Oxygen Business Account Review 2024

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.

>> Experience Better Banking With Oxygen >>

Our Verdict

Oxygen Bank

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:



  • High spending requirements for paid tiers
  • ACH limit for all account types
  • Expensive external cash deposit fees

>> Get an Oxygen Bank Credit Card & Enjoy Exclusive Benefits >>

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.

>> Check Out the Best Pricing for Oxygen >>

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.


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.

>> Open a Bank Account With Oxygen >>

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.


Bluevine offers one of the best free business banking accounts, especially for simplifying check payments. It doesn’t impose monthly or overdraft fees but does charge for Bill Pay on credit card transactions. Although monthly deposit and withdrawal caps apply, you can enjoy unlimited banking transactions.

Our review of Bluevine reveals it’s perfect for small business owners needing a free checking account to manage funds. Unlike Oxygen, which lacks checking services, it focuses on cost-effective checking solutions. However, Oxygen provides more diverse ways to earn banking profits than Bluevine.

Pricing: Starts at $0 monthly fee


  • Free basic checking account
  • No overdraft or monthly fees
  • Unlimited transactions with some deposit and withdrawal limits


  • Bill Pay fees for credit card transactions
  • Less varied income-generating options than Oxygen

>> Experience Better Banking With Bluevine >>


Kabbage offers a business checking account with flexible funding options. It provides a line of credit from $2,000 to $250,000, contingent on quick approval. Be prepared to offer a personal guarantee for each loan. There are no monthly maintenance fees, but funding fees apply if you have an outstanding loan balance.

Kabbage is ideal for startup entrepreneurs or independent contractors needing credit services to grow their business. It focuses on credit, in contrast to Oxygen’s debit-only services. However, Oxygen offers better customer support with daily help, unlike Kabbage’s weekday-only service.

Pricing: Starts at $0 monthly fee


  • Flexible credit line options
  • Quick approval process
  • No monthly maintenance fees


  • Funding fees for loans
  • Weekday-only customer support

>> Experience Better Banking With Kabbage >>

Chase for Business

Chase for Business suits small business owners or freelancers who prefer traditional banking. It’s a conventional bank with branches, unlike the FinTech company Oxygen. However, Oxygen is more budget-friendly with its free tier, which has no monthly fees or minimum deposit requirements.

Pricing: Starts at $15 monthly fee or $2,000 minimum daily balance


  • Basic checking solutions
  • Allows paper money transactions
  • Physical bank branches


  • Limited compatibility of mobile app
  • No free plan
  • High daily balance needed to waive monthly fee

>> Experience Better Banking With Chase for Business >>

Frequently asked questions

Oxygen is a provider of business banking accounts for entrepreneurs and professionals. It offers four tiers of business savings accounts: Earth, Water, Air, and Fire. The Earth tier is free, requiring no annual fees, deposits, or minimum balance maintenance.

No, Oxygen is not a traditional bank but a FinTech company. However, it provides banking services via its partner, Bancorp Bank. While it lacks physical branches, you can conduct banking transactions through its mobile app and third-party affiliates like Allpoint Network and Green Dot. Its banking services are often more cost-effective than those of many traditional banks.

A business bank account holds your professional assets. It’s a platform for conducting business transactions, like paying suppliers and receiving customer payments. It helps you grow your business funds over time through monetary and non-monetary incentives.

Yes, opening a business bank account is crucial for starting a small business. It’s one of the essential responsibilities of an entrepreneur, alongside other state and federal registration requirements. Separating your business assets from personal savings is vital for proper financial management.

>> Check Out Oxygen >>

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.

>> Open a Bank Account With Oxygen >>

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Judith Harvey is a seasoned finance editor with over two decades of experience in the financial journalism industry. Her analytical skills and keen insight into market trends quickly made her a sought-after expert in financial reporting.