Grasshopper Bank Small Business Checking

Grasshopper Bank's small business checking, branded Innovator Business Checking, is a fully digital business account with no monthly maintenance or overdraft fees. The bank asks for a $100 minimum opening deposit and has no minimum balance requirement. The account pays interest, which is unusual for business checking. Per Grasshopper's page, the checking APY is 1.00% on balances from $0.01 to $24,999.99, 1.35% from $25,000 to $250,000, and 1.00% above $250,000.01. Rates may change after the account is opened. Customers who keep a $10,000 average monthly balance also get 1% cash back on qualified debit purchases. On payments, one-time and recurring ACH are free and unlimited, incoming domestic wires are free, and outgoing domestic wires cost $5. ATM withdrawals are fee-free at Allpoint, MoneyPass and SUM ATMs nationwide, and cash deposits are only possible at select MoneyPass ATMs since there are no branches. Check deposits are unlimited at no extra charge. Other features include instant-issue virtual cards, mobile check deposit, bill pay, international payments, QuickBooks and Autobooks integration, and user permissions with approval workflows. Zelle is not supported. Deposits are FDIC insured up to $250,000, and Grasshopper says its ICS sweep network can extend coverage up to $125 million. Applicants must be 18 or older, a U.S. citizen or permanent resident, with a verifiable address in one of the 50 states or D.C.