If you want to open a business bank account online, Grasshopper’s Innovator Business Checking account and Lili’s Basic account are excellent cost-effective options with no monthly fees and transaction limits. Both offer integrated expense tracking and bookkeeping tools, which suit freelancers, solopreneurs, and small business owners looking to simplify business processes.
Here is what each provider is best for:
- Grasshopper Grasshopper is a Federal Deposit Insurance Corp. (FDIC)-insured neobank. is ideal for business owners who want to earn uncapped cash back and interest and access more startup banking products with higher FDIC insurance coverage Accelerator Checking offers an FDIC insurance coverage of up to $125 million.
- Lili Lili is a financial technology company, not a bank. Banking services provided by Sunrise Banks N.A., Member FDIC. is suitable for business owners seeking free digital tax preparation assistance, reserve accounts, and cash deposit capability
If you need an account that offers multiple subaccount options, you may want to consider:
- Novo: With Novo Reserves you can create dedicated buckets for taxes, profit, payroll, and other large business expenses
Looking for an affordable business checking and don’t need access to in-person banking services? Novo is a good choice. |
|
Grasshopper vs Lili Business Checking Quick Comparison
 Innovator Business Checking |  | |
|---|---|---|
Required Opening Deposit | $100 | $0 |
Required Balance Minimum | $0 | $0 |
Monthly Fees | None | None |
Transaction Limit Before Fees | No limit | No limit |
Automated Clearing House (ACH) Fees | $0 | $0 |
Domestic Wire Transfer Fees | Incoming: None Outgoing: $10 (online) | Incoming: None Outgoing: $15 |
International Wire Transfer Fees | Incoming: $5 Outgoing: $25 | N/A |
ATM Fees | None at over 37,000 MoneyPass and around 8,500 SUM ATM networks; third-party operator fees may apply for nonnetwork ATMs | |
Cash Deposited | Not accepted | $4.95 per transaction via Green Dot retail locations |
Annual Percentage Yield (APY) |
| N/A |
Our Review | ||
Open an Account |
When To Use
Grasshopper vs Lili Business Checking Features
Grasshopper | Lili | |
|---|---|---|
3.2 out of 5★ | 2.3 out of 5★ | |
Cash Deposits | 0 | ★★★ |
Reserve Accounts | 0 | ★★★ |
ATM Fee Savings | ★★★ | ★★ |
Business Software Integrations | ★★★★★ | ★★★★★ |
APY Earnings | ★★★★ | 0 |
Physical Check Availability | ★★★ | 0 |
Wire Transfer Fee Savings | ★★★ | ★★ |
Cash Back Rewards | ★★★★ | ★★★ |
Invoicing | ★★★★ | ★★★ |
Customer Service | ★★★★ | ★★★★ |
Additional Products | ★★★★ | ★★ |
Expanded FDIC Insurance Coverage | ★★★★ | 0 |
Rating Explanation: ★★★★★ 5: This feature enhances your banking experience at no cost. ★★★★ 4: This feature has a few minor drawbacks/limits or comes at a slight cost. ★★★ 3: This feature has a few drawbacks/limits or comes at a slightly high cost. ★★ 2: This feature has a few major drawbacks/limits or comes at a high cost. ★ 1: This feature has major drawbacks/limits. 0: This feature is unavailable. | ||
Having compared Grasshopper vs Lili business checking accounts, we found that Grasshopper offers plenty of advantages when stacked against Lili. Grasshopper has an interest-earning checking account, offers free integrated invoicing software, and does not charge for nonnetwork ATM usage, although third-party operator fees may still apply. Furthermore, it provides lending solutions and additional FDIC insurance protection through its Accelerator Checking account.
However, Lili also has strong points in terms of providing efficient tax preparation solutions and offering a cash deposit option, which some business owners may find convenient. Additionally, it features reserve accounts where users can allocate funds for emergencies and tax payments.
Click on each feature below to see more details.
Grasshopper: 0 out of 5
Grasshopper doesn’t accept cash deposits.
Lili: 3 out of 5
Lili allows cash deposits at over 90,000 designated Green Dot retail locations, which charge $4.95 per transaction.
Grasshopper: 0 out of 5
Grasshopper doesn’t offer reserve accounts.
Lili: 3 out of 5
Lili provides reserve accounts through Emergency and Tax Buckets available under Lili Pro, Lili Smart, and Lili Premium plans.
Grasshopper: 3 out of 5
Grasshopper users can access over 37,000 MoneyPass and around 8,500 SUM ATMs. The bank doesn’t charge ATM fees, even when you use out-of-network ATMs, but operator surcharges can apply.
Lili: 2 out of 5
Lili allows free access to MoneyPass ATMs but charges $2.50 for nonnetwork ATM use. Operator fees may also apply on top of it.
Grasshopper: 5 out of 5
Grasshopper integrates with QuickBooks and Autobooks and is also compatible with over 3,000 Plaid-supported finance apps.
Lili: 5 out of 5
Lili’s checking accounts connect with various accounting software, such as QuickBooks, FreshBooks, and Xero. It also integrates with CashApp, PayPal, Venmo, Shopify, and Square payment solutions. In addition, you can link your Lili accounts to payroll and human resources (HR) software Gusto, OnPay, Paychex, Rippling, ADP Run, and TriNet.
Grasshopper: 4 out of 5
Grasshopper Innovator Business Checking users can earn tiered interest up to 2.0% if they maintain $25,000 to $250,000 balances in their accounts. Below $25,000 and above $250,000 balances also earn 1.0%. Unlike other banks, Grasshopper doesn’t place a cap on interest.
Grasshopper also offers Accelerator Checking and Accelerator Money Market Savings accounts. Bundling both products can yield up to 4.0% interest if your balance is above $50,000.
Lili: 0 out of 5
Lili Business Checking account holders don’t earn any interest, although Lili Pro, Lili Smart, and Lili Premium users can access a high-yield savings product, which earns 4.15%.
Grasshopper: 3 out of 5
Grasshopper doesn’t offer checks but supports physical checks by not charging fees for writing or depositing checks from your account. Innovator Business Checking account holders can order checkbooks through Deluxe, Harland Clarke, or other third-party providers.
Lili: 0 out of 5
Lili doesn’t provide checkbooks.
Grasshopper: 3 out of 5
Grasshopper doesn’t charge incoming domestic wire transfers but collects $10 for outgoing domestic wire transfers through the online system. An inbound international wire transfer costs $5, while an outbound international wire transfer is charged $25.
Lili: 2 out of 5
Lili allows its users to receive domestic wire transfers for free. Outgoing domestic wire transfers are $15.
Grasshopper: 4 out of 5
Grasshopper Innovator Business Checking clients can earn an unlimited 1% cash back on qualified purchases using the Grasshopper Business Debit Card. They must maintain a $10,000 monthly balance to participate in the cash back program.
Lili: 3 out of 5
Meanwhile, Lili customers who subscribed under the Lili Pro, Lili Smart, or Lili Premium plan are enrolled automatically in Visa’s cash back rewards program. They can earn cash back on qualified purchases from participating merchants.
Grasshopper: 4 out of 5
Grasshopper users can use Autobooks, integrated as a free payment and invoicing software with the Innovator Business Checking account. They can send personalized invoices to their customers to get paid faster.
Lili: 3 out of 5
Lili offers unlimited invoicing for customers under a Lili Smart or Lili Premium plan.
Grasshopper: 4 out of 5
Grasshopper clients can get in touch with customer service through different avenues: phone, email, chat, or message through the website.
Lili: 4 out of 5
Meanwhile, Lili customers can email and phone the customer service team.
Grasshopper: 4 out of 5
Grasshopper offers Accelerator Checking, Accelerator Money Market Savings, and several lending products , which include SBA loans, venture capital and private equity, CRE loans, and yacht loans.
Lili: 2 out of 5
Lili provides a high-yield savings product to clients who sign up for a Lili Pro, Lili Smart, or Lili Premium subscription.
Grasshopper: 4 out of 5
Grasshopper provides another checking option for business owners seeking more FDIC protection. Its Accelerator Checking account, designed for a wide range of startups, extends the FDIC insurance coverage to $125 million.
Lili: 0 out of 5
The difference between Lili vs Grasshopper business checking is that Lili doesn’t offer a checking product that provides more than the standard $250,000 FDIC insurance coverage.
Lili vs Grasshopper Business Checking User Reviews
Grasshopper | Lili | |
|---|---|---|
Trustpilot Rating | 3.5 (based on more than 80 reviews) | 4.7 (based on over 2,900 reviews) |
Users Like |
|
|
Users Dislike |
|
|
Grasshopper has 3.5 stars from over 80 reviews on Trustpilot[1]. Customers found its bill pay feature advanced, which made digital banking efficient. They also said that they like the high APY and cash back offers and that the customer service staff provided excellent communication and regular follow-up.
Grasshopper’s negative feedback came from a few users whose accounts were closed. They reported that the bank took a long time to return their funds. Some reviewers whose applications were rejected said that the reasons remained undisclosed.
Meanwhile, Lili scored a high rating of 4.7 from over 2,900 reviews on Trustpilot[2]. Several small business owners praised its tax preparation and transaction tracking features, which keep them organized. They also appreciated the seamless account opening process.
Most reviewers mentioned that Lili’s platform is user-friendly and reliable and that its customer service team is responsive when they report account issues. However, a few complained about their checks taking a long time to clear. Some claimed their accounts were closed without an explanation given.
Bottom Line
Between Grasshopper vs Lili, Grasshopper is more cost-effective. It offers bookkeeping tools, invoicing tools, cash back, and high APY for zero monthly fees. Meanwhile, Lili provides bookkeeping and tax preparation services, invoicing tools, and cash back exclusive to its Lili Pro, Lili Smart, and Lili Premium users.
For other features, Grasshopper stands out by offering an additional checking product with high FDIC insurance coverage. Meanwhile, Lili users have the option to open reserve accounts and deposit in cash, which comes at a fee.
User review resources:
1Trustpilot | Grasshopper
2Trustpilot | Lili
