How Grasshopper Accelerator Money Market Savings Account works
The Grasshopper Accelerator Money Market Savings Account is essentially a mixture of both a checking account and a high-yield business savings account. As a money market account, it’s similar to a savings account because you earn interest on your funds, but you also receive a debit card for spending.
This account is specifically designed for early-stage startups to earn competitive interest on their idle funds while still having easy access to their cash.
Who is Grasshopper’s MMA best for?
The Accelerator Money Market Savings Account is available to all venture-backed startups with Seed to Series A funding. And because Grasshopper allows you to make unlimited fee-free wire transfers, it’s worth considering if you have a business that doesn’t deal with cash but needs a cost-efficient way to manage transactions.
What we like about Grasshopper Accelerator Money Market Savings Account
With this account, you get unrestricted access to your money, unlimited free ACH and domestic wire transfers when you maintain an average balance of $25,000 or more and 24/7 access to banking tools that help streamline your business.
Grasshopper is FDIC-insured, meaning up to $250,000 of your deposits are protected in the unlikely event the bank fails.
Rewards and APY
Earn a competitive money market account rate of 3.55% APY for balances over $25,000 and earn unlimited 1% cash back on online and signature-based purchases. You will also get virtual and physical debit cards that you and your team can use to earn rewards.
Grasshopper Connect
Grasshopper Connect is an exclusive platform you can use to connect with a curated list of investors within Grasshopper’s network to secure financial support and further grow your startup.
Accounting tools
With the Accelerator Money Market Savings Account, you’ll get access to Autobooks, the free accounting and bookkeeping service available to all Grasshopper account holders. You can use it to send and receive digital invoices, automate bookkeeping and manage cash flow, which makes life as a startup owner much easier.
Where it falls short
What we don’t particularly like about Grasshopper is the lack of customer service on the weekends. Though you can contact their customer support team via phone, email or online form on weekdays from 9 a.m. to 9 p.m. ET, you’re out of luck once the weekend begins. This restriction can be pretty inconvenient, especially if your startup operates seven days a week and may need support outside normal business hours.
Another downside of this money market savings account is that you can’t make cash deposits. So, if your business uses lots of cash, you’ll want to consider other business checking accounts or money market accounts.
How to open a Grasshopper Accelerator Money Market Savings Account
To open a Grasshopper Accelerator Money Market Savings Account, you’ll first need an Accelerator Checking Account.
According to the company website, Accelerator Checking is available to all venture-backed startups with Seed to Series A funding, not including those in the following industries: adult entertainment, gambling, illegal substances, virtual currency or weapons and firearms.
You also must be at least 18 years old and a US citizen or permanent US resident to qualify.
Customer reviews
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 1 out of 5 stars, based on 4 customer reviews |
| Trustpilot score | 4.1 out of 5 stars, based on 223 customer reviews |
| Apple App Store Score | 4.5 out of 5 stars, based on 234 customer reviews |
| Customer reviews verified as of | 28 January 2025 |
Grasshopper has mixed reviews across platforms. On the Better Business Bureau (BBB), Grasshopper boasts an A+ rating — which means the company has a strong track record of customer satisfaction and responsible business practices.
That said, it received only a 1 out of 5-star customer review rating on BBB, with most complaints mentioning account closure without notice. It’s worth noting that these ratings only came from four reviews, so you might want to take them with a grain of salt.
Grasshopper did much better on Trustpilot, though, receiving high marks from most customers. Many praise the company for its excellent customer service. Still, there were some negative reviews sprinkled in there, with the majority citing issues with unexpected account restrictions.
