Relay vs Lili Business Checking 2023: Which Is Best?
Matt has more than 10 years of financial experience and more than 20 years of journalism experience. He shares his expertise in Fit Small Business’ financing and banking content.
Ricci Recto has two years of writing experience creating digital marketing content for finance clients. She specializes in business banking.
This article is part of a larger series on Business Banking.
Both Relay and Lili offer affordable digital-only business checking platforms that provide access to useful banking and bookkeeping tools. However, Relay is better at accommodating large teams. Designed to facilitate collaboration, the platform lets you create multiple accounts and debit cards for your team.
Meanwhile, Lili is better at helping small teams do more work in less time. It offers a number of features that can help streamline typical business paperwork, including expense categorization tools, tax preparation assistance, and invoicing.
Here is a summary of what each provider is best for:
- Relay* is best for businesses that need multiple accounts and debit cards
- Lili* is best for businesses that need digital tax preparation assistance
*Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership (Evolve Bank & Trust for Relay and Choice Financial Group for Lili).
Relay vs Novo Quick Comparison
 Relay Standard |  Lili Basic | |
|---|---|---|
Required Opening Deposit | $0 | |
Required Balance Minimum | $0 | |
Transaction Limit Before Fees | No limit | |
Automated Clearing House (ACH) Fees | $0 | |
Domestic Wire Transfer Fees | $0 for incoming $5 for outgoing | N/A |
International Wire Transfer Fees | $0 for incoming $10 for outgoing | N/A |
ATM Fees | None* | Free at MoneyPass locations; $2.50 for nonnetwork use* |
Cash Deposit Fee | Cash must be deposited through Allpoint ATMs | $4.95 per transaction via Green Dot retail locations |
*Third-party operator fees may apply.
Relay Standard | Lili Basic | |
|---|---|---|
Debit Card | Up to 50 Visa debit cards (physical or virtual) | Free Visa debit card |
Reserve Accounts | Up to 20 accounts* | Buckets for tax and emergencies |
Accounting Software Integrations | QuickBooks and Xero | QuickBooks, Freshbooks, Wave, and Xero |
Business Software Integrations | Gusto, Plaid, and Yodlee | Cash App, PayPal, Stripe, Venmo, Uber, Lyft, Shopify, and Etsy |
Customer Service | Phone: (888) 205-9304 | Phone, chat, and email |
Invoicing Products | N/A | Available with Lili Smart and Lili Premium |
Other Products Available | Relay Pro | Lili Pro, Lili Smart, and Lili Premium |
*Sole proprietors can only create up to 10 accounts.
When To Use
Relay vs Lili Features
Relay | Lili | |
|---|---|---|
OVERALL RATING* | 2.9 out of 5★ | 2.8 out of 5★ |
Cash Deposits | ★★★★ | ★★ |
Collaboration Tools | ★★★★★ | 0 |
Reserve Accounts | ★★★★★ | ★★★ |
Premium Versions | ★★★★ | ★★★★ |
Cashback Promos | 0 | ★★★ |
Bookkeeping Tools | ★★★★★ | ★★★ |
Tax Preparation | 0 | ★★★★ |
Overdraft Protection | ★★★ | ★★★ |
Invoicing | 0 | ★★★ |
*This score is reflective of the features of the platform and not the overall quality of the financial provider. A feature not offered by a provider earns a 0-star score, 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 and comes at a high cost.
★ 1: This feature has major drawbacks/limits.
0: This feature is unavailable.
Relay: 4 out of 5
Although Relay does not have any brick-and-mortar locations, it lets you deposit cash at cash deposit-enabled Allpoint ATMs.
Lili: 2 out of 5
With Lili, your only option is to deposit cash through Green Dot retail locations. There is a fee of $4.95 per deposit.
Relay: 5 out of 5
Relay lets you issue up to 50 virtual and physical debit cards. You can customize spending rules and limits per card to ensure responsible use. Additionally, you can invite team members to your account and set access levels per additional user.
Lili: 0 out of 5
Lili does not offer collaboration tools.
Relay: 5 out of 5
Through Relay, you can create up to 20 checking accounts under a single account ID. However, sole proprietors can only create up to 10.
Lili: 3 out of 5
Meanwhile, Lili offers a main account, one subaccount for taxes, and another subaccount for emergencies.
Relay: 0 out of 5
Relay does not offer cash back promos.
Lili: 3 out of 5
All three of Lili’s paid subscription plans provide cash back-earning debit cards.
Relay: 5 out of 5
Relay provides automatic categorization and detailed transaction data for every card purchase. It also can sync your banking data with QuickBooks Online and Xero.
Lili: 3 out of 5
Lili Smart and Lili Premium also provide automatic expense categorization for card purchases. Meanwhile, although Lili Pro does not offer automatic expense categorization, it allows you to categorize each transaction manually. All Lili plans, including Lili Basic, integrate with QuickBooks, FreshBooks, Wave, and Xero.
Relay: 0 out of 5
Relay does not offer tax preparation assistance tools.
Lili: 4 out of 5
Upgrading to any one of Lili’s paid subscription plans gives you access to the Tax Optimizer feature, which lets you set a percentage of your income to set aside automatically into a dedicated tax bucket. If you are subscribed to Lili Smart or Lili Premium, the Tax Optimizer will also use your banking data to auto-fill your Schedule C forms.
Relay: 3 out of 5
Meanwhile, Relay does not charge overdraft fees or nonsufficient funds fees. However, if you make a transaction against an insufficient balance, Relay will cancel that transaction.
Lili: 3 out of 5
If you are subscribed to Lili’s paid plans, you receive fee-free overdraft protection for overdrafts worth $200 or less.
Relay: 0 out of 5
Relay does not offer invoicing tools.
Lili: 3 out of 5
The Lili Smart and Lili Premium plans offer unlimited free invoicing. With this feature, you can instantly accept customer payments via debit or credit card, check, ACH, Venmo, and Cash App. Additionally, you can track invoices and send automatic payment reminders to clients. Relay does not offer invoicing tools.
Relay vs Lili User Reviews
Relay | Lili | |
|---|---|---|
Trustpilot Rating | 4.3 (based on 700-plus reviews) | 4.7 (based on 1,500-plus reviews) |
Users Like |
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Users Dislike |
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Relay has a Trustpilot1 rating of 4.3 (based on 700-plus reviews) while Lili has a Trustpilot2 rating of 4.7 (based on 1,800-plus reviews). Both received praise for providing helpful and responsive customer service. However, both were also criticized for having long hold times for check deposits.
Many Relay reviewers, particularly unsuccessful applicants, said that they dislike the thoroughness of Relay’s application process. Rejected applicants complained that Relay asked for too much sensitive information and claimed that they did not trust Relay with their data.
Meanwhile, Lili users complained that the daily cash deposit limit was too low. Businesses that work with large volumes of cash said that they found it inconvenient to make deposits in small increments.
Bottom Line
Both Relay and Lili are good products for businesses that want bookkeeping and budgeting tools with their business banking platforms. Relay is particularly good for business owners that work in teams of two or more, as the platform offers many useful collaboration tools. Lili is better for businesses needing access to invoicing and tax preparation. However, note that most of these features are exclusive to Lili’s premium plans.
Once you’ve selected an account, refer to our guide on how to open a business bank account for tips on preparing for your application.
User review references:
