Overview
Grasshopper Bank, at a glance.
Grasshopper Bank is a bank headquartered in the United States, regulated by Office of the Comptroller of the Currency. The business account has no monthly fee. Opening an account takes 3–5 days. Owners must be US citizens or permanent US residents living in one of the 50 states or Washington DC; US territories, including Puerto Rico, are not eligible.
Grasshopper Bank, N.A. is a member of the FDIC: deposits are insured up to $250,000, with enhanced cover up to $125 million on savings.
Why businesses pick Grasshopper Bank
- No monthly maintenance or overdraft fees
- Free ACH, same-day ACH and incoming domestic wires
- Up to 1.35% APY on checking and 1% cash back on card purchases
- Free Visa debit cards, physical and virtual
- Applies online in about 5 minutes
Watch out for
- Owners must be US citizens or permanent residents living in the 50 states or DC
- Domestic wires out cost $10 and international wires out $25
- A $100 minimum opening deposit
- Adult entertainment, gambling, virtual currency and weapons businesses are not accepted
- Foreign-currency wires only through Client Services
Business fit
Will Grasshopper Bank accept your business?
Four quick answers. Where your company is registered and what it does rule a provider in or out faster than anything else.
Based on Grasshopper Bank's published rules
Likely no
Grasshopper Bank does not list United Kingdom among the countries where it accepts companies.
Grasshopper Bank does not publish a minimum company age or turnover, so those two answers are not checked here.
This is one provider. Your profile checks all of them.
- Every provider that fits your business
- The reason behind each match
- Company age and turnover checked too
Who it works with
Accepted and not accepted.
What Grasshopper Bank publishes about the businesses it takes on.
Who Grasshopper Bank serves
- Startups and SMEs
Not supported
Industries and countries Grasshopper Bank does not accept, from its own published lists.
Industries
- Adult entertainment
- Gambling
- Illegal substances
- Virtual currency
- Weapons and firearms
Countries
- Puerto Rico · owners
- Puerto Rico · owners
Coverage
Where can you use Grasshopper Bank?
Coverage is a starting point. It does not confirm that every business in these markets is eligible.
Supported currencies
USD
US dollar account. Foreign-currency wires are arranged through Client Services.
Payment reach
Not published
Who can apply
Company incorporation countries1 countries · show list
- United States
Owner nationality
Not publishedOwner residency1 countries · show list
- United States
Company types
Not publishedPricing
What does Grasshopper Bank cost?
Look beyond the monthly fee. Your total cost depends on how many transfers you make, where they go and how much you convert.
Account cost
Opening fee
Free
Monthly fee
Free
Conditions
Dormant account, per month
Innovator Business Checking
$0 per month
$0 setup · $0 in year one
Transaction fees
| Cost | Listed amount | How it is charged |
|---|---|---|
| Incoming | ||
| SWIFT / international | $5 | Fixed fee · International wire in |
| ACH / local USD | Free | No charge |
| Outgoing | ||
| SWIFT / international | $25 | Fixed fee · International wire out; domestic wires out cost $10 |
| ACH / local USD | Free | No charge |
Other fees
Cards
| Cost | Listed amount | How it is charged |
|---|---|---|
| Virtual card issue | Free | No charge |
| Physical card issue | Free | No charge |
| Express delivery | $35 | Fixed fee |
| Card FX | Free | No charge · Visa may charge its own foreign transaction fee |
Onboarding
From application to live account.
Opening an account typically takes three to five business days.
- 1
Apply
Start the application online or through the sales team.
- 2
Company and people
Give the company's registration details, directors and owners.
- 3
Checks
Upload the documents requested and complete identity verification.
- 4
Account live
Once approved, the account is opened and you receive its details.
Documents you need
Not published
FAQ
Your questions, answered.
Is Grasshopper a bank?
Yes. Grasshopper Bank, N.A. is a US national bank and a member of the FDIC; deposits are insured up to $250,000.
Who can open Innovator Business Checking?
Small business owners aged 18 or over who are US citizens or permanent US residents with an address in the 50 states or Washington DC. Adult entertainment, gambling, illegal substances, virtual currency and weapons businesses are excluded.
What does it cost?
No monthly fee. ACH is free, domestic wires out cost $10, international wires $5 in and $25 out, and the account needs a $100 opening deposit.
Does the account pay interest?
Yes, up to 1.35% APY on Innovator Checking, plus 1% cash back on card purchases.
Alternatives
How Grasshopper Bank compares.
If Grasshopper Bank is not the right fit, these providers work with similar businesses. Compare their listed licences and services below.
| Provider | Licensed in | Known for |
|---|---|---|
 Grasshopper BankThis pageBank |  | Interest-bearingNo monthly fee |
 BluevineFintech company | | US business accountNon-residents accepted |
 RelayFintech company | | US business accountNon-residents accepted |
 NovoFintech company | | US business accountFree account |
 MercuryFintech company | | US business accountNon-residents accepted |
Not sure which one fits? Your profile ranks them for your business, with the reason behind each.