The Oxygen Business Cashback 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.
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Oxygen Business Cashback review
- Fee
- $0 per month
- APY
- 1.00%
- Minimum deposit to open
- $0
Our verdict
A business checking account with unlimited digital transactions and cashback rewards.
Oxygen is a fintech company with personal and business banking options provided by its bank partner The Bancorp Bank, N.A. The Oxygen Business Cashback is a checking account earning up to 5% cash back at select retailers. It’s a free account, charging no monthly fees, no opening deposit and unlimited free digital transactions. But there are a lot of downsides: it’s unclear which merchants are eligible for its cashback rewards, your account is only accessible through the mobile app and you can’t send or receive international transfers. Also, while there’s no limit to the number of digital transactions, there are daily and monthly amount limits.
Best for: Small businesses that operate online.
Pros
-
$0 opening deposit and no monthly fees
-
Unlimited number of free digital transactions
-
Up to 5% cash back at select merchants
-
Ability to apply for an LLC through Oxygen
Cons
-
Limited customer support
-
$4.95 cash deposit fee
-
No international wires
-
Low transaction amount limits
Who is the Oxygen Business Cashback account best for?
Oxygen’s accounts are entirely online, and as a fintech, there are no physical branches. You can only access your accounts through the Oxygen app, so this account is best for small businesses or freelancers comfortable with mobile banking. There’s no option for joint accounts, making it better suited for one-person business owners, although you can create up to 10 virtual cards and create spending limits for team members.
You get unlimited free transactions, which works best for small online businesses that deposit less than $10,000 per month. And if you’re a really new business, you can also apply for an LLC with Oxygen for a fee.
Where it falls short
Oxygen’s site is disorganized, making it difficult to find any hard details on any of its accounts. The site’s design gives the initial impression that it’s modern, but the excessive images and lack of policy agreements make it difficult to navigate and find account disclosures.
The legal footnotes on the site mostly refer to Oxygen’s personal checking accounts, and any legal documents are currently unavailable for the Oxygen Business Cashback account, which is a red flag.
No checks and limited wire transfers
You won’t have access to checkwriting capabilities, and Oxygen has requirements to be able to send domestic wire transfers, such as account verification, transaction history and other conditions. If you do qualify to send domestic wires, there’s a $10 fee for business accounts. And you can’t send or receive international wire transfers at all.
You can only receive domestic wires from your own external bank account or a money transfer service. This means you can’t receive domestic wires from anyone except yourself or when sent from a third-party wire service. On the plus side, there are no fees to receive domestic wires.
Low transaction amount limits
While the account comes with free unlimited transactions — which is rare among business accounts — you’ll need to watch out for daily or monthly amount limitations.
There are no limits to the number of outgoing ACH transfers, but you must initiate it from an external bank account that you own, as you can’t receive deposits from others.
| Type of transaction | Limit |
|---|---|
| ACH transaction | $5,000 per day |
| PIN-based debit card purchases | $5,000 per day |
| Signature-based debit card purchases | $2,500 per day |
| Bill payments | $5,000 per month |
Few options for customer support
A common grievance for online banks, Oxygen has limited customer support options. But Oxygen is a little worse than we normally see for digital banks. At the very least, most online banks have 24/7 automated chat support. But with Oxygen, you only have access to your account through the mobile app, and there’s no in-app support.
There are also no physical branches or customer phone line. You only have three support options:
- Email support@getoxygen.com
- Send a direct message on Facebook to @oxygenbanking
- Twitter/X handle @oxygenbanking
What we like about Oxygen’s business account
Oxygen’s Business Cashback account is free to open and maintain, which is always a plus. You’ll also enjoy the free, unlimited number of transactions, and you can get physical and virtual debit cards for your team. As an added plus, Oxygen can help you create an LLC for a fee, which varies by state and service.
Oxygen also lets you make cash deposits at Green Dot locations for a $4.95 fee. Deposit maximums are up to $1,000 per deposit, up to $1,000 per day and up to $10,000 per month.
Cashback rewards
True to its name, this account offers cashback rewards of up to 5% at partnered merchants. With the Oxygen Visa Business Cards, you can earn cash back for these purchases:
- Gas
- Rideshare
- Shipping with USPS, FedEx and UPS
- Office supplies
- Food delivery, fast food and coffee
Although there isn’t a list of all the merchants that can earn you cash back, Oxygen’s site features logos for Starbucks and Uber, among others. To find out if a merchant is eligible for rewards, you must open your Oxygen app, navigate to Rewards and then select the offer before you make a purchase.
Oxygen Business Cashback account fees and access
Oxygen doesn’t have an active terms of conditions document for this account, so there may be additional fees outside of the following:
| Type of fee | Fee details |
|---|---|
| Monthly service | $0 |
| Opening deposit | $0 |
| ATMs |
|
| Debit card fees |
|
| Overdraft or nonsufficient funds | $0 |
| Wire transfers |
|
| Other fees |
|
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Customer experience
Oxygen is accredited by the Better Business Bureau (BBB) and holds a respectable B+ rating. It’s had a few hundred complaints in the last few years, but that’s rather common for fintechs and neobanks.
BBB complaints are mostly unique circumstances, with customers reporting issues with transferring funds from third-party apps, frozen funds and issues involving fraudulent charges. Like other fintechs, a common complaint among customers is difficulty reaching customer support, which isn’t surprising given Oxygen doesn’t have a customer phone line or physical branches.
However, positive reviews praise the Oxygen mobile app, access to virtual cards and cashback rewards, and many say customer support quickly resolved any issues that cropped up.
Since you can only access your Oxygen account through its mobile app, we also looked at app reviews. On the App Store, it has great feedback, holding 4.8 stars out of over 25,000 ratings. Nearly all the ratings are positive, citing the app is easy to use, reporting no issues and praising the easy signup process. On Google Play, the story is nearly the same, holding a high 4.7-star rating out of over 30,000 customer ratings, and complaints and praises are in the same vein as other platforms.
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.
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Bethany Finder
Writer, Banking and Loans
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