Unlike traditional banks which typically require an in-person appointment to set up a business banking account, Grasshopper allows you to set up a bank account online in as little as 5 minutes. Once you fund your account, you can take advantage of free unlimited transitions with no minimum balance requirements, no monthly maintenance fees, and no overdraft fees.
You can also earn unlimited 1% cashback with Grasshopper, and you can earn up to 2.25% APY on your account which is 33X the national average interest rate on balances from $25,000 up to $250,000.
All banking functions can be completed via desktop or Grasshopper’s mobile app. Grasshopper offers easy bill pay, as you can make and schedule payments from any device. This can be done via check or ACH.
Grasshopper customers also receive a free membership to Autobooks, an accounting software geared toward small businesses. Autobooks allows you to send personalized invoices, generate reports, reconcile transactions, and manage cash flow. Streamlined reporting is also available, which can help you better manage your cash flow.
You can also seamlessly integrate Grasshopper into Quickbooks if this is your preferred accounting software. Grasshopper also offers remote check deposits. Deposit a check in seconds by simply taking a photo.
API banking, which allows you to scale your business efficiently, is also available through Grasshopper.
While Grasshopper is a cutting-edge online banking solution, it still offers many traditional banking services. In addition to business banking, Grasshopper also offers SBA lending, CRE lending, and venture capital and private equity lending.
A free Visa debit card is included with your account, allowing you to earn unlimited 1% cash back on everyday debit card purchases. Fee-free ATM withdrawals are also available at 37,000+ MoneyPass and 8,500+ SUM ATMs nationwide.
It offers commercial API banking platforms, SBA lending, fintech-focused Banking-as-a-Service (BaaS) real estate lending, and commercial yacht financing.
When opening a Grasshopper account, you’ll need to deposit a minimum of $100. Once you’ve made this deposit, there are no monthly maintenance fees or minimum balance requirements.
Grasshopper does not charge overdraft fees either, and it offers unlimited transactions and transfers.
|Innovator Business Checking for small businesses and start-ups|
|Minimum deposit to open account||$100|
|Monthly maintenance fee||$0|
|Incoming and outgoing ACH transfers||Free|
|Incoming wire transfers||Free|
|ATM fee||Free ATM withdrawals at MoneyPass and SUM ATMs. Otherwise, rates vary depending on the ATM|
|$0.01 - $24,999.99||1.51% APY|
|$25,000.00 - $250,000.00||2.25% APY|
Live chat support is available through Grasshopper’s website 24/7. Customers can also call or text the bank Monday through Friday from 9AM to 11PM EST, excluding federal holidays. The Grasshopper website also offers a robust FAQ page, help center, and blog. Email support is also available
Grasshopper has a full suite mobile app available.
Grasshopper bank is a member of FDIC, which means your deposits are insured for up to $250,000. Enhanced security features include dual control and multi-factor authentication, fraud monitoring, and bank-level encryption. Grasshopper has also recently partnered with FiVerity, a fintech company that aggregates fraud signals its customer banks use without compromising customer privacy.
You can also customize levels of access for each user on your Grasshopper account. As the owner of the account, you can grant permissions, create approval workflows, and set limits for account users.
On top of this, Grasshopper enables you to customize your security alerts so you can stay on top of your accounts, transactions, and user activity.
Grasshopper is a digital banking platform that enables you to seamlessly manage your business’s banking needs. Grasshopper offers many fee-free services, including no overdraft fees and no monthly maintenance fees once you’ve made the minimum $100 deposit to your account.
When you sign up for online banking through Grasshopper, you also get free access to Autobooks, which allows you to generate reports, create invoices, manage cash flows, and more.
Grasshopper offers robust customer support via email, phone, and live chat. Including digital check deposit.
Information for this review was gathered using the Grasshopper company website.