Grasshopper Innovator Business Checking
No monthly fee + tiered checking APY + 1% debit cash back (balance-gated); digital SMB; weak for cash-heavy retail
First Internet Bank Do More Business Checking
$0 monthly fee + modest checking APY + unlimited items, online-only, weak cash rails
Costs & Fees
| Metric | Grasshopper Innovator Business Checking | First Internet Bank Do More Business Checking |
|---|---|---|
| Monthly maintenance | $0 unconditional (complimentary) | $0 unconditional |
| Fee waiver | N/A — already $0 | N/A — already $0 |
| Transaction fees | Unlimited fee-free transactions advertised; no excess-item fees on published schedule | Unlimited transactions; no per-item fees advertised. Footnote: 'Dollar amount restrictions may apply' — meaning not disclosed. |
| Overdraft/NSF | $0 overdraft fees; overdrafts not permitted. Returned deposited check $10; ACH return $10; intl wire return $5. | Conflict: marketing says 'no overdraft fees.' Fee schedule lists Returned Item $20 and Uncollected Funds $30 (schedule dated 03/15/2018). Confirm at opening. |
| 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. | Bank ATM fee $0. Third-party operator surcharge possible. Up to $10/month reimbursement of third-party ATM surcharges. No branded free network. 2% ISA on intl ATM/debit. |
| 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). | Incoming domestic: $15. Outgoing domestic: $20. Incoming intl: $15. Outgoing foreign: $50. Standard ACH in/out: not disclosed as fee (treated as free). Business ACH default cap $25,000/day unless raised in writing. |
Interest & Yields
| Metric | Grasshopper Innovator Business Checking | First Internet Bank Do More 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) | 0.50% APY variable — requires $10,000 average daily balance to earn interest. Daily Balance method. Below $10k ADB, effectively 0%. |
| Savings APY | Innovator MMA: 1.55% APY below $25k; 3.00% APY at ≥$25k (as of 2026-01-05). Separate product. | |
| FDIC coverage | Standard FDIC $250,000 per depositor per ownership category at Grasshopper Bank, N.A. | Standard FDIC $250,000 per depositor per ownership category at First Internet Bank of Indiana |
Features & Access
| Metric | Grasshopper Innovator Business Checking | First Internet Bank Do More Business Checking |
|---|---|---|
| Branch/ATM network | No branches. MoneyPass (~37,000+) + SUM (~8,500+) for withdrawals. Cash deposit at deposit-enabled MoneyPass only. | No branch network. HQ lobby Fishers, IN only. Any ATM for withdrawal — bank $0, up to $10/month surcharge rebate. No ATM cash deposit advertised. |
| Mobile app | iOS 4.5 (~327 ratings); Android 4.4 (~125–128 reviews) | iOS 4.3/5 (~265 ratings); Google Play ~4.1–4.2 (~115–116 reviews) |
| Virtual cards | Included — up to 5 active (SMB); lock/unlock in app | Not disclosed for this checking tier |
| Opening deposit | $100 | $100 conservative (official page silent; secondary sources split $0 vs $100) |
| Eligibility | U.S. citizen or permanent resident, 18+, address in 50 states + D.C. All small business owners except prohibited industries. | U.S.-based businesses; owner at least 18. Structures not fully published — NerdWallet cites sole prop, LLC, corp with EIN or SSN and formation docs. |
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
First Internet Bank Do More Business Checking
Pros
- $0 monthly maintenance, $0 stated per-item fees, unlimited transactions (2026 FAQ)
- 0.50% APY on checking at $10k ADB — uncommon among free business checking (rate 6/16/2026)
- Balance Optimizer sweeps idle cash to First IB MMA at 2.94% / 3.64% without third-party sweep
- Phone support into evening and Saturday; Zelle for Business and account aggregation included
- Direct FDIC member bank (cert. 34607) — not a fintech/partner stack
Cons
- No usable cash-deposit system
- Incoming wires $15 even domestic — recurring cost for wire-paid businesses
- Checking APY modest and gated at $10,000 ADB; below that, yield effectively zero
- Standard FDIC $250k only; no advertised excess-insurance network
- Stale 2018 fee schedule vs 'no overdraft fees' marketing; check holds up to 7–9 business days
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.
First Internet Bank Do More Business Checking
Do More Business™ Checking is First Internet Bank of Indiana's single-tier online SMB checking. Direct FDIC member (cert. 34607). $0 maintenance, unlimited items, no cash network. 0.50% APY requires $10k ADB (rate 6/16/2026). Balance Optimizer sweeps to internal MMA (2.94%/3.64%). Costs: $15 incoming wires, $20 outgoing domestic, $50 outgoing foreign, $10/month ATM rebate cap, $3 paper statements, $5/month dormant. Funds availability can hold checks 7–9 days. Strong phone hours and Zelle; weak for cash, incoming wires, and balances above $250k FDIC.