Savings Account

How does Oxygen's savings accounts work?

Updated over a week ago

Oxygen Savings Account Basics

How do I open a Savings Account?

In the Oxygen app, select the Accounts tab and tap on Oxygen Personal Savings account. From there, tap Open a Savings account, review your personal information to confirm the information above is accurate, tap continue and accept terms and conditions. Once the savings account is open, you can transfer money from your checking account or goals. You may also fund it by activating “Round Up Spare Change” or “Save When You Get Money”.

What is the "Round up Spare Change" savings goal?

“Round Up Spare Change” is a transfer, between $0.01 and $9.99 (according to your choice), that is automatically deposited to your savings account from your deposit account after making an eligible purchase with your Oxygen Visa Debit Card. For example, you can create a Round Up Spare Change rule for a particular Savings Goal and set the Spare Change Accelerator at “5x”. This means the spare change of any purchase toward the goal will be multiplied by five (5). And that total multiplied amount will be transferred from your Deposit Account to your Savings Account. If there is a purchase of $3.75, leaving $0.25 of “spare change” [$3.75 is rounded up by $0.25 to the nearest whole dollar of $4.00; meaning $0.25 of spare change], and the Spare Change Accelerator was set to “5x”, $1.25 would be transferred from the Deposit Account to the Savings Account as the Round Up Spare Change Transfer [$0.25 x 5 = $1.25].

What is the "Save When You Get Money" savings goal?

“Save When You Get Money '' is a transfer which allows you to automatically save a select percentage or specific dollar amount of each qualified deposit (of at least $50.00 or more). The qualified deposit sent to your deposit account will automatically be transferred to your savings account. For example, you create three 3 Savings Goals [Goal A, Goal B, Goal C], each with a Save When You Get Money rule. The rule for Goal A has been specified to transfer 25% of any qualified deposit, the rule for Goal B is set to transfer 10%, and the rule for Goal C has been specified to transfer $20 of any qualified deposit. If a qualified deposit of $200 is made to the Oxygen Deposit Account, a total of $90.00 will be transferred from the Deposit Account to the Savings Account, and allocated to each Savings Goal accordingly. [ ($200 x 25% = $50.00) + ($200 x 10% = $20.00) + ($20.00) ] Goal A Goal B Goal C [$50.00 + $20.00 + $20.00 = $90.00.]

Qualified Deposits consist of:

  • Any incoming ACH transfers from an external institution to your Oxygen Deposit Account

  • Incoming wire transfers to the 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 to create or delete a savings goal?

In the Overview tab, scroll down to your Savings account section and select Create a new goal. From there, you’ll add the name of your goal, the goal amount (optional) and deadline of the goal (optional), tap Continue. You’ll have 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 or you can skip and hit Create goal.

To delete a savings goal, select the goal and tap the three dots in the top right corner. Tap delete, it will ask you if you’re sure you want to delete your goal, choose Delete.

How to turn on/off savings goal rules?

To set up the Round Up Spare Change or Save When You Get Money rule, scroll down in the Overview tab until you reach your 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 preference and hit Save twice. You can turn this feature off any time by toggling the switch off and hitting Save twice.

Is there interest in an Oxygen Savings Account?

Yes, Oxygen offers different rates depending on your Element. The current Annual Percentage Yields (APY) for each Element (as well as the corresponding Savings Goal limit) are listed below:


Savings APY

Savings Goals



Up to 3



Up to 10







Can I deposit a check or send funds directly to my savings?

You can’t deposit a check or send funds directly to your savings account. You’ll need to deposit the check or make a transfer to your deposit account first. Once the check clears or the deposit is credited, you can transfer the funds from your deposit account to your savings.

If I upgrade my Element, can I start earning my new APY right away?

If your tier changes at any time, the interest rate and APY applicable to your new tier will become effective on the first business day of the Enrollment Period of your new tier. Please refer to the Deposit Account Agreement that governs your Deposit Account for more information on the Enrollment Period and changes to your Program tier.

Interest begins to accrue no later than the business day the deposit is applied to the Savings Account. Interest will be compounded on a daily basis and credited monthly, on the first day of the following month. The interest rates and APYs will be in effect for at least 30 calendar days. We will notify you in advance of any changes.

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