If you want to open a business bank account online, Grasshopper’s Innovator Business Checking account and Lili’s Core 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
- Lili
Grasshopper vs Lili Business Checking Quick Comparison
 Innovator Business Checking |  Core | |
|---|---|---|
| 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 | None at over 38,000 MoneyPass locations; $2.50 for nonnetwork use |
| Cash Deposited | Not accepted | $4.95 per transaction via Green Dot retail locations |
| Annual Percentage Yield (APY) |
| Lili Pro, Lili Smart, and Lili Premium offer savings accounts with 2.50% APY on balances between $0.01 to $500,000 and 4.00% APY on balances over $500,000. |
| Our Review | Grasshopper Business Checking review | Lili Business Checking review |
| Open an Account | Visit Grasshopper | Visit Lili |
Innovator Business Checking | Core | |
|---|---|---|
| Debit Card | Free Visa debit card with cash back rewards | Free Visa debit card |
| Physical Checks | Can be ordered through Deluxe, Harland Clarke, or other third-party providers | None |
| Accounting Software Integrations | QuickBooks and Autobooks | QuickBooks, FreshBooks, and Xero |
| Business Software Integrations | Plaid-supported apps | CashApp, PayPal, Venmo, Shopify, Square, Gusto, OnPay, Paychex, Rippling, ADP Run, and TriNet |
| Customer Service | Email, text, live chat, and phone support from Mondays to Fridays, 9 a.m. to 10 p.m. Eastern time Phone: (888) 895-9685/(917) 830-2100 Send Text: (646) 760-6048 Click: Chat or send a message 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 |
| Invoicing Products | Available via Autobooks | Unlimited invoicing available for Lili Smart and Lili Premium users |
| Other Products Available | Accelerator Checking | High-yield savings available for Lili Pro, Lili Smart, and Lili Premium users |
| Our Review | Grasshopper Business Checking review | Lili Business Checking review |
| Open an Account | Visit Grasshopper | Visit Lili |
When To Use
- You want cash back on debit card purchases: Grasshopper charges no monthly fee and earns 1.0% cash back on qualifying debit card purchases. Meanwhile, to access Lili’s cash back benefits, you need to upgrade to Lili Pro, Lili Smart, or Lili Premium, which have a $9, $21, or $33 monthly service fee, respectively. A 30-day free trial is available for Lili plans.
- You want free invoicing software: Through Grasshopper’s integration with Autobooks, Grasshopper users can create, customize, and send official business invoices directly to their customers for free. In comparison, Lili’s invoicing software is available only to Lili Smart and Lili Premium users.
- You need access to lending products: Grasshopper offers SBA lending, commercial real estate financing, venture capital, private equity, and yacht lending solutions. Meanwhile, Lili only offers checking and savings products.
- You want to earn uncapped interest on checking deposits: Grasshopper Innovator Business Checking accounts can earn a potential interest rate of up to 1.35%. With Lili, you need to upgrade to Lili Pro, Lili Smart, or Lili Premium to access its interest-earning savings accounts.
- You need support for wire transfers: Grasshopper provides domestic and international wire transfers at low fees. Although Lili does not charge for incoming domestic wire transfers, it does not offer any other form of wire transfer services.
- You seek more FDIC protection: Aside from Grasshopper’s Innovator Checking product, the provider also offers Accelerator Checking, which provides an FDIC insurance coverage of up to $125 million. In contrast, Lili accounts are insured up to the standard $250,000 through its bank partner, Choice Financial Group.
- You want help with tax preparation: Lili offers tax preparation software, which lets you automatically set aside income for tax. You can also use the feature to categorize expenses, auto-fill tax forms, and create thorough spending reports. Grasshopper, in comparison, doesn’t offer tax preparation assistance tools.
- You want to separate your checking balances into reserve accounts: Lili offers a Tax Bucket and an Emergency Bucket, which are reserve accounts that account holders can use to set aside money for taxes and emergency funds. Meanwhile, Grasshopper users cannot divide their balances into dedicated subaccounts.
- You want the option to deposit cash: Under Lili, you can deposit cash at over 90,000 Green Dot retail locations for a maximum fee of $4.95 per transaction. At present, Grasshopper does not accept cash deposits.
- You need to deposit cash often: While Lili offers a cash deposit option at Green Dot locations, it can be costly for cash-heavy businesses to pay $4.95 per item. Meanwhile, Grasshopper does not accept cash deposits. For affordable cash deposits, consider Bank of America. It offers a fee-free monthly cash deposit allowance of up to $7,500. Read our Bank of America business checking review to learn more.
- You prefer in-person banking: Both providers do not have branches. If having access to in-person banking services is a priority, we recommend Chase for its sizable nationwide branch network. Our review of Chase business checking provides information about the bank’s different checking accounts to help you decide which suits your needs.
You can look into our list of the
best small business checking accounts
for additional options.
Grasshopper vs Lili Business Checking Features
| Grasshopper | Lili | |
|---|---|---|
| OVERALL RATING | 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 1.35% 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 3.10% interest if your balance is above $50,000.
Lili: 0 out of 5
Lili Business Checking account does not earn interest, although Lili Pro, Lili Smart, and Lili Premium offer savings accounts with 2.50% APY on balances between $0.01 to $500,000 and 4.00% APY on balances over $500,000.
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 $3M FDIC insurance coverage.
Once you decide on a provider, see our guide on
how to open a business bank account
. It includes a free downloadable checklist of documents typically required upon account opening.
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 |
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| Users Dislike |
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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
