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Grasshopper Reviews

8.5

bestfor-icon High-Yield APYs And Unlimited Cashback

andrewo
Written by Andrew Omalley

About Grasshopper | Read More

9

LS Score

9

Credibility

7.5

Support

8.5

Accessibility

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Opening Hours Opening Hours drop-down-btn
Mon- Fri 9 AM - 10 PM
Sat - Sun Closed
Contact Information Contact Information drop-down-btn
  • support@grasshopper.bank
  • 888 895 9685
  • 261 5th Ave Suite 610 New York, NY 10016
Social Media Social Media drop-down-btn
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Grasshopper Online Banking Review

Grasshopper works with many businesses and provides great checking and savings account options. These accounts offer relatively high-yielding APYs and don’t carry any monthly fees.

There’s even 1% cashback on all purchases through the checking account, while Grasshopper provides integrated bookkeeping and invoicing tools to account holders. It goes above and beyond to ensure that its clients’ needs are completely taken care of.

Grasshopper Online Banking Highlight

$0.01

Min Balance

$100

Min Deposit

45,000+

ATM Network

None

Other Fees

Online Banking Savings

Max 3.55%

Min APY Savings

Online Banking Checking

1.00-2.00%

Min APY Checking

Pros & Cons

drop-down-btn
  • con-icon Offers unlimited 1% cash back on purchases
  • con-icon Relatively high APYs are available with high account balances
  • con-icon Access to 45,000+ no-fee ATMs
  • con-icon Doesn’t charge any monthly fees
  • con-icon Provides free software for bookkeeping
  • con-icon No way for you to deposit cash
  • con-icon Doesn’t have any customer support at the weekend

Account types

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  • Business
  • Business Checking
  • Business Savings
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APY's

Grasshopper Bank updated their rates as of September 20, 2024:

Account Type Interest Rate (based on balance)
Innovator Business Checking

$0.01 – $24,999.99 = 1.00% APY

$25,000.00 – $250,000.00 = 1.80% APY

$250,000.01 + = 1.00% APY
Innovator Money Marketing Savings

$0.01 — $24,999.99 = 0% APY

$25,000+ = 3.30% APY
Accelerator Money Market Savings

$0.01 — $49,999.99 = 0% APY

$50,000.00+ = 3.55% APY

Features Benefits & Rewards

1% cashback on all debit card purchases through checking account.

Opening an Account With Grasshopper

People who are at least 18 years old, live in the US, and are either a US citizen or permanent resident can apply to open an account with Grasshopper. The digital bank currently does not work with business owners in certain industries like gambling, adult entertainment, and virtual currency.

Grasshopper says that it takes less than 10 minutes to open an account, which is quicker than a lot of the competitors.

The first step is entering your full name, phone number, and email address. Then you’ll have to enter the code that Grasshopper emailed you to verify the contact information.

How to open an account

You’ll then need to provide standard company information, personal details, and provide some details about the beneficial owners of the business if relevant.

How to open an account

How to open an ccount

You’ll be given the option to open multiple Grasshopper accounts for the same business entity when signing up if you wish to do so.

Most of the time, Grasshopper will automatically approve your application. In certain cases, manual approval is necessary and you may need to provide some extra documentation if this is the case. Grasshopper does not carry out any credit checks during the account opening process that will impact your credit score.

The exact documents that you need to provide to verify the information you have given depends on your business type. They can include an Employee Identification Number (EIN), company bylaws, and articles of incorporation.

After opening your account, you should get your debit card mailed to you within 14 days. There’s also the option to get virtual cards if you prefer. You can go ahead and make your account opening payment free of charge.

Grasshopper provides you with 24/7 mobile and online banking. There’s even a free Autobooks membership built into this experience, which allows you to send digital invoices and automate your bookkeeping. You’ll get access to useful analysis tools that can help you manage cash flow and stay in control of your financials.

State Availability

- Available in all states

andrewo
Written by Andrew Omalley facebook-icon twitter-icon

Andrew is a freelance writer who has been crafting valuable pieces of content relating to personal finance for more than five years. Previously, he studied Economics & Finance at university and he has professional qualifications relating to financial advice.

faq-icon

FAQ’s

How long does it take to sign up for an account With Grasshopper?

You only need ten minutes or less to get started with a new Grasshopper account.

Does Grasshopper offer 24/7 customer support?

The customer support lines at Grasshopper are usually only open Monday to Friday between 9am and 10pm ET each day.

Are Grasshopper deposits secured?

Grasshopper Bank is a part of the FDIC, which means that all deposits up to $250,000 are fully insured.

Customer Support

Grasshopper is a client-focused digital bank and is always looking at ways to enhance the overall user experience for businesses. It provides clients with access to a small business marketplace, which means that you can quickly get SBA loans and discounts from partners like Visa and Slack.

A comprehensive help center is accessible through the Grasshopper website. This is very well-designed and breaks down the queries into specific areas so you can easily find what you’re looking for. Reading through this section is a great way to get a good overall grasp of how Grasshopper works.

The client services team at Grasshopper is reachable in a variety of ways, including by phone, email, text message, and live chat. It aims to always give personalized attention to whoever needs it. You can expect responses during typical business hours Monday to Friday, with the offices closing at the weekends.

Privacy & Security

Grasshopper is an FDIC-insured bank and it deploys advanced security to make sure that its clients are fully protected at all times. Two-factor authentication is in place, with extensive fraud monitoring always running.

Then there’s industry-standard banking encryption and security systems in place to ensure your data or account info doesn’t fall into the wrong hands.

In Conclusion

Grasshopper provides some tremendous business banking account options that carry high APYs and no monthly fees.

The ability to access built-in tools for invoicing and bookkeeping is very good, while you can also earn unlimited 1% cashback on all purchases. This really makes it an ideal fit for the majority of business owners.

Brand Disclaimer

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information.