Yeah, this one's common. You've either got something way too hard in there, or the blade assembly isn't screwed on tight.
Fix: First, stop the blender immediately. Unscrew the blade from the cup and check for anything non-food like a pit or a twist-tie. Re-screw the blade assembly back onto the cup by hand until it's very tight. Don't use tools. Then, make sure you're not overfilling it—don't go past the Max Fill line.
If that didn't work: The noise could be from the blade unit itself if it's damaged. Inspect the blades for bends or chips. A damaged blade unit needs to be replaced.
Heads up: That grinding noise is a sign of misuse. Damage from misuse, like blending rocks (or ice cubes that are too big/hard), isn't covered under the 1-year warranty. Be careful what you put in there.