Money Market Account (MMA)
What is the Grasshopper Bank MMA Preferred Rate Offering?
We are offering a 1.00% Annual Percentage Yield (APY) with a guaranteed rate lock-in for a period of six months. After the initial 6 months after account opening the rate is subject to change.
Is there a minimum initial deposit requirement?
A $500,000 minimum initial deposit is necessary to be eligible for the 6-month 1.00% Annual Percentage Yield (APY) rate lock-in.
How long will this offer be available?
This is a limited time offering. The Bank reserves the right to discontinue the offering at its discretion.
How do you calculate interest?
We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day. The daily balance that we use when calculating interest is the collected balance. That means we only include those funds for which we have actually received payment when we determine the daily balance on which interest is paid.
How do I access my money market account?
You will be able to access the account through the Grasshopper Bank mobile app and our online banking platform.
Are there any transaction limits associated to the account?
You may make 6 withdrawals from your account every statement cycle. You may make only 6 pre-authorized transfers from your account every statement cycle. There may be an excessive transaction fee for each transaction that exceeds this limit. Deposits and incoming transfers are allowed any time.
Are there any fees associated with the account?
A fee schedule will be provided to you at the time you open the account.
How do I apply?
For questions on this offering or to apply, please reach out to Jeremy Shure at [email protected].