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Novo vs Lili

Novo is a fee-free online business checking with lots of good features. How does it compare to Lili? Read our comparison chart below.

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.

While 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.

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

 NovoLili
 Visit SiteVisit Site
 

Novo

Lili

SPECIAL OFFER
Free Business Checking - Learn More

Read Novo Review

SPECIAL OFFER
Free Checking Account for Sole Proprietors and Single-Member LLC - Learn More

Read Lili Review

 

Benefits and Features

SavingsNo savings account, but you add up to 20 ReservesEmergency Bucket for all users; Lili Pro users also get an Emergency Bucket with 4.15% APY
CheckingNo monthly fees; no balance requirementsNo monthly fees; no balance requirements; no overdraft fees; no foreign transaction fees
Monthly Fee
$0
$0
APY
N/A
N/A
Minimum Deposit to Open$50 to access all Novo's features
$0
ACH Transfer Fee
$0
$0
ATMsUp to $7 per month reimbursement of ATM fees worldwide
38,000+ MoneyPass ATMs
Balance Requirement
None
$0
Cash Deposit Fee
N/A
$4.95
Customer ServicePhone, email, or in-app messaging: Monday - Friday, 9 am - 6 pm EST
Monday – Friday 9am – 7pm EST
Incoming Wire Transfer Fee
$0
$0
Locations
Online only
Online only
Out of Network ATM FeeUp to $7 per month ATM fee reimbursement
$2.50 ($5 for international)
Outgoing Wire Transfer Fee
N/A
N/A
Overdraft Fee
$0
$0
 

CreditDonkey® Reviews

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

Novo: Pricing information from published website as of 03/01/2024.

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

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
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
  • Automatic Savings
  • Get paid up to 2 days early
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
  • Automatic Savings
  • Free withdrawals at 38k ATMs
  • Get direct deposits up to 2 days earlier
  • No foreign transaction fees
Banking services provided by Choice Financial Group, Member FDIC

Which is Better: Novo or Lili?

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

In short: Lili's checking is outstanding.


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.

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.

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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