Grasshopper vs Lili Business Checking 2023: Which Is Best?
This article is part of a larger series on Business Banking.
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. Grasshopper provides only one type of account, but it’s packed with features while Lili offers Lili Pro, Lili Smart, and Lili Premium plans outside of its basic account.
As both are digital-exclusive providers, those accounts have no monthly fees and transaction limits. They offer integrated expense tracking and bookkeeping tools, making them especially suitable for freelancers, solopreneurs, and small business owners looking to streamline business processes.
If you want to earn interest on your business checking balances, Grasshopper is the right choice as it lets you earn up to 2.25% annual percentage yield (APY). It also provides a 1% unlimited cash back on debit card purchases if you meet the average monthly balance requirement of $10,000. If you are more inclined to get tax preparation assistance from your checking provider, Lili is a great option because of its robust tax optimizer tool.
Here is what each provider is best for:
- Grasshopper is ideal for business owners wanting to earn uncapped cash back and interest
- Lili* is suitable for business owners seeking free digital tax preparation assistance
For small business owners that prefer a traditional bank, we recommend:
- Chase for a brick-and-mortar bank with national availability, easy-to-waive monthly fees, and suite of additional banking products
*Lili is a financial technology (fintech) platform backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership with Choice Financial Group. Grasshopper is an FDIC-insured neobank.
Grasshopper vs Lili Business Checking Quick Comparison
 Innovator Business Checking |  Basic |  | |
|---|---|---|---|
Required Opening Deposit | $100 | $0 | None |
Required Balance Minimum | $0 | $0 | None |
Transaction Limit Before Fees | No limit | No limit | 20 monthly, then 40 cents per transaction |
Monthly Fees | None | None | $15; waivable if conditions are met |
Automated Clearing House (ACH) Fees | $0 | $0 | $25 for first 25 items per month, 15 cents per item above 25 per month, $2.50 return fee |
Domestic Wire Transfer Fees | Incoming: None Outgoing: $10 (online) | Incoming: None Outgoing: N/A | Up to $35 for outbound, up to $15 for inbound |
International Wire Transfer Fees | Incoming: $5 Outgoing: $25 | N/A | Up to $50 for outbound, up to $15 for inbound |
ATM Fees | $3 per transaction at any non-Chase domestic ATM, plus ATM operator fees; $5 per transaction internationally plus third-party fees | ||
Cash Deposited | Not accepted | $4.95 per transaction via Green Dot retail locations | $2.50 per $1,000 after you deposit $5,000 in a billing cycle |
APY |
| N/A | N/A |
Our Review | |||
Open an Account |
Innovator Business Checking | Basic | | |
|---|---|---|---|
Debit Card | Free Visa debit card with cash back rewards | Free Visa debit card | Free debit card, mailed within 10 business days of application approval |
Physical Checks | Can be ordered through Deluxe, Harland Clarke, or other third-party providers | None | Cost varies depending on type of checks ordered |
Accounting Software Integrations | QuickBooks and AutoBooks | QuickBooks, FreshBooks, Wave, and Xero | QuickBooks, FreshBooks, and other leading accounting software |
Business Software Integrations | Plaid-supported apps | CashApp, PayPal, Venmo, Uber, Lyft, and Shopify | BigCommerce |
Customer Service | Email, text, live chat, and phone support from Mondays to Fridays, 9 a.m. to 11 p.m. Eastern time Phone: (888) 895-9685 Send Text: (646) 760-6048 Click: Chat on the website Email: support@grasshopper.bank | Phone and email support from Mondays to Fridays, 9 a.m. to 7 p.m. ET Email support includes weekends from 9 a.m. to 6 p.m. Phone: (855) 545-4380 Email: support@lili.co | Live customer support online or in bank branch locations |
Invoicing Products | Available via Autobooks | Unlimited invoicing available for Lili Smart and Lili Premium users | N/A |
Other Products Available | Small Business Administration (SBA) loans, venture capital and private equity, commercial real estate (CRE) loans, and yacht loans | High-yield savings available for Lili Pro users | Business savings, certificates of deposit (CD), lending products, credit cards, merchant services, and collection service |
Our Review | |||
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When To Use
You can also look into our list of the best small business checking accounts if your small business meets the above scenarios.
Grasshopper vs Lili Business Checking Features
Grasshopper | Lili | |
|---|---|---|
OVERALL RATING* | 2.8 out of 5★ | 2.4 out of 5★ |
Cash Deposits | 0 | ★★ |
Reserve Accounts | 0 | ★★★ |
ATM Fee Savings | ★★★ | ★★ |
Payment & Accounting Software Integrations | ★★★ | ★★★★★ |
APY Earnings | ★★★★ | 0 |
Physical Check Availability | ★★★ | 0 |
Wire Transfer Fee Savings | ★★★ | ★★ |
Cash Back Rewards | ★★★★ | ★★★ |
Invoicing | ★★★★ | ★★★ |
Customer Service | ★★★★ | ★★★★ |
Additional Products | ★★★ | ★★ |
*The overall score is reflective of the features of the account and not the overall quality of the financial provider. A feature not offered by a provider earns zero stars, which is averaged into the overall rating. | ||
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.
Grasshopper: 0 out of 5
Grasshopper doesn’t accept cash deposits.
Lili: 2 out of 5
Lili allows cash deposits at designated Green Dot retail locations, which charge $4.95 per transaction.
Grasshopper: 0 out of 5
Grasshopper doesn’t offer reserve accounts to its users.
Lili: 3 out of 5
Lili provides reserve accounts through Emergency and Tax Buckets available under a Lili Pro, Lili Smart, and Lili Premium plan.
Grasshopper: 3 out of 5
Grasshopper users can access approximately 40,000 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: 3 out of 5
Grasshopper integrates with QuickBooks and Autobooks and is also compatible with Plaid-supported apps.
Lili: 5 out of 5
Lili checking accounts connects with various accounting software, such as QuickBooks, FreshBooks, Wave, and Xero. It also integrates with CashApp, PayPal, Venmo, Uber, Lyft, and Shopify payment solutions.
Grasshopper: 4 out of 5
Grasshopper Innovator Business Checking users can earn tiered interest up to 2.25% if they maintain $25,000 to $250,000 balances in their accounts. Below $25,000 and above $250,000 balances also earn 1.51%. Unlike other banks, Grasshopper doesn’t place a cap on interest.
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.
Grasshopper: 3 out of 5
Grasshopper supports physical checks and allows Innovator Business Checking account holders to order checkbooks through Deluxe, Harland Clarke, or other third-party providers.
Lili: 0 out of 5
Lili doesn’t provide checkbooks to its customers.
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. All other wire transfers are unavailable.
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 software for customers under a Lili Smart or Lili Premium plan.
Grasshopper: 4 out of 5
Grasshopper clients can get in touch with customer service in different avenues. They can call, email, chat, or send a text message.
Lili: 4 out of 5
Meanwhile, Lili customers can email and phone the customer service team.
Grasshopper: 3 out of 5
Grasshopper offers several lending products to its customers: 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.
Once you decide on a provider, you can see our guide on how to open a business bank account, which includes a checklist of required documents.
Lili vs Grasshopper Business Checking User Reviews
On Trustpilot1, Grasshopper has a rating of 3.2 out of 5 stars from about 35 reviews. Users praised the online bank’s seamless and quick account application and were also impressed with its industry-tailored solutions. Some commented that its edge over traditional banks is its commitment to innovation. However, negative feedback revolved around sudden account closures, with no explanation provided by the bank.
Meanwhile, Lili has an outstanding rating of 4.7 out of 5 stars on Trustpilot2 from more than 2,000 reviews. Most customers appreciated the convenience of the tax preparation and expense tracking features. Many also find the app simple to use with an easy layout, and others stated that when they encountered account issues, the customer service staff was responsive and resolved the problem quickly.
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, cash back, and high APY exclusive to its Lili Pro, Lili Smart, and Lili Premium users.
From the reviews, Lili received outstanding feedback from its users. Hundreds of Lili customers have left the platform with rave reviews for its features, interface, and customer service team. Meanwhile, there are only a few published reviews for Grasshopper online, which isn’t enough to determine the quality of its products and services.
User review resources:
