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Oxygen Business Bank account review

A business checking account with unlimited digital transactions but limited customer service.

finder.com’s rating: 4.0 / 5.0

★★★★★

The Oxygen Business Bank account is a free business checking account that comes with a debit card that earns 5% cash back at select retailers. While its app is rated highly on both Apple and Google’s app stores, it has a confusing website and weak customer service.

$0 per month

Fee

N/A

APY

$0

Minimum deposit to open

Details

APYN/A
Fee$0 per month
Minimum deposit to open$0
ATMs55,000 Allpoint ATMs
Out-of-network ATM fee$3 for every withdrawal, you make at an out-of-network ATM.
$5 plus 1% of the transaction for international ATM withdrawals.
Foreign transaction fee1%
Overdraft fee$0
New account fee$0

Review by


Kimberly Ellis is a writer at Finder. She hails from New York City with a BA from Queens College and a New York State teaching certificate. After teaching in both public and private schools, Kimberly decided to take the world by storm and dive into the media industry — where she covers everything from home loans and investing to K–12 education and shopping. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.

Expert review

The Oxygen Business Bank account is a free business checking account that earns a generous 5% cash back when using your debit card at participating merchants. But it’s difficult to say whether your business will benefit from this perk because Oxygen doesn’t list its approved retailers on its website.

And while its unlimited digital transactions may make it a good option for small online businesses, its lack of customer service may cause you to second guess whether you want to hitch your business wagon to Oxygen.

If you want your unused business capital to earn interest, consider other business checking accounts like Bluevine, which has no monthly fee and earns up to 0.6% APY.

How do I open an Oxygen Business Bank account?

Follow these steps to sign up for an Oxygen Business checking account:

  1. Visit the provider site and select to download the app from the Apple or Google Play store.
  2. Open the Oxygen app and tap Get started.
  3. Select the Business tab and enter your email. If you’re using Oxygen to incorporate your business and create an LLC, you’ll need to open a personal account first.

Eligibility

To open an Oxygen Business Bank account, you’ll need to satisfy the following requirements:

  • At least 18 years old
  • Legal US resident
  • US-based business

Required information

Oxygen requires the following information when opening an account:

  • Personal information to verify the account owner, including name, address and date of birth
  • Government-issued ID for each account holder
  • Legal documents for the business

6 benefits of an Oxygen Business Bank account

Oxygen’s modern digital banking platform offers the following perks:

  • No monthly fees. Keep more of your hard-earned money with this free business checking account.
  • Cash back. Earn 5% cash back on everyday business purchases, like gas and shipping, at participating retailers.
  • Unlimited digital transactions. There’s no limit to the number of direct deposits, incoming ACH transfers, debit card purchases, bill payments or incoming wire transfers. But ACH transactions are capped at $5,000 per day, PIN debit card purchases up to $5,000 per day, signature debit card purchases up to $2,500 per day and bill payments up to $5,000 per month
  • Virtual cards. Create up to 10 single-use virtual cards at a time to keep your debit card details private.
  • Incorporate your business. Oxygen can help you create an LLC for a fee, which varies by state and service.
  • No overdrafts. Oxygen won’t let you overdraw your account. Any purchase or withdrawal that puts your account in the red is denied.

7 things to look out for

Consider these red flags before signing up for an Oxygen Business Bank account:

  • Confusing website. Although the Oxygen website is incredibly modern, its design and excessive images make it difficult to navigate.
  • Not transparent. Oxygen doesn’t have a published list of its approved merchants that earn cash back on its website. We contacted Oxygen asking for a list, and we’re waiting for a response.
  • Limited cash withdrawals. You can only make three ATM cash withdrawals and three cashback point-of-sale withdrawals per day, and both are each capped at $500 per day.
  • Limited cash deposits. You can deposit cash up to three times per day at any GreenDot location, including CVS, 7-Eleven and Walgreens. Deposit maximums are up to $1,000 per deposit, up to $1,000 per day and up to $10,000 per month.
  • ACH transfer restrictions. While there are no limits to the number of outgoing ACH transfers, you must initiate it from your external account.
  • No paper checks. The Oxygen Business Bank account is a checkless deposit account. If you need to pay a bill, you can request a preauthorized check that Oxygen will send on your behalf.
  • Limited customer service outlets. Oxygen doesn’t have any options for in-person support, live chat or phone support, so your customer service options are limited to email and social media.

Oxygen’s ATM network and fees

Oxygen partners with Allpoint to provide over 55,000 free ATMs for withdrawals. You can deposit cash at any of GreenDot’s 100,000 nationwide locations. But you may not be able to deposit any cash through Allpoint ATMs.

For out-of-network ATM withdrawals, you’ll pay $3 per transaction on top of what the third-party ATM owner charges.

Oxygen’s reviews and complaints

Although Oxygen holds a B rating with the Better Business Bureau (BBB), it isn’t accredited yet. And reviews for the service on the BBB and Trustpilot are relatively scant, with only three reviews on the BBB website and one review on Trustpilot.

Reddit has a handful of forums for Oxygen, although most are negative. And on the Apple store users give it a 4.7 out of 5-star rating based on 9,300 reviews, and on Google Play, it earns a 4.6 out of 5-star rating based on 13,597 customer reviews as of July 2021.

Business customers praise its sleek interface and ease of forming an LLC. But some users had issues with getting their business name on statements, despite submitting all the necessary documents to verify their business. Others experienced account freezes and a lack of customer service.

Compare Oxygen Business Bank account with other business checking accounts

Use the table to compare a few other business checking accounts by weighing monthly fees, opening deposit minimums and ATM access.

Name Product Fee Minimum deposit to open ATMs
NorthOne Business Banking
$10 per month
$50
withdraw cash at any Cirrus branded ATM location (+1,000,000 locations accross the U.S + 2m worldwide), including MoneyPass ATMs

A digital bank account featuring free cash deposits, on-demand customer support and streamlined bookkeeping integrations.
First Internet Bank Small Business Checking
$0
$0
Up to $10 ATM fee reimbursements a month, plus free access to the ATM Plus Network
No minimum balance and no monthly service fee. Make unlimited deposits. Get reimbursed up to $10 per month in ATM fees
Chase Business Complete Banking℠
$15 per month
(can be waived)
$0
over 16,000 in-network ATMs
This Chase business checking account has built-in card acceptance using a smartphone card reader. $300 bonus offer
Axos Bank Business Interest Checking
$10 per month
(can be waived)
$100
ATM fees reimbursed at any ATM nationwide
Earn up to 0.81% APY and pay no monthly maintenance fee with an average daily balance of at least $5,000.
Lili
$4.99 for Lili Pro
$0
32,000 fee-free ATMs nationwide
Freelancers get paid up to two days early and can automatically set aside money for taxes with the Lili digital bank account. Get up to 10 referral rewards, or $1000.
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Compare up to 4 providers

How do I deposit or withdraw my money?

Oxygen offers several ways to transfer funds in and out of your bank account:

Deposit options

  • Direct deposits
  • Incoming ACH transfers initiated from an external bank account
  • Cash deposits at a GreenDot location
  • Incoming wire transfer
  • Mobile deposits

Withdrawal options

  • ATM withdrawals
  • Cash back at retailers
  • Debit card
  • ACH debit

How to contact Oxygen customer service?

Get in touch with Oxygen support by:

  • Emailing support@getoxygen.com
  • Sending a direct message on Facebook to @oxygenbanking
  • Tweeting @oxygenbanking

Checking account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

Read the full methodology of how we rate checking accounts.

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