Oxygen Business Banking Review 2024

At present, to be eligible to be approved for an Oxygen Business Account, you need to be residing and conducting business within the United States. However, Oxygen is actively striving to expand its services to foreign individuals and businesses in the near future. 

Your business can be of any age as long as it is currently active and in good standing with the state where it is located. Approval to open an Oxygen Business Deposit Account does not depend on a personal credit check. 

To form an LLC, S corporation, or C corporation through Oxygen’s partner CorpNet Inc., you'll need to apply for a Personal Oxygen Deposit Account (i.e., not a Business Deposit Account). 

Once you create your new login, you may need to provide certain documentation, such as:

• Articles of Incorporation (corporation) or Articles of Organization (LLC)
• Resolution of Authority specifying the individual(s) authorized to act for the entity
• Operating agreement (LLCs)
• Business license 
• Certificate of Good Standing 
• Assumed Name Certificate (if applicable) 

For established businesses, notification regarding the status of your application will be provided within five business days. For new businesses that need to undergo formation as an LLC or corporation, the application process may take two to four weeks.

If your business is a sole proprietorship, and you wish to establish a formal business entity such as an LLC, S corp, or C corp, choose the "New Business" option in the Oxygen app or website. You'll need to pay the account formation fee of $199.20 plus state filing fees, which vary by state. 

Oxygen cannot open accounts for the following types of businesses:

• Financial services
• Insurance business and services
• Marijuana-related business and services
• Gambling businesses and services

• No monthly fees
• No minimum amount required to start an account
• No requirement to maintain a minimum balance
• Unlimited no-fee transactions
• No-fee ATM access through the Allpoint network
• Cash deposits possible through Green Dot network
• Oxygen Visa Business Debit Card pays cash backs
• Travel perks and other rewards

• Service fee of up to $4.95 for each cash deposit
• Cannot send domestic or international wire transfer of funds 
• Cannot receive international wire transfers of funds 
• Does not facilitate multi-user accounts

The Oxygen Business Checking Account is one that many small business owners will find suitable, since eligibility requirements are at a minimum: mostly, your business just needs to be based in the US. 

Additionally, the account comes with few fees; there are no monthly charges and no charges on transactions, regardless of volume. There is also no minimum amount required to start an account nor any requirement to maintain a minimum balance. 

Cash Management
The Oxygen Checking Account only facilitates electronic transactions. You won’t be able to write checks. But there are other benefits, such as online bill pay, early direct deposits, person-to-person transfers with other Oxygen account holders, and the capability to deposit checks using the app.

Cash deposits can be made through the Green Dot network. Withdrawals can be made fee-free through the Allpoint network.

Debit Cards
Add-ons for the online and mobile environments include the capability to generate temporary or reusable virtual cards. These cards are linked to your account and can be used to make purchases online or over the phone without presenting your physical business debit card. Up to 10 virtual cards, with a $1,000 limit on each card, can be created and be active at any one time. 

App Management
Managing your account is a cinch through the app. You can set a monthly limit on expenditures, authorize vendors or remove their authorization, and freeze or cancel virtual cards. Versions of the Oxygen mobile app are available for both iOS and Android devices. And the software is compatible with most mobile devices, including smartphones and tablets.

Incorporation Services
For the Oxygen Checking Account, the icing on the cake is the collaboration with CorpNet, Inc. which allows users to create and register a limited liability company (LLC) or corporation through the app. This may be done before actually opening an Oxygen account. Creating a formal business entity is a sure way to signal your readiness to do serious business. 

Oxygen Bank’s rewards program comes in four tiers: Earth, Water, Air, and Fire. Each loyalty tier carries a different level of cost and benefits. Costs range from a $0 annual fee for Earth membership to a $199.99 annual fee for Fire membership. Some notable features are:

• Cash back of up to 6%
• Savings APY of up to 3%
• Travel Benefits

The rewards and benefits of the Oxygen Account are quite lavish. For the biggest spenders — subscribers to Oxygen’s Fire Program, which means an annual expenditure of $12,000 and an annual fee of $199.99 — the cash back for using the Visa debit card is 6%, and the APY on the savings account is a whopping 3%.

Purchases earn the 6% cash back at the following vendors: Whole Foods, Trader Joe’s, Walmart, Uber, Lyft, Uber Eats, DoorDash, Grubhub, Postmates, CVS, Walgreens, Rite Aid, USPS, FedEx, UPS, DHL, PSN, Xbox, Nintendo Store, GameStop, and at all gas stations. For coffee lovers, there’s a dollar off on every cup you purchase at Starbucks. 

Travel benefits include an Auto Rental Collision Damage Waiver, insurance on baggage delay, lost luggage, and hotel theft, as well as a PriorityPassTM that gives access to hundreds of airport lounges and Global Entry/TSA Precheck that will get you through security quickly. 

Other benefits include cell phone insurance, as well as Netflix and Peloton Digital reimbursements.

• Savings Account APY: 3% 
• Checking Account: 0.25% on balances of $20,000 or below

Fees on the Oxygen Business Deposit Account are next to nothing. Notably, the only transaction fee is for international transfers. 

• Card Replacement Expedited Shipping Fee: $50
• International Transaction Fee: 1%

In general, Oxygen has received favorable reviews from business owners. Here’s why: 

• No monthly fees: Oxygen Bank does not charge monthly fees for their basic checking account.
• Cashback rewards: Oxygen Bank offers cashback rewards on select purchases made with their debit card.
• Mobile app: Oxygen Bank's mobile app is highly rated and offers a variety of features, including mobile check deposit, bill pay, and budgeting tools, which is convenient for those who prefer to manage their finances on the go.
• No overdraft fees: Oxygen Bank does not charge overdraft fees, which is beneficial for those who occasionally overdraw their account.
• Partnership benefits: Oxygen Bank has partnered with a variety of companies to offer additional perks and discounts to their customers, such as discounts on cell phone bills and gym memberships.

Despite its many attractive features, the Oxygen Business Deposit Account may not be the best for all small businesses. A good alternative is fintech company Lili, which also caters to startups and young businesses. 

Oxygen Bank is a digital bank that offers various financial services to individuals and businesses. It operates entirely online, allowing customers to manage their accounts and access financial services using their mobile devices or desktop computers. 

The bank offers mobile check deposits, budgeting tools, sub-accounts, cashback rewards on debit card purchases, and fee-free overdraft protection. This provides customers with greater flexibility and control over their finances.

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