Category: Finance

SoFi is a financial technology company individuals and businesses alike can use to safely store and grow funds. This SoFi review spells out all the pros and cons of the service to help you decide whether or not to give it a go. 

Our Verdict

SoFi

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SoFi offers a slew of products, stretching from loans to banking and insurance. Sole proprietors, partnerships, and LLCs looking to separate business and personal funds will likely find something of interest here.

Its bank account keeps fees to a minimum while providing high-interest rates and the flexibility to move money around as you see fit. When a project calls for large-scale investment, SoFi has financing options so you don’t have to miss a beat.

• Up to 1.25% APY for savings and checking
• No minimums or monthly fees
• 2-3% cash back on credit card purchases

• Only one savings/checking account is available
• All business loans come from a third party
• Limited features for business owners

SoFi at a Glance

SoFi is a financial platform with savings, checking, and lending options for small business owners. It’s free to set up an account, and outside of loans, members never have to worry about monthly fees along the way. This lack of fees extends to cash deposits, transactions, and overdraft charges that other institutions typically charge for.

The platform’s 1.25% APY for both checking and savings is among the highest available, requiring no more than a direct deposit to lock in the rate. Sofi’s sole credit card comes with 2-3% cash back to bolster income.

Perhaps best known for its personal loans, SoFi adds business financing options through its Lantern Credit service. While SoFi does not provide these loans itself, it gives access to several top-tier options business owners can choose from.

Who SoFi is Best For

Smaller business owners will get the most out of SoFi’s services. Its banking services are geared more toward personal use, but individual business owners can get just as much use out of a bank account. It’s also possible to get up a joint account for duos sharing the business load. If you’re able to pay yourself with direct deposit, you can maximize the interest rate for checking and savings.

Pricing

SoFi stands firm on its desire to minimize fees anywhere it can. It also holds one of the highest interest rates among online and physical banks around the country.

SoFi

Checking and Savings Account

Monthly Fee

$0

Minimum Deposit to Open Account

$0

Minimum Balance to Maintain Account

$0

Overdraft Fees

Up to $50 covered

APY

0.70% or 1.25%

Transactions

Unlimited free transfers to other bank accounts or through point of sale

Cash Deposits

No fee when using 55,000 in-network ATMs to deposit cash

ATM Fees

Free from over 55,00 in-network machines

Wires

$25 to $30 for outgoing domestic transfers, $45 to $50 for outgoing international transfers

SoFi is somewhat new to the banking scene and has but one savings and checking account available. There’s no minimum deposit required to set things up. You also don’t need to worry about monthly fees or maintaining a minimum balance.

To tap into SoFi’s 1.25% APY, you simply need to link up a direct deposit to either checking or savings. If you’re unable to do so, you’ll still earn 0.70% on both accounts, a number still much higher than the industry standard.

The banking platform really has an aversion to fees, making money transfers between bank accounts free. Business owners will enjoy $0 point of sale transitions both domestically and internationally. SoFi looks the other way for up to $50 in overdraft fees as long as you’ve linked up a direct deposit.

You won’t get charged for using any of the 55,000+ ATMs in SoFi’s network. Its website makes no mention of charges for using out-of-network ATMs, but you should always expect a charge from the ATM itself.

Sofi’s wire transfer fees are standard at $25 to $30 for an outgoing domestic rate. Those looking to send funds internationally will have to pay closer to $50 per transfer.

SoFi Features

SoFi has several impressive features that make it an online bank worth pursuing. Let’s take a look at them now.

Credit Cards

SoFi offers a solitary credit card for business owners to use when making purchases. The MasterCard earns 2% cash back on purchases you can put back into your finances or save for a particular project. If you can link up a direct deposit, you’ll earn 3% cash back instead.

The card has no annual fee but can charge anywhere between 13.74% and 25.74% APR depending on your credit score. There’s no mention of being able to obtain multiple credit cards from one account to hand out to employees.

Checking and Savings

Should you choose to bank with SoFi, you’ll open up both a checking and savings account at the same time. It’s not possible to open up one or the other. Both accounts earn the same interest rate, either 0.70% or 1.25% if you can link up a direct deposit.

Neither account has monthly account fees or minimum requirements. You can move cash fluidly between them, but you’ll want to be careful not to overdraft your checking account by more than $50 when making purchases. There is an option to create a joint business bank account if you have more than one business owner.

Insurance

Small business owners need a source of insurance, and SoFi has options available that suits for startups or any small businesses. The online back currently has plans for auto, life, renting, and homeowners. Although these types of insurance are available for the SoFi account holder, you won’t be able to offer them to your employees as well.

Student Loan Repayment

SoFi takes a unique approach to business incentives, offering business owners the means to help employees pay off student loan debt. With SoFi, you can contribute up to $5,250 tax-free each year toward your employees’ student debt. Employers can deduct this amount while offering an incentive to hire young talent from the graduate pool.

Mobile Banking

SoFi’s mobile app allows you to transfer and receive funds with nothing more than a smartphone. For anyone using SoFi’s app, transfers occur in real-time. The app also makes it easy to pay bills online or set up recurring payments to vendors or employees. You can deposit checks right from your phone by snapping a photo and listing where you want the money to go.

Minimal Fees

You won’t find many fees when you sign up for SoFi. Account setup is free, and you won’t ever see a monthly fee come across your desk. Alongside overdraft forgiveness and zero charges for transferring or depositing cash, you can use SoFi without having to spend a cent. You’ll only run into fees with outgoing wire transfers and any time you have to use an out-of-network ATM.

If you want to open a business account with minimal fee, here is a thorough Oxygen Review, Capital One Review, and Lili Review that includes information on the pros, cons, and alternatives.

Loans and Lines of Credit

SoFi’s Lantern Marketplace helps business owners view and compare the top loans currently available. SoFi does not offer these loans directly but facilitates the process of locating the loan your business needs. After supplying information about how much you need, what you’ll use the loan for, and what state you’re in, Lantern will find the best options for you.

Security

Should something happen with your credit card, you can freeze it with the push of a button on the SoFi app. SoFi watches your account for suspicious activity and will let you know the moment they sense something amiss.

The online bank further keeps your account secure through two-factor authorization, requiring a fingerprint or additional passcode to access your information. Each card chip generates a unique transaction code to identify purchases and add in extra security. All money in your SoFi account is FDIC insured for up to $250,000.

Alternatives to SoFi

SoFi gets along well with business owners but may not contain everything you’re looking for. Check out these SoFi alternatives to see if they’re more your style.

LendingClub

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LendingClub is an online banking service offering quite a bit more variety than SoFi when it comes to accounts. Business owners can choose from ten different checking and savings plans strictly for businesses. The mobile app tracks transactions in real-time and allows users to transfer funds or make check deposits. 

Among those accounts, you can find 1% cash back on debit card purchases and rebates from ATMs anywhere in the world, whether they’re in-network or not. Interest rates are meager, topping off at 0.10% for accounts with $5,000 or more. If you’re unable to maintain a balance of $5,000, you’ll also incur a $10 monthly charge.

LendingClub specializes in loans for small businesses, no matter the need. Flexible loans can climb as high as $500,000, whereas loans for property and equipment can reach $10 million if needed.

• 1% cash back on debit card purchases without limit
• Worldwide ATM rebates
• Several loan packages

• Monthly fee on accounts with balances under $100
• Low interest rate
• High requirements for cash back

BlueVine

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BlueVine Review

BlueVine provides loans and checking accounts for small businesses looking to get a leg up on the competition. There are very few fees across the board, but it is unfortunate to see charges for cash deposits.

If you can keep up with BlueVine’s requirements, it’s possible to earn 1.5% APY on your checking account. This amount eclipses SoFi’s 1.25% but is not quite as easy to attain. Similar to SoFi, BlueVine doesn’t necessitate a minimum balance or charge a monthly fee. What’s worse, any money in your account above $100,000 doesn’t receive interest, and there’s no savings plan to dump excess into.

BlueVine has lines of credit up to $250,000 and rates as low as 4.8% to pay them off. These numbers fall in line with the third-party lenders SoFi uses as part of its Lantern network. When depositing money to keep up with loan payments, keep in mind that BlueVine has monthly limits on how much you can put in your checking account.

• High interest rates
• Very few fees
• No minimum balance or monthly fees

• Monthly deposit and withdrawal limits
• Does not offer a savings account
• Fee for cash deposits

Kabbage

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Kabbage Review

Kabbage empowers small businesses with a monthly fee-free checking account. Although its interest rate is a little lower than SoFi, Kabbage does not have prerequisites for earning 1.10% on funds up to $100,000. 

Unlike SoFi, there’s no way to create joint bank accounts with Kabbage. As a result, it’s best bank account for sole proprietorships or LLCs with a sole owner. On the plus side, Kabbage doesn’t charge ATM fees, whether in-network or not. You will get charged $4.95 every time you deposit an amount of cash into your account.

When you’re ready to take your business to the next level, Kabbage offers easily accessible lines of credit for just such a purpose. The approval process takes no more than a few minutes. Once approved, you can transfer money from the line of credit to your checking account in real-time.

• No monthly fees or fees for signup, no minimum balance
• High interest rate
• No Kabbage fees for out-of-network ATM withdrawals

• Cash deposit fees up to $4.95 per transfer
• No ability to make joint accounts
• Mobile deposits take several days to clear

Axos

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Axos Review

Axos has a handful of checking and savings accounts for business owners to choose from. Its Interest Checking plan grants a 1.01% APY for up to $50,000, with rates decreasing from there. You can transfer extra money into a savings account, but these accrue 0.20% interest at best.

Most of these accounts require a high initial deposit to open and a substantial balance to avoid monthly fees. This is a sharp contrast to SoFi, where no such fees exist. There aren’t many fees if you can keep up with balance requirements, and Axos will reimburse you for any ATM fees you may encounter.

The platform has both loans and lines of credit to help businesses grow. Loans and lines start at $10 million and demand at least two years in business.

• High APY with an interest checking account
• Unlimited domestic ATM fee reimbursements
• No monthly maintenance fees or balance requirements for basic checking

• Monthly fee with higher-tier accounts
• Low APY on business savings accounts
• Some accounts require high deposits

Bottom Line on SoFi Review

SoFi is a great opening strategy for small businesses looking to build interest on available funds. The only thing required to benefit from SoFi’s highest rate is a direct deposit, so long as you can pay yourself. The financial service provider also helps you find loans from a handful of third-party companies instead of being shoehorned into one option. Minimal fees make it possible to make the most of your money without draining it in the process.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

Your business bank account acts as a home base for your business’s financial database. Bank of America offers two types of business checking accounts for small to large business owners. In this Bank of America review, you’ll see why using the second-largest US bank (by assets) may be the best choice for you.

Our Verdict 

Bank of America

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Bank of America provides two appealing business checking accounts that offer the important banking features you would expect from a major banking institution. Whether you’re part of a small business or large enterprise, you can utilize Bank of America’s high cash deposit limits and Business Advantage 360 online banking platform.

The online banking platform offers bill pay, mobile check deposits, an excellent mobile app, and an integrated cash-flow monitoring tool. Bank of America’s business accounts also offer unlimited fee-free electronic transactions. These include ACH transactions, debit card transactions, remote deposits online, and electronic debits.

• All-in-one business banking services with a low monthly fee
• Easily waivable monthly fee
• Over 17,000 ATMs and 4,300 branches

• Lacks 24/7 customer service
• QuickBooks integration only featured on higher-tier plan
• Transaction fees when using non-Bank of America ATMs

Bank of America at a Glance 

Bank of America offers business bank accounts that allow you to pay invoices, receive payments from clients, deposit cash and checks, and manage your business transactions. As one of the best small business bank accounts, a Bank of America business account is ideal for cash-heavy businesses.

With the Fundamentals business account, you can deposit up to $7,500 in cash per statement cycle for free. Then, it costs $0.30 per $100. You’re also limited to 200 check deposits or other deposits per cycle. Afterward, it costs $0.45 per item. 

With the Relationship business account, you can deposit up to $20,000 per statement cycle for free. You also receive a maximum of 500 check deposits or other debits per statement cycle. Nonetheless, both plans offer unlimited free ACH, debit card, check deposits, and electronic debits through Remote Deposit Online.

Bank of America sets itself apart from other banks because of the great user experience in its online website and mobile app. It’s also easy for business account holders to waive fees, add additional accounts, and receive perks from the Business Advanced Relationship Rewards Program.

Who Bank of America is Best For 

Bank of America offers the best bank accounts for entrepreneurs and for businesses looking for a traditional banker with outstanding mobile app capabilities. This is also the best business bank for those who prefer going to brick-and-mortar locations to conduct their banking. Bank of America also has a significant global presence, adding value for small businesses that do business internationally.  

Pricing

Bank of America offers two different business bank accounts called Business Advantage Fundamentals Banking and Business Advantage Relationship Banking. Each of these checking accounts comes with efficiency tools like Cash Flow Monitor, and Mobile Check Deposit. However, the Business Advantage Relationship Banking account includes additional features.

As you can see, Bank of America offers several ways to waive your monthly fee. In addition to fee waiving, both plans offer access to Zelle. Bank of America offers two different checking accounts. Fundamentals is better suited for small businesses, while Relationship is better for large businesses that need integration tools and account management capabilities.

Bank of America Features

Here’s a closer look at all the key features in our Bank of America business account review. These features are what distinguish Bank of America from other financial institutions. 

Business Advantage Fundamentals Banking Account

Business Advantage Fundamentals Banking is Bank of America’s basic business bank account. This plan has a monthly fee of $16. However, you can waive the monthly fee by keeping a minimum combined average balance of $5,000 or spending $250 in new net qualified purchases each statement cycle. You can also waive the fee as a member of the rewards program.

Furthermore, it costs an additional $16 per month to open a second Business Advantage Banking account and $10 a month to open a Business Advantage Savings account. These are both free on the Business Advantage Relationship Banking account. The Fundamentals plan offers $200 teller transactions and checks per month for free. 

If you are interested in opening a fee-free business account, here is a detailed Chase Bank Review, NBKC Bank Account Review, and US Bank Review packed with information about the pros, cons, and alternatives to both fintech companies.

Bank of America charges fees for incoming wire transactions. It costs $15 for each domestic transfer and $16 for each international transfer. 

Business Advantage Relationship Banking Account

If your business is more developed, you should choose the Business Advantage Relationship Banking account. This plan costs $29.50 per month but can be waived if you maintain a minimum combined average balance of $15,000 or more. The fee is also waived if you join the rewards program or become a Preferred Rewards for Business member.

The Relationship plan doesn’t have fees on incoming wires and stop payments. Furthermore, you get access to account management capabilities that would cost $15 per month on the Fundamentals plan. Account management services include managing access for multiple users and integration with QuickBooks. 

With the Relationship plan, you get access to a Business Advantage Savings account for free. The Relationship plan also offers access to Cash Flow Monitor to easily track your business’s financial performance. 

Electronic Transactions

Both Bank of America business accounts offer unlimited fee-free electronic transactions. This feature allows Bank of America to stand out among its competitors in the brick-and-mortar space. This is because most traditional banks have a set monthly limit that comprises both non-electronic and electronic transactions.

Bank of America Mobile App

Bank of America has one of the highest mobile app ratings with 4.8 stars out of 5 and over 3 million total reviews on the Apple App Store. This is because the app offers an extensive range of tools to manage your business checking account.

Inside the app, you can pay bills, manage your account, view balances, and make transactions. You can also use mobile check deposit or send and receive payments with Zelle. The app also features state-of-the-art security protocols with biometric access through Face ID and Touch ID.

Digital Tools

Bank of America business bank accounts offer several digital tools to make your life easier. These include Zelle, Cash Flow Monitor, Erica, profile linking, digital debit cards, and account management tools.

Zelle is a secure tool that you can use to receive payments from customers or send payments to vendors with no fees. You can use Zelle right from the Bank of America mobile app. Cash Flow Monitor helps you analyze your business financial data and identify key insights on your business’s performance. This way, you can find ways to improve efficiency and profitability. 

Erica is Bank of America’s virtual financial assistant. This tool can help you search transactions, transfer or send money, and receive bill reminders. Bank of America’s profile linking tools help you view and manage personal and business accounts with a single login. 

Preferred Rewards for Business Program

Bank of America offers a rewards program, Preferred Rewards for Business, that you can join for free. There are three levels to the program: Gold, Platinum, and Platinum Honors. Each level offers various incentives, including discounted interest rates on loans, refunds on payroll services, and increased interest on your savings account.

For example, the Gold plan offers a financing interest rate discount of 0.25%, and savings account interest boost of 5%. It also offers credit card bonus rewards of 25% and merchant services rewards of 0.05%

To join the program, you need to have a balance of $20,000, $50,000, or $100,000 in your Bank of America business checking account. 

Alternatives to Bank of America 

Selecting the right business bank account can significantly impact how you manage your business finances in the future. Here are a few key alternatives to consider.

Bluevine

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Bluevine Review

BlueVine is an excellent banking solution for small business owners looking to keep business and personal funds apart. With a BlueVine checking account, you can earn 1.5% interest on your balance up to $100,000. To earn the 1.5% interest, you’ll need to spend at least $500 per month with your BlueVine Business Debit Mastercard.

If you are a small business owner you can check out these other review and might be a great help for you to choose the right banking account; Axos Review, Lili Review, and Capital One Review.

However, you can also earn the 1.5% interest if you receive at least $2,500 per month in customer payments into your bank account via ACH, wire transfer, mobile check deposit, or directly from your merchant payment processing provider. However, this excludes cash deposits.

BlueVine offers unlimited fee-free transactions, no ACH transfer fees, and no incoming wire fees. You also receive refunds on your withdrawals to over 38,000 ATMs nationwide. It’s quick and easy to create your BlueVine business checking account. Anyone from sole proprietorships to corporations can have their bank account up and running in less than an hour. Interested in opening a sole proprietorship account? Then check out the best business bank accounts for sole proprietors.

Pricing:

It’s free to sign up for a business checking account with BlueVine. Furthermore, there are no monthly fees or minimum balance requirements to keep your account open. The only fees with BlueVine are for cash deposits, outgoing wire transfers, and withdrawing cash from out-of-network ATMs.

• Competitive interest rates
• No monthly fees or minimum balance requirements
• Unlimited transactions

• Only allow cash deposits through Green Dot Services
• No savings account
• No physical branches

Novo

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Novo Review

Novo is a digital banking solution that offers no monthly fees and no minimum balance requirement. It’s easy to make an account on Novo, and it typically takes 10 minutes for your account to be approved. Once your account is approved, you need to make your initial deposit of at least $50. Then, you can begin using your business checking account.

Novo is the best business bank account for small-business owners who are on the go. This banking provider offers unlimited refunds for ATM charges, a built-in invoicing tool, and direct integration with top business tools.

Since Novo focuses on its digital presence, it cannot accommodate cash deposits. Therefore, Novo is not the best solution for cash-heavy businesses. Bank of America is a better option for businesses that need to deposit cash.

Pricing

Novo doesn’t have any monthly fees or minimum balance requirements. It’s completely free to open a business checking account with Novo.

• Zero monthly fees
• No minimum balance required 
• Refunds on all ATM Fees

• No savings accounts
• Fees on overdrawn accounts
• Cannot deposit cash

Kabbage

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Kabbage Review

Kabbage is a small-business lender who expanded its product suite in 2020 to offer business checking accounts. Kabbage Checking is an online-based free business checking account that includes a simple application process and limited fees.

A Kabbage business bank account is best for those looking for a free business checking account with no monthly fees or balance requirements. Furthermore, this is an excellent platform for businesses that manage most of their finances online

Kabbage offers 1.10% APY on balances up to $100,000. Therefore, Kabbage is a great option for businesses interested in earning interest on their checking account funds. 

Pricing

There are no monthly fees or minimum opening deposit requirement to begin using your Kabbage business checking account. 

• No minimum balance requirements
• Easy application process
• Easy line of credit without prepayment charges

• Digital bank only
• Fees up to $4.95 per cash deposit
• No integration with other tools

Bottom Line on Bank of America Review

If you want to learn how to open a business bank account with Bank of America, there are three options. You can apply online, call Bank of America, or visit a Bank of America branch. 

Bank of America’s checking accounts are excellent choices for businesses that are able to maintain the minimum balances to waive the monthly fee. With a Bank of America checking account, you can access a comprehensive set of banking tools, making your life that much easier.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

Oxygen’s business bank account motivates you to grow your financial assets as a small business owner or freelancer. This Oxygen review reveals why it’s a cost-effective banking option, thanks to the free tier, cashback incentives, and savings interest. We’ll also go over Oxygen pricing, features, pros, cons, and alternatives.

Our Verdict

Oxygen

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Oxygen is one of the best business bank accounts for startup entrepreneurs and independent contractors who wish to earn more money. You may not expect it from the fun, flashy design of the website, but it’s actually serious about equipping you to generate extra income through banking.

The most important advantage is that it offers a basic tier without annual fees or minimum deposits. Plus, you can get cashback rewards on purchases from approved merchants. Also, you have a chance to gain interest every year, no matter which tier you select.

However, Oxygen has its disadvantages too. For instance, the initial deposit and spending requirements for paid tiers can be intimidating if you’re on a tight budget. There’s also a cap to the amount of in-app ACH transfers you can pull from external accounts. Lastly, you must pay a costly transfer fee whenever you deposit cash to your Oxygen account via Green Dot.

Here’s a summary of the strengths and weaknesses which we’ll discuss in this Oxygen business account review:

• Free business account available
• Generous cashback rewards
• APY for all tiers

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

Oxygen at a Glance

Oxygen is a financial technology company which provides banking services through Bancorp Bank. It offers business and personal accounts to keep your professional and individual assets distinct from each other. This innovative financial platform was founded by Hussein Ahmed in 2017. At present, the company is based in San Francisco, California.

Oxygen is a cut above the competition because it opens the door to multiple earning opportunities. We’ll delve into various features in this Oxygen review, including APY, cashback, ATM services, physical debit card, virtual debit card, 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 works for freelancers and small business owners who want to boost their professional funds simply by performing banking transactions. After all, you will receive cashback if you buy items from certain sellers using your debit card. Plus, you can look forward to annual interest, whether you sign up for the free tier or the paid ones. You should consider Oxygen if you plan to open a business bank account that encourages you to earn profits in different ways.

Pricing

Oxygen offers four tiers of business bank accounts which you can choose from. This pricing chart gives you an overview of the differences between the tiers:

Plans

Earth

Water

Fire

Air

Annual Fee Price

$0

$19.99

$49.99

$199.99

Initial Deposit

$0

$1,500/month

$3,000/month

$6,000/month

Initial Spending

$0

$500/month

$1,000/month

$2,000/month

Annual Deposit & Spending

$0

12x cumulative/year

12x cumulative/year

12x cumulative/year

Savings APY

0.5%

1%

2%

3%

Cashback

2%

4%

5%

6%

ATM Services

Free

Free

Free

Free

Physical Debit Card

PVC foiled card

Embedded metal card

All-metal card

Mechanically engraved all-metal card

Virtual Debit Card

3

15

Unlimited

Unlimited

Deposit Options

Direct deposit + Green Dot cash deposit

Direct deposit + Green Dot cash deposit

Direct deposit + Green Dot cash deposit

Direct deposit + Green Dot cash deposit

ACH Transactions

Limit of $1,000/day + $10,000/month

Limit of $1,500/day + $15,000/month

Limit of $3,000/day + $30,000/month

Limit of $6,000/day + $60,000/month

Savings Goals

3

10

Unlimited

Unlimited

Mobile Banking

Android + iOS

Android + iOS

Android + iOS

Android + iOS

Additional Services

Yes

Yes

Yes

Yes

Security

PCI DSS + 2FA

PCI DSS + 2FA

PCI DSS + 2FA

PCI DSS + 2FA

Customer Support

10 a.m. – 6 p.m. EST daily

10 a.m. – 6 p.m. EST daily

10 a.m. – 6 p.m. EST daily

10 a.m. – 6 p.m. EST daily

To sum things up, there are four tiers of the Oxygen business bank account:

1. Earth ($0): It’s absolutely free because you don’t need to pay any annual fees. Plus, there’s no minimum initial deposit, initial spending, or annual deposit and spending requirements.
2. Water ($19.99): It only comes with a small annual fee. Nevertheless, you must deposit a minimum of $1,500 and spend $500 during the first month after you open an account.
3. Air ($49.99): The annual fee is a little larger for this higher tier. Also, you should deposit at least $3,000 and spend $1,000 on your first month as a depositor.
4. Fire ($199.99): The highest tier requires you to pay a hefty sum for the annual fee. In addition to this, you need to deposit a minimum of $6,000 and spend $2,000 during the first month that you start an account with Oxygen.

Take note that there’s a 12x cumulative qualifying deposit and spending requirement per year for the three paid tiers, namely Water, Air, and Fire. However, Earth account users are exempt from this obligation.

Oxygen Features

Let’s explore the major features of the business account in this Oxygen review. We’ll evaluate the APY, cashback, ATM services, physical debit card, virtual debit card, deposit options, ACH transfers, savings goals, mobile banking, extra services, security certification, and customer support.

Savings APY

What’s remarkable about Oxygen is that it gives you the chance to earn interest regardless of the business account type you pick. All tiers provide an annual percentage yield (APY) on your savings, although the interest rate grows as the level goes higher.

The free Earth tier starts at 0.5% APY, while the yield of the paid Water, Air, and Fire tiers progressively increases from 1%, 2%, and 3% respectively. Just be aware that these amounts only apply to balances of $20,000 or less. While you can still gain interest for funds beyond $20,000, the percentage is lower for the excess amounts.

Cashback

Oxygen motivates you to spend money by promising attractive cashback rewards. If you buy products and services from approved merchants, you can claim up to 2%, 4%, 5%, or 6% cashback if you have an Earth, Water, Air, or Fire business account. Plus, you can get $1 worth of cashback whenever you order food or coffee from selected sellers.

On one hand, cashback is better than points since you can quickly benefit from the money that’s returned to your account. After all, there’s no need for you to collect points which you need to convert first before you can use them.

On the other hand, cashback privileges aren’t automatic. Instead, you must perform some manual steps first before you can start earning cashback. Make sure to click on the offer in the cashback menu of your Oxygen mobile app so you can load the terms to your card. Afterwards, you can monitor the value of your rewards in the same menu.

ATM Services

Oxygen formed a partnership with Allpoint Network so you can conveniently withdraw your money from nearby ATMs. You don’t have to worry about ATM fees since you can freely use any of the Allpoint ATMs within the U.S.

At present, there are more than 40,000 ATM machines which are commonly located in popular retail stores like Target, Walgreens, and Safeway. You can locate ATMs in your area by tapping on the ATM menu of the mobile app.

Just keep in mind that you need to shell out for international, out-of-network, or third-party fees whenever you conduct special transactions. Also, you can only withdraw a maximum of $500 per day and up to three times daily.

If you are interested in opening a business account with minimal ATM services, here is a detailed Axos Review, Lili Review and Novo Review packed with information about the pros, cons, and alternatives.

Physical Debit Card

You will get an Oxygen Visa Debit Card no matter which business account you pick. However, the material which the physical debit card is made of depends on your tier. On one hand, you will receive a basic but serviceable PVC foiled card if you open a free Earth account.

On the other hand, you can expect premium card materials to match the paid tiers. For example, the Water account comes with an embedded metal card, while the Air tier includes an all-metal card. Still, the Fire account trumps them all by showcasing an engraved all-metal card.

To be realistic, the material of your physical debit card won’t significantly affect its practical functions, except for marginal sturdiness. Nevertheless, it’s an aesthetic bonus that can add a touch of class to your professional image.

Virtual Debit Card

You may be wondering why you need virtual debit cards if you already have a physical one. The answer is: extra security. Oxygen lets you create single-use cards which allows you to make online purchases without needing to provide your physical debit card details. Plus, you can set a maximum spending cap per merchant so you can control your spending.

All tiers come with virtual debit cards, although the level will determine how many or how few cards you can generate. You’re restricted to three cards by the Earth account, while you’re capped at 15 cards by the Water tier. However, the sky’s the limit with the Air and Fire tiers since you can create an unlimited number of virtual debit cards.

Deposit Options

Early direct deposit is one of the benefits of Oxygen. The company typically posts direct deposits on the very day the transaction is performed. As a result, you can potentially receive your funds up to two days earlier than the scheduled payment date. 

In contrast, making cash deposits via Oxygen isn’t as simple compared to old-fashioned depositing via traditional banks. Since it’s a financial technology company instead of a bank, there aren’t any physical branches you can visit to deposit your paper bills.

Thankfully, it offers a workaround solution to this dilemma. While you can’t make deposits via Allpoint ATMs, you can deposit cash via Green Dot, the third-party payment platform Oxygen has teamed up with. In this aspect, Oxygen one-ups other financial companies because some don’t have any cash deposit options at all.

ACH Transactions

Oxygen enables you to transfer funds via the Automated Clearing House (ACH) system. To top things off, it won’t even charge you any ACH fees. Just be aware that there’s a limit to the amount you can pull from external accounts via ACH.

To begin with, the Earth tier restricts you to $1,000 per day and $10,000 per month. Next, the Water account limits you to $1,500 each day and $15,000 every month. Also, the Air tier permits you up to $3,000 per day and $30,000 per month. Finally, the Fire account allows you ACH transactions up to $6,000 every day and $60,000 each month.

Savings Goals

Oxygen is like your banking cheerleader that encourages you to save money for the sake of your business growth. The free Earth account permits you to set three savings goals, while the Water tier lets you aim for 10 goals. Both the Air and Fire accounts grant you freedom to pursue unlimited savings goals.

These savings goals involve interesting challenges you can participate in. For example, “Round Up Spare Change” automatically deposits small amounts to your savings account whenever you make eligible purchases using your debit card. In addition to this, “Save When You Get Money” enables you to save a set percentage or amount of your deposits that are worth $50 or more.

Mobile Banking

You can experience the perks of online banking while on the go via the Oxygen mobile app. Just download and install the free Oxygen app in your Android or iOS smartphone. In terms of first impressions, the user interface (UI) has a sleek, modern design that’s pleasing to the eye.

Even more importantly, the mobile banking app equips you to perform banking transactions anytime, anywhere. Plus, it helps you keep track of your balance and earnings. Lastly, the large block-style icons make it easy for you to find the menus you wish to access.

Additional Services

Aside from its main features, Oxygen also provides other useful banking services. For instance, it simplifies the online payment process through Bill Pay. It allows you to send money to your friends as well.

To top things off, it’s got you covered when it comes to different types of insurance. It offers coverage for mobile phones and lost or delayed luggage. Also, it guarantees protection against auto rental collision and hotel theft.

Security

Security is integral to financial services because the safety of your business funds is at stake. The good news is that Oxygen safeguards the privacy of your business account by achieving Payment Card Industry Data Security Standard (PCI DSS) certification.

Plus, you can add an extra layer of defense against hackers by setting up two-factor authentication (2FA). It shields your account by requiring you to verify your credentials both by password and by phone.

Last but not least, Oxygen’s partner Bancorp Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which protects your assets from potential losses.

Customer Support

Oxygen provides daily phone and email support to all business account users. This handy access to live agents is valuable because it’s easier to ask questions and request for technical assistance directly than via self-research help centers. Thankfully, you can call or message the customer support team every day of the week, except holidays. Take note that these service options are only available from 10 a.m. to 6 p.m. EST.

Alternatives to Oxygen

Oxygen is the clear winner when it comes to cashback potential, as you can see from this Oxygen review. Still, you can check out alternatives that excel in other areas of business banking that may be more important to you before you open a business bank account.

Bluevine

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Bluevine Review

Bluevine is one of the best free business banking accounts that streamlines the way you make check payments. It doesn’t charge you monthly or overdraft fees, although it does ask for Bill Pay fees for credit card transactions. Also, it allows you to perform an unlimited number of banking transactions, but there are caps to the monthly deposit and withdrawal amounts.

Our Bluevine review explains that it’s ideal for owners of small businesses who need a free checking account to manage business funds. It specializes in economical checking solutions, compared to Oxygen which doesn’t provide checking services. Nevertheless, Oxygen offers more interesting ways to gain banking profits than Bluevine.

Pricing: Starts at $0 monthly fee

• Free basic checking account
• No overdraft or monthly charges
• Unlimited transactions

• Bill Pay fees
• Deposit & withdrawal amount limits
• Less creative income-generating solutions than Oxygen

Kabbage

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Kabbage Review

Kabbage is a business checking account that presents flexible funding options. It can provide you with a line of credit ranging from $2,000 to $250,000, as long as your application is approved through the quick process. Just be ready to generate a personal guarantee for each loan you take. While there’s no monthly maintenance charges, you must pay funding fees if you have an outstanding loan balance.

Kabbage is a useful bank for startup entrepreneurs or independent contractors who need credit services to expand their business. After all, it concentrates on credit services, in contrast to Oxygen which only offers debit card services. However, Oxygen has better customer support than Kabbage because it offers daily assistance, unlike the weekday-only customer service of Kabbage.

Pricing: Starts at $0 monthly fee

• Credit line options
• Fast approval process
• Zero monthly maintenance fees

• Funding loan fees
• Personal guarantee requirements for loans
• Limited weekday support

Chase for Business

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Chase for Business Review

Chase for Business is a business checking account that enables you to supervise your cashflow and payroll. It makes it simple for you to make deposits and receive incoming wires. You can make unlimited Chase ATM and debit card transactions, while you’re allotted a maximum of 20 teller and paper transactions. There’s a mobile app too, although it only works with selected devices.

Chase for Business is handy for small business owners or freelancers who prefer traditional banking services. That’s because it’s a conventional bank with physical branches, unlike Oxygen that’s a financial technology company. Still, Oxygen is more budget-friendly than Chase because the free tier has no monthly fees or minimum deposit amount.

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

• Basic checking solutions
• Paper money transactions
• Physical bank branches

• Mobile app not universal
• No free plan
• High daily balance required to waive monthly fee

Bottom Line on Oxygen Review

Oxygen empowers you to earn income by maximizing the potential of your business savings, as we learned in this Oxygen review. That’s why we dubbed it the cost-effective champion of business bank accounts.

To sum things up, Oxygen is a financially rewarding option for small business owners and freelancers because of the free account, APY, and cashback offers. We hope this Oxygen business account review helped you figure out if it’s the best match for you.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

This Capital One review will show you how the bank can bring flexibility to the financial world with online banking and a choice of business accounts. Its structure works to help business owners minimize fees while simultaneously maximizing efficiency.

Our Verdict

Capital One

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Capital One works wonders for the busy entrepreneur by offering unlimited free digital transfers in any given month. It’s also possible to capitalize on a small amount of interest in a business savings account.

Business owners will want to watch out for Capital One’s monthly service fees. Brand new ventures may get eaten alive by these fees, making membership ideal for those able to meet the balance requirements to avoid them altogether.

• Low minimum deposit needed to join
• Does not charge overdraft fees
• Unlimited free digital transfers

• Limited physical locations
• Monthly account fees
• Low business interest rates

Capital One at a Glance

Capital One is a large primarily online bank, providing personal and business checking and savings accounts alongside an abundance of other features. Its business accounts are free to sign up for but require a monthly fee to maintain if balances drop below a certain threshold.

Its Business Savings Account generates a small 0.2% APY each month for those with extra funds, but checking accounts don’t accrue any interest at all. Capital One does waive fees for overdrafts, some wire transfers, and at least a portion of cash deposits.

The service stands out the most with its unlimited free digital transactions. There’s no ceiling to the amount of money you can move around each month and send off to other individuals or organizations.

Who Capital One is Best For

Capital One’s monthly service fees can be taxing on new ventures, making the best bank for new businesses and other businesses with sources of income already in place. Should you build account balances high enough, Capital One does away with these fees entirely. However, low interest rates from its savings account will leave larger organizations wanting for more.

If you want to open a business account, here is a detailed Kabbage Review, SoFI Review and Oxygen Review packed with information about the pros, cons, and alternatives.

Pricing

Capital One doesn’t charge a penny for opening up one of its three business-related accounts. However, you may have to pay monthly fees if you can’t meet the online bank’s minimum balance requirements. Depending on the account you go with, you may have to watch out for wire fees or costs for cash deposits.

Plans

Basic Business Checking

Unlimited Business Checking

Business Savings

Monthly Fee

$15, waived with $2,000 minimum balance

$35, waived with $25,000 minimum balance

$3, waived with $300 minimum balance

Minimum Deposit to Open Account

$250

$250

$0

Minimum Balance to Maintain Account

$0

$0

$0

Overdraft Fees

$0

$0

$0

APY

0%

0%

0.2%

Transactions

Unlimited free digital transactions

Unlimited free digital transactions

Unlimited free digital transactions

Cash Deposits

Free for first $5,000 each month, then $1 for each $1,000 thereafter

Free through mobile, ATM, or direct deposit

N/A

ATM Fees

Over 70,000 fee-free ATMs, minimum $2 on out of network

Over 70,000 fee-free ATMs, minimum $2 on out of network

Over 70,000 fee-free ATMs, minimum $2 on out of network

Wires

Incoming: $15

Outgoing: $25

First 5 wires are free, then $25 per transfer

N/A

Capital One gives business owners a few different account options to consider. Checking accounts serve as a medium for frequently transferred funds, where you can tuck away unused money in a savings account to accrue some interest.

You’ll need a meager $250 to open one of the two business checking accounts through Capital One, and the sky’s the limit from there. There are no limitations on digital transactions between your own account and those of vendors and clients, and the online banker has over 70,000 fee-free ATMs scattered across the country. You can easily find Capital One ATMs with the locator on PC or mobile.

Basic Business Checking

Basic Business Checking speaks to smaller ventures with less money in the till. You don’t need to keep a minimum balance to keep your account open, but any account averaging less than $2,000 over the last 30 or 90 days will incur a $15 monthly service fee. Cash deposits are only free for the first $5,000 each month, and you’re subject to charges for both incoming and outgoing wires.

Unlimited Business Checking

Unlimited Business Checking charges a $35 monthly fee for businesses with a balance smaller than $25,000 over the last 30 or 90 days. There are no charges for cash deposits, and the first five wires each month are free.

Business Savings

Companies with funds collecting dust can open a Business Savings account to put that money to work. If you can keep at least $300 in savings, Capital One will waive the usual $3 service fee. Although nothing to write home about, dollars accrue a 0.2% interest.

Capital One Features

As a financial institution, Capital One has several banking features to help customers out. This list contains those that stand out the most.

Credit Cards

Capital One has no less than seven business credit cards that your business can choose from. Two cards come with annual fees but offer higher incentives for use, such as additional cash back or double miles on purchases. All other cards are free to use.

Each card has a built-in reward system, but some have very high annual percentage rates if you can’t regularly pay off your balance. Most require excellent credit history, but there is a card option for those looking to build credit.

The online banker makes it easy for business owners to provide cards with varying cash limits to staff as desired. You can monitor and track purchases or remove users at any time. These cards earn reward points and are completely free to add to your business account.

Business Checking Accounts

Businesses have two unique checking accounts to choose from when becoming a member. One plan is suited for up-and-coming enterprises, while the other is for organizations seeing some stable income each month. Checking accounts do have monthly service fees if you’re unable to meet monthly or quarterly balance requirements.

Business Savings Account

Alongside a pair of checking accounts, Capital One also offers a savings account for businesses with some money to spare. With 0.2% APY, you can earn some interest on funds that otherwise accrue nothing in checking. As long as you have at least $300, you won’t have to worry about monthly service fees.

Mobile Deposit

With check in hand, you can use the Capital One mobile app to make a deposit. The process is as simple as snapping a photo of both sides of the check and filling out the prompts that follow. There’s no need to visit an ATM or branch location to complete the transaction.

Minimal Fees

Capital One doesn’t have fees for opening an account or maintaining one if you can keep up with the prerequisite monthly balance. Basic Business Checking accounts allow free cash deposits for the first $5,000 but charge $1 per every $1,000 transferred after that. Any incoming or outgoing wires suffer a fee of $15 or $25 respectively.

Unlimited Business Checking accounts do away with cash deposit fees and even make the first five wires free of charge. There’s a $2 charge for using an out-of-network ATM regardless of which account you’re drawing from.

Loans and Lines of Credit

Among Capital One’s many features are loans and lines of credit made available to business owners. Loans can range from $10,000 to $5 million, and fees vary based on size and risk. Capital One allows up to 20 years to pay loans back at a fixed rate.

To be eligible for a loan, you’ll need to have been in business for at least two years and have an open Capital One checking account. Capital One only allows one line of credit per employer identification number. Learn how you can open a business account with EIN here.

Business Expertise

Capital One’s history and wealth of experience translate to unique insights for any business style. Its team has the skills to work with each organization on a personal level, creating specific solutions to help your company grow.  

Capital One Contact Info

Capital One has a detailed Contact Us page, making it easy to locate the first person to talk to. If unsure where to go, the company’s main customer service number is 1-877-383-4802.

Alternatives to Capital One Review

Capital One’s imperfections may be a deal-breaker for some. If that’s you, consider one of these alternatives instead.

Novo

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Novo Review

Novo removes the clutter of personal banking, offering only services for the small business crowd. There’s no cost to sign up, and Novo doesn’t charge any service fees no matter what your balance is.

You can use the financial organization tool built into the PC and mobile app to put funds in different buckets. It’s an easy way to prepare for tax time, monthly rent, or other upcoming charges. Novo refunds ATM fees even from out-of-network machines but doesn’t give the option to deposit cash.

Checking accounts don’t accrue any interest, and Novo doesn’t have a business savings account to put money into. You will want to watch where your money’s at, because any overdraft will set you back $27.

• Zero monthly fees or minimum balance required
• Financial organizer
• Refunds all ATM fees

• Cannot deposit cash
• Fee for overdrawn accounts
• No savings accounts

BlueVine

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BlueVine Review

BlueVine has some of the best interest rates you’ll find in a business checking account at 1.5% on balances up to $100,000. You won’t find a savings account to take advantage of if your funds exceed that amount. Like Capital One, BlueVine does have a fee schedule for cash deposits, out-of-network ATMs, and wire transfers. 

There’s no minimum deposit required to start your account, but there are limits on how much you can transfer each month. Businesses with a lot of fluid money will do better with Capital One’s unlimited transfers.

BlueVine has unavoidable fees for cash deposits and outgoing wire transfers. The lender offers loans up to $250,000 with a fast approval rate and reasonable monthly interest.

• High interest rates
• Very few fees
• No minimum deposit required

• Monthly transfer limits
• Checking accounts only
• Fee for cash deposits

Axos Bank

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Axos Bank Review

Axos Bank offers several checking and savings account options for small businesses. Basic Business Checking doesn’t charge any service fees, but other plans do if your balance is too low. Premium Checking requires an initial deposit of at least $25,000 to become a member.

Savings accounts don’t do any better than Capital One, offering just 0.2% APY. Even business certificates of deposit (CDs) cap off at the same rate. The only way to improve this rate is through Axos’ Interest Checking account with a $5,000 minimum daily balance.

Where Capital One has a few locations dotted around the countryside, Axos is strictly online. The service does well to manage your account through its app, but there’s no way to get help in a physical location.

• Several checking account options
• Unlimited domestic ATM fee reimbursements
• No monthly maintenance fees or balance requirement for basic checking

• No physical locations
• Low APY on business savings accounts
• Some accounts require high deposits

Kabbage

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Kabbage Review

Kabbage features a business checking account that’s free to sign up for or maintain. Accounts up to $100,000 receive 1.1% APY, but any additional monies earn nothing. This setup speaks to sole proprietors or LLCs with a single owner since there’s no way within Kabbage to make a joint account.

The bank doesn’t charge fees to use out-of-network ATMs, but that doesn’t mean the ATM itself won’t charge you something. Additional fees show up with cash deposits and teller transactions.

Both the website and mobile app are intuitive and easy to use. For some reason, deposits through the mobile app take several days to clear. If in need, Kabbage has lines of credit ranging from $2,000 to $250,000 that the bank usually approves within minutes.

• No monthly fees or fees for signup, no minimum balance
• High interest rate
• No Kabbage fees for out of network ATM withdrawals

• Cash deposit fees up to $4.95 per transfer
• No ability to make joint accounts
• Mobile deposits take several days to clear

Bottom Line on Capital One Review

Capital One is one of the most prominent banks in the country, even with most business done entirely online. Its business checking and savings plans work to serve smaller companies looking to limit fees and glean some interest off money not currently in use. Unlimited digital transfers take the stress off of transactions, allowing business owners to focus on what’s really important.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.