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Grasshopper Accelerator Money Market Savings Account Review

  • Jamela Adam's headshot
Grasshopper Innovator Business Savings
Go to site
Annual Percentage Yield (APY)
Up to

3.55%

Fee
$0
Minimum deposit to open
$100

Our verdict

A money market savings account with top-notch APY and cashback on spending.

The Grasshopper Accelerator Money Market Savings Account allows you to earn up to 3.55% APY when you maintain a balance of $25,000 or more, and you won’t ever get charged overdraft or monthly maintenance fees. Plus, the minimum opening deposit is only $100, and you’ll earn an unlimited 1% cash back on qualified purchases. That said, Grasshopper’s customer support isn't around the clock like other online or brick-and-mortar banks — you can only contact support on weekdays.

Best for: Business owners and startups who want to manage their banking needs digitally.

Pros

  • Competitive 3.55% APY for balances over $25,000
  • Zero monthly fees or overdraft charges
  • Low $100 minimum to open
  • Unlimited ACH and domestic wire transfers when you maintain a balance of $25,000+

Cons

  • No customer support hours on weekends
  • No in-person branch access
  • No cash deposits

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How Grasshopper Accelerator Money Market Savings Account works

The Grasshopper Accelerator Money Market Savings Account is essentially a mixture of both a checking account and a high-yield business savings account. As a money market account, it’s similar to a savings account because you earn interest on your funds, but you also receive a debit card for spending.

This account is specifically designed for early-stage startups to earn competitive interest on their idle funds while still having easy access to their cash.

Who is Grasshopper’s MMA best for?

The Accelerator Money Market Savings Account is available to all venture-backed startups with Seed to Series A funding. And because Grasshopper allows you to make unlimited fee-free wire transfers, it’s worth considering if you have a business that doesn’t deal with cash but needs a cost-efficient way to manage transactions.

What we like about Grasshopper Accelerator Money Market Savings Account

With this account, you get unrestricted access to your money, unlimited free ACH and domestic wire transfers when you maintain an average balance of $25,000 or more and 24/7 access to banking tools that help streamline your business.

Grasshopper is FDIC-insured, meaning up to $250,000 of your deposits are protected in the unlikely event the bank fails.

Rewards and APY

Earn a competitive money market account rate of 3.55% APY for balances over $25,000 and earn unlimited 1% cash back on online and signature-based purchases. You will also get virtual and physical debit cards that you and your team can use to earn rewards.

Grasshopper Connect

Grasshopper Connect is an exclusive platform you can use to connect with a curated list of investors within Grasshopper’s network to secure financial support and further grow your startup.

Accounting tools

With the Accelerator Money Market Savings Account, you’ll get access to Autobooks, the free accounting and bookkeeping service available to all Grasshopper account holders. You can use it to send and receive digital invoices, automate bookkeeping and manage cash flow, which makes life as a startup owner much easier.

Where it falls short

What we don’t particularly like about Grasshopper is the lack of customer service on the weekends. Though you can contact their customer support team via phone, email or online form on weekdays from 9 a.m. to 9 p.m. ET, you’re out of luck once the weekend begins. This restriction can be pretty inconvenient, especially if your startup operates seven days a week and may need support outside normal business hours.

Another downside of this money market savings account is that you can’t make cash deposits. So, if your business uses lots of cash, you’ll want to consider other business checking accounts or money market accounts.

How to open a Grasshopper Accelerator Money Market Savings Account

To open a Grasshopper Accelerator Money Market Savings Account, you’ll first need an Accelerator Checking Account.

According to the company website, Accelerator Checking is available to all venture-backed startups with Seed to Series A funding, not including those in the following industries: adult entertainment, gambling, illegal substances, virtual currency or weapons and firearms.

You also must be at least 18 years old and a US citizen or permanent US resident to qualify.

Compare Grasshopper Accelerator Money Market Savings Account with other accounts

See how the Grasshopper Accelerator Money Market Savings Account compares to a few other well-known savings accounts. Use the table to compare interest rates and fees.

1 - 4 of 4
Product USFSA Finder Score Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
Grasshopper Innovator Business Savings
Grasshopper  logo
Finder score
Money market
Up to

3.55%

Up to $125 million
$0
$100
$0
Axos Bank Business Premium Savings
Axos Bank logo
Finder score
Traditional savings

4.01%

$24,000
$25,000
Open a Premium Business Savings account by September 30 and get up to $375 when you use promo code BPS375 on your application and maintain a minimum average daily balance of $75,000.
$0
Live Oak Bank business savings account
Live Oak Bank logo
Finder score
Traditional savings

3.60%

Up to $250,000
$0.01
$0
$0
U.S. Bank Platinum Business Money Market
U.S. Bank logo
Finder score
Money market

3.56%

Up to $250,000
$0
$100
Receive a bonus interest rate of up to 3.50% from the account opening date when you open a new Platinum Business Money Market Account and complete qualifying activities, subject to certain terms and limitations. Member FDIC.
$0
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What is the Finder Score?

The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.

To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.

Read the full Finder Score breakdown

Customer reviews

BBB accreditedYes
BBB ratingA+
BBB customer reviews1 out of 5 stars, based on 4 customer reviews
Trustpilot score4.1 out of 5 stars, based on 223 customer reviews
Apple App Store Score4.5 out of 5 stars, based on 234 customer reviews
Customer reviews verified as of28 January 2025

Grasshopper has mixed reviews across platforms. On the Better Business Bureau (BBB), Grasshopper boasts an A+ rating — which means the company has a strong track record of customer satisfaction and responsible business practices.

That said, it received only a 1 out of 5-star customer review rating on BBB, with most complaints mentioning account closure without notice. It’s worth noting that these ratings only came from four reviews, so you might want to take them with a grain of salt.

Grasshopper did much better on Trustpilot, though, receiving high marks from most customers. Many praise the company for its excellent customer service. Still, there were some negative reviews sprinkled in there, with the majority citing issues with unexpected account restrictions.

Sources

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Jamela Finder

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