Grasshopper Bank
Digital-first business bank built for entrepreneurs and startups.
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Grasshopper Bank is a FDIC-insured digital bank focused on entrepreneurs, startups, and small businesses. It offers a business checking account with no monthly fees, interest on deposits, and a strong digital banking platform. Grasshopper targets the same market as Mercury and Relay but operates as a fully chartered bank, providing an additional layer of regulatory stability.
Our Scores
4.3
Ease of Use
4.1
Features
4.7
Value
4.1
Support
Pros & Cons
Pros
- ✓Fully chartered bank — not a fintech partner arrangement
- ✓No monthly fees and no minimum balance requirements
- ✓Earns interest on deposits
- ✓API access for business automation
- ✓Integrates with QuickBooks, Xero, and major tools
Cons
- ✗Newer bank — less track record than Chase or Axos
- ✗No cash deposit capability
- ✗No multi-currency accounts
- ✗Fewer branch locations
Best For
- →Entrepreneurs and freelancers who want a digital bank with full charter
- →Those who want interest on deposits without monthly fees
- →Startups looking for a banking partner that understands growth companies
- →Freelancers who want API access for automation
Not Ideal For
- ✗Freelancers who need multi-currency accounts
- ✗Those who need physical branch access
- ✗International businesses
Pricing
Business Checking
Free
- ✓No monthly fee
- ✓Earn interest
- ✓API access
- ✓Accounting integrations
- ✓Debit card
Frequently Asked Questions
Is Grasshopper Bank a real bank?
Yes. Grasshopper Bank is an FDIC-insured chartered bank, not a fintech company that partners with a bank. This means deposits are directly held by Grasshopper Bank with full FDIC insurance up to $250,000.
How does Grasshopper compare to Mercury?
Both target tech-forward businesses with no fees and good integrations. Grasshopper is a fully chartered bank; Mercury is a fintech using partner banks for FDIC coverage. Grasshopper earns interest on all deposits; Mercury has a separate treasury product for yield.
Other Banking Options
Tax Information Notice
This content is for informational and educational purposes only. It does not constitute tax, legal, or financial advice. Tax laws change frequently. Always consult a qualified CPA or Enrolled Agent for your specific situation.