Grasshopper Bank Innovator Business Checking Review

Digital banking solutions that actually work can be difficult to find for business owners. That’s why Grasshopper Bank is an option worth considering for business owners.

Grasshopper Bank offers a free digital checking account, flexible financing solutions, and an application programming interface (API) available for your own fintech brand. 

Let’s take a closer look at Grasshopper Bank so you can decide if it is the right option for your banking needs. 

grasshopper bank logo

Quick Summary

  • Grasshopper offers a free digital checking account for small businesses.
  • There are flexible financing solutions.
  • Provides modern APIs for FinTechs to leverage. 
  • OPEN ACCOUNT

    Grasshopper Details

    Product Name

    Innovator Business Checking

    Min Opening Deposit

    None

    Min Balance Requirement

    None

    Monthly Fees

    None

    APY

    Earn up to 0.35% on balances over $10,000. For balances less than $10,000, you'll earn 0.05%

    ATM Access

    46,000+ in-network ATMs with no fees

    Account Type

    Business checking

    Promotions

    None

    Table of Contents What Is Grasshopper Bank?What Does It Offer?Are There Any Fees?How Does Grasshopper Bank Compare?How Do I Open An Account?Is It Safe And Secure?How Do I Contact Grasshopper Bank?Is It Worth It?Grasshopper Bank Innovator Business Checking Features

    What Is Grasshopper Bank?

    Grasshopper Bank was founded in 2019. The digital bank serves small businesses, startups, and investors. 

    As of May 2022, the bank currently holds approximately $300 million in assets. With a focus on the innovation economy, Grasshopper Bank offers forward-thinking options for small businesses looking to manage their funds efficiently. 

    Additionally, the bank offers API solutions to fintechs. But we will focus on the digital banking and lending solutions in this review.

    What Does It Offer?

    Grasshopper Bank has simplified the way small businesses can digitally manage their banking needs. From a frictionless way to apply for a checking account (according to their website you can apply in as little as five minutes!) to free ACH and incoming wires, here’s a closer look at what Grasshopper has to offer. 

    Digital Checking Account For Business

    Grasshopper Banks’ digital checking account for businesses is built to make managing your business’ finances easier. Once you open this free account, you’ll have the ability to make unlimited free ACH transfers and accept income wires for free. 

    Additionally, you’ll find plentiful rewards for using this account. First, you’ll earn 0.35% APY on balances over $10,000. If you don’t have $10,000 in your account, then you’ll earn 0.05% APY. 

    Plus, you’ll earn unlimited 1% cash back when using your free VISA debit card on online and signature-based purchases.

    Built-in Digital Tools To Manage Money 24/7

    Grasshopper Bank's digital checking account allows you to send digital invoices, automate bookkeeping, manage cash flow, and even pay bills seamlessly via check or ACH. 

    As a business owner, you will appreciate the opportunity to manage your business’ cash flow directly from a streamlined app.

    grasshopper bank screen grab

    Flexible Funding Solutions

    As a small business or a startup, you have unique funding needs. Grasshopper will work with you to identify the appropriate lending solutions for your small business needs. 

    One option is access to Small Business Administration loans. You can use these funds for acquisitions, expansions, real estate, construction, partner buyouts, succession planning, and debt refinancing. 

    Other funding opportunities made available through Grasshopper Bank include:

  • General Partner loans
  • Fund Capital Call lines of credit
  • Management Company working capital lines of credit and end-of-life facility
  • Strategic And Unique Support

    Every business has specific needs. If you are pushing to get your startup off the ground, the strategic support offered by Grasshopper Bank provides the extra touches to enhance your banking experience and your business. 

    As a startup, you’ll have access to dedicated support staff who can help you navigate the fundraising challenges. Depending on your needs, you can practice pitches, ask for help determining sales targets, and access deck reviews. 

    Regular office hours hosted by industry experts can help you take your business to the next level.

    grasshopper bank screen grab 2

    Are There Any Fees?

    The digital checking account for businesses offered through Grasshopper doesn’t come with any monthly fees. You also won’t be charged any fees by Grasshopper for using the accompanying debit card. However, you may encounter third-party ATM fees if you withdraw cash from an out-of-network ATM. 

    The digital checking account doesn’t have incoming wire fees or outgoing ACH. Plus, no overdraft fees looming over your account. 

    grasshopper bank screen grab 3

    How Does Grasshopper Bank Compare?

    Grasshopper Bank isn’t the only business checking account out there. 

    If you are looking for an option that allows for easy cash deposits, then Grasshopper Bank likely isn’t the right fit.

    A traditional brick-and-mortar bank will likely be more up your alley if you want to deposit cash regularly. Chase Business Complete Banking is a good option if you want access to a more traditional branch experience. 

    If you like the digital banking atmosphere but aren’t sold on Grasshopper, then consider AXOS Basic Business Checking. It offers a free digital bank account for businesses. But you’ll miss out on any APY opportunities. 

    Headergrasshopper bank logoChase LogoAxos Bank logo

    Rating

    Top APY

    0.50%

    0.05%

    1.01%

    Monthly Fees

    $0

    $0 to $35(Most Can Be Waived)

    $0

    Min Deposit

    $0

    $0

    $0

    ATM Access

    46,000+ Free ATMs

    16,000+ Free ATMs

    Unlimited

    Branches

    N/A

    4,800+

    N/A

    Accounts For Kids/Teens

    FDIC Insured

    Cell OPEN ACCOUNT OPEN ACCOUNT READ THE REVIEW

    How Do I Open An Account?

    Decided that you want to work with Grasshopper Bank? Here’s what you’ll need to get started. 

    First, gather your personal information. This includes: 

  • Your name
  • Contact details (i.e., email address, mobile number, address)
  • Legal entity documents such as EIN and business address
  • Is It Safe And Secure?

    When you store your funds in Grasshopper’s digital checking account, you’ll find peace of mind through the FDIC insurance. With that, the funds are insured up to $250,000. 

    Grasshopper Bank also requires two-factor authentication. And offers fraud monitoring, bank-level encryption and security.

    How Do I Contact Grasshopper Bank?

    Grasshopper is headquartered at 915 Broadway, New York, New York. If you need to get in contact, you can email support@grasshopper.bank. Or you can call 888-895-9685.

    Other ways to reach out include Twitter @grasshopperbank and LinkedIn @grasshopper-bank. 

    Editor's note: We had to downgrade our customer service review due to a lack of response after reaching out to their team multiple times via email, their contact us page, and phone call. We have yet to hear back and it has been several weeks. 

    Is It Worth It?

    Grasshopper Bank is offering a free digital business checking account. And it’s one of the best options out there. Without a monthly fee, small business owners and side hustlers can get excited about a banking experience that won’t be a drain on their finances. 

    With unlimited free transactions and the ability to earn cash back on your spending, that’s a bank account worth considering for any business. Plus, the 0.35% APY on balances over $10,000 is the icing on the cake. 

    With just a five-minute application process, you can set up a worthwhile checking account for your business. And then get back to work! 

    If you don’t think that Grasshopper Bank is the right fit, explore our other business checking account favorites.

    Innovator Business Checking Features

    Account Types

  • No-fee business checking 
  • Rewards debit card with unlimited 1% cash back
  • Minimum Deposit

    $0

    APY

  • 0.35% on balances over $10,000
  • 0.05% on balances under $10,000
  • Maintenance Fees

    None

    Overdraft Fee

    Unclear

    Branches

    None

    Mobile Check Deposits

    Yes

    Cash Deposits

    Unclear

    Checkbook Support

    Yes

    ATM Availability

    46,000+ in-network ATMs

    General Customer Service Number

    1-888-895-9685

    Online Support

  • LinkedIn: @grasshopper-bank
  • Twitter: @grasshopperbank
  • Mobile App Availability

    iOS and Android

    Bill Pay

    Yes

    FDIC Certificate

    59113

    Promotions

    None

    .wp-review-39885.review-wrapper{font-family:'Roboto Slab',serif}
    Grasshopper Bank Innovator Business Checking Review
  • Commissions & Fees
  • Customer Service
  • Ease Of Use
  • Products & Services
  • Specialty Services
  • Overall
    3.5

    Summary

    Innovator Business Checking is a fee-free checking account for small businesses.

    Pros

  • Earn cash back on spending
  • 46,000+ in-network ATMs without fees
  • Earn 0.35% APY on balances of $10,000+
  • Cons

  • $10,000+ balance required for 0.35% APY
  • No welcome bonus
  • Poor customer service and question resolution
  •  

  • Grasshopper Bank Innovator Business Checking
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"Review", "itemReviewed": { "@type": "Product", "description": "Innovator Business Checking is a fee-free checking account for small businesses. ", "image": "", "review": { "@type": "Review", "reviewRating": { "@type": "Rating", "ratingValue": 3.5, "bestRating": 5, "worstRating": 0 }, "author": { "@type": "Person", "name": "Robert Farrington" }, "reviewBody": "Innovator Business Checking is a fee-free checking account for small businesses." } }, "reviewRating": { "@type": "Rating", "ratingValue": 3.5, "bestRating": 5, "worstRating": 0 }, "author": { "@type": "Person", "name": "Robert Farrington" }, "reviewBody": "Innovator Business Checking is a fee-free checking account for small businesses." } Robert FarringtonRobert Farrington

    Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.

    He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.

    He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.

    Grasshopper Bank Review

    Grasshopper Bank Innovator Business Checking Review