Head-to-Head
Grasshopper Innovator Business Checking
No monthly fee + tiered checking APY + 1% debit cash back (balance-gated); digital SMB; weak for cash-heavy retail
VS
Chartway Premium Business Checking
Credit-union business checking with tiered dividends up to 4.00% APY and a $10 fee waived at $2,500 ADB
Monthly Fee
$0 unconditional (complimentary)
$10.00/month
Checking APY
Tiered variable: 1.00% APY ($0.01–$24,999.99); 1.35% APY ($25,000–$250,000); 1.00% APY (≥$250,000.01)
Tiered variable share dividends — progressive bands by balance (site Sep 2026)
Rating
8.2/10
7.7/10
Costs & Fees
| Metric | Grasshopper Innovator Business Checking | Chartway Premium Business Checking |
|---|---|---|
| Monthly maintenance | $0 unconditional (complimentary) | $10.00/month |
| Fee waiver | N/A — already $0 | Waived if average daily balance of $2,500 maintained during the month. Product page also markets 'No Minimum Balance' for ongoing operation. |
| Transaction fees | Unlimited fee-free transactions advertised; no excess-item fees on published schedule | Hybrid limited analysis — not classic earnings-credit. No published excess fees for ACH batches, teller visits, checks written, or electronic items. |
| Overdraft/NSF | $0 overdraft fees; overdrafts not permitted. Returned deposited check $10; ACH return $10; intl wire return $5. | Overdraft Privilege $30/transaction (can cover up to $750 per fee schedule; ODP brochure cited $500 — conflict). NSF/returned item $30. Returned deposited item $20. Opt-in required. OD transfer from linked savings/MM $0. |
| ATM fees | MoneyPass (~37,000+) and SUM (~8,500+) fee-free withdrawals. Out-of-network operator surcharge possible; no rebate published. Cash deposit at deposit-enabled MoneyPass only — $1,000/cardholder/day. | Chartway-owned / CO-OP Network $0 Chartway fee. Out of Chartway-owned and out of CO-OP: $1 inquiry + $1 transaction (owner surcharge extra; no rebate disclosed). |
| Wire/ACH | Incoming domestic: $0. Outgoing domestic: $10. Incoming intl: $5. Outgoing intl: $25. Standard ACH in/out: $0. Same-day ACH: $0. Instant FedNow: 0.65% ($1 min / $10 max). | Outgoing domestic wire $25. Incoming domestic, incoming/outgoing international, ACH origination per-item/monthly fees not disclosed on business fee PDF. |
Interest & Yields
| Metric | Grasshopper Innovator Business Checking | Chartway Premium Business Checking |
|---|---|---|
| Checking APY | Tiered variable: 1.00% APY ($0.01–$24,999.99); 1.35% APY ($25,000–$250,000); 1.00% APY (≥$250,000.01) | Tiered variable share dividends — progressive bands by balance (site Sep 2026) |
| Savings APY | Innovator MMA: 1.55% APY below $25k; 3.00% APY at ≥$25k (as of 2026-01-05). Separate product. | Business Money Market Plus separate — relationship APYs 1.25% ($10k) to 4.00% ($1M+) plus 1.00% relationship bonus with business checking and ≥$10k ADB in MM |
| FDIC coverage | Standard FDIC $250,000 per depositor per ownership category at Grasshopper Bank, N.A. |
Features & Access
| Metric | Grasshopper Innovator Business Checking | Chartway Premium Business Checking |
|---|---|---|
| Branch/ATM network | No branches. MoneyPass (~37,000+) + SUM (~8,500+) for withdrawals. Cash deposit at deposit-enabled MoneyPass only. | ~33–42 branches in VA/NC, Utah, Houston TX (2025 snapshot). CO-OP Network ~37k–50k surcharge-free ATMs plus Chartway-owned. Direct Teller ITMs expanding (~50 path cited). |
| Mobile app | iOS 4.5 (~327 ratings); Android 4.4 (~125–128 reviews) | Chartway Mobile Banking iOS 4.5/5 (5.7K ratings); Android 4.2/5 (~2.7–2.8K reviews). General app, not separate business treasury app. |
| Virtual cards | Included — up to 5 active (SMB); lock/unlock in app | Not disclosed |
| Opening deposit | $100 | $100 membership share |
| Eligibility | U.S. citizen or permanent resident, 18+, address in 50 states + D.C. All small business owners except prohibited industries. | Sole prop, GP/LP, LLC (SMLLC may use SSN), corporation (incl. incorporated nonprofit), unincorporated association/club. Beneficial ownership required. |
Pros & Cons
Grasshopper Innovator Business Checking
Pros
- $0 monthly, $0 overdraft fee; unlimited posted transactions on Innovator schedule
- Interest-bearing checking up to 1.35% APY in $25k–$250k band (as of 01/05/2026)
- 1% signature-debit cash back at $10k monthly average with no NSF in 12 months
- Free incoming domestic wires, standard/same-day ACH; outbound domestic wire $10
- Direct FDIC member bank plus optional IntraFi ICS; Autobooks/QBO and virtual Visa debit
Cons
- Checking APY drops to 1.00% above $250k — poor for large idle cash in checking
- Cash deposits limited to $1k/day MoneyPass ATMs with delayed posting
- No bank checkbook; no Zelle; no branches
- Default ACH $10k/day and 5 active virtual cards until limits raised
- U.S. citizen/LPR only; cash-back and best APY band are balance-gated; weekday-only support
Chartway Premium Business Checking
Pros
- Official tiered checking APY up to 4.00% with no spend or direct-deposit gate (site Sep 2026)
- $10 monthly fee waived at relatively low $2,500 ADB
- NCUSIF insurance at federally chartered CU — not fintech/partner-bank stack
- Cash management (ACH origination + online wires) explicitly tied to Premium tier
- Loan origination and rate discounts for Premium holders; CO-OP ATM + shared-branch access
Cons
- 4% APY only at $500k+ — most SMBs earn 0.50–2.50% on lower bands
- Business fee PDF omits incoming, international, ACH origination, FX, and card replace prices
- Analysis fees on cash above $10k in+out and deposited checks above 250/month
- $250k NCUSIF only — no extended-insurance sweep for large balances
- Shared debit card number across authorized users; regional membership and branch footprint
Verdict
Grasshopper Innovator Business Checking
Grasshopper Innovator Business Checking is an online-only DDA issued directly by Grasshopper Bank, N.A., Member FDIC — a nationally chartered bank, not a partner-bank fintech. $0 monthly maintenance, $100 to open, free standard and same-day ACH, free incoming domestic wires, $10 outgoing domestic. Checking APY is tiered: 1.00% below $25k, 1.35% at $25k–$250k, 1.00% above $250k (as of 01/05/2026). Separate 1% signature-debit cashback requires $10k monthly average. Cash weak: MoneyPass deposit ATMs $1k/cardholder/day only. Default ACH $10k/day. Optional ICS to $125M. $300 bonus (NW300) through 9/30/2026. Enova acquisition pending 2H 2026.
Chartway Premium Business Checking
Chartway FCU Premium Business Checking is NCUSIF-insured share checking with $10/mo (waived at $2,500 ADB), $100 membership share, tiered APY to 4.00% at $500k+, and limited analysis on excess checks/cash. Outgoing domestic wires $25; many wire/ACH prices undisclosed. Treasury Management requires this tier. No ICS sweep above $250k NCUSIF. Strong for regional CU relationship and high-balance yield; weak for national digital-first SMBs and thin multi-user controls.