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, such as QuickBooks, PayPal, and Shopify. Novo is particularly suitable for businesses that need rapid access to payment funds. With Novo Boost, it lets you access revenue earned from the payment processing platform, Stripe, within hours instead of days.
Meanwhile, Lili’s biggest selling point is that it offers built-in accounting and tax planning tools. Its Tax Optimizer feature lets users set aside income for taxes automatically, track tax write-offs, and use their banking data to auto-fill their Schedule C forms.
Here is a summary of what each provider is best for:
- Novo* is best for rapid access to funds and faster payments
- Lili* is best for digital tax preparation assistance
For small business owners that prefer a traditional bank, we recommend:
- Chase: Best for national availability, easy-to-waive monthly fees, and suite of additional banking products
*Providers are financial technology (fintech) platforms backed and Federal Deposit Insurance Corp. (FDIC)-insured by a supporting bank partnership (Middlesex Federal Savings for Novo and Choice Financial Group for Lili)
Novo vs Lili Business Checking Quick Comparison
 Business Checking |  Lili Basic |  Business Complete Banking | |
|---|---|---|---|
Debit Card | Virtual debit card available immediately, one free physical debit card per user | Free Visa debit card | Free debit card, mailed within 10 business days of application approva |
Physical Checks | Paper checks can be sent straight from the app | None | Cost varies depending on type of checks ordered |
Accounting Software Integrations | QuickBooks and Xero | QuickBooks, FreshBooks, Wave, and Xero | QuickBooks, FreshBooks, and other leading accounting software |
Business Software Integrations | Stripe, Square, PayPal, Wise, and Shopify | CashApp, PayPal, Venmo, Uber, Lyft, and Shopify | Available with Chase Payment Solutions |
Customer Service | Email and live customer support via Novo app 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 | Live customer support online or in bank branch locations |
Invoicing Products | Free unlimited invoicing | Unlimited invoicing available for Lili Smart and Lili Premium users | N/A |
Other Products Available | Small business incorporation services | High-yield savings available for Lili Pro, Lili Smart, and Lili Premium users | Business savings, certificates of deposit (CD), lending products, credit cards, merchant services, and collection service |
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When To Use
If your business fits any one of these scenarios, you can also look into our list of the best checking accounts for small businesses.
Novo vs Lili Business Checking Features
Novo | Lili | |
|---|---|---|
OVERALL RATING* | 3.3 out of 5★ | 2.4 out of 5★ |
Cash Deposits | ★ | ★★ |
Reserve Accounts | ★★★★ | ★★★ |
Wire Transfer Fee Savings | ★★★ | ★★ |
ATM Fee Savings | ★★★★★ | ★★ |
Invoicing Tools | ★★★★★ | ★★ |
Bookkeeping Tools | ★★★ | ★★★★ |
Tax Preparation Tools | 0 | ★★★★ |
Quick Funding Option | ★★★★★ | 0 |
User Access | ★★★★ | 0 |
Customer Service | ★★ | ★★★★ |
*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.
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: 4 out of 5
Under Novo, you can have 10 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 available under Lili Pro, Lili Smart, and Lili Premium plans.
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. It’s included in our guide to the best banks for international business for offering international ATM fee reimbursement and quick access to funds.
Lili: 2 out of 5
Meanwhile, Lili users can receive domestic wire transfers for free, but all other wire transfers are unavailable.
Novo: 5 out of 5
Novo Business Checking account holders can access any ATMs since all fees are reimbursed at the end of the 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: 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, and Shopify.
Lili: 4 out of 5
Lili Smart or 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, Wave, and Xero. It also integrates with CashApp, PayPal, Venmo, Uber, Lyft, and Shopify.
Novo: 0 out of 5
Novo doesn’t provide any tax preparation assistance tools.
Lili: 4 out of 5
Lili offers the Tax Optimizer feature to users who upgrade to Lili’s paid subscription plans. This feature allows you to automatically set aside a portion of your income into a tax bucket. Further, Lili Smart and Lili Premium subscribers can conveniently access pre-filled Schedule C forms.
Novo: 5 out of 5
Novo users can automatically receive Stripe payouts earlier. 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
Novo’s app allows additional users to access the business account. You can categorize them as CFO, Founder, Accountant, Employee, Office Manager, CEO, Investor, or Other.
Lili: 0 out of 5
Lili only permits one user access per account. However, the company plans to make the feature of adding a second user to the same account available this year.
Novo: 2 out of 5
Novo customers can reach client services through email and the Novo app on weekdays.
Lili: 4 out of 5
Lili customers can email and call the customer service team on weekdays. Email support is also available during the weekends.
Once you decide on a provider, you can see our guide on how to open a business bank account. It includes a checklist of required documents that you can download for free to help you through the process.
Lili vs Novo Business Checking User Reviews
Novo | Lili | |
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Trustpilot Rating | 4.2 out of 5 stars (based on around 2,300 reviews) | 4.7 out of 5 stars (based on around 2,000 reviews) |
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On Trustpilot1, Novo has 4.2 out of 5 stars from about 2,300 reviews. Clients provided positive feedback on its minimal fees and simple and easy-to-use app. They appreciated the convenience of skipping branch visits and were satisfied with their online experience. Some, however, complained that it took a while to get hold of a customer service representative since communicating was done through email or the app.
Meanwhile, Lili earned an outstanding 4.7 out of 5 rating on Trustpilot2 from around 2,000 reviews. Reviewers commented that the platform helps categorize their business income and expenses. Many also like the app’s layout and find it user-friendly. A couple of complaints came from clients whose accounts were closed without an explanation.
Bottom Line
Novo and Lili may appear similar at a glance, but they have small differences in pricing and features. Novo is slightly more affordable, providing free invoicing tools, reserve accounts, and rapid payment access. It also lets customers save more by reimbursing all ATM fees and providing free incoming wire transfers for both domestic and international transactions.
Meanwhile, Lili’s free basic account is somewhat limited since the best features—tax planning assistance and expense categorization, high-yield savings accounts, invoicing tools, and cash back—are only available when you sign up for Lili’s paid subscription plans, which can cost $9 to as high as $35 each month. However, in terms of user reviews, Lili outpaces Novo with better customer feedback for its user-friendly platform and excellent expense management feature.
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