Grasshopper
$0/mo
- Deposits held by
- Grasshopper itself (bank)
- Free cash deposits /mo
- Not published at source
- Entities accepted
- Not published at source
- Branches
- No, 37,000+ MoneyPass ATMs
- To open
- $100
- Monthly fee
- $0/moFree outright
Grasshopper
Chartered digital bank with one free small business checking account, interest paid on the checking balance and free same-day ACH.
Best for
US-based digital businesses that want a chartered bank, no monthly fee and interest on the balance they transact from.
- Rate on your money
- 1.00% to 1.35% by band, on checking
- Cash deposits
- Yes, at select MoneyPass ATMs
- FDIC coverage
- $250,000 direct
- EIN required
- Yes, EIN or Tax ID
Pricing breakdown
All prices in USDPrices checked
Every fee we track, grouped by where it applies.
How Grasshopper compares
All prices in USDPrices checked
Side-by-side with the closest alternatives by monthly fee.
Each account's published monthly fee, and the plan that fee belongs to. Where a fee can be waived, the condition is stated rather than applied. Interest is shown as the rate each account publishes, with its conditions, and never as a forecast of what you would earn.
Mercury
$0/mo
- Deposits held by
- Fintech; Choice Financial and Column N.A.
- Free cash deposits /mo
- Not applicable
- Entities accepted
- Not published at source
- Branches
- No
- To open
- None
- Monthly fee
- $0/moFree outright
Relay
$0/mo
- Deposits held by
- Fintech; Thread Bank
- Free cash deposits /mo
- $2,000/day (ATM), $5,000/mo (retail)
- Entities accepted
- LLC, corp, partnership, sole prop, non-profit
- Branches
- No, Allpoint in network
- To open
- Not published at source
- Monthly fee
- $0/moFree outright
Novo
$0/mo
- Deposits held by
- Fintech; Middlesex Federal Savings
- Free cash deposits /mo
- Not applicable
- Entities accepted
- Sole prop, LLC, corp, partnership, non-profit
- Branches
- No
- To open
- None
- Monthly fee
- $0/moFree outright
Strengths and trade-offs
Pros
- A chartered bank holding deposits directly, rather than a partner arrangement
- No monthly fee and no ongoing minimum balance
- Interest paid on the checking balance itself
- ACH, including same-day ACH, is free, as are incoming domestic wires
- No foreign transaction fee on the debit card, and fee-free access to two large ATM networks
Cons
- Requires an opening deposit, and holds that initial funding for several business days
- The checking interest ladder falls back at its top band, so a larger balance can earn a lower rate
- Cash is accepted at selected ATMs with no fee, allowance or limit published
- Open only to US citizens and permanent residents in the 50 states and the District of Columbia
- Debit cashback requires an average monthly balance and a clean overdraft record
About Grasshopper
Grasshopper Bank is a chartered national bank and holds deposits itself, with an opt-in deposit placement account available for cover above the statutory limit. It has no branches and runs the account entirely online.
There is one small business product and one price. It carries no monthly fee and no ongoing minimum balance, though it does require an opening deposit, which is unusual among the free accounts here, and it holds that initial funding for several business days. Its published fee schedule prices wires, returns and expedited cards, and marks ACH, including same-day ACH, complimentary.
Interest is paid on the checking balance on a banded ladder that rises and then falls back at the top band, so the rate a business earns depends on where its balance actually sits. A linked money market savings account carries its own separate ladder. Note that Grasshopper runs a second checking product for startup and venture-backed companies, with its own separately published fee schedule, which is a different account from this one.
0We may earn a commission when you click through to a provider. Any offer shown is the provider’s own, and we check each one before it appears. Neither ever affects ranking or data shown. Read our terms.
Work at Grasshopper? Claim this listing
Compare Grasshopper
Compare Grasshopper against every other US provider on price, contract terms, and features.