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Grasshopper Banking Review

Digital banking solutions for businesses

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Danielle Greving author image
Danielle Greving
Nov. 15, 20224 min read

Grasshopper summary

Headquartered in New York City and founded in 2019, Grasshopper is a digital banking solution for small businesses, startups, and venture capital & private equity firms. Checking accounts for start-ups and SMBs can be opened in less than 10 minutes, and there is no monthly maintenance fee or minimum balance required after funding. Account holders get access to a free Visa debit card, and the accounting software Autobooks.

Pros

  • No overdraft fees or monthly maintenance fees
  • Unlimited free transactions
  • Unlimited 1% cash back on everyday debit card purchases

Cons

  • No reviews on Trustpilot or other third-party sites
  • No 24/7 customer support
Grasshopperat a glance
4.6

Editorial score

Fees?

No fees

5.0

Security

FDIC insured, supports multi factor authentication

3.0

Customer service

24/7 live chat available

5.0

Online experience

Excellent website with full banking capabilities

5.0

Mobile experience

Excellent mobile app with mobile check deposit feature

5.0

Grasshopper Grasshopper Visit Grasshopper

Advantages Over Traditional Banks

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 1.51% APY on your account, which is 33X the national average interest rate, on balances over $10,000.

Cutting-Edge Banking Services

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.

Traditional Banking Services

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.

Interest Rates and Fees

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
Overdraft fee
$0
ATM feeFree ATM withdrawals at MoneyPass and SUM ATMs. Otherwise, rates vary depending on the ATM
APY $0.01-$10,000
1.51%
APY $10k+
1.51% (rates apply to whole balance once you meet tier requirement)

Customer Service and Online Experience

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

Mobile App

Grasshopper has a full suite mobile app available.

Security

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.

Summary

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.

Methodology

Information for this review was gathered using the Grasshopper company website.


Grasshopper Grasshopper Visit Grasshopper

Danielle Greving author image
Written byDanielle Greving

Danielle is a tech and finance writer with experience in personal finance, cryptocurrency and numerous SaaS companies. Her bylines can be found on MoneyTips, CoinMarketCap, GraniteShares and Top10.com. An avid traveler and former ESL teacher, Danielle's writing blends a wealth of technical and financial knowledge with simple and straightforward explanations for everyday readers.

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