Grasshopper Bank vs Novo: which one fits your business?
Side-by-side comparison of Grasshopper Bank and Novo — fees, features, ease, support, and which one fits your business. Scored on the same rubric.
Short answer: Novo wins on our scorecard (7.9/10 vs 7.8/10).
| Scored on | Grasshopper Bank | Novo |
|---|---|---|
| Right fit for small biz | 7 | 7 |
| Ease of use | 8 | 9 |
| Fees & pricing | 9 | 9 |
| Customer support | 6 | 5 |
| Features | 8 | 8 |
| Monthly Maintenance Fee | $0 | $0 |
| Minimum Opening Deposit | $100 | $0 |
| Domestic Outgoing Wire | $10 | — |
| Incoming Wires | $0 | — |
| ACH Transfers | $0 | — |
| ATM Fee Reimbursements | — | Unlimited |
| Incoming Wires (Domestic/Intl) | — | $0 |
| Insufficient Funds Fee | — | $27 |
Grasshopper Bank in one paragraph
A powerhouse for digital businesses that want the security of a chartered bank without the fees of a national chain.
Skip it if: You handle more than $500 in physical cash monthly or need 24/7 phone support.
Novo in one paragraph
Novo is the premier 'administrative' bank for solo digital entrepreneurs who want to automate invoicing and kill monthly fees, provided they don't need to deposit physical cash.
Skip it if: You run a cash-heavy retail business or need to earn high-yield interest on your primary operating capital.
Frequently asked questions
Which is better, Grasshopper Bank or Novo?
On our five-axis scorecard, Novo scores higher (7.9/10 vs 7.8/10). Novo is the premier 'administrative' bank for solo digital entrepreneurs who want to automate invoicing and kill monthly fees, provided they don't need to deposit physical cash.
Who should skip Grasshopper Bank?
You handle more than $500 in physical cash monthly or need 24/7 phone support.
Who should skip Novo?
You run a cash-heavy retail business or need to earn high-yield interest on your primary operating capital.