Grasshopper Bank review
Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Grasshopper Bank suits savers who want their money reachable at any time, with a savings account built around unrestricted access and a monthly fee of $0. It has traded since 2019 as Grasshopper Bank, N.A., based in the United States, with deposit protection of FDIC up to USD 250,000.
Key facts
- Best for
- People who want easy access to savings and no monthly fee.
- Headline rate
- 1.55% to 3%↗
- Rate type
- Variable↗
- Minimum deposit
- $100↗
- Deposit protection
- FDIC up to USD 250,000↗
- Access terms
- Unrestricted access to funds with unlimited fee-free transactions, 24/7 online and mobile banking↗
- Monthly fee
- $0↗
- Account kind
- Easy access↗
- Legal entity
- Grasshopper Bank, N.A.↗
- Headquarters
- United States↗
- Founded
- 2019↗
- Support channels
- Phone, Chat, Email, Help-centre↗
- Pricing model
- No monthly fee
- Official website
- grasshopper.bank
Facts checked September 26, 2026, 4 sources
Apps and profiles
- Get the app
- Google Play
- Elsewhere
- TrustpilotLinkedInXbbb.org
Pros and cons
Pros
- A monthly fee of $0 on the savings account, so holding a balance costs nothing extra.
- Your money stays reachable at any hour, with unlimited fee-free transactions and online and mobile banking always on.
- Deposits sit under FDIC up to USD 250,000.
- Help is available by phone, chat and email.
Cons
- The variable rate of 1.55% to 3% sits below the 3.06% median across savings accounts.
- A $100 minimum deposit applies, ranking 303 of 379 brands on that measure.
- The rate trails Wise at 3.29% and bunq at 3.01%.
Who it suits
- Savers who need their balance reachable at any time rather than tied up.
- New customers who can start with a $100 minimum deposit.
- People who like choosing their own route to help through phone, chat and email.
Who should look elsewhere
- Savings hunters after a bigger return: Wise pays 3.29% and bunq pays 3.01%.
- Anyone who needs a fixed rate, since the rate type is variable.
- Savers wanting a much higher ceiling on the range, since Finteres lists 0% to 36%.
Fees and currency costs
Opening the account takes a minimum deposit of $100. The monthly fee on the savings account is $0, so there is no standing charge for keeping the balance. Amounts are in US dollars, and holding the account open adds nothing on top of that monthly fee.
Rates and terms
The savings account pays a variable rate of 1.55% to 3%, so what you earn can move with the market rather than being locked in. Because the rate type is variable, the figure you see today is not the figure you are guaranteed for a set period, so a balance can earn more or less over time.
How Grasshopper Bank compares
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Where Grasshopper Bank is available
- Available
- United States
- Licence in United States
- Federal Deposit Insurance Corporation (FDIC), checked September 26, 2026
- Licence in United States
- NMLS (1766627), 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
What interest rate does Grasshopper Bank pay on savings?+
The savings account pays a variable rate of 1.55% to 3%. Variable means the rate can change, so the figure you are quoted today is the figure you get for now rather than a rate locked in for a term. The rate type is variable, so there is no fixed period to commit to.
Is there a monthly fee or minimum balance?+
The monthly fee is $0, so holding a balance costs nothing extra each month. The only entry requirement is the minimum deposit of $100. There is no charge for keeping the account open afterwards, and you can reach your money whenever you need it.
How much do I need to put in to open the account?+
You need a minimum deposit of $100 to open the savings account. That sits toward the upper end of the field, since the brand ranks 303 of 379 for minimum deposit, so a smaller starting balance will not open it.
Is my money safe with Grasshopper Bank?+
Deposits are covered by deposit protection of FDIC up to USD 250,000. The bank holds FDIC certification, licence FDIC cert 59113, and is registered with the NMLS under licence 1766627, so it operates as a licensed US bank rather than an informal savings platform.
Can I withdraw my money whenever I want?+
Access terms are unrestricted, with unlimited fee-free transactions and online and mobile banking at any hour. The account kind is easy access, which suits anyone who treats savings as money they may need at short notice rather than a sum they plan to lock away.
How do I contact Grasshopper Bank for help?+
Support runs on phone, chat and email, so you can pick whichever suits you: a phone call, a chat, an email or the help centre. That is a broad spread of channels, and it means routine questions do not have to go down a single route.
Who runs Grasshopper Bank and where is it based?+
The legal entity is Grasshopper Bank, N.A., a US bank headquartered in the United States. It has been trading since 2019, which makes it a relatively young operation next to the long-established names in the savings category.
How does the rate compare with other providers?+
Grasshopper Bank's rate of 1.55% to 3% is below what some peers pay: Wise lists 3.29% and bunq 3.01%. Finteres shows a wider band of 0% to 36%, so the upper end of that range sits well above where this account starts.
Sources
- banks.data.fdic.gov/bankfind-suite/bankfind/details/59113 checked September 26, 2026
Backs: Headquarters, Legal entity, Licences
“CERT=59113; NAME=Grasshopper Bank, N.A.; WEBADDR=www.grasshopper.bank; ACTIVE=1”
- grasshopper.bank/banking-solutions/small-business-checking checked September 26, 2026
Backs: Access terms, Account kind
“Unrestricted Access: Enjoy unrestricted access to your funds with unlimited fee-free transactions”
- grasshopper.bank/innovator-savings checked September 26, 2026
Backs: Headline rate, Minimum deposit, Pricing model, Monthly fee, Rate type, Support channels
“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: Deposit protection, Founded
“Grasshopper began operations in 2019 and is a client-first digital bank serving small businesses, startups, and the investors supporting them”
Compiled from 5 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Term.