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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.

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Kimberly Ellis
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$0 per month

Fee

1.00%

APY

$0

Minimum deposit to open

Details

APY3.00% on balances of to $20,000
2.00% on balances of to $20,000
1.00% on balances of to $20,000
FeeFrom $0 per month
To waive the feeEarth: $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
ATMs55,000 Allpoint ATMs
ATM fee rebatesNo reimburses
Out-of-network ATM fee$3
Foreign transaction fee1%
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.

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 2% 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:

  1. No monthly fees. Keep more of your hard-earned money with this free business checking account.
  2. Cash back. Earn 5% cash back on everyday business purchases, like gas and shipping, at participating retailers.
  3. 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
  4. Virtual cards. Create up to 10 single-use virtual cards at a time to keep your debit card details private.
  5. Incorporate your business. Oxygen can help you create an LLC for a fee, which varies by state and service.
  6. 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:

  1. Confusing website. Although the Oxygen website is incredibly modern, its design and excessive images make it difficult to navigate.
  2. 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.
  3. 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.
  4. 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.
  5. ACH transfer restrictions. While there are no limits to the number of outgoing ACH transfers, you must initiate it from your external account.
  6. 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.
  7. 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

Oxygen holds a B rating with the Better Business Bureau (BBB) and is accredited with the site. And reviews for the service on the BBB and Trustpilot are relatively scant, with only six reviews on the BBB website.

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.

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.

Updated regularly
Name Product Fee APY ATMs Minimum deposit to open
Novo
Finder Rating: 4 / 5: ★★★★★
Novo
$0
N/A
Novo doesn't charge ATM fees and will reimburse any non-network fees you incur
$0
Enjoy free workflow integrations for your business, such as invoicing and budgeting. Get free ACH and payment processing, as well as unlimited ATM fee reimbursements. Pay $0 monthly fees with a $0 minimum balance requirement.
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Found
Finder Rating: 4 / 5: ★★★★★
Found
$14.99 monthly or $95.88 annually for Found Plus
1.50% on balances of $0 to $20,000 Only for Found Plus members.
You can use your Found card at any ATM
$0
Designed for freelancers and self-employed individuals, Found offers banking, bookkeeping, invoicing, tax withholdings and payments, and more. Manage everything from one app.
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Live Oak Bank Small Business Checking Account
Finder Rating: 4.7 / 5: ★★★★★
Live Oak Bank Small Business Checking Account
$0
N/A
Access over 55,000 free in-network ATMs
$0
Pay $0 monthly and account opening fees. Deposit checks, pay bills and initiate transfers online. Access a large network of 55,000+ fee-free ATMs. Connects to QuickBooks.
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Lili
Finder Rating: 4.6 / 5: ★★★★★
Lili
$9 for Lili Pro
1.50% With Lili Pro and by opening an Emergency savings account
38,000 fee-free ATMs nationwide
$0
Designed for freelancers, Lili offers a suite of tools including invoicing software, expense reports, write-off tracker, and automated tax savings. Get paid up to two days early with direct deposit and no monthly fees. Lili Pro account holders get cashback rewards, 1.5% APY for savings.
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First Internet Bank Small Business Checking
Finder Rating: 4.5 / 5: ★★★★★
First Internet Bank Small Business Checking
$0
0.50% on balances of $10,000+
0.00% on balances of $0 to $9,999
Up to $10 ATM fee reimbursements a month, plus free access to the ATM Plus Network
$0
Get banking tools designed to help you run and build your business, such as budgeting tools, net worth reports and financial wellness tracking. Earn 0.5% APY with a balance of $10,000. Get reimbursed up to $10 per month in ATM fees. Pay no hidden fees with $0 monthly fees, $0 minimum balance and unlimited monthly transactions.
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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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