Novo and Lili are two of the best business banking providers for small businesses and freelancers. Both are fee-free and integrate with popular business software like QuickBooks, PayPal, and Shopify.
Here is a summary of what each provider is best for:
- Novo
- Lili
Novo vs Lili Business Checking Quick Comparison
 Business Checking |  Lili Core | |
|---|---|---|
| Required Opening Deposit | $0 | $0 |
| Required Balance Minimum | None | None |
| Monthly Fees | None | None |
| Transaction Limit Before Fees | No limit | No limit |
| Automated Clearing House (ACH) Fees | $0 | $0 |
| Domestic Wire Transfer Fees | Incoming: $0 Outgoing: N/A | Incoming: $0 Outgoing: $15 |
| International Wire Transfer Fees | Incoming: $0 Outgoing: Available through Wise | N/A |
| ATM Fees | None, but third-party fees can apply; ATM fee refunds are limited up to $7 monthly | None at MoneyPass locations; $2.50 for nonnetwork |
| Cash Deposit Fee | None; money orders can be purchased and deposited through the app | $4.95 per transaction via Green Dot retail locations |
| APY | N/A | 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 | Novo Business Checking review | Lili Business Checking review |
| Open an Account | Visit Novo | Visit Lili |
Business Checking | Lili Core | |
|---|---|---|
| Debit Card | Physical debit card and virtual card available | Free Visa debit card |
| Physical Checks | None | None |
| Accounting Software Integrations | QuickBooks and Xero | QuickBooks, FreshBooks, and Xero |
| Business Software Integrations | Stripe, Square, PayPal, Wise, Shopify, Amazon, Apple Pay, Google Pay, and Samsung Pay | CashApp, PayPal, Venmo, Shopify, Square, Gusto, OnPay, Paychex, Rippling, ADP Run, and TriNet |
| Customer Service | Customer support available via app and phone Email: support@novo.co. Mondays to Fridays, 9 a.m. to 6 p.m. Eastern time | 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 | Novo invoicing (free and unlimited) | Unlimited invoicing available for Lili Smart and Lili Premium users |
| Other Products Available | Novo Funding merchant cash advances (MCAs) | High-yield savings available for Lili Pro, Lili Smart, and Lili Premium users |
| Our Review | Novo Business Checking review | Lili Business Checking review |
| Open an Account | Visit Novo | Visit Lili |
When To Use
- You seek faster access to funds from payment channels: The Novo Boost feature speeds up cash flow by giving you access to payments received from Stripe within hours instead of days. Novo has plans to expand Boost to cover Shopify and PayPal. Lili does not offer a similar feature.
- You want fee-free invoicing software: Novo users can access its invoicing software for free and accept various embedded payment options. In comparison, Lili’s invoicing software is only available to Lili Smart and Lili Premium users. These monthly subscriptions cost $21 and $33, respectively.
- You want discounts on business solutions: Novo Perks offers discounts and credits on popular business tools, including Stripe, Google Cloud, Google Ads, Gusto, QuickBooks, and HubSpot. In contrast, Lili does not provide these incentives.
- You need fast access to small business financing: Through Novo Funding, Novo customers with six months of banking history can quickly apply for up to $75,000 of MCAs. Applications are reviewed within 24 hours, and once approved, the funds can be used immediately. Meanwhile, Lili does not offer lending products.
- You require help with tax planning: Although Novo provides cash reserves that you can use to set aside tax funds, Lili takes tax planning a step further with its tax preparation software. Through it, you can sort transactions into tax categories and set aside a percentage of your income for taxes automatically. It also uses your banking data to pre-fill your annual 1065, 1120-S, and Schedule C tax forms.
- You seek to streamline bookkeeping processes: Lili’s platform offers an expense categorization tool, which lets you categorize every debit card transaction with a swipe of your finger. Through its tax software, you can create quarterly and yearly expense reports that summarize your business spending. Meanwhile, Novo lacks streamlined tax preparation assistance features.
- You need to earn interest on balances: Upgrading to 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. Novo’s business checking account doesn’t earn interest.
- You want to earn cash back on debit card purchases: Lili Pro, Lili Smart, and Lili Premium provide a Visa Business Pro debit card
- You want to earn interest on checking deposits: Neither Novo nor Lili offers interest-earning checking. The best checking account for high APY is Bluevine Standard Checking, which offers 1.3% APY on qualifying balances up to $250,000. Read our review of Bluevine business checking to learn how to meet the activity requirements.
- You rely on cash deposits: Novo users can only deposit cash by purchasing and depositing money orders through the app while Lili users can deposit cash through Green Dot retail locations at a fee of $4.95 per item. For a hassle-free cash deposit experience, choose Bank of America, which offers a $7,500 cash deposit allowance. Our Bank of America business checking review can help you decide if the solution fits the bill.
- You want physical branches: As digital-exclusive banking solutions, neither Novo nor Lili has brick-and-mortar locations. Businesses needing in-person banking can opt for Chase with its nationwide branches. Check out our review of Chase business checking to discover which of the bank’s three accounts suits you.
- You need support for wire transfers: Novo’s partnership with Wise makes international outgoing wire transfer services affordable. While Lili lets you send domestic wires for $15, Mercury offers all wire transfers for free. You may want to read our Mercury vs Novo business checking comparison to see which provider fits your needs.
If your business fits any of these scenarios, you can also look into our list of the best checking accounts for small businesses for additional options.
Novo vs Lili Business Checking Features
| Novo | Lili | |
|---|---|---|
| OVERALL RATING | 3.1 out of 5★ | 2.3 out of 5★ |
| Cash Deposits | ★ | ★★ |
| Reserve Accounts | ★★★★★ | ★★★ |
| Wire Transfer Fee Savings | ★★★ | ★★★ |
| ATM Fee Savings | ★★★★ | ★★ |
| Cash Back Rewards | 0 | ★★★ |
| Invoicing Tools | ★★★★★ | ★★ |
| Bookkeeping Tools | ★★★ | ★★★★ |
| Tax Preparation Tools | 0 | ★★★★ |
| Quick Funding Option | ★★★★★ | 0 |
| Available Financing | ★★★★ | 0 |
| User Access | ★★★★ | 0 |
| Customer Service | ★★★ | ★★★★ |
| 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. | ||
Comparing the Novo vs Lili business checking account, Novo scores higher since it offers rapid access to funds, plenty of reserve accounts, and some ATM fee refunds. Furthermore, it provides a financing solution for small businesses.
Meanwhile, Lili provides robust digital tax preparation software and more bookkeeping tools, but they are only available if you subscribe to a paid plan. Lili also extends customer service through email on weekends, which benefits clients who encounter account issues after weekdays.
Novo: 1 out of 5
Novo doesn’t accept cash deposits, but you can fund your account by purchasing a money order, then depositing the check into your Novo Business Checking account.
Lili: 2 out of 5
Lili allows cash deposits at designated Green Dot retail locations, which charge $4.95 per transaction.
Novo: 5 out of 5
Under Novo, you can have 20 reserves to help you budget for withholding taxes, expected expenses, and other business-related costs.
Lili: 3 out of 5
Lili provides reserve accounts through its Emergency and Tax Buckets. Emergency Buckets are available for all Lili users while Tax Buckets are exclusive to Lili Pro, Lili Smart, and Lili Premium subscribers.
Novo: 3 out of 5
Novo offers free incoming wire transfers but doesn’t allow outgoing domestic wire transfers. It has a partnership with Wise for low-cost international transfers.
Lili: 3 out of 5
Meanwhile, Lili users can receive domestic wire transfers for free but outgoing wire transfers cost $15.
Novo: 4 out of 5
Novo does not charge ATM withdrawal fees but third-party operator fees can apply. Novo refunds third-party ATM fees up to $7 each month.
Lili: 2 out of 5
Lili customers can use approximately 40,000 MoneyPass ATMs. A $2.50 ATM fee is charged for using an out-of-network ATM. Operator surcharges may also apply on top of it.
Novo: 0 out of 5
Novo does not offer cash back when you use its debit card.
Lili: 3 out of 5
Lili Pro, Lili Smart, and Lili Premium subscribers can earn cash back rewards when they use their Visa Business Pro debit cards at eligible merchants.
Novo: 5 out of 5
Novo offers built-in invoicing with its business checking account. Business owners can issue unlimited and free personalized invoices and accept different payment options, such as free ACH bank transfers, PayPal, Venmo, check payments, or credit and debit card payments.
Lili: 3 out of 5
A Lili Smart or Lili Premium subscription allows business checking account holders to send unlimited invoices to their clients.
Novo: 3 out of 5
Novo users can connect with accounting solutions QuickBooks and Xero. The Novo Business Checking account also integrates with Stripe, Square, PayPal, Wise, Amazon, and Shopify.
Lili: 4 out of 5
Lili Smart and Lili Premium users can categorize transactions automatically to keep their accounting books updated. Lili Pro users can still access this tool, but categorizing transactions is performed manually.
Lili’s checking accounts are compatible with QuickBooks, FreshBooks, and Xero. It also integrates with CashApp, PayPal, Venmo, Shopify, Square, Gusto, OnPay, Paychex, Rippling, ADP Run, and TriNet.
Novo: 0 out of 5
Novo doesn’t provide any tax preparation assistance tools.
Lili: 4 out of 5
Lili offers tax preparation software to users who upgrade to Lili’s paid subscription plans. This feature allows you to set aside a portion of your income automatically into a tax bucket. Further, Lili Pro, Lili Smart, and Lili Premium subscribers can access prefilled 1065, 1120-S, and Schedule C forms conveniently.
Novo: 5 out of 5
Novo users can receive Stripe payouts earlier automatically. Its Novo Boost feature reduces the payment time from days to hours. This benefit is provided free of charge.
Lili: 0 out of 5
Lili doesn’t support any quick payout processing option.
Novo: 4 out of 5
Through Novo Funding, small businesses can apply for an MCA and access up to $75,000 working capital funds. It takes 10 minutes to complete the application and 24 hours for Novo to review it. The monthly rate is 1.5%.
Lili: 0 out of 5
Lili has no financing solutions.
Novo: 4 out of 5
Novo’s app allows additional users to access the business account. You can categorize them as chief financial officer (CFO), founder, accountant, employee, office manager, CEO, investor, or other.
Lili: 0 out of 5
Lili permits only one user access for doing business as (DBA) and sole proprietor accounts. For multimember accounts, the primary account owner must contact Lili’s customer service team to request a beneficial owner to gain full account access.
Novo: 3 out of 5
Novo customers can reach client services through email, phone, and the Novo app on weekdays.
Lili: 4 out of 5
Lili users can email and call the customer service team on weekdays. Email support is also available during the weekends.
Once you decide on a provider, see our guide on
how to open a business bank account
. It includes a free downloadable checklist of required documents to help you through the process.
Lili vs Novo Business Checking User Reviews
| Novo | Lili | |
|---|---|---|
| Trustpilot Rating | 4.5 (based on around 4,100 reviews) | 4.7 (based on around 2,900 reviews |
| Users Like |
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| Users Dislike |
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On Trustpilot[1], Novo shows a rating of 4.5 from around 4,100 reviews. Most customers praised the provider for its easy onboarding process, which they said is faster compared to local banks. They were also happy to note that Novo maintained transparency and did not charge hidden or extra fees. Satisfied users also appreciated the platform’s simple interface and efficient customer support team.
However, a few Novo banking reviews show complaints. Customers shared that their accounts were reviewed and closed and that they weren’t notified of the reasons. Some gave negative feedback over the lack of domestic wire transfers and limited refunds of ATM fees.
Meanwhile, Lili has 4.7 stars on Trustpilot[2] from about 2,900 reviews. Customers said that the provider has a user-friendly interface and functional features that make it easy to track their transactions. They also appreciated the excellent customer service they received.
Still, some users found the check clearing time longer than other providers while a few complained that their accounts were closed without being issued any explanation.
Frequently Asked Questions (FAQs)
Is Novo a good business banking provider for small businesses?
Yes. Novo offers small businesses a free business checking account, multiple business software integrations, and faster access to revenue from Stripe payouts. Further, users can apply for small business financing through Novo Funding.
Is Lili a good business banking provider for small businesses?
Yes, as it provides a free Core Business Checking account and allows users to upgrade to higher plans for additional features, like expense management tools, bookkeeping solutions, and tax preparation.
What are the disadvantages of Novo?
Novo does not accept cash deposits, although you can purchase money orders and deposit them through the app. The provider also does not allow outbound domestic wire transfers and has no interest-earning options.
What are the disadvantages of Lili?
Most of Lili’s best features require users to subscribe to paid plans with monthly fees that range from $9 to $33. International and outbound domestic wire transfers are also unsupported.
What is the partner bank of Novo?
Novo’s bank account services are provided by Middlesex Federal Savings.
What is the partner bank of Lili?
Lili’s banking services are provided by Choice Financial Group.
Bottom Line
When comparing Novo vs Lili business checking, Novo is more affordable since it provides free invoicing tools, multiple reserve accounts, and rapid payment access. You can also save through its zero-cost ATM withdrawals and up to $7 third-party ATM fee refunds each month. Further, you can quickly apply and access additional working capital through Novo Funding.
Meanwhile, Lili’s Core account is somewhat limited since the best features, such as tax planning assistance, expense categorization, high-yield savings accounts, invoicing tools, and cash back, are only available when you sign up for Lili’s paid subscription plans. These can cost anywhere from $9 to as high as $33 each month.
User review references:
1Trustpilot | Novo
2Trustpilot | Lili
