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Oxygen Business Bank Account: 2024 Review

The Oxygen business bank account is currently unavailable.
By Randa Kriss
Last updated on June 18, 2024

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Our Take

The bottom line:

On March 8, 2024, Oxygen announced that it is temporarily suspending banking services and closing all existing deposit accounts.
Full review

Oxygen Business Account

Deposits are FDIC Insured
Monthly fee

Pros & Cons


  • No monthly fees, no minimum opening deposit, no minimum balance requirements.
  • Unlimited fee-free transactions.
  • Fee-free ATM access through the Allpoint network; ability to deposit cash through Green Dot network.
  • Earn cash back when using the Oxygen business debit card.
  • Mobile tools, including temporary or reusable virtual cards.
  • Ability to create an LLC through the Oxygen app before signing up for a business account.


  • Mobile only.
  • $3 fee per withdrawal for using an out-of-network ATM (plus any fees from ATM owner).
  • Service fee of up to $4.95 for each cash deposit.
  • Can’t send domestic or international wires; can’t receive international wires.
  • No multi-user accounts.

How does Oxygen compare?

Bluevine Business Checking

Deposits are FDIC Insured

Relay Business Checking

Deposits are FDIC Insured

at Bluevine

at Relay

Monthly fee


Monthly fee




With $0 min. balance for APY







Requirements to qualify

Full Review

Editor's note: On March 8, 2024, Oxygen announced that it is temporarily suspending banking services and closing all deposit accounts. Existing Oxygen customers have access to their business accounts until March 29, 2024, though some services will be turned off prior to that date. A complete timeline is available on the Oxygen website.

Oxygen is a financial technology company that specializes in mobile banking, offering both personal and business bank accounts through the Oxygen app. The neobank partners with The Bancorp Bank for banking services, including standard $250,000 account coverage via the Federal Deposit Insurance Corp.
With no monthly fees and unlimited fee-free transactions, the online-only Oxygen business checking account is well-suited for small-business owners who are looking for an affordable way to separate their personal and business finances and manage their money on the go. Oxygen also offers a business savings account, with an APY of 1% on balances $20,000 or less, as of this writing.
In addition to its free business checking account, Oxygen stands out in that it offers nationwide LLC creation services through a third party. This allows you to form an LLC from within the app, and then open your business account.

Oxygen business accounts are best for small-business owners who:

  • Prefer to manage most of their finances digitally.
  • Have not yet formed a limited liability company, or LLC, and are considering doing so.
  • Deposit less than $10,000 in cash on a monthly basis.
That deposit limit is pretty high for an online account. But if you often work with cash, consider
LendingClub Tailored Checking
instead. It not only offers unlimited cash deposits, but also doesn't charge a fee for them. With Oxygen, you'll have to pay $4.95 for each cash deposit.

Oxygen business banking at a glance

Monthly fee:
Minimum opening deposit requirement:
Unlimited fee-free transactions

How Oxygen business banking works

Even though Oxygen is an online business checking account, you can't sign up via its website. Instead, you'll need to download Oxygen's mobile app. That app is available for both iOS and Android devices and is compatible with smartphones and tablets.
How to apply: To open an Oxygen business account, you will need to download the mobile app and create a login by providing an email address and password. You will complete your application by providing basic information about yourself and your business, including your Social Security number, date of birth and viable U.S. mailing address. You may also be asked to provide a copy of your driver’s license and identifying business documents.
After you’ve submitted your application, it can take up to three to five weeks to be approved. Once approved, you will be able to use the Oxygen app to fund your account, generate virtual cards, view statements, deposit checks and more.
You will also receive a physical Oxygen Visa® Business Debit card in the mail for use with the account. This card must be activated before it can be used.
It’s important to note that if you’re interested in LLC formation services, Oxygen recommends that you first sign up for the personal account instead of the business account. After you’ve applied and been approved for the personal account, you will be able to use the Oxygen app to form an LLC through CorpNet. Fees will vary based on your state and the LLC formation services you choose.

Where Oxygen business checking stands out

Fee free: The Oxygen business checking account has no monthly fees, no minimum opening deposit requirement and no minimum balance requirements. In addition, this account offers unlimited fee-free transactions, which includes ACH transfers, direct deposits, incoming domestic wire transfers and mobile check deposits. Although the Oxygen business account does not offer paper checks, it does offer a free bill pay service that gives you the ability to send mailed checks to individuals or businesses as long as they are located in the U.S.
ATM access: You can use the Oxygen business debit card to withdraw cash fee-free at over 55,000 Allpoint ATMs worldwide. Although you cannot deposit cash at these ATMs, you can visit over 90,000 participating Green Dot locations around the U.S. to deposit cash (service fee of up to $4.95 per deposit), with a maximum cash deposit limit of $10,000 per month. In contrast, other online-only accounts have smaller maximums — or cannot accommodate cash deposits at all.
Cash-back rewards: The Oxygen business account includes a rewards program that gives you the ability to earn up to 5% cash back for spending with your Visa business debit card. You can select cash-back offers displayed in the cash-back page of the mobile app, make purchases at participating retailers and track earned rewards. Although the cash-back rewards are subject to change, participating retailers include FedEx, Vistaprint, and USPS as of this writing.
Mobile tools: Within the mobile app, the Oxygen business account includes check deposit, cash flow projections, bill pay, account statements and cash-back rewards. In addition, you have the ability to upload and tag deductible expenses, monitor transactions and integrate the app with your accounting software.
Moreover, you can use the Oxygen app to create 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. You can also set spend limits on these cards and authorized merchants, as well as freeze or cancel your virtual cards using the mobile app.

Where Oxygen business falls short

Mobile only: Unlike other online-only banks and nonbanks, which typically offer a web-based and an app-based banking experience, the Oxygen business account is exclusive to mobile. Beyond that, NerdWallet found it more difficult to find key information, like a schedule of fees, on the Oxygen website than competitor sites.
If you're looking for a free account with a highly rated app and easy-to-navigate website, consider Found business checking instead.
» Want to open a business checking account online? Here are the best places to get started.
Out-of-network ATM fees: If you use an out-of-network ATM to withdraw cash, you’ll face a $3 fee from Oxygen, plus any fees the ATM provider may charge. In addition, these fees increase if you use an international ATM: You’ll pay $5 plus a 1% international transaction fee on top of the fees charged by the ATM provider. You will, however, receive a refund on the first international cash withdrawal fee per calendar month ($5), but the international transaction fee will still apply.
These types of fees are not uncommon from traditional small business banks, but online competitors don’t always charge out-of-network fees. If you're concerned about these costs, consider an option like the NBKC business account, which not only doesn't charge its own out-of-network fees but also refunds up to $12 per month for fees that other ATM providers charge.
No multi-user accounts: The Oxygen business account only accommodates a single authorized user, which may not be sufficient for multi-owner or larger businesses. Although you can use the mobile app to create virtual cards and manage spending on those cards, these are limited account privileges.
Comparatively, other options, like the Axos business checking account, support businesses owned by multiple individuals.


NerdWallet's business checking reviews look at multiple factors, including monthly fee, APY, ATM access, transaction limits, cash deposit allowance, customer service, additional features and incidental fees, such as overdraft, NSF and stop payment charges.

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