Grasshopper Bank
Grasshopper Bank Innovator Business Checking
By Alex Compton · Last verified
A chartered digital bank paying interest and 1% debit cashback
Insurance: Direct FDIC coverage as a chartered bank ($250k standard), expandable to $125 million via ICS sweep
Account Terms History
A dated record of APY, fees and opening requirements. New changes append to this table; prior terms remain visible.
| Observed | APY / yield | Monthly fee | Minimum | Evidence |
|---|---|---|---|---|
| 2026-10-23 | Checking tiers unchanged; Accelerator and separate savings descriptions corrected | $0 | $100 | Official product disclosures and pricing reviewed for startup banking guide →Scoped product-identity correction: Accelerator checking tiers and separate Innovator savings rates from current disclosures. Removed unsupported blanket APY comparison; full-record verification date retained. |
| 2026-10-12 | 1.35% on $25k-$250k; 1.00% below $25k and above $250k | $0 | $100 | Grasshopper small business checking page →Reconfirmed 1.00%/1.35%/1.00% APY tiers (as of 11/3/2025), $100 opening deposit, 1% cashback at $10k average, MoneyPass/SUM ATMs, $5 outgoing wires and $125M ICS |
| 2026-06-11 | 1.35% on $25k-$250k; 1.00% below $25k and above $250k | $0 | $100 | Archive record · no attached snapshotLegacy snapshot before event-level evidence attachments |
Primary-source verification log
Append-only evidence ledger- changed
Scoped product-identity correction: Accelerator checking tiers and separate Innovator savings rates from current disclosures. Removed unsupported blanket APY comparison; full-record verification date retained.
Fields: plans, features, ourTake, termHistory
Official product disclosures and pricing → - confirmed
Reconfirmed 1.00%/1.35%/1.00% APY tiers (as of 11/3/2025), $100 opening deposit, 1% cashback at $10k average, MoneyPass/SUM ATMs, $5 outgoing wires and $125M ICS
Grasshopper small business checking page →
Plan Options
Innovator Business Checking
$0
Up to 1.35% (tiered by balance)
- ▸Unlimited 1% cashback on signature debit purchases with $10k+ average balance
- ▸Free unlimited ACH and free incoming domestic wires ($5 outgoing)
- ▸QuickBooks, Autobooks, and Plaid integrations
Accelerator Checking
$0
1.00% below $25,000; 1.35% at $25,000–$250,000; 1.00% above $250,000, variable
- ▸Built for VC-backed startups with founder office-hours support
- ▸Unlimited 1% debit cashback
- ▸Free ACH and free domestic wires
Features
- ▸Interest checking up to 1.35% from a directly chartered digital bank
- ▸Unlimited 1% cashback on qualified signature debit purchases ($10k+ average balance required)
- ▸Free unlimited ACH and incoming domestic wires; $5 outgoing domestic wires
- ▸Cash deposits supported since 2025
- ▸Separate Innovator Money Market Savings: 1.55% below $25,000; 3.25% at $25,000 or more, variable APY as of October 13, 2026
- ▸Acquired Auto Club Trust in April 2025 and now also powers AAA member banking
Pros
- +Interest plus debit cashback is a combination almost no one else offers
- +Direct bank charter with ICS sweep to $125M
- +Verified alive and accepting accounts after the 2025 Auto Club Trust merger
- +Accelerator tier is a strong free option for funded startups
Cons
- −1% cashback requires keeping a $10k average balance
- −Best APY band is narrow; above $250k the rate falls back to 1.00%
- −Weekday-only support and no Zelle
- −Integration risk while digesting a 13-million-member consumer banking deal
Our Take
Compare Innovator Checking for a direct bank relationship with checking interest and eligible debit rewards. Check the balance and purchase conditions before estimating rewards. Accelerator Checking and Innovator Money Market Savings are separate products; the savings headline rate is not the checking APY.
Best for: Businesses holding $25k-$250k that spend on debit and want a real charter
Open at Grasshopper Bank →Last verified 2026-10-12
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