Grasshopper Innovator Business Checking review
- Fee
- $0 per month
- APY
- Up to 1.80%
- Minimum deposit to open
- $100
Our verdict
Earn unlimited cashback rewards and interest with this online business account.
Grasshopper is a digital bank with high-yield business checking and savings accounts. The Innovator Checking account has no monthly fees, and you can earn up to 1% unlimited cash back rewards and up to 1.8% APY depending on your balance. The account also comes with digital invoices, automated bookkeeping, cash flow management tools and you can sync with various software. Also get unlimited transactions, virtual debit cards, no overdraft fees and no minimum balance requirements. However, like other online accounts, Grasshopper doesn't accept cash deposits, making it a better option for businesses that don't deal in cash, and plan on needing an opening deposit.
Best for: Digital businesses in need of a high-yield account.
Pros
-
Up to 1.8% APY
-
Unlimited 1% cashback rewards
-
Unlimited free ACH and incoming wire transfers
-
No monthly maintenance fees
Cons
-
$100 opening deposit
-
No cash deposits
Who is Grasshopper Innovator Business Checking best for?
The Innovator Checking account can be a solid choice for online businesses that move money around frequently. You won’t be charged for any monthly maintenance fees, overdrafts or ACH transfers. There is a $100 minimum opening deposit, though.
It can also be great if you want to earn rewards and interest, as you’ll earn up to 1.8% APY and unlimited 1% cash back when you maintain a balance of at least $10,000 a month.
But since Grasshopper doesn’t have a way to accept cash deposits, the Innovator account is a better fit for online businesses.
What we like about Grasshopper Innovator Business Checking
This checking account has few fees, and two of the best points are the unlimited cashback rewards and high APY.
Businesses looking for an account with bookkeeping features could also benefit thanks to the digital invoices, automated bookkeeping and cash flow management tools. It also integrates with Quickbooks, Plaid and other accounting software.
FDIC insured and high protection offered
Grasshopper is member of the FDIC, so accounts are insured up to the typical amount of $250,000.
If you’d like more FDIC insurance, Grasshopper offers that, too. By opening the Accelerator Checking account you get access to Grasshopper’s Insured Cash Sweep (ICS) Deposit product, which offers up to $125 million in FDIC insurance by sweeping balances across a network of program banks.
Unlimited cashback rewards
Grasshopper offers unlimited 1% cash back on online and signature-based purchases. To qualify for the rewards program, you must maintain an average monthly balance of $10,000 or more, and the account must be active and in good standing.
Cashback rewards are most often found with credit cards, and checking accounts that offer rewards often cap the amount you earn in cash back per year or per month.
High APY
Earn up to 1.8% APY on balances of $25,000 to $250,000. The APY drops to 1% APY on balances under $24,999.99 and greater than $250,000.01.
Even though you’ll earn less with the 1% APY, it’s still a solid deal, because no matter your balance, you’re still earning something.
Grasshopper also offers the Innovator MMA Savings account, which can earn up to 3.30% APY.
Expertise and loan assistance
Grasshopper offers startup support to help you scale your businesses. There’s a feature called “Office Hours” just for startups, which offers business owners industry expertise — however, there isn’t much information on the site on how this works.
Grasshopper is also an SBA Preferred Lender, offering SBA 7(a) and SBA 504 loans, with the SBA 7(a) loan being the most popular SBA loan type.
Where it falls short
While Grasshopper is often called a “free” checking account — due to the lack of monthly fees — it requires an opening deposit of at least $100. If you’re looking for a business account with no opening deposit, there are plenty of other free business checking accounts without one.
Grasshopper doesn’t have its own ATM network, either. While you won’t get charged for using a MoneyPass ATM, a fee may be applied by the owner of the ATM. There are also no ATM reimbursements.
Grasshopper’s fees and access
| Type of fee | Fee details |
|---|---|
| Monthly service | $0 |
| Opening deposit | $100 |
| ATMs |
|
| Debit card fees |
|
| Overdraft or nonsufficient funds | $0 |
| Wire transfers |
|
| Other fees |
|
Compare Grasshopper to other business checking accounts
Narrow down top business checking accounts by fees, opening deposits and interest. Select Compare on up to four accounts to see them side by side.
What is the Finder Score?
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
Customer reviews and ratings
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 1 out of 5 stars, based on 4 customer reviews |
| Trustpilot score | 4.2 out of 5 stars, based on 208 customer reviews |
| Customer reviews verified as of | 06 December 2024 |
Launched in 2019, the Grasshopper Bank is pretty new to the scene — especially compared to big banks like Wells Fargo and Chase.
It features the highest possible rating with the Better Business Bureau (BBB), and has fewer than 10 customer complaints and reviews on its profile. Most digital banks and fintechs have thousands of complaints, so this is refreshing to see.
On Trustpilot, the reviews are mostly positive. Customers say the customer service is great, report fast ACH transfers, it has flexible support times, and a common praise is that Grasshopper has live representatives who quickly resolve any issues.
Business checking account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Your reviews
Bethany Finder
Editor, Banking
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