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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
1.00%
APY
$0
Minimum deposit to open
APY | 3.00% on balances of to $20,000 2.00% on balances of to $20,000 1.00% on balances of to $20,000 |
---|---|
Fee | From $0 per month |
To waive the fee | Earth: $0 Water: $19.99, waived if you spend $3,000 in the previous year Air: $49.99, waived if you spend $6,000 in the previous year Fire: $199.99, waived if you spend $12,000 in the previous year |
Minimum deposit to open | $0 |
ATMs | 55,000 Allpoint ATMs |
ATM fee rebates | No reimburses |
Out-of-network ATM fee | $3 |
Foreign transaction fee | 1% |
Overdraft fee | $0 |
New account fee | $0 |
Review by
Kimberly Ellis is a personal finance 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.
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 2% APY.
Follow these steps to sign up for an Oxygen Business checking account:
To open an Oxygen Business Bank account, you’ll need to satisfy the following requirements:
Oxygen requires the following information when opening an account:
Oxygen’s modern digital banking platform offers the following perks:
Consider these red flags before signing up for an Oxygen Business Bank account:
For out-of-network ATM withdrawals, you’ll pay $3 per transaction on top of what the third-party ATM owner charges.
Reddit has a handful of forums for Oxygen, although most are negative. And on the Apple store users give it a 4.8 out of 5-star rating based on 19,140 reviews, and on Google Play, it earns a 4.7 out of 5-star rating based on 27,440 customer reviews as of April 2022.
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.
Use the table to compare a few other business checking accounts by weighing monthly fees, opening deposit minimums and ATM access.
Get in touch with Oxygen support by:
★★★★★ — 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.
Oxygen Business is not currently available on Finder
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Earn a $200 cash bonus after $4,000 deposits in the first 90 days. Pay $0 monthly fees and no minimum balance. Access a large nationwide network of free ATMs.