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You incur banking fees almost every time you use banking features.
You incur banking fees almost every time you use banking features. Pexels

Did you know you could be losing $169.59 a year just for having a traditional banking account? Wire transfer fees could also cost you $30 alongside foreign remittances fees of three percent of the total transaction amount. In addition, traditional banks might charge you a fee of $15 if you withdraw from your savings account more than six times a month. ATM withdrawals made at out-of-network kiosks could cost you $4 for every withdrawal, as well.

At a time when the world is still recuperating from pandemic damage, losing money just for having a bank account and using its features doesn't make a lot of sense. Fortunately, there's a solution for that now.

Digital banking platforms that partner with regional banks and use state-of-the-art technology to offer banking services could significantly reduce your banking and ATM fees, as well as process your monthly paychecks faster. They even offer high savings bank interest rates. Oxygen is one digital banking platform that aims to provide people with banking services sans the exorbitant costs.

Faster Clearance of Monthly Paychecks

The Oxygen app offers online banking services facilitated by the Bancorp Bank, Member FDIC, that allows you to link your checking account on their secure platform and set up direct deposits from your employer. You can simply fill in a form and share it with your employer to complete the process. By doing so, whenever your employer sends in your monthly salary, Oxygen will make sure that it is cleared as soon as they receive the payment file. That could be up to two days earlier compared to traditional banks.

A Savings Account With Higher Interest Rates

The average interest rate on traditional savings accounts stood at 0.06 on December 20, 2021. Well, the Oxygen app offers a much higher interest rate at 0.25 percent. After linking your checking bank account, simply open a savings bank account on the Oxygen app to make your idle money work for you.

You may also enroll in the "Round Up Spare Change" or "Save When You Get Money" features. When opting for the round-up feature, debit card purchases will be rounded up to the nearest dollar. A debit card purchase of $10.50, for instance, will be rounded up to $11 and the remaining $0.50 will be automatically sent to your Oxygen savings account. The "Save When You Get Money" feature, on the other hand, will let you set aside a part of your salary in your savings accounts every month.

Free ATM Withdrawals

After signing up for Oxygen, you can avail of the Oxygen Visa Debit Card. This card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A. and can be used at over 50,000 Allpoint ATMs to withdraw cash without incurring any fees. The Oxygen app will even help you find nearby no-fee ATMs, which are present in many major retail stores like Target, Kroger, and Safeway, among others.

Cashback Rewards

Signing up with the paperless Oxygen Earth tier makes you eligible to earn cash back rewards of up to two percent from selected vendors on purchases made with the Oxygen debit card. You stand to earn $1 in cashback on food and coffee purchases as well. When the cashback amount reaches the $10 threshold, you can then transfer the amount to your Oxygen checking account.

Oxygen is one of the emerging digital banking platforms that is helping to revolutionize the banking platform devoid of exorbitant banking fees.

Open a checking account on the Oxygen app today.