How do I open an Oxygen personal savings account?
When you open an Oxygen personal savings account, you can transfer money to your savings account from your deposit account or your goals.
You can also fund your savings account by activating the “Round up spare change” or “Save when you get money” savings account features.
To open an Oxygen personal savings account:
Log in to your Oxygen account and select “Accounts” > “Oxygen personal savings account.”
Tap “Open a savings account,” and review your personal information to confirm it is accurate.
Tap “Continue” and accept the terms and conditions.
Can I deposit checks or send funds directly to my Oxygen savings account?
No, you cannot deposit a check or send funds directly to your Oxygen savings account.
You must deposit a check or transfer funds to your Oxygen deposit account first. Once the check clears to your deposit account or the deposit is credited, you can then transfer those funds from your deposit account to your savings account.
Which deposits qualify for savings goals?
The following deposits qualify for savings goals:
Any incoming ACH transfers from an external institution to your Oxygen deposit account
Incoming wire transfers to a deposit account
Mobile check deposits
Cash deposits using the Oxygen Visa Debit Card at Green Dot locations
Visa money transfer to the deposit account
How do I create or remove a savings goal?
Creating a savings goal
In your account under the “Overview” tab, scroll down to your savings account section and select “Create a new goal.”
Add the name of your goal, the goal amount (optional), and the goal deadline (optional), then tap “Continue.”
You’ll get the option to add a cover photo. Choose “Add a cover photo” or “Skip and continue.”
You’ll then be asked if you want to set up any savings goal rules. Tap “Save when you get money” or “Round up spare change” to enable rules, or skip and just tap “Create goal.”
Deleting a savings goal
Select the goal you want to remove and tap the three dots in the top right corner.
Tap “Delete.” You will then be asked to confirm you want to delete the goal. Choose “Delete” again.
What is the “Round up spare change” savings goal rule?
The "Round up spare change" savings goal rule is a feature offered by Oxygen which allows users to automate their savings by rounding up their everyday transactions to the nearest dollar and saving the spare change.
Here's how it works:
Step 1: When you make a purchase using your linked Oxygen debit card, the app will automatically round up the transaction amount to the nearest dollar. For example, if you make a purchase for $4.75, the app will round it up to $5.
Step 2: The rounded-up amount (in this case, $0.25) is transferred from your deposit account to your designated savings goal within the app.
Step 3: Over time, these small rounded-up amounts accumulate in your savings account, helping you save without even thinking about it.
Step 4: You can set savings goals within the app and send the rounded-up amounts toward specific goals, such as a vacation fund, emergency fund, or any other financial goal you have in mind.
What is the Spare Change accelerator?
The 2x-10x accelerator feature at Oxygen allows users to increase the rate at which they save money using the "Round up spare change" feature.
This accelerator multiplies the spare change rounded up from your everyday transactions and transfers a larger amount to your savings account.
Here's how it works:
Step 1: When you make purchases with your linked debit or credit card, the app rounds up the transaction amounts to the nearest dollar and saves the spare change.
Step 2: You choose an accelerator between 2x-10x and this multiplier determines how much the spare change will be multiplied before being transferred to your savings account.
Example: Let's say you make a purchase for $4.75, and your chosen multiplier is 5x. Instead of saving the usual $0.25 (rounded-up amount), the accelerator multiplies it by 5, so $0.25 x 5 = $1.25 is transferred to your savings account. Since the maximum accelerator is 10x and the maximum change on a transaction is $0.99, you could save as much as $9.99 on a purchase.
Step 3: The accelerator significantly boosts your savings compared to the standard round-up feature, allowing you to save more money with each transaction.
What is the “Save when you get money” savings goal rule?
Save when you get money is a savings goal rule that allows you to automatically save a select percentage or specific dollar amount of each qualified deposit (of at least $50 or more). The qualified deposit percentage or amount will automatically be transferred into your savings account.
Real-world example
You create three savings goals [goals A, B, and C], each with a Save when you get money rule.
The rule for goal A has been set to transfer 25% of any qualified deposit. The rule for goal B is set to transfer 10% of any qualified deposit. The rule for goal C has been set to transfer $20 of any qualified deposit.
If a qualified deposit of $200 is made into the Oxygen deposit account, a total of $90 will be transferred from your deposit account to your savings account, then that amount would be allocated to each of your three savings goals accordingly. [(goal A: $200 x 25% = $50) + (goal B: $200 x 10% = $20) + (goal C: $20) ] [$50 + $20 + $20 = $90]
How do I turn savings goal rules on or off?
Turn on Round up Spare Change or Save when you get money savings rules
Log in and go to “Overview. Scroll down and select “Savings account.”
Tap on “Main goal” or another savings goal, then tap “No saving rules enabled.”
From there, you can choose between “Round up spare change” or “Save when you get money.”
Toggle the switch on, and follow the instructions based on your preferences.
Hit “Save” twice.
You can turn this feature off anytime by toggling the switch back to the off position and hitting “Save” twice again.
Can I earn interest on an Oxygen savings account?
Yes, Oxygen offers different interest rates for your savings account based on your Element tier.
Current Annual Percentage Yield (APY) for each Element:
Element | APY |
Earth | 2.10% with no maximum or minimum limit |
Water | 2.20% with no maximum or minimum limit |
Air | 2.30% with no maximum or minimum limit |
Fire | 2.40% with no maximum or minimum limit |
How do I earn interest on an Oxygen savings account?
Interest begins to accrue in your Oxygen savings account no later than the same business day a deposit is applied to your savings account.
Interest is compounded on a daily basis and credited monthly (on the first day of the following month) directly to your savings account balance.