Grasshopper Innovator Business Checking
No monthly fee + tiered checking APY + 1% debit cash back (balance-gated); digital SMB; weak for cash-heavy retail
Primis Business Checking
$0 monthly + $1 open; pick 1% debit cash-back or 1.75% checking APY, plus 4.00% business savings — online nationwide, cash only in VA/MD footprint
Costs & Fees
| Metric | Grasshopper Innovator Business Checking | Primis Business Checking |
|---|---|---|
| Monthly maintenance | $0 unconditional (complimentary) | $0 unconditional on all three digital products |
| Fee waiver | N/A — already $0 | N/A — already $0; no balance or activity waiver needed |
| Transaction fees | Unlimited fee-free transactions advertised; no excess-item fees on published schedule | No per-item fees on digital line. Marketing 'unlimited transactions'; operational channel caps on ACH/wires/ATM apply (see limits). |
| Overdraft/NSF | $0 overdraft fees; overdrafts not permitted. Returned deposited check $10; ACH return $10; intl wire return $5. | $0 NSF; $0 overdraft item; $0 return deposited item. Not an invitation to overdraw; bank may return items. OD protection not disclosed as priced 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. | Primis ATM $0. Any U.S. ATM — no Primis fee; foreign operator surcharge rebated (~15th of month; account must remain open). Daily ATM cash-out cap $550. |
| 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 wire $0 (+ originating-bank fee refund + $10 if requested within 30 days with docs). Outgoing domestic $5. Incoming intl $0. Outgoing intl $35 (FX markup not disclosed). App ACH in/out $0 but volume capped. |
Interest & Yields
| Metric | Grasshopper Innovator Business Checking | Primis 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) | Unlimited: 0% APY (1% debit cash-back reward). Pro: 1.75% APY on all balances, no tiers, no earnings limit. |
| Savings APY | Innovator MMA: 1.55% APY below $25k; 3.00% APY at ≥$25k (as of 2026-01-05). Separate product. | Business Savings: 4.00% APY on all balances; no account maximum on marketing. Separate account from checking. |
| 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 Primis Bank. Primis + 316 Financial + Panacea aggregate. |
Features & Access
| Metric | Grasshopper Innovator Business Checking | Primis Business Checking |
|---|---|---|
| Branch/ATM network | No branches. MoneyPass (~37,000+) + SUM (~8,500+) for withdrawals. Cash deposit at deposit-enabled MoneyPass only. | 24 full-service VA/MD branches (YE2025). Any U.S. ATM for withdrawal — surcharge rebate on checking. Cash deposit at ATM implied Primis machines in VA/MD only. |
| Mobile app | iOS 4.5 (~327 ratings); Android 4.4 (~125–128 reviews) | Primis Digital Banking iOS ~4.6 (289 ratings); Android ~4.9 (~232 reviews). Legacy Classic Business Android ~3.0 (~29) — treat as deprecated. |
| Virtual cards | Included — up to 5 active (SMB); lock/unlock in app | Not disclosed |
| Opening deposit | $100 | $1.00 |
| Eligibility | U.S. citizen or permanent resident, 18+, address in 50 states + D.C. All small business owners except prohibited industries. | Sole props and small business marketed. Entity list not fully published. Beneficial ownership information 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
Primis Business Checking
Pros
- Unconditional $0 monthly, $0 NSF/OD, $0 item fees on digital line (12/1/2025 schedule)
- $1 opening; Pro 1.75% APY and Business Savings 4.00% APY with no balance tiers (stamp 7/1/2025; observed 9/1/2026)
- Incoming wires $0 plus originating-fee refund + $10 program
- Nationwide ATM surcharge rebate; automatic extra FDIC up to $2M on Business Savings
- V1BE free cash courier in Mid-Atlantic; real Virginia-chartered FDIC bank (Cert. 57968)
Cons
- Marketing 'no fees' conflicts with $5 domestic / $35 international outgoing wires and ancillary fees
- App ACH capped at $18,000/day and $100,000/month undercuts 'unlimited' claim
- Cash deposit regional only — VA/MD branches and V1BE, no national retail rail
- Integrations and multi-user controls thin vs specialist business banks; export-only QBO
- Digital products unavailable in PR/territories; reviews cite denials, freezes, hold friction
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.
Primis Business Checking
Primis Bank (FDIC Cert. 57968) offers a digital trio: Unlimited (1% debit cash-back), Pro (1.75% APY), Business Savings (4.00% APY), each $1 to open and $0 monthly. Fee schedule (12/1/2025) prices outgoing wires at $5/$35 despite 'no fees' marketing. Channel limits bind before item fees: app ACH $18k/day and $100k/month. Savings auto-sweeps for up to $2M FDIC. Bill pay, positive pay, and cash-flow analytics included; not a full treasury stack. Strong yield-focused pick for modest-volume digital SMBs.