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Account Options

  • Innovator Business Checking

    Feature-packed checking accounts with powerful digital tools for small- and medium-sized businesses.

    • Up to 1.35% APY<sup>1</sup>
    • Unlimited 1% cash back <sup>3</sup>
    • Unlimited fee-free transactions
    • Free ACH & incoming domestic wire transfers
    • FDIC insurance coverage up to $250,000
    • Enhanced FDIC insurance up to $125 million<sup>5</sup>
    • No monthly or overdraft fees
    • $100 minimum opening deposit

    Apply online in minutes and start accessing your funds, earning APY, and using our digital tools immediately.

    Open an Account

  • Innovator Savings

    High-yield savings account built for modern small businesses. Perfect for owners looking to set aside capital, maximize yield, and prepare for the next stage of growth.

    • Up to 3.00% APY<sup>2</sup>
    • Unlimited fee-free transactions
    • Free ACH & incoming domestic wire transfers
    • FDIC insurance coverage up to $250,000
    • Enhanced FDIC insurance up to $125 million<sup>5</sup>
    • No monthly maintenance fees
    • $100 minimum opening deposit

    Apply online in minutes and start accessing your funds, earning APY, and using our digital tools immediately.

    Open an Account

An experience that speaks for itself

Average Rating: 4.45
Total Reviews: 434

  • The bank is exceptional

    The bank is exceptional. They have great customer service, an easy to navigate online dashboard, and great benefits & incentives. Overall, I recommend to all my clients who are in the startup to small business phase of their journey.

    — Moose

  • Reliable banking system

    Very easy going and reliable banking system. If you ever have a doubt just call them up and they will always answer willing to assist. I am super happy with this bank.

    — Peter D.

  • App is straightforward

    App is pretty straightforward and easy to navigate. It is definitely worth looking into for a free business account that earns interest on balances.

    — Thomas H.

  • Collection of features

    Grasshopper offers a collection of features that not many other banks do. Automated bookkeeping through Autobooks integration, high-yield checking account, great customer service, invoicing, and lending options such as SBA.

    — Elisha

  • Great for business

    I didn't want to pay a lot of money for incoming wires, outgoing wires and ACH transfers. Love that there isn't a cost for incoming wires or ACH transfers. Also love the dual approval feature! I can also add team members to have view access too.

    — Fernando

Frequently Asked Questions

  • Yes! The minimum opening deposit for Innovator Business Checking and Innovator Savings is $100.

  • Yes. You can transfer funds quickly between accounts, giving you the flexibility to manage cash flow in real time without friction or delays.

  • At Grasshopper we use the daily balance method to calculate interest on our deposit accounts. This method applies a daily periodic rate to the principal available in your account each day.

    Please note: When calculating interest, we use the collected balance, which means we only include funds that we have actually received payment for.

    For more information about rates, refer to our rate sheet.

  • There is no cap on total interest earned, so your returns continue to grow as your balance increases.

    For more information about rates, refer to our rate sheet.

  • There are no monthly maintenance fees, and many everyday transactions are free, helping you keep more of your capital working in your business.

    For more information, refer to our Innovator Business Checking and Innovator Money Market Savings fee schedules.

  • The cutoff times displayed below are times that transactions need to be submitted by in order to guarantee same day processing. While we always do our best to adhere to the cutoff times stated below, transactions flagged for additional review may take up to 3 business days to process.

    ACH (SMB/Startup): 4:30PM ET

    ACH (Commercial): 5:30PM ET

    Positive Pay ACH (Commercial): 3:00PM ET

    Positive Pay Check (Commercial): 6:00AM-11:00AM ET

    Bill Pay: 4:30PM ET

    Internal Transfers: 5:00PM ET

    Loan Advances: 3:00PM ET

    Loan Payments: 3:00PM ET

    Mobile Deposit: 4:00PM ET

    Remote Deposit Capture: 5:00PM ET

    Domestic USD Wires: 4:30PM ET

    International USD Wires: 4:30PM ET

    Foreign Currency (FX) Wires: 2:30PM ET

     

    All wires submitted via DocuSign will also be subject to a 2:30PM ET cutoff time.

     

    Incoming Wires

    All incoming wires will be posted until 5:30 pm ET.

     

    Exception Wire Processing

    We understand that sometimes things are beyond your control, so an exception process remains in place for time sensitive wires, which requires notification to Client Services prior to the cutoff times. All wires submitted after the cutoff times will be considered an exception wire and will be released on a best effort basis. If Client Services does not a receive notification, the wire will be processed on the following business day. To guarantee same day wire processing, please follow the guidelines stated above.

     

    Large Wire Processing

    For wires exceeding $10 million, a notification must be sent to Client Services by 3:00PM ET to guarantee same day processing.

     

    External Transfers

    Once an external transfer is submitted, the process can take an estimated 1-3 business days to be credited to the receiving institution. If further information is required to process your transfer, we may reach out for additional verification.

     

  • Grasshopper Bank is a member of the FDIC, which means your deposits are insured up to $250,000.

    Our sound banking practices along with enhanced security features, such as dual control and multi-factor authentication, also help to ensure your account is secure.

View All FAQs

© 2026 Grasshopper Bank, N.A. | Member FDIC. Equal Housing Lender | All rights reserved

1. Innovator Business Checking Annual Percentage Yield (APY) is accurate as of 01/05/2026. The minimum amount to open an account is $100.00. Rate tiers are as follows: 1.00% APY applies to balances of $0.01—$24,999.99. 1.35% APY applies to balances of $25,000-$250,000. 1.00% APY applies to balances of $250,000.01 and above. Rates may change after the account is opened. Fees may reduce earnings.

2. Innovator Money Market Savings Annual Percentage Yield (APY) is accurate as of 01/05/2026. The minimum amount to open an account is $100.00. Rate tiers are as follows: 1.55% APY applies to balances of $0.01—$24,999.99. 3.00% APY applies to balances of $25,000 and up. Rates may change after the account is opened. Fees may reduce earnings.

3. Cash Back rewards offer 1.00% cash-back on all Qualified Purchases made by eligible Innovator Business Checking account holders. To qualify for the Cash Back reward of 1.00% cash-back in an Innovator Business Checking account, account holders must meet all requirements and a transaction must be deemed as a Qualified Purchase. Clients are required to maintain an average balance of $10,000 or more within the calendar month in their Innovator Business Checking account and the account must remain open, active, and in good standing to participate in the program, meaning: No NSF (non-sufficient funds) items during the preceding twelve calendar months. Grasshopper Bank reserves the right to modify the description of “good standing” at any time.

Qualified Purchases are signature-based purchases made with a Debit Card from an Innovator Business Checking account. To make a signature-based purchase, select “credit” rather than debit at point-of-sale kiosks. The “credit” option is most often pre-selected when making purchases online using a debit card. Online subscription payments may not be considered signature-based purchases. The payment transaction type (signature-based or other) is ultimately decided by the merchant and how the transaction is transmitted to Grasshopper Bank at the time of processing. We reserve the right to determine if a transaction was a Qualified Purchase, and to establish additional types of Qualified Purchases that could be made available in a variety of ways. Any goods or services purchased with the Debit Card issued by Grasshopper Bank that are returned or otherwise credited to the account are not qualified purchases. Unlawful purchases and purchases of currency, cash or cash equivalents (including, without limitation, currency from the U.S. Mint, Travelers Cheques, gift cards, Cryptocurrency, Casino Chips, Peer to Peer Payments, prepaid debit cards, account openings, loan payments, or other cash equivalents) made with a Debit Card issued by Grasshopper Bank are not Qualified Purchases. We may require documentation to validate that certain purchases are Qualified Purchases. If you or the Bank closes the account for any reason before the end of the statement cycle, you will forfeit all rewards accrued through your linked Debit Card during that statement cycle.

Important Tax Information
The value of this reward may constitute taxable income and may be reported to the Internal Revenue Service as miscellaneous income to the first signer on the account, in the year received, as required by applicable law. Offer is limited to clients who are citizens of the United States that furnish or have a valid Form W-9 on file and the account must not be subject to backup withholding. You may be issued an Internal Revenue Service Form 1099 (or other appropriate form) to you that reflects the value of such reward. Please consult your tax adviser, as Grasshopper Bank does not provide tax advice.

5. By opening an Innovator Business Checking or Innovator Money Market Savings account you have access to Grasshopper’s ICS Deposit product. If you choose to open a ICS Deposit account through Grasshopper Bank N.A. you deposit your funds into a deposit account at Grasshopper bank which sweeps those funds into deposit accounts across a network of FDIC-insured banks, for up to the current SMDIA of $250,000 per eligible depositor, per destination institution, for each ownership capacity or category, subject to applicable terms and conditions of Grasshopper’s ICS Deposit Placement Agreement. A sweep network is a secure network of partner banks that allows us to strategically distribute your ICS Deposit balances. This way, your funds are held by multiple trusted, FDIC-insured banks within the network, and you can manage your finances more confidently, knowing that your deposits are protected up to $125 million instead of the standard limit of $250,000, subject to change at any time by Grasshopper. Terms and restrictions apply. Subject to applicable rate sheet. Interest rates and yields are effective as per the date on the rate sheet and are subject to change without notice. See applicable rate sheets. See our Account Agreements and other applicable terms. Grasshopper Bank, N.A. uses a third-party vendor and agent to help administer this sweep process. Grasshopper Bank reserves the right to modify or discontinue this program for any reason without notice, except as otherwise expressly indicated.

For full terms and conditions about our products and services, please refer to the Master Service Agreement.

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