Oxygen Bank Review 2022: Business Checking


Oxygen Bank is a neobank—that is, a fully-online banking service—with a top-notch digital platform, offering customers access to both personal and business bank accounts with APYs that are consistently above the national average. All Oxygen Bank accounts are managed 100% through a highly-rated mobile app. Available for both iOS and Android, the Oxygen app boasts 4.7 stars after over 30,000 Oxygen banking reviews on Google Play and won the 2021 Best Overall Fintech App at the Fintech Breakthrough Awards.

Oxygen Bank Logo

#6 in Business Bank Accounts

Advertiser Disclosure: This article/post contains references to products or services from one or more of our advertisers or partners. We may receive compensation when you click on links to those products or services.

While personal and business accounts are available, the platform is especially attractive for freelancers and entrepreneurs looking to up their banking game. In partnership with The Bancorp Bank, Member FDIC, Oxygen provides access to checking and savings accounts that cater to the unique needs of small business owners. To learn more about this modern bank and whether or not it’s a good fit for you, read our full Oxygen banking review below.

What is Oxygen Bank?

Oxygen Bank markets itself as the ideal banking system for modern small business owners, though it’s a great option for anyone looking to easily manage their finances completely online. While they don’t have brick-and-mortar locations for you to visit, Oxygen Bank is legit. They provide all the services you’d expect from a traditional bank and their accounts are all fully FDIC insured through The Bancorp Bank.

Both business and personal accounts come with an array of desirable benefits, including no monthly fees, unlimited fee-free transactions, and no minimum balance requirements. Oxygen also offers services to help customers establish a nationwide LLC of their own through a third-party service.

Oxygen Bank Pros and Cons

The perks mentioned above sound great, but in order to confidently determine whether Oxygen Bank is right for you, you’ll want to take a closer look at the specific pros and cons. Read on for an overview of Oxygen Bank’s most compelling features, as well as some drawbacks you should be aware of before signing on.

Pros of Oxygen Bank

CASH BACK REWARDS. Oxygen debit cards are available for both business and personal accounts, and the rewards are more robust than what you find with many credit cards on the market. Depending on the type and tier of your account, specific rewards eligibility will vary. Oxygen business accounts get up to 5% back on purchases that facilitate the growth of your business, like gas, rideshares, and shipping costs—plus $1 back on coffee and food purchases.

ATM ACCESS. While you can’t visit a physical Oxygen bank to withdraw cash, you can use your Oxygen debit card at over 55,000 in-network ATMs around the world without encountering any fees. As an Oxygen member, you can easily deposit up to $10,000 in cash each month at one of over 90,000 Green Dot locations across the United States. This is rare, as many other fully-digital banks are not able to accommodate cash deposits.

RETAIL AND TRAVEL PERKS. Oxygen accounts are divided into elemental tiers: Earth, Water, Air, and Fire. Depending on the tier of your account, you may be eligible to receive a number of retail and travel benefits, including cell phone and travel insurance, airport lounge access, Priority Pass annual membership, and digital reimbursement for subscription services like Netflix, Peloton, and more.

FEE FREE. Oxygen business accounts save entrepreneurs money by cutting out the fees that are included in many competitor accounts. The Oxygen business account has no monthly fees, no minimum balance or opening deposit requirements, and unlimited fee-free transactions. That means ACH transfers and direct deposits, as well as deposits from domestic wire transfers and mobile checks, can all be done without accruing fees.

Cons of Oxygen Bank

MOBILE ONLY. One area where this neobank falls behind its competitors is that it is exclusively app-run—there is no web-based component to the Oxygen Bank experience. And while 70% of business owners surveyed in a 2019 BAI report said they preferred an online deposit account, many initiated their online accounts in person. Moreover, some have complained the app is occasionally buggy. In such moments, you don’t have an alternative way to access your funds.

SINGLE-USER ACCOUNTS ONLY. Oxygen business accounts only allow a single authorized user. Since even small businesses and startups sometimes have multiple individuals making purchases and receiving payments, being unable to assign multiple users to a business account could pose a challenge for some businesses, forcing owners to open an account with a competitor bank that supports multiple-user accounts instead.

Who is Oxygen Business Checking Best For?

The Oxygen business checking account is best suited to individuals looking to start their own small business. Oxygen makes the typically daunting task of establishing an LLC easy. By collaborating with CorpNet, Inc., Oxygen allows you to apply for an LLC through their mobile app before you open a business account, saving your time and effort for other tasks you’ll need to complete to get your business off the ground.

With personal and business accounts available, it’s incredibly easy to keep all of your financial information on one platform, while also keeping day-to-day business expenses separate from your personal expenses. And while you’re finding your footing in the business world, you’ll save hassle and headache by avoiding fees that could otherwise hold you back.

Who Should Consider Using Oxygen Bank?

There are two main points that would merit reconsideration of the Oxygen business account. First, if your business primarily receives payments in cash or if withdrawing large sums of cash from the ATM is a regular part of your business schedule, this may not be the right banking option for you. While these things can be accommodated, they’re not a star feature of the Oxygen business checking account and therefore are less easily accomplished than they would be elsewhere.

Second, you should reconsider using Oxygen Bank if you need more than one person authorized to use the account. If you’re a one-person operation, this won’t be an issue. But if you need a business account with more than one authorized user, consider choosing another bank.

How Oxygen Bank Works

You can apply for an Oxygen Bank account by simply downloading their app. Choose whether you’re looking to open a personal or business account, supply all the necessary personal and/or business information, and then submit your application. Your information will be reviewed and, if all goes smoothly, your account will be ready to use within a few business days.

In order to open a business account, you will need a few documents like a business operating agreement or a copy of an EIN letter from the IRS. The specific information will depend on the legal structure of the business you’re operating—Oxygen will explain exactly what you need to submit for approval.

Key Oxygen Bank Features

Oxygen Bank has many benefits that make it a compelling option for individuals and business owners. While we can’t address them all in this Oxygen banking review, there are a handful of key features you should know about before deciding which bank to open an account with. Here are the top contenders.

Business savings tools

Oxygen offers a number of money-saving tools that can help you save money and accrue interest over time. For example, set round-up rules on your debit card to automatically round up to the next dollar when you make a purchase, transferring the difference to a savings account that will grow as you spend.

Lines of credit

While many banks make it hard for entrepreneurs to apply for a line of credit, Oxygen customers can get additional credit easily once their accounts have been open for 90 days. No need to provide the full-time, traditional work history that big-name banks require, which often keeps individuals from establishing or growing their own businesses.

Mobile tools

As an app-based bank, it’s no surprise that Oxygen delivers top-notch mobile tools, including:

  • Mobile check deposit
  • Bill pay
  • Generate and send invoices to customers
  • Create temporary or reloadable virtual debit cards with custom spending limits
  • Form an LLC, quickly and easily
  • Create spending projections to help budget business finances

Cash back rewards

Earn up to 5% cash back on purchases made with your Oxygen business debit card, including things like rideshares, gas, shipping, coffee, meal delivery, and more. Each qualifying purchase adds to your cash back page in the app. Once the accrued earnings hit $10, you’re able to immediately transfer the money to your bank account.

Cash and deposit accessibility

Oxygen customers are able to deposit and withdraw cash at locations around the world—a rarity in the world of neobanks. Visit one of 55,000 in-network ATMs to withdraw money fee-free, or deposit up to $10,000 in cash each month at one of over 90,000 Green Dot locations across the United States.

Secure virtual cards

Oxygen’s virtual cards allow customers to enhance the security of their purchases by generating temporary, virtual cards with set spending limits. Without presenting a physical card, you can make purchases online or by phone with these temporary cards. Once used, the link to your account is suspended—so no one can steal your information and money.


With seemingly endless options available to us, it can be hard to feel confident in choosing a bank to open your business account with. If you’re looking to start a small business or LLC, Oxygen makes it easy and rewarding. Plus, with Oxygen, you can rest assured knowing that your business is important and your money is secure. If this Oxygen banking review has piqued your interest, check out the bank’s website for more information.

Oxygen Bank Logo

Apply for an Oxygen Business Bank Account.

  • Cash back rewards.
  • Business savings tools.
  • Large ATM network. 
NorthOne Bank Logo

Apply for a NorthOne Business Bank Account.

  • 1 month free.
  • Large fee-free ATM network. 
  • Envelopes feature allows you to set aside money for taxes, savings, and more.
Blue Vine Logo

Apply for a BlueVine Business Bank Account.

  • Unlimited fee-free transactions. 
  • Large fee-free ATM network. 
  • No minimum balance requirement.