Grasshopper Innovator Business Checking
No monthly fee + tiered checking APY + 1% debit cash back (balance-gated); digital SMB; weak for cash-heavy retail
Novo Business Checking
No monthly fee + invoicing/integrations; online-only; no cash deposits; 0% APY
Costs & Fees
| Metric | Grasshopper Innovator Business Checking | Novo 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 | No excess-item fees on schedule. Operational limits on ACH, RDC, mailed checks, ATM, POS (raisable in-app). |
| Overdraft/NSF | $0 overdraft fees; overdrafts not permitted. Returned deposited check $10; ACH return $10; intl wire return $5. | $0 Insufficient Funds; $0 Uncollected Funds Returned. No overdraft protection product. |
| 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. | Novo ATM fee $0. Third-party operator surcharge rebate max $7/customer/month. No branded free network 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). | Incoming domestic: $0. Outgoing domestic: up to $45 (online only, eligibility-gated). Incoming intl: $0 Novo-side. Outgoing intl: via Wise (Wise fees apply). Standard ACH in/out: $0. |
Interest & Yields
| Metric | Grasshopper Innovator Business Checking | Novo 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% — non-interest-bearing (fee schedule Annual Percentage Yield 0%) |
| Savings APY | Innovator MMA: 1.55% APY below $25k; 3.00% APY at ≥$25k (as of 2026-01-05). Separate product. | N/A — Reserves earn 0%; same deposit account |
| FDIC coverage | Standard FDIC $250,000 per depositor per ownership category at Grasshopper Bank, N.A. | FDIC pass-through at Middlesex Federal Savings, F.A. — $250,000 per depositor per ownership category |
Features & Access
| Metric | Grasshopper Innovator Business Checking | Novo Business Checking |
|---|---|---|
| Branch/ATM network | No branches. MoneyPass (~37,000+) + SUM (~8,500+) for withdrawals. Cash deposit at deposit-enabled MoneyPass only. | No branches. Any ATM for withdrawal only — $7/month rebate cap. No ATM cash deposit. |
| Mobile app | iOS 4.5 (~327 ratings); Android 4.4 (~125–128 reviews) | iOS ~4.8; Android ~4.5–4.6 (secondary 2026 aggregators) |
| Virtual cards | Included — up to 5 active (SMB); lock/unlock in app | Virtual debit included. Fine-grained merchant locks not documented. |
| Opening deposit | $100 | $0 ($1,000 recommended) |
| Eligibility | U.S. citizen or permanent resident, 18+, address in 50 states + D.C. All small business owners except prohibited industries. | U.S. sole prop (incl. DBA), LLC, corp, partnership, 501(c)(3). Trusts not offered. One checking login per EIN. |
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
Novo Business Checking
Pros
- $0 monthly, $0 minimum, $0 NSF/stop-pay/statement/card replace (Feb 2026 schedule)
- Free standard ACH both ways; $0 inbound domestic and foreign wires
- Invoices + up to 20 Reserves in one account
- Stripe/Shopify/Square/QuickBooks/Xero connectors (40+ integrations)
- Virtual + physical debit; $7/month ATM rebate; fast U.S. online open including nonprofits
Cons
- No cash deposits at all
- 0% APY; Reserves earn nothing
- Advertised FDIC $250,000 only — no marketed multi-million sweep
- Outbound wires up to $45 and eligibility-gated; FX via Wise only
- Weekday support; added users get full owner access; freeze/hold complaints recur
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.
Novo Business Checking
Novo Business Checking is a single-tier online account from fintech Novo Platform Inc. with deposits at Middlesex Federal Savings, F.A. (FDIC Cert. 28368). Feb 26, 2026 fee schedule: $0 monthly, $0 NSF, $0 standard ACH, $0 inbound wires, 0% APY. Costs appear on Express ACH (1.5%), Express Check Deposit (up to 2%), outbound wires (up to $45 when enabled), and ATM surcharges above $7/month rebate. Up to 20 Reserves inside same 0% account. Strong ecommerce integrations. No cash, no branches, $250k FDIC advertised. Fits indie digital businesses; weak for cash, treasury, international founders, and teams needing permission controls.