Oxygen Business Checking Review 2023
This article is part of a larger series on Business Banking.
If you’re a freelancer or up-and-coming limited liability company (LLC) owner needing an affordable business banking solution, Oxygen is an excellent choice. Through its mobile app, it offers a business checking account with unlimited fee-free transactions, no opening deposit requirements, no minimum balance requirements, and no monthly fees. The app also comes with an LLC creation feature, which helps upcoming businesses file and submit their LLC forms.
Oxygen is a business financial technology (fintech) platform backed by Federal Deposit Insurance Corp. (FDIC)-insured The Bancorp Bank, N.A.
What We Like
- No monthly fees, minimum balance requirements, and automated clearing house (ACH) fees
- Unlimited fee-free transactions
- Cash back program available
Drawbacks
- Mobile-only; no browser version
- Cash back limited to select retailers
- No lending products, overdraft protection, and support for outgoing wires
Features
- LLC creation assistance
- Oxygen Visa Business Debit Card
- Unlimited single-use secured virtual debit cards
- Well-rated mobile app
- Up to 5% cash back on debit card purchases with select retailers
- Business savings account
How Oxygen Stacks Up With Its Competitors
Monthly Fee | ATM Fee | Debit Card Cash Back Rate | Minimum Opening Deposit | |
|---|---|---|---|---|
 Oxygen Business Deposit Account | None | None at Allpoint ATMs; $3 for nonnetwork use* | Up to 5% | $0 |
 Lili Pro | $4.99 | None at MoneyPass ATMs; $2.50 for nonnetwork* | Varies by merchant | $0 |
 Business Checking | None | None* | None | $0 |
*Third-party operator fees may apply.
**Oxygen is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank, Member FDIC.
**Lili is a financial technology company, not a bank. Banking services are provided by Choice Financial Group, Member FDIC.
**Found is a financial technology company, not a bank. Banking services are provided by Piermont Bank, Member FDIC.
When Oxygen Is a Good Fit
- You are about to start a business: Its LLC creation feature lets up-and-coming businesses file and submit their LLC applications.
- You want a business checking account with no monthly fees: Its business checking account has no monthly fees and minimum balance requirements.
- You want unlimited fee-free transactions per month: It doesn’t charge fees for ACH transfers, incoming wire transfers, direct deposits, and mobile check deposits.
- You want to earn cash back on debit card purchases: Users can earn up to 5% cash back when making debit card purchases with Oxygen’s partner retailers.
- You want to open an LLC/S corporation(S-corp)/C corporation (C-corp) online: Oxygen allows you to open a business checking account easily through its app, unlike most providers where you need to apply in person.
When Oxygen Is Not a Good Fit
- You want access to browser-based banking: Oxygen’s services are only accessible via its Android and iOS mobile apps. A good alternative would be Novo, a small business-focused checking solution available on both mobile and desktop. Read our review of Novo Business Checking to learn more about its features.
- You want cash back on all debit card purchases: It only pays cash back on offers from select retailers. Meanwhile, Grasshopper earns cash back on all qualified purchases—only returned purchases, unlawful purchases, and purchases of currency, cash or cash equivalents, such as gift cards, cryptocurrency, and loan payments, don’t count as qualified purchases. See if it’s a good fit by checking out our Grasshopper Bank Business Checking review.
- You need support for outgoing wire transfers: It doesn’t let businesses send wire transfers. Check out Relay, which supports international and domestic outgoing wire transfers and charges low fees for both. Our Relay Business Checking review provides particulars on its product features and fees.
- You want access to lending products: It only offers checking and savings accounts, so if you want lending options, we recommend First Internet Bank. It provides a wide range of products, such as Small Business Administration (SBA) lending, commercial lending, lines of credit, and term loans. For additional information, read our review of First Internet Bank Business Checking.
If your small business meets one or more of these scenarios, check out our guide to the best small business checking accounts for additional recommendations.
Oxygen Business Checking Overview
Oxygen Business Checking Requirements
To apply for Oxygen’s Business account, you must reside and operate your business in the US.
The following are ineligible for the Business account:
- Financial services
- Insurance businesses and services
- Marijuana-related businesses and services
- Gambling businesses and services
Note that other prohibited businesses may be unlisted but will be determined upon application review.
The steps for opening a business bank account differ for new businesses (those who want to form an LLC with Oxygen’s LLC creation service) and existing businesses. Click on your business type to view the requirements.
If you want to form an LLC through Oxygen, you must first apply for Oxygen’s Personal account. Download the app and create a mobile login by providing an email address and password.
Then, you can use the LLC creation feature found on the mobile app. Submit your employer identification number (EIN) and let the Oxygen team handle the rest of your formation documents. They will notify you of your application outcome within two to four weeks.
To create an Oxygen Business Deposit Account, download the app and create a mobile login by providing an email address and password. Then, you’ll be required to scan your government ID and agree to Oxygen’s terms and conditions. Oxygen will ask you to provide the following information:
- Location of your business
- Your industry
- Your role in the business
The app might also ask you to prepare supporting business documents, which depend on your business entity type. The following documents may be required:
- Articles of incorporation
- Articles of formation
- Articles of organization
- Name registration
- Resolution of authority
- Operating agreement
- Business license
- Certificate of good standing (from a governmental entity)
- 501(c)(3) letter
- Assumed name certificate
Oxygen will notify you of your application results within five business days.
Prior to opening an account, review our guide on how to open a business bank account. We include a free downloadable checklist of required documents.
Oxygen Business Checking Features
LLC Creation
New businesses can establish LLCs, S-corps, or C-corps through Oxygen’s LLC creation feature (powered by CorpNet). However, to access this service, you must first create a Personal Oxygen Account.
Once done, you can apply for LLC creation. The app will ask you to provide your EIN, and upon submitting relevant information, Oxygen will then help you create and submit your formation documents. All formation documents will be emailed to you. Hard copies will also be sent in the mail.
The application process usually takes two to four weeks, and service fees vary depending on where your business will be located. If your application is rejected, Oxygen will refund all formation and state filing fees paid within three to five days after review.
Mobile Tools
With Oxygen’s mobile app, you can:
- Deposit checks using its Ingo mobile check deposit feature
- Pay your bills to third parties through Bill Pay for free
- Access your bank statements with an option to download previous bank statements
- Check and activate cash back offers
- Cash out the cash back rewards
- Create temporary or reusable virtual cards
Oxygen’s mobile app is well-rated and has excellent reviews on App Store (4.8 out of 5) and Google Play (4.7 out of 5). Users appreciate the quick online account opening process, responsive customer support, and security of creating virtual cards. Some left low ratings due to app crashes and the delayed delivery of their physical debit cards.
Oxygen Visa Business Debit Card & Virtual Card
Each Business Deposit Account comes with a free Oxygen Visa Business Debit Card, which can be used for fee-free ATM withdrawals at Allpoint locations worldwide. To help keep your card details safe for online purchases, Oxygen lets you create an unlimited number of single-use virtual cards.
Virtual cards are linked to your Oxygen account and can be used to make purchases online or over the phone. Up to 10 virtual cards can be generated at a time with a $1,000 limit for each card. You can control your spending by setting dollar limits and authorized merchants.
Up to 5% Cash Back
The Oxygen business account includes a rewards program that lets you earn cash back when purchasing from specific retailers. Oxygen displays valid retailer options on a dedicated Cash Back page in the app. You are required to meet a $10 earnings threshold before cashing out rewards. Oxygen will deposit validated rewards directly into your account.
Other Oxygen Business Products
If you are an active Oxygen business account holder, you can open a free business savings account, which earns an APY on balances of $20,000 and less. The APY depends on your loyalty program tier: Earth, Water, Air, and Fire. Earth, the entry-level option, lets you earn at least 0.50% APY.
Oxygen Business Checking User Reviews
| PROS | CONS |
|---|---|
| Easy-to-set-up direct deposit | Bad customer service |
| Great cash back offers | Delayed card delivery |
| Free disposable virtual cards | Transaction disputes |
| Reliable fund transfer | Account closures |
On Trustpilot1, Oxygen has about 130 reviews and a 2.2 out of 5 rating. A lot of the negative feedback stemmed from bad customer service experiences, fraud issues, delayed delivery of replacement cards, and sudden closure of accounts.
Some clients claimed that customer service agents provided different information and didn’t reply to emails. Reviewers also reported having been placed on hold for a long time when calling, having their calls disconnected, and having not been able to access chat support. Several also complained about account closure without notice; one of the reasons was the “lack of proper identity verification,” while others weren’t given any explanation at all.
Positive reviews mentioned satisfaction with the secure virtual cards and cash back perks. Customers stated that there were no issues in transferring money in and out of accounts and that they were happy with the app’s features, cash back offers, and savings interest.
Bottom Line
The business checking account of Oxygen is a great option for up-and-coming LLCs and businesses that are just starting out. Its in-app LLC creation services help businesses remove the headache of the incorporation process, while low fees, cash back rewards, and interest on savings accounts increase savings potential. However, because the banking solution is only available in mobile app form, it’s not a good choice for users wanting to conduct banking transactions on their browsers.
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