At Grasshopper Bank, we pride ourselves in our commitment to serve and support small and medium-sized businesses (SMBs). Due to unfortunate circumstances, many SMBs have found themselves in a situation that requires them to seek out Brex alternatives. As a client-first digital bank, Grasshopper offers many perks that mirror those previously found at Brex. Because of these similarities, the transition to Grasshopper would be much easier for those searching for a new financial institution.
If you are a business owner looking for a financial partner with powerful digital tools, we encourage you to consider Grasshopper for all your banking needs. A few similarities include:
- No minimum balance requirement
- No monthly maintenance fee
- No ACH or incoming wire fees
- No overdraft fees or transaction limitations
- Ability to send wires domestically & internationally
- Digital tools such as Bill Pay, Mobile Check Deposit, and Quickbooks Integration
- Interest-bearing capabilities, Grasshopper small business customers can earn up to 1.00% APY.
However, Grasshopper also differs from Brex in some vital ways, offering additional tools and perks to ensure you get the most out of your business banking experience. Some differences that SMB customers can enjoy with Innovator Business Checking include:
- A free Visa debit card with 1% Cash back on online and in store everyday purchases
- Fee-free ATM withdrawals at 37,000+ locations through the Money Pass network and 8,500+ locations through the Sum network nationwide
- SBA Lending services to make acquiring a loan more efficient
- An Autobooks feature set paid for by Grasshopper and built directly into online and mobile banking
Still unsure if Grasshopper is a good alternative for your SMB? Allow us to dive deeper into the aspects of an Innovator Business Account that make it a great next move.
Fees
Small businesses accounts at Brex and Grasshopper both have no monthly maintenance fees, no minimum balance, no overdraft fees, unlimited fee-free transactions, unlimited incoming and outgoing ACH for free. The only difference between the two institutions when it comes to fees is that Grasshopper does charge fees for incoming international wires, while Brex does not. Grasshopper is similar to Brex however in that it does not charge fees for incoming domestic wires.
Digital Tools
Both Grasshopper and Brex have Bill Pay, Mobile Check Deposit, and Budgeting tools within their mobile banking app. Grasshopper has bonus digital tools, thanks to their strategic partnership with Autobooks. Grasshopper pays for an Autobooks subscription for every SMB customer and builds these features directly into Grasshopper’s mobile app and online banking. Autobooks gives small business clients the ability to send and receive digital invoices, automate bookkeeping, and manage cash flow. This built-in subscription makes it easier to stay on top of your small business’ finances.
Cards
A major benefit of becoming a Grasshopper customer is that your Innovator Business Checking account comes with a free Visa debit card. With this secure rewards debit card, clients receive unlimited 1% cash back on every day online and signature based debit card purchases. The Brex cash account does not include a debit card but rather includes access to the Brex credit card where you can earn reward points in tiered categories. Without a debit card, Brex customers have no ATM access to make cash withdrawals. Grasshopper clients have 24/7 access to their money with fee-free withdrawals at 37,000+ MoneyPass and 8,500+ SUM ATMs nationwide.
The Bottom Line
Small business is Grasshopper’s #1 focus. Grasshopper re-launched its banking platform in March 2022 to address the ever changing needs of small businesses, differentiating itself by partnering with award-winning fintech technology partners for core technologies while utilizing their in-house engineering team to deliver targeted, high-impact products personalized for small businesses. Open an Innovator Business Checking account in less than 10 minutes today.
