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Grasshopper Innovator Savings Account Review

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Grasshopper is an online banking platform based out of New York City and founded in 2019. It touts itself as a client-first digital bank that is built for the business and innovation economy. The company's digital solutions service small businesses, venture-backed companies, BaaS and commercial API banking platforms and commercial real estate lending. Grasshopper is a member of the Federal Deposit Insurance Corporation and an equal housing/equal opportunity lender.
 
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How Do We Rate Grasshopper Innovator?

Breakdown

5.0/5
Rates and fees
5.0/5
Balance Requirements
3.5/5
Availability & Type of Financial Institution
2.5/5
Financial Stability & Ratings
5.0/5
Customer Support

Our Overall Rating: 4.1 / 5 (Excellent)

Grasshopper provides a straightforward service for small businesses looking to solve their fintech needs without breaking the proverbial bank. The company's lack of fees and 24/7 customer support will be enticing to some. However, its lack of offerings that can compete with traditional brick and mortar banks can leave something to be desired. All in all, the company's enticing APY offer and its ease of entry will be the deciding factors on whether it's right for you and your business.

Grasshopper Innovator Account Features

Balance Requirements - 5 / 5

The minimum opening deposit for an Innovator Savings account is $100. Interest on your funds is 1.80% APY for balances below $25,000, with 3.55% APY applying to balances of $25,000 and above.

APY (Annual Percentage Yield)

1.80%-3.55%
Interest Compounded
Daily
Mobile App
Yes
Debit/ATM Card
No

Grasshopper Innovator Fees and Restrictions

Rates and fees - 5 / 5

Grasshopper's Innovator Savings account has no monthly fees associated with it. There is also no withdrawal limit, transfer limit or maximum balance associated with the account.
Minimum Opening Deposit
$100
Minimum Balance for Promotional APY
$25,000

Grasshopper Innovator Reputation & Financial Strength

Financial Stability & Ratings - 2.5 / 5

As an online-only bank, Grasshopper is not rated by Standard & Poor's, Moody's or AM Best. Grasshopper is an accredited business with the Better Business Bureau, holding an A+ rating with the institution. However, most reviews on BBB are negative, although the overall number of reviews is relatively few.
Year Founded
2019
BBB Rating
A+
BBB Total Complaints
0
Customer Support Hours
Live Help 24/7
Yes

Company Profile

Full Name
Grasshopper Innovator Savings Account
Company Website
https://www.grasshopper.bank/
Headquarters
261 5th Ave, New York, NY, 10016

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