresh one) and then:
- Receive a payroll direct deposit of $500 or more, and
- make 5 debit card purchases within 60 days of opening an account.
The sign-up process is on the app, so you should either open the link via mobile device, or scan the QR code. The opening process was very easy and fast more me, I did not have to upload any additional scans of photo ID or similar. There was no credit check. I expect to knock out the debit card purchases quite easily between parking fees, Target Drive-Up orders, and Amazon reloads. I was able to sign-up and had my account and routing numbers in under 5 minutes. The referrer gets $100 as well for each successful referral, up to $1,000.
For business accounts, they offer a free LLC/S-Corp/C-Corp incorporation service, which can be worth $100+ as well. No special link required. Here are a few significant quotes of what they include:
- “Incorporate your new business right from the Oxygen platform wherever you are in the US. We take care of the hard stuff, so you can focus on what matters. Building your business.”
- “Choose between LLC, C-Corp and S-Corp. Get the setup that is right for your business type and size.”
- “Our team of formation experts will verify your business name availability, prepare your Articles of Organization, coordinate filing all required documents with your Secretary of State, and digitally return all confirmations directly to your personalized dashboard.”
- “Incorporation services include Articles of Organization, Federal Tax ID (EIN), one year free registered agent service, and a custom operating agreement.”
I don’t think I’ve seen free LLC formation as a “perk” before, so that is interesting.
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Not free. They charge the same price for the package as CorpNet, their provider for this service. You get the deluxe package equivalent. You must fully signup before you can try to create it, so the cost is hidden behind an identity/new account signup nonsense.
Can someone remind me how to accomplish a payroll direct deposit? It’s not worth it if I have to talk to my employer to switch it – and switch it back 60 days later.
They are refusing to credit me the bonus because :
“This is not a valid referral link. This looks like an article that was published publicly where someone posted their link. Each link is unique and can only be used once. So the first person that clicked that link and created their account would be the only person to get the reward.”
Sorry to hear that. I have had multiple successful referrals with that original single link, but the landing page does look different now so perhaps they changed up their system sometime recently. I just tried generating multiple referral links and it does generate different links each time, but it is not tied to any single e-mail or name. It just spits them out. Here are some examples.
https://oxygenbank.onelink.me/vjPj/xdbvat1i
https://oxygenbank.onelink.me/vjPj/ubdty1gt
https://oxygenbank.onelink.me/vjPj/fnrwf3nz
https://oxygenbank.onelink.me/vjPj/z7cikajs
https://oxygenbank.onelink.me/vjPj/oj4xvxg7