We study the constraints imposed by neutrino oscillation experiments on the minimal extension of the Standard Model that can explain neutrino masses, which requires the addition of just two singlet Weyl fermions. The most general renormalizable couplings of this model imply generically four massive neutrino mass eigenstates while one remains massless: it is therefore a minimal 3+2 model. The possibility to account for the confirmed solar, atmospheric and long-baseline oscillations, together with the LSND/MiniBooNE and reactor anomalies is addressed. We find that the minimal model can fit oscillation data including the anomalies better than the standard 3ν model and similarly to the 3+2 phenomenological models, even though the number of free parameters is much smaller than in the latter. Accounting for the anomalies in the minimal model favours a normal hierarchy of the light states and requires a large reactor angle, in agreement with recent measurements. Our analysis of the model employs a new parametrization of seesaw models that extends the Casas-Ibarra one to regimes where higher order corrections in the light-heavy mixings are significant.