Mobile banking platform, Oxygen, recently announced it has suspended banking services in an effort to provide other offerings. This announcement has left customers until March 29th, 2024 to find an alternative for their business banking needs.
To all business owners affected by Oxygen’s business account closures: NorthOne has your back. As a leading digital bank for small businesses: NorthOne is the best alternative to Oxygen. NorthOne offers free business banking, integrations with small business tools you use, and features like Bill Payments to automate paying invoices and bills.Â
What is Oxygen Bank?
Oxygen is a mobile banking platform designed for freelancers, small business owners, and consumers. It offered features including invoicing, virtual cards, and cash back. Oxygen Bank was designed to help users better manage their finances.
Why is Oxygen Closing Business Bank Accounts?
Oxygen is shutting down banking services to focus on providing health insurance solutions. CEO of Oxygen, David Rafalovsky told FinTech Futures in an email that changes in the industry present opportunities to change focus and provide value to customers with a product line that “integrates health with financial solutions.”
Can You Still Use Your Oxygen Business Bank Account?
You will not be able to use your Oxygen business deposit account after March 29, 2024. According to Oxygen, their deposit account program will be discontinued after that date.
Starting March 16th, you will no longer be able to deposit funds into your account, whether you wish to transfer cash or make recurring deposits. These deposits will be rejected and returned to the payer after this date. If you have recurring payments which are sent to this account, you should contact the payer and notify them of this change. If you have recurring payments sent from your Oxygen account, you should arrange a change of payment.
What is the Best Small Business Alternative to Oxygen?
For Oxygen small business customers affected by the upcoming closure of their accounts,
NorthOne is a free, online business banking platform that connects your sales, payments, spending, and budgeting to one powerful bank account.1
In addition to a seamless web and mobile banking experience, we offer tools designed to help small business owners manage finances and build lasting businesses. NorthOne customers have a 75% lower failure rate than the national average.2
With NorthOne, you’ll get:
- Worry-free business banking: No monthly fees or minimum balances
- Team banking: Every one of your co-owners can get their own login and NorthOne Mastercard® Small Business Debit Card
- Money movement: Send and receive money by ACH, checks, and wires.* Spend with your NorthOne physical and virtual Mastercard® Small Business Debit Cards
- Bill Pay: Simplify bill management by centralizing your bills and invoices and scheduling payments
- Revenue Analytics: Track every incoming dollar across major payment platforms before they are deposited in your bank account
- Over $5,000 of perks per customer: Access exclusive discounts, free trials, and sign-up offers
- Real support from real people: Receive personalized customer support via email, phone, or chat
Apply for a NorthOne Account online in minutes. Our team of local support experts are here to help if you have any questions!
Frequently Asked Questions
Is Oxygen bank a real bank?
Yes, Oxygen Bank is a real mobile banking platform which offers banking to consumers, freelancers, and small business owners. Starting March 29th, 2024, Oxygen will be suspending banking services to focus on health insurance solutions.
What bank owns Oxygen bank?
Oxygen Bank accounts are held and managed through The Bancorp Bank, N.A. The Bancorp Bank, N.A. is also the partner bank of NorthOne Connected Banking.
Is Oxygen a local bank?
No, Oxygen is a digital bank and doesn’t have local physical branches. By operating online, customers can manage their accounts to the Oxygen website and mobile app anywhere they have access to the internet.
- Banking Services provided by The Bancorp Bank, N.A., Member FDIC.
- Based on user data.
