Which banking tool will pack the biggest punch for your financial game plan? It’s a showdown — Novo vs Lili.

In one corner, we’ve got Novo. With its streamlined banking experience tailored for the hustling entrepreneur. On the other side, we have Lili and its freelancer-friendly perks and no-fee promise. Which one deserves a spot in your financial toolkit?

Whether you’re juggling stocks, crypto, or real estate investments, the right banking tool is key to your financial strategy. Today, we’ll break down the strengths and weaknesses of Novo and Lili, so you can make an informed decision that aligns with your business goals.

What is Novo?

Novo targets freelancers and small businesses with its online-first approach to banking. No monthly fees, and no minimum balance to worry about – only focus on running your business.

Novo comes with a user-friendly app to manage your finances on the go. With that, you also get a free business debit card, plus a virtual one for secure online transactions. It also offers features like sending and receiving ACH transfers, writing checks and creating client invoices.

Another standout capability of Novo is its seamless integration with the tools already in place. You can connect Novo to Stripe, Amazon, Shopify, PayPal or Square for quick and easy payments.

Think of Novo as your all-in-one small business banking hub. It keeps your financial operations affordable, convenient and free from the burdens of traditional banking.

What is Lili?

Lili is a comprehensive financial management platform. It mainly caters to freelancers and small businesses. It functions as a FinTech solution that partners with a traditional bank. It provides a business checking account — with no monthly fees and minimum balance requirements.

Lili also offers mobile access with a user-friendly app for on-the-go management. It comes with a Visa® business debit card for everyday transactions. Its software also automatically categorizes expenses to streamline financial organization.

Beyond basic banking functionality, Lili integrates invoicing tools. This streamlines client billing and bookkeeping features. It also simplifies tax preparation with automated reports and pre-filing tax forms.

If you’re a business owner seeking a centralized platform to manage all aspects of your finances. Lili is a strong contender.

Novo Bank Features 

Free Business Checking with No Monthly Fees

Eliminate hidden costs and minimum balance requirements. Novo prioritizes affordability, allowing you to focus on growing your business.

Accessibility

Manage your finances on the go with Novo’s user-friendly mobile app. Deposit checks, transfer funds and track account activity — all from your smartphone or tablet.

Business Debit Card

Conduct everyday transactions with a secure physical business debit card. Additionally, Novo provides a virtual debit card for secure online purchases.

Seamless Bill Pay and Transfers

Streamline your cash flow management without incurring extra charges. Free ACH transfers, check-writing capabilities, and invoice creation are part of the standard Novo account.

Goal Setting with Novo Reserves

Divide your funds for specific purposes with Novo Reserves. This intuitive feature fosters financial organization and simplifies expense categorization. The Novo app also provides a clear overview of your account balance and the status of each reserve. It allows you to watch your progress towards your financial goals and adjust as needed.

Enhanced Integrations

Drop the need for multiple applications. Novo integrates seamlessly with most third-party applications. This ability helps create a centralized platform for managing your finances. With all your financial data consolidated in one place, you make informed decisions and identify areas for improvement.

Lili Bank Features

Automated Expense Tracking & Organization

Categorize your expenses automatically with Lili. This capability helps save valuable time and ensure accurate financial reporting. You’ll have a clear picture of where your money is going, enabling informed financial decisions.

Streamlined Invoicing to Get Paid Faster

Create professional invoices directly within the Lili platform. Thus, eliminating the need for separate invoicing software. Track invoice status and send automated payment reminders to ensure timely payments for improved cash flow.

Bill Pay

Merge all your bills in one place. Lili’s integrated bill pay feature stands out. It lets you schedule automatic payments, receive due date reminders and cut the hassle of paper checks. Streamlined payment management means less stress and more time for what matters.

Built-In Tax Tools

Set aside estimated tax payments with the dedicated “Tax Bucket” feature. Plus, Lili generates comprehensive reports and even pre-fills tax forms. This saves hours of tedious work come April.

Bookkeeping Capabilities

Track your income and expenses, generate profit and loss statements and gain valuable insights into your business’s financial health. No need for additional bookkeeping software – Lili has you covered.

Novo or Lili: Which One Should You Use?

Ultimately, choosing between Novo and Lili depends on your priorities and financial stage.

Novo is an excellent choice for budget-conscious freelancers and startups. Especially, with its user-friendly mobile app, seamless integration capabilities and core banking functionalities.

On the other hand, Lili stands out for established businesses or freelancers. Its automated expense tracking, invoicing and tax assistance features make all the difference.

So, weigh your priorities carefully. Do you value affordability and a user-friendly mobile experience above all else? Then Novo might be your champion.

If, however, comprehensive automation, streamlined workflows, and tax assistance are your needs, Lili could be perfect for your financial journey.

FAQs

In which states can I open a Lili Bank or Novo Bank account?

Both Lili Bank and Novo Bank are available for business owners residing in the entire US. Yet, there might be a slight difference in the eligibility. Lili Bank currently doesn’t mention restrictions beyond the continental US. Novo Bank requires the business owner to live and register the business within the US.

Does either bank offer upgraded accounts with more features?

Lili offers different tiers of accounts with varying features and benefits. Novo may or may not offer upgrades depending on their current offerings. We recommend checking their website for any updates.

Do I get rewarded for using my business debit card with Lili or Novo?

Yes, but only with Lili Bank! Their Lili Premium Business Visa Debit Card offers a cash-back rewards program for business purchases. On the contrary, Novo Bank’s debit card doesn’t currently offer any cash-back rewards.

Can I open multiple business accounts with either bank?

Yes! Both Lili and Novo allow you to open multiple business accounts. You can easily keep your finances organized for different aspects of your business.

Can I use these banks for international transactions?

Yes, both Lili and Novo work for international transactions. However, we do recommend checking their websites or apps for any fees or exchange rate considerations.

Set Up Your Business in Less Than 5 Minutes

Looking to start your own business and need help opening a US bank account from anywhere in the world?

Get started with doola’s fast business formation services to form an LLC in all 50 states. We’ll also help you apply for an EIN and open a business bank account so you can easily embark on your entrepreneurial journey and unlock new growth opportunities.

If you need more information or expert guidance, you can also book a free consultation with one of our doola experts, and we’ll take it from there.