Grasshopper Bank review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Grasshopper Bank suits business owners and freelancers who want a US account that costs nothing to keep open, with a monthly fee of $0 and a currency conversion fee of 0%. Balances sit under FDIC protection, and a savings rate of 1.55% to 3% gives spare cash somewhere to go.
Key facts
- Best for
- A free US business current account with a savings balance alongside it.
- Monthly fee
- $0↗
- Licence type
- Bank↗
- Deposit protection
- FDIC up to USD 250,000↗
- Currency conversion fee
- 0%↗
- Local account details
- Us-ACH↗
- Transfer fee
- Domestic wire out $10; international wire out $25; instant transfer 0.65% ($1 min, $10 max)↗
- Legal entity
- Grasshopper Bank, N.A.↗
- Headquarters
- United States↗
- Founded
- 2019↗
- Support channels
- Email, Chat, Phone, Help-centre↗
- Audience
- Business
- Pricing model
- No monthly fee, Low FX fees
- Features
- Free ATM withdrawals, Digital-only, No credit check
- Official website
- grasshopper.bank
Savings
- Headline rate
- 1.55% to 3%↗
- Rate type
- Variable↗
- Minimum deposit
- $100↗
- Access terms
- Unrestricted access to funds with unlimited fee-free transactions, 24/7 online and mobile banking↗
- Account kind
- Easy access↗
Facts checked September 26, 2026, 6 sources
Apps and profiles
- Get the app
- Google Play
- Elsewhere
- TrustpilotLinkedInXbbb.org
Pros and cons
Pros
- Monthly fee of $0 and a currency conversion fee of 0% on the business account.
- Money stays easy to reach whenever you need it, and online and mobile banking run through the night and weekend.
- Deposits are covered by FDIC up to USD 250,000.
- Savings pays 1.55% to 3% at a variable rate from a $100 minimum deposit.
Cons
- The monthly fee is $0, but outgoing domestic and international wires and instant transfers carry separate charges.
- The savings balance needs a minimum deposit of $100 and the 1.55% to 3% headline rate is variable, so it can move.
- Transfers run on us ach and the bank is based in the United States, so it is built for US businesses rather than UK or EU ones.
Who it suits
- US business owners and freelancers who want a current account with a $0 monthly fee and no conversion charge.
- Readers who park spare cash in a savings balance paying 1.55% to 3% and can meet the $100 minimum.
- People who want help by phone, email and chat, since support runs on email, chat and phone.
Who should look elsewhere
- Euro shoppers looking at XTB, whose monthly fee of €0 is priced in euro rather than US dollars.
- Anyone after a wallet style account, such as Skrill at a monthly fee of €0, rather than a US business current account.
- Readers shopping for a card product such as AXI Card, at a monthly fee of €0, instead of an operating account.
Where it sits among rivals
Grasshopper Bank places at 1 on monthly fee among 500 brands, and at 1 on currency conversion fee among 312. Sitting at the same rank on both cost measures is what separates it from the many providers that charge either a monthly price or a conversion margin. Check the savings rate next.
How Grasshopper Bank compares
9.2 vs 8.7
9.2 vs 8.6
9.2 vs 8.0
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9.2 vs 8.7
9.2 vs 9.0Skrill's monthly fee of €0 is also priced in euro, and readers who move money through a wallet service should weigh that route instead.
9.2 vs 8.7
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Where Grasshopper Bank is available
- Available
- United States
- Licence in United States
- Federal Deposit Insurance Corporation (FDIC) (59113), checked September 26, 2026
- Licence in United States
- FDIC (FDIC cert 59113), checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
How much does the business checking account cost to run?+
The business checking account carries a monthly fee of $0 and a currency conversion fee of 0%. Wires are the part to watch: outgoing domestic and international wires each carry a charge, and instant transfers take a percentage. Ordinary transactions are not billed, with fee-free transactions across the account.
What rate does the savings account pay?+
The savings balance earns a variable rate of 1.55% to 3%, so the headline can move rather than staying fixed for a term. You need a minimum deposit of $100 to start earning, and the account is easy access, which keeps the money reachable when the business needs it.
Is my money safe at Grasshopper Bank?+
Grasshopper Bank is a bank, holding licence type bank as Grasshopper Bank, N.A. in the United States, so deposits are covered by FDIC up to USD 250,000. That protection applies to insured deposits held at the bank, which is the first thing most readers check before moving a business balance.
Who is this account built for?+
The account targets business customers and is run by Grasshopper Bank, N.A., founded in 2019. That makes it a business banking product rather than a personal current account, and the practical pitch is simple: keep the operating balance here and put spare cash into savings.
Which country can I use it in?+
The bank is headquartered in the United States and its domestic transfers run on us ach, so the account is built for US businesses. Readers in the UK or Europe who need sort code or IBAN style transfers would look elsewhere, since ACH is the rail listed here.
How do I manage the account day to day?+
You run the account through online and mobile banking that works around the clock, with no restrictions on reaching your funds and no bill for standard transactions. Listed features include free atm, digital only and no credit check, and support runs on email, chat and phone, so help arrives by phone, email or chat.
How do I move money in and out?+
Transfers use us ach for domestic movement, and the published schedule charges for outgoing domestic and international wires plus instant transfers. Cash withdrawals are covered by free ATM access listed in free atm, digital only and no credit check, and the $0 monthly fee does not change how transfers are priced.
Sources
- banks.data.fdic.gov/bankfind-suite/bankfind/details/59113 checked September 26, 2026
Backs: Headquarters, Legal entity, Licence type, Licences, Deposit protection
“CERT=59113; NAME=Grasshopper Bank, N.A.; WEBADDR=www.grasshopper.bank; ACTIVE=1”
- grasshopper.bank checked September 26, 2026
Backs: Local account details, Support channels
“ABA Routing Number: 026015024”
- grasshopper.bank/banking-solutions/small-business-checking checked September 26, 2026
Backs: Access terms, Account kind, Audience, Features, Pricing model
“Unrestricted Access: Enjoy unrestricted access to your funds with unlimited fee-free transactions”
- grasshopper.bank/innovator-business-checking-fee-schedule checked September 26, 2026
Backs: Currency conversion fee, Monthly fee, Transfer fee
“Grasshopper Bank does not charge any fees for foreign transactions or currency exchange”
- grasshopper.bank/innovator-savings checked September 26, 2026
Backs: Headline rate, Minimum deposit, Rate type
“Innovator Money Market Savings: 1.55% APY applies to balances of $0.01-$24,999.99. 3.00% APY applies to balances of $25,000 and up”
- grasshopper.bank/who-we-are checked September 26, 2026
Backs: Founded
“Grasshopper began operations in 2019”
Compiled from 6 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Currencies.
Related by the facts
Grasshopper Bank
A free US business current account with a savings balance alongside it.