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Written by Sam Pennington on September 26, 2021
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Is Oxygen Bank Safe & FDIC Insured?

When choosing the right bank for you, there are a number of important features to think about such as interest rates, fees, and account minimums. Whichever bank you choose to work with, a key thing to look for is whether or not they are FDIC insured.

Oxygen Bank, founded in 2018, was created for the modern world. With a full suite of impressive features and benefits, members have certainly fallen in love. The app currently has a 4.8 star rating in the app store from over 14,000 reviews.

So, just how safe is this bank? Are funds held with Oxygen Bank FDIC insured? Let's quickly review Oxygen bank and then answer that question.

oxygen bank phone

What is Oxygen Bank?

Oxygen Bank is an online banking platform. They are actually not a bank, but rather a financial technology company.

The platform was created with a special focus on entrepreneurs and small businesses, though individuals can open an account with them as well. Oxygen does not have any branches, but rather all banking activities can be done through their app. In fact, you can even form an LLC within the app!

"Let's keep you moving. Game changers, entrepreneurs and creators move quickly. As the financial platform for free thinkers, we do too. We're here for the people who are changing the world. Yes, we're looking at you."

Oxygen bank features no fees or account minimums for their basic account. Premium accounts do have annual fees, though they can be waived by achieving specified spending thresholds each month.

To learn more about Oxygen Bank, be sure to read our full review!

Oxygen Bank Fire Element

Is Oxygen Bank FDIC Insured?

Oxygen makes it clear that they are not a bank. Instead, they are a financial technology company. Banking services are actually done with their banking partner Bancorp Bank.

Bancorp Bank accounts are FDIC insured up to $250,000. Thus, both business and personal accounts with Oxygen are FDIC insured. 

Ok, but what does it actually mean to be FDIC insured? The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States government that protects against the loss of insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

Is Oxygen Bank FDIC Insured: Final Thoughts

Oxygen Bank offers members access to banking activities through their partner, Bancorp Bank, member FDIC. Whether you open a business or personal account, you can rest assured knowing that your funds are insured (up to $250,000).

Oxygen is one of the latest new banks to appear in the banking world. With zero fees, no account minimums, and impressive cash rewards, Oxygen is here to stay. Unlike other banks, Oxygen was created and designed with the entrepreneur in mind.

If Oxygen sounds like the bank for you, be sure to check out our full review!

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Article written by Sam Pennington
Sam is a personal finance writer. While in college, he dedicated his spare time to learning about personal finance, investing, and real estate. Sam currently works as a business analyst for one of the top food manufacturers in the world.

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