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Lili vs Novo

Lili is a mixed-use account for small business owners to help manage expenses and taxes. How does it compare to Novo? Read our comparison chart below.

Lili is designed for sole proprietors and single-member LLCs. It helps you prepare for taxes with a write-off tracker, automated tax savings, and pre-filled tax forms. The Lili basic account has no monthly fees or minimums.

While Novo offers all-in-one banking for digital businesses. It includes up to 20 Reserves, free unlimited invoicing, and over a thousand business app integrations. But there's no cash deposits. There is no monthly fee.

Compare Lili with Novo, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.

 LiliNovo
 Visit SiteVisit Site
 

Lili

Novo

SPECIAL OFFER
Free Checking Account for Small Business Owners - Learn More

Read Lili Review

SPECIAL OFFER
Free Business Checking - Learn More

Read Novo Review

 

Benefits and Features

SavingsEmergency Bucket for all users; Lili Pro users also get an Emergency Bucket with 3.65% APYNo savings account, but you add up to 20 Reserves
CheckingNo monthly fees; no balance requirements; no overdraft fees; no foreign transaction feesNo monthly fees; no balance requirements
Monthly Fee
$0
$0
APY
N/A
N/A
Minimum Deposit to Open
$0
$50 to access all Novo's features
ACH Transfer Fee
$0
$0
ATMsapproximately 40,000 MoneyPass ATMsUp to $7 per month reimbursement of ATM fees worldwide
Balance Requirement
$0
None
Cash Deposit Fee
Up to $4.95
N/A
Customer Service
Monday – Friday 9am – 7pm EST
Phone, email, or in-app messaging: Monday - Friday, 9 am - 6 pm EST
Incoming Wire Transfer Fee
$0
$0
Locations
Online only
Online only
Out of Network ATM Fee
$2.50 ($5 for international)
Up to $7 per month ATM fee reimbursement
Outgoing Wire Transfer Fee
N/A
N/A
Overdraft Fee
$0
$0
 

CreditDonkey® Reviews

 LiliNovo
SavingsStarStarStarEmpty StarEmpty StarEmpty StarEmpty StarEmpty StarEmpty StarEmpty Star
Minimum DepositStarStarStarStarStar
CheckingStarStarStarStarStarStarStarStarStarEmpty Star
FeesStarStarStarStarStar
Mobile AppStarStarStarStarHalf StarStarStarStarStarStar
Customer ServiceStarStarStarStarEmpty StarStarStarStarStarEmpty Star
Pros & ConsPros:
  • No monthly fees
  • Expense tracking
  • Save for taxes
Cons:
  • Best features only for paid Lili plans
  • Fee to deposit cash
Pros:
  • No monthly fees
  • ATM refunds up to $7 per month
  • Lots of software integrations
Cons:
  • No cash deposits
  • Can't send wires
Bottom LineMixed-use account for small business owners to help manage expenses and taxes... Read full reviewFee-free online business checking with lots of good features... Read full review
 Visit SiteVisit Site

Novo: Pricing information from published website as of 09/27/2024.

Lili

Free Checking Account for Small Business Owners

  • Sign up in 3 minutes; no credit check
  • No account fees - $0 monthly fee, overdraft fee, foreign transaction fee, or ATM fees at approximately 40,000 locations
  • Automatic Savings
  • Get paid up to 2 days early
Lili is a financial technology company, not a bank. Banking services provided by Sunrise Banks N.A., Member FDIC
Lili

Free Checking Account for Small Business Owners

  • $0 monthly service fees
  • $0 minimum opening deposit
  • No minimum balance requirement
  • No foreign exchange fee
  • Get direct deposits up to 2 days earlier
Lili is a financial technology company, not a bank. Banking services provided by Sunrise Banks N.A., Member FDIC
Lili

Free Checking Account for Small Business Owners

  • $0 monthly service fees
  • Automatic Savings
  • Free withdrawals at approximately 40,000 ATMs
  • Get direct deposits up to 2 days earlier
  • No foreign transaction fees
Lili is a financial technology company, not a bank. Banking services provided by Sunrise Banks N.A., Member FDIC
Novo

Free Business Checking

  • $0 monthly service fee
  • $50 deposit to unlock all features
  • ATM fee refunds up to $7 per month
Banking services provided by Middlesex Federal Savings F.A., Member FDIC
Novo

Spend $1500 with your Novo card within 90 days, and get $75

Expires 12/31/2024
  • $0 monthly service fee
  • $50 deposit to unlock all features
  • ATM fee refunds up to $7 per month
Banking services provided by Middlesex Federal Savings F.A., Member FDIC
Novo

Free Business Checking

  • $0 monthly service fee
  • ATM fee refunds up to $7 per month
  • Free ACHs, incoming wires, and mailed checks
  • Up to 20 Reserves to manage multiple budgets
  • Thousands of app integrations
Banking services provided by Middlesex Federal Savings F.A., Member FDIC

Which is Better: Lili or Novo?

Still need help deciding which business card is better? Read the in-depth reviews below. You may also be interested in comparing Lili or Bluevine.

In short: Lili's checking is outstanding.


Articles on Lili

Lili Review

Lili offers a free business checking account with tax planning and expense tracking tools. Review the features to find out if Lili is worth it.

Articles on Novo

Novo Review

Novo provides digital banking services for entrepreneurs and small businesses. Explore Novo's features, business perks, and fees in this review.

Is Novo Legit

Novo is a platform offering banking services for small businesses and freelancers. But is it safe and legit? Read on to find out.

Which Do You Think is Best?





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About CreditDonkey
CreditDonkey is a credit card comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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