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Lili vs Novo

Lili is a mixed-use account for single 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 10 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 Sole Proprietors and Single-Member LLC - Learn More

Read Lili Review

SPECIAL OFFER
Free Business Checking - Learn More

Read Novo Review

 

Benefits and Features

SavingsTax Bucket for all users; Lili Pro users also get an Emergency Bucket with 2.0% APYNo savings account, but you add up to 10 Reserves
CheckingNo monthly fees; no balance requirements; no overdraft fees; no foreign transaction feesNo monthly fees; no balance requirements
APY
N/A
N/A
Customer Service
Monday – Friday 9am – 7pm EST
Phone, email, or in-app messaging: Monday - Friday, 9 am - 6 pm EST
Minimum Deposit to Open
$0
$50 to access all Novo's features
ACH Transfer Fee
$0
$0
ATMs
38,000+ MoneyPass ATMs
Unlimited reimbursement of all ATM fees worldwide
Balance Requirement
$0
None
Cash Deposit Fee
$4.95
N/A
Incoming Wire Transfer Fee
N/A
$0
Locations
Online only
Online only
Out of Network ATM Fee
$2.50 ($5 for international)
Unlimited ATM fee rebates
Outgoing Wire Transfer Fee
N/A
N/A
Overdraft Fee
$0
$27
Monthly Fee
$0
$0
 

CreditDonkey® Reviews

 LiliNovo
SavingsStarStarStarEmpty StarEmpty StarEmpty StarEmpty StarEmpty StarEmpty StarEmpty Star
Minimum DepositStarStarStarStarStar
CheckingStarStarStarStarStarStarStarStarStarEmpty Star
Customer ServiceStarStarStarStarEmpty StarStarStarStarStarEmpty Star
Mobile AppStarStarStarStarHalf StarStarStarStarStarStar
FeesStarStarStarStarStar
Pros & ConsPros:
  • No monthly fees
  • Expense tracking
  • Save for taxes
Cons:
  • Best features only for Lili Pro
  • No checks
  • Fee to deposit cash
Pros:
  • No monthly fees
  • Unlimited ATM refunds
  • Lots of software integrations
Cons:
  • No cash deposits
  • Can't send wires
Bottom LineMixed-use account for single 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
Lili

Free Checking Account for Sole Proprietors and Single-Member LLC

  • Sign up in 3 minutes; no credit check
  • No account fees - $0 monthly fee, overdraft fee, foreign transaction fee, or ATM fees at 38,000+ locations
  • Auto save for taxes
  • Track write-offs with a swipe
  • Prefilled annual Schedule C
Banking services provided by Choice Financial Group, Member FDIC
Lili

Free Checking Account for Sole Proprietors and Single-Member LLC

  • $0 monthly service fees
  • $0 minimum opening deposit
  • No minimum balance requirement
  • No foreign exchange fee
  • Get direct deposits up to 2 days earlier
Banking services provided by Choice Financial Group, Member FDIC
Lili

Free Checking Account for Sole Proprietors and Single-Member LLC

  • $0 monthly service fees
  • Categorize and track business expenses
  • Save for taxes automatically
  • Get direct deposits up to 2 days earlier
  • No foreign transaction fees
Banking services provided by Choice Financial Group, Member FDIC
Novo

Free Business Checking

  • $0 monthly service fee
  • $50 deposit to unlock all features
  • Unlimited ATM fee rebates
Banking services provided by Middlesex Federal Savings F.A., Member FDIC
Novo

Free Business Checking

  • $0 monthly service fee
  • Unlimited ATM fee rebates
  • Free ACHs, incoming wires, and mailed checks
  • Up to 10 Reserves to manage multiple budgets
  • Thousands of app integrations
Banking services provided by Middlesex Federal Savings F.A., Member FDIC
Novo

Novo Boost (available for payments processed via Stripe)

  • Get paid faster and speed up cash flow
  • Access funds in hours instead of days
  • Connect with 50+ tools to help grow your business

Which is Better: Lili or Novo?

Still need help deciding which bank reviews & deals is better? Read the in-depth reviews below. You may also be interested in comparing Lili or Chase.

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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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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