Oxygen Business Account Review 2024
Oxygen’s business bank account helps small business owners and freelancers grow their financial assets. This review of Oxygen highlights its cost-effectiveness, with a free tier, cashback incentives, and interest on savings. We’ll explore Oxygen’s pricing, features, advantages, drawbacks, and alternatives.
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Our Verdict
Oxygen stands out as a top business bank account for startup entrepreneurs and independent contractors looking to increase their income. Despite its playful and vibrant website design, Oxygen is serious about helping you boost your earnings through banking.
A key benefit is the basic tier, which has no annual fees or minimum deposits. You also get cashback on purchases from selected merchants and can earn interest annually, regardless of your chosen tier.
However, Oxygen has its downsides. For example, the initial deposit and spending requirements for the paid tiers might be daunting if you’re on a tight budget. There’s also a limit on in-app ACH transfers from external accounts and a high fee for depositing cash to your Oxygen account via Green Dot.
Here’s a summary of the strengths and weaknesses we’ll discuss in this Oxygen business account review:
Pros
Cons
- High spending requirements for paid tiers
- ACH limit for all account types
- Expensive external cash deposit fees
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Oxygen at a Glance:
Oxygen is a FinTech company providing banking services through Bancorp Bank. It offers business and personal accounts to separate your professional and personal assets. Founded by Hussein Ahmed in 2017, the company is based in San Francisco, California.
Oxygen excels because it offers multiple earning opportunities. In this review, we’ll explore features like APY, cashback, ATM services, physical and virtual debit cards, deposit options, ACH transfers, savings goals, mobile banking, extra services, security certification, and customer support.
Pricing starts at $0 annual fee.
Who Oxygen Is Best For: Oxygen is ideal for freelancers and small business owners who want to enhance their professional funds through banking transactions. You’ll receive cashback when purchasing from certain sellers with your debit card, and look forward to annual interest, whether you choose the free or paid tiers.
Pricing: Oxygen offers four tiers of business bank accounts:
- Earth: Free with no annual fees, minimum deposits, or spending requirements.
- Water: $49 annual fee with a minimum $1,500 deposit and $500 spending in the first month.
- Air: $99 annual fee, requiring at least $3,000 deposit and $1,000 spending in the first month.
- Fire: $299 annual fee with a $6,000 minimum deposit and $2,000 spending in the first month.
There’s a 12x cumulative qualifying deposit and spending requirement per year for the Water, Air, and Fire tiers, but Earth account users are exempt.
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Oxygen Features
Let’s look at the main features of Oxygen’s business account:
Savings APY
Oxygen allows you to earn interest on all business account types. The free Earth tier starts at 0.5% APY, while the paid Water, Air, and Fire tiers progressively increase from 1%, 2%, to 3%, respectively, for balances up to $20,000.
Cashback
Oxygen encourages spending with attractive cashback rewards. Depending on your account tier, you can claim up to 2%, 4%, 5%, or 6% cashback on purchases from approved merchants, plus $1 cashback on food or coffee from selected sellers.
- ATM Services
Thanks to a partnership with Allpoint Network, you can withdraw money from over 40,000 ATMs across the U.S. without fees.
- Physical Debit Card
All tiers come with an Oxygen Visa Debit Card, varying from a basic PVC foiled card for Earth accounts to an engraved all-metal card for the Fire tier.
- Virtual Debit Card
For added security, Oxygen allows you to create single-use cards for online purchases, with a cap on the number you can generate based on your account tier.
- Deposit Options
Oxygen offers early direct deposit, posting transactions on the same day, allowing you to receive funds up to two days earlier. Cash deposits can be made via Green Dot at an additional cost.
ACH Transactions
- Oxygen enables fee-free ACH transfers, with limits varying by tier, from $1,000 per day and $10,000 per month for Earth accounts to $6,000 per day and $60,000 per month for Fire accounts.
- Savings Goals
Set savings goals with challenges like “Round Up Spare Change” and “Save When You Get Money,” with the number of goals you can set depending on your account tier.
- Mobile Banking
Manage your banking on the go with the Oxygen mobile app, available for Android and iOS. It features a sleek UI and easy navigation.
- Additional Services
Oxygen offers Bill Pay, money transfers, and various insurance coverages, including mobile phone, luggage, auto rental collision, and hotel theft.
- Security
Oxygen, in partnership with FDIC-member Bancorp Bank, ensures the safety of your funds with PCI DSS certification and two-factor authentication.
- Customer Support
Oxygen provides daily phone and email support to all business account users, except holidays, from 10 a.m. to 6 p.m. EST.
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Alternatives to Oxygen
Oxygen stands out in this review for its impressive cashback potential. However, before you open a business bank account with them, consider other options that might excel in different business banking areas.
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Bottom Line on Oxygen Review
Oxygen enables you to maximize the earning potential of your business savings, making it the cost-effective champion of business bank accounts.
In summary, Oxygen is a financially rewarding choice for small business owners and freelancers due to its free account, APY, and cashback offers. We hope this review has helped you determine if Oxygen is the right fit for you.
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