Grasshopper Business Checking Account Review 2024

The Grasshopper Business Checking Account offers business owners a streamlined way to manage their finances. Our review takes a look at tools, fees, and more.
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Editor's Rating
4.6
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Written by Rebecca Lake
Financial Expert
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Managing Editor
Our methodology is designed to provide consumers with unbiased and comprehensive evaluations of various banking products. Visit our Editorial Policy page for more information.
A small business owner accepts a credit card at her florist business

If you run a small business or plan to start one, it’s helpful to have a dedicated business checking account for tracking expenses and paying bills.

Grasshopper offers small business checking accounts with no monthly fees. You can open an account online in minutes and start managing your business finances right away.

Not sure if an online checking account is right for your business? Our Grasshopper business checking account review breaks down the features and benefits to help you decide.

Grasshopper Innovator Business Checking Account At a Glance

  • Account types offered: Digital business checking, small business lending
  • FDIC-insured: Grasshopper business checking accounts are FDIC-insured
  • Fees: No monthly maintenance fees
  • Minimum deposit: $100 for digital business checking
  • Access: Manage accounts online or through the Grasshopper Business mobile app

Pros and Cons of Grasshopper Business Checking

Grasshopper's business checking account might work better for some small business owners than others. Before opening an account, it's helpful to weigh the advantages and the potential disadvantages.

Compare to Other Checking Accounts

Grasshopper isn’t the only option for opening a business checking account. It’s helpful to see what other accounts are out there and how they compare.

Here are three other top business bank accounts you might consider.

Lili

Lili is a banking app that’s designed with freelancers in mind.

You might consider a Lili account if you’re self-employed or do gig work of any kind.

Lili accounts are FDIC-insured through Choice Financial Group and you can use them to pay business expenses, send and receive invoices and set up savings buckets to plan for estimated quarterly taxes.

Read our full Lili review

BlueVine

BlueVine offers business financing as well as business bank accounts.

You can get a business checking account with no monthly fees and access your funds at more than 37,000 ATMs nationwide.

Business checking accounts earn interest on up to the first $100,000, which is a nice added benefit.

Read our full BlueVine business banking review

Found

Found is a fintech company that offers all-in-one banking for the self-employed.

A Found business account includes a debit card for easy access, with no monthly maintenance fees or minimum balance requirements.

Similar to Lili, you can use Found to track expenses so that you’re organized when it’s time to file business taxes.

Easily Compare the Best Checking Accounts Online

Compare Grasshopper Business Checking with other checking accounts to see how they stack up.

Who Is Grasshopper’s Innovator Business Checking Account For?

Grasshopper’s business checking account is designed for people who run businesses of all sizes and want to simplify the way they manage their money.

You might consider opening an account here if you:

  • Have at least $100 to open a business checking account
  • Are comfortable with a digital bank account for your business
  • Would like to earn a competitive APY on account balances
  • Need unlimited transfers, including free ACH transfers and incoming domestic wire transfers
  • Want to earn rewards on eligible purchases

Is the Grasshopper Business Checking Account Safe?

Since Grasshopper takes steps to secure and protect customer accounts. Your money is also safe from the rare event of a bank failure, thanks to FDIC protection.

Grasshopper accounts are FDIC-insured up to $250,000 per depositor, per account ownership type.

Top Features of Grasshopper Innovator Business Checking

When opening any bank account, it’s important to consider what you’ll be getting for your money. Here’s a closer look at what you expect from the Grasshopper business checking account.

Competitive Rates

Earning interest on a checking account is usually the exception instead of the rule. If you’re looking for a high rate, consider an online savings account instead.

Grasshopper challenges that norm by offering a competitive APY on business checking balances. So your money can grow until you need to spend it.

Low Minimums

Some business checking accounts may have steep account opening requirements.

Fortunately, you can open a Grasshopper business checking account with just $100. Additionally, there are no minimum balance requirements and no monthly maintenance fees.

Convenient access

Grasshopper makes it easy to manage your business checking account.

You can log in to the Grasshopper website or the mobile app to review your balances, download statements, transfer funds to an external bank account, send invoices, or deposit checks from your mobile device.

Rewards Checking

In addition to earning interest on your Grasshopper business checking balance, you can also earn rewards on purchases.

When you open an account, you’ll get a Visa debit card. You can use that card to earn unlimited 1% cash back when you shop online or in stores for your business.

Unlimited Transfers

Grasshopper doesn’t have physical branch locations but they do make it easy to deposit or withdraw money via ACH transfer or wire transfer.

There are no limits on ACH transfers or wire transfers. You can also use your Visa debit card to make cash withdrawals at more than 37,000 MoneyPass ATMs and 8,500 SUM ATMs fee-free.

How to Get Started

If you’d like to open a Grasshopper business checking account, you can get started online. It takes just a few minutes to open an account.

Here’s what you’ll need to start banking with Grasshopper:

  • Company name
  • Your name
  • Your email address
  • Company phone number
  • Company address
  • Entity type and doing business as if you use a DBA
  • EIN/Tax ID number

At the time you open an account, you must certify that your business does not revolve around any of the following:

  • Marijuana manufacture or sales
  • Internet gambling
  • Cryptocurrency
  • Shell banks

You’ll need to link an external bank account to make your opening deposit. Again, you’ll need at least $100 to open an account. Overall, it takes less than 10 minutes to get a new Grasshopper business checking account up and running.

Rating the Features

Grasshopper’s business checking accounts have a lot to offer but you might be interested in learning a bit more about the features. Here are some of the main things to consider when deciding if it’s the right account for you.

User Experience

Overall, Grasshopper offers a great user experience.

The website is easy to navigate and you can manage your accounts from your mobile device. Account setup is quick and simple if you have all of the necessary information Grasshopper asks for on the application.

Fees

Grasshopper doesn’t charge a monthly maintenance fee for digital business checking accounts.

There are also no fees for ACH transfers or incoming wire transfers and those transactions are unlimited.

Rates

Earning interest on balances with a business checking account might not be your first priority. But it’s nice to know that you can earn interest with a Grasshopper business checking account.

As far as the rate itself goes, it’s well above the national average savings rate. So you can get the benefit of growth on the balances you don’t spend while running your business.

Variety

Some banks that offer business checking accounts also offer business savings accounts or CD accounts.

Grasshopper doesn’t do that; you’re limited to the business checking account. But being able to earn interest on balances could help make up for that.

Customer Support

Grasshopper’s customer support team is available by phone, email or live chat.

If you need help or have questions, it’s reassuring to know that you can get it. There’s also an online help center where you can find answers to some of the most commonly asked questions about Grasshopper.

Access

You can access your Grasshopper account online or through the Grasshopper Business mobile app.

And remember that with your Visa debit card, you can make purchases for your business or withdraw cash when you need it.

If you’re trying to decide whether to bank with Grasshopper, consider what you need most.

For instance, if you don’t mind forgoing branch banking and you want to earn interest and rewards, then Grasshopper checks off those boxes. At the end of the day, deciding where to bank comes down to understanding your business’s unique situation.

Frequently Asked Questions (FAQs)

Is Grasshopper a real bank?

Grasshopper is a real bank that was founded in 2019 and offers banking products and services to investors, startups, and small business owners. Grasshopper is an FDIC-member bank.

What are the benefits of Grasshopper Bank?

Grasshopper offers digital business checking accounts that you can open online in minutes.
Balances earn interest and purchases earn rewards. There are no monthly maintenance fees and you can get started with as little as $100.

What is a business checking account for?

A business checking account is designed to help you manage business expenses.
You can deposit money to your account, pay business expenses and keep those transactions separate from personal spending. Some business bank accounts, like Grasshopper, also make it easy to send invoices to your customers or clients.

Is Grasshopper Bank safe?

Grasshopper is a safe place to keep your money as your account is FDIC-insured.
In the very rare case that the bank was to fail your money would be protected up to the coverage limits.

Bottom Line

Opening a business checking account can make your life easier as you try to grow and scale your business.

Grasshopper’s Innovator business checking account is packed with great features that give it a competitive edge over other business banking options. If you’re ready to get started, you can take the next steps to open a Grasshopper business checking account online.

About Author
Rebecca Lake
Rebecca Lake, a valued contributor at MoneyRates, unravels the intricacies of personal finance with her expertise in areas spanning from banking to homebuying and investing to small business strategies. Rebecca seamlessly bridges the gap between complex financial concepts and readers, demystifying them with her clear and insightful narratives. She has contributed to U.S. News and World Report, among numerous other publications. With Rebecca’s guidance, financial clarity is just an article away.