Novo Business Checking vs Lili Business Banking

Lili's savings pays 2.25% on up to $500,000 on every plan including free Core, plus 4.00% on the slice from $500k to $1M. Novo pays no interest anywhere, on any balance.

Lili sweeps deposits for up to $3 million in coverage through Sunrise Banks. Novo stops at the standard $250,000 through Middlesex Federal Savings with no sweep program.

Novo's free tier includes unlimited invoicing with payment acceptance, Novo Boost for 2-4 day faster Stripe payouts, and Shopify, Amazon, and Etsy integrations. Lili holds invoicing and accounting behind the $35 Smart tier.

Lili Pro at $15 adds an automatic tax bucket that sets aside a percentage of every deposit, plus tax categorization and expense reports. Novo's Reserves are manual envelope buckets with no tax automation.

Novo has no network but refunds up to $7 per month in third-party ATM fees, which works at any machine. Lili is free only at 40,000+ MoneyPass ATMs and charges $2.50 plus operator fees elsewhere.

Lili takes cash deposits at 90,000+ Green Dot locations (about $4.95) and BalanceUp on Pro covers up to $200 of fee-free overdraft. Novo accepts no cash and has no overdraft cushion.

Is Novo Business Checking or Lili Business Banking better?

Pick Novo if invoicing is your business's front door: a Stripe-heavy freelancer or e-commerce seller gets Novo's best features free, and Lili would charge $35 a month for the equivalent tooling. Pick Lili if you carry real balances or dread quarterly taxes, because 2.25% on up to half a million dollars, $3 million of FDIC coverage, and the $15 tax bucket beat anything Novo offers a saver. Get paid through Novo, keep money at Lili, and if you must choose one, the balance on deposit decides it.

Does Novo or Lili charge a monthly fee?

Novo Business Checking: $0. Lili Business Banking: $0 (Core).

Which earns a higher APY, Novo or Lili?

Lili. Lili's savings pays 2.25% on up to $500,000 on every plan including free Core, plus 4.00% on the slice from $500k to $1M. Novo pays no interest anywhere, on any balance.

Which is better for yield?

Lili. Lili's savings pays 2.25% on up to $500,000 on every plan including free Core, plus 4.00% on the slice from $500k to $1M. Novo pays no interest anywhere, on any balance.