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Forward-thinking solutionsInnovator vs. Accelerator

Discover the perfect checking account tailored to your financial needs! From low fees to exclusive perks, explore our comprehensive comparison of features and functionality to make an informed choice and find the ideal fit for your business.

Innovator CheckingAccelerator Checking
Minimum opening deposit$100$100
Best account forSmall businesses
Mid-size companies
Early stage startups
VC/PE portfolio companies
Relationship structure2 entities or less2 entities or less
Number of signers4 or less4 or less
Account Features
Annual percentage yieldUp to 2.25% APY1Up to 2.25% APY1
Cash backUnlimited 1%2Unlimited 1%2
TransactionsUnlimitedUnlimited
Account transfersUnlimitedUnlimited
Visa© debit cardIncludedIncluded
ATM withdrawalsFee-freeFee-free
FDIC insuranceUp to $250,000Up to $250,000
Enhanced FDIC insuranceUp to $125 million3Up to $125 million3
Online & Mobile Banking
Virtual debit cards
Team-based card management
Book transfers
External transfers
ACH transfers
Wire transfers
Mobile check deposit
Bill pay
Integrations
Plaid integration
Xero integration
Autobooks integration
Quickbooks Online integration
MX Business Financial Management
Payment Fees
Monthly fee$0$0
Book transfer$0$0
External transfer$0$0
Standard ACH$0$0
Same-day ACH$0$0
Incoming domestic wires$0$0
Outgoing domestic wires$10 each$10 each4
Incoming international wires$5 each$5 each
Outgoing international wires$25 each$25 each
Additional Perks
Grasshopper Connect
Marketplace
Money Market Savings account
Money Market Savings Account
Annual percentage yield3.75% APY54.00% APY6
Minimum balance to earn interest$25,000 or more$50,000 or more
Account transfersUnlimitedUnlimited
FDIC insuranceUp to $250,000Up to $250,000
Open an Account Open an account

Frequently Asked Questions

  • 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.

  • As a digital bank, we have a digital-first mindset, which means we are advocates of using technology to complete financial transactions online. That being said, we do not offer checks at this time and encourage you to use bill pay to make or schedule payments via paper check. You are also welcome to order them from our preferred vendor, Harland Clarke, or any third-party vendor of your choice. We do not charge any fees for writing or depositing checks from your account.

  • As a digital-first bank, we provide powerful digital tools to easily deposit checks from your mobile device. We do not offer cash deposits at this time.

    For more information about manual check processing or assistance with mobile check deposit, please reach out to Client Services.

  • 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.

     

  • At this time, we do not support Zelle as an integration. However, we have partnered with Plaid to provide our clients with a safe way to connect their checking accounts to other modern payment apps, such as Venmo.

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