Novo Vs. Lili
Novo and Lili are two of the leading checking account providers for businesses, offering a range of financial services.
Find the right fit for your business by comparing their features & benefits.
Advertiser Disclosure
Top10BusinessBanks is a free online resource meant to help users find the information they need in order to make a confident decision. We spend countless hours of research to find the most relevant content and present it in the most accessible way. However, please don’t view the information presented here as a recommendation from our end.
Please note:
- All the information displayed in this site is completely subjective. Moreover, we have broad editorial discretion as to the content we publish on the site and due to various reasons, the information you see may be incomplete and/or inaccurate. Please don’t hesitate to double-check the information we provide. It’s okay, we won’t be offended – on the contrary, we would love to hear your feedback!
- We’re able to offer this completely free-of-charge online resource thanks to the referral fees we receive from our partners (some of the companies listed on this site). While this may affect the location of these companies and the content we feature on the site, it’s not possible to purchase a favorable review or a position on this site.
General Details
Monthly Fee
$0
$0 / $9 / $20 / $35
*According to plan
Banking Partner
Middlesex Federal Savings, Member FDIC
Choice Financial Group, Member FDIC
Editorial Score
Card
Rating
Fees & Charges
Minimum Balance
$0
$0
Mandatory first deposit
$0
$0
Overdraft Fees
$0
No overdraft fees up to $200
*Available on $9 plan and up
Early Account closing Fee
$0
$0
ATM Withdrawal fee
ATM fee refunds up to $7 per month
Free on Moneypass ATMs, $2.5 fee on out-of-network ATMs
Features
ACH Transfers
Incoming ACH $0
Outgoing ACH $0
Incoming ACH $0
Outgoing ACH $0
Wire Transfers
Incoming Wire $0
Outgoing Wire N/A
(Available with Wise integration)
Incoming Wire $0
Outgoing Wire N/A
Card
Novo Business Debit Mastercard
Lili Business Debit Visa
Sub Accounts
Up to 5 sub-accounts
1 account only
Cash Deposit
Available with a $4.95 fee per deposit
Loans
Invoice Management
Available on $9 plan and up
Integrations
Stripe, Square, Paypal, Wise, Woocommerce, Amazon, Ebay, Etsy, Shopify, Xero, Quickbooks, Slack, Zapier, Google Sheets, and more
Quickbooks, Venmo, Shopify, Cash App, Stripe, PayPal, and Expensify.
Bottom Line
Why?
Novo shines in business banking with its robust features and no monthly fees. Suitable for both startups and established firms, Novo offers versatile banking solutions.
Lili targets freelancers with its specialized services. While not as feature-rich as Novo, for freelancers seeking tailored banking, Lili is an excellent choice.
Editorial Score
Winner!
Novo Vs. Lili
Novo and Lili are two of the leading checking account providers for businesses, offering a range of financial services.
Find the right fit for your business by comparing their features & benefits.
Advertiser Disclosure
Top10BusinessBanks is a free online resource meant to help users find the information they need in order to make a confident decision. We spend countless hours of research to find the most relevant content and present it in the most accessible way. However, please don’t view the information presented here as a recommendation from our end.
Please note:
- All the information displayed in this site is completely subjective. Moreover, we have broad editorial discretion as to the content we publish on the site and due to various reasons, the information you see may be incomplete and/or inaccurate. Please don’t hesitate to double-check the information we provide. It’s okay, we won’t be offended – on the contrary, we would love to hear your feedback!
- We’re able to offer this completely free-of-charge online resource thanks to the referral fees we receive from our partners (some of the companies listed on this site). While this may affect the location of these companies and the content we feature on the site, it’s not possible to purchase a favorable review or a position on this site.
General Details
Monthly Fee
$0
$0 / $9 / $20 / $35
*According to plan
Banking Partner
Middlesex Federal Savings, Member FDIC
Choice Financial Group, Member FDIC
Editorial Score
Card
Rating
Fees & Charges
Minimum Balance
$0
$0
Mandatory first deposit
$0
$0
Overdraft Fees
$0
No overdraft fees up to $200
*Available on $9 plan and up
Early Account closing Fee
$0
$0
ATM Withdrawal fee
ATM fee refunds up to $7 per month
Free on Moneypass ATMs, $2.5 fee on out-of-network ATMs
Features
ACH Transfers
Incoming ACH $0
Outgoing ACH $0
Incoming ACH $0
Outgoing ACH $0
Wire Transfers
Incoming Wire $0
Outgoing Wire N/A
(Available with Wise integration)
Incoming Wire $0
Outgoing Wire N/A
Card
Novo Business Debit Mastercard
Lili Business Debit Visa
Sub Accounts
Up to 5 sub-accounts
1 account only
Cash Deposit
Available with a $4.95 fee per deposit
Loans
Invoice Management
Available on $9 plan and up
Integrations
Stripe, Square, Paypal, Wise, Woocommerce, Amazon, Ebay, Etsy, Shopify, Xero, Quickbooks, Slack, Zapier, Google Sheets, and more
Quickbooks, Venmo, Shopify, Cash App, Stripe, PayPal, and Expensify.
Bottom Line
When comparing Novo and Lili in the business banking world, Novo often comes out ahead with its array of features and the added benefit of no monthly fees. It’s well-suited for a variety of businesses, large or small. On the other side, Lili shines for freelancers, offering a more niche service, but it doesn’t quite match up to Novo in terms of overall features. When deciding between the two, it’s essential to weigh what specifically your business needs and which one aligns best with those requirements.