9 best Lili alternatives for business banking

Lili is built for freelancers and the newly self-employed: no-fee accounts and simple tools to separate business and personal money and categorize expenses. But as your business grows, its limits on transfers, deposits, and cards can start to hold you back—which is why many owners look for an alternative.

Here at Relay, we work closely with small business owners and their advisors (CPAs, accountants, and bookkeepers) to build a business banking platform for entrepreneurs. With that in mind, we've taken a closer look at how Lili compares to other alternatives from a financial-management perspective, so you know what to consider before opening an account. This article covers all the options available to you, from brick-and-mortar banks to digital banking platforms.

Read on for more on Lili first, or jump to any of the alternatives listed for an in-depth breakdown.

What is Lili?

Lili is an online banking alternative designed for freelancers. It offers accounts and banking features useful for freelancers and other service businesses that work as sole proprietors.

A digital banking platform like Lili aims to give entrepreneurs features to make day-to-day business banking easier. For example, Lili connects directly to bookkeeping software like QuickBooks or Xero, payment processors like Stripe and Square, and money-sending apps like CashApp or Venmo.

Lili's Core plan has no monthly fee, with paid tiers—Pro, Smart, and Premium—running from $15 to $55/month for added features. Despite the appealing entry price, a Lili business account comes with some limitations. You'll pay cash-deposit fees at ATMs, and you can run into limits on deposits and external transfers as your volume grows. Lili also doesn't support Zelle, so you can't send or receive money through it—you'd use ACH, wire, or a third-party app like Venmo or CashApp instead.

Why you need a Lili alternative

One thing to keep in mind when opening a business bank account is whether it can meet your needs in the long term, as your business evolves.

So, while Lili is a good fit for new freelancers or the newly self-employed with low activity, you might hit a ceiling as your business scales. Lili's limits on direct deposits and external transfers may slow you down as you ramp up operations or move money to and from your business. And since Lili provides only one Visa debit card, you may face problems if your team grows and you need advanced spend-management features.

What to consider before choosing a bank

When you open a new bank account, keep the long-term plans of your business in mind and future-proof your setup—it will save you work and money in the long run. You don't want the headache of switching to a different bank account once your business is up and running.

This is why you should think through your biggest banking needs now—before you choose your next bank account—so you don't have to revisit it later. Start by asking these four questions to evaluate your business banking needs:

• How do I prefer to bank? Not everyone has time for in-person banking. An online platform or a mobile banking app lets you self-serve and can save you a lot of time. Make sure your banking platform provides this.

• What do I need beyond basic banking? Today's banking platforms come equipped with tools that help you budget, speed up accounting, help manage team spending, and streamline accounts payable. Make sure your platform of choice supports the features you'll need.

• What fees will I be charged? Fees add up. Before you jump on a special offer, dig into the fine print of your provider's terms of service—you're likely to discover multiple fees along the way.

• What types of payments will I need to make? Few things are as frustrating as finding out you can't send or receive international wire payments six months into a new banking relationship (it happens more often than you think). Make sure you have all your needs covered before signing up.

> Read more about things to consider before choosing a bank.

The top alternatives to Lili

So, what Lili alternatives should you consider before committing? We've outlined the top 9 below.

Lili alternatives at a glance

Relay

Relay is a business banking and money management platform that helps you get clear about how much you're earning, spending, and saving. We built Relay in collaboration with accountants, bookkeepers, and CPAs—the experts who understand business finances, what owners need to manage cash flow, and how to stay on the money.

Relay is equipped with tools that help you budget and keep track of spending. That includes up to 20 individual checking accounts that enable multiple bank account budgeting, percent-based money transfers between your accounts, and up to 50 physical or virtual Relay Visa® debit cards³ to help categorize your spending.

To make financial reporting and day-to-day cash management easy, Relay gives you detailed data about each transaction and integrates deeply with tools like QuickBooks Online, Xero, and Gusto.

You can apply for a Relay account online and bank with no monthly maintenance fees, minimum balance requirements, or overdraft fees. You can also upgrade to the Grow plan at $30/month, which adds same-day ACH and accounts payable automation.

Features:

• Business checking with no monthly maintenance fees, minimum balances, or overdraft fees

• Easy-to-set-up integrations with small business software like QuickBooks Online, Xero, and Gusto

• Connect with third-party apps using Plaid and Yodlee

• Up to 20 unique checking accounts with individual account and routing numbers

• Issue up to 50 virtual or physical business debit cards to your team

Pros:

• Apply 100% online in 10 minutes

• FDIC-insured via Thread Bank

• Visa® Zero Liability Protection

• No monthly maintenance fees, overdraft fees, or minimum balance requirements

• Automate money management with percent-based account transfers

• Securely collaborate with your bookkeeper, accountant, or CPA

• Fee-free cash withdrawals at over 50,000 Allpoint ATMs in the U.S.

• Send domestic and international wires, with per-wire fees that drop on higher plans

• Accounts payable automation on the Grow plan

Cons:

• No physical branches

³The Relay Visa® Debit Card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa debit cards are accepted.

Novo

If you're looking for a basic bank account with owner-friendly features, consider Novo. Novo offers a checking account that simplifies your monthly accounting process. A built-in invoicing solution handles your accounts receivable, and you can keep data synced with your accounting platform thanks to Novo's integrations. Novo also refunds up to $7/month in third-party ATM fees.

However, a Novo account may not be the best fit for all businesses. If you need to make a lot of cash deposits, you'll need another solution—Novo doesn't support direct cash deposits, so you'd buy a money order and deposit it. And while you get "reserve" accounts with Novo, they're not full-fledged checking accounts but sub-accounts, and they come with limitations.

Features:

• Business checking account with no monthly fee or minimum balance requirement

• Works with tools like Shopify, Stripe, QuickBooks Online, and Xero

• Discounts and promotions at participating partners

• Up to $7/month in third-party ATM fees refunded

• Budget by automatically transferring money to reserves

Pros:

• Backed with FDIC insurance

• 10-minute application

• Free unlimited invoicing and online bill pay

• Paper checks can be sent for free

Cons:

• Cash deposits must be done through money orders

• Outgoing and international wire support is limited

• Comparable features to competitors are locked behind apps and integrations

Bluevine

You might know Bluevine more as a lender than a banking platform, as it's known for business loans and lines of credit. But it has made the foray into business banking with a checking account that can generate an estimated 1.3% APY on balances up to $250,000.

To generate interest, you need to meet an activity requirement. To be eligible, you must process at least $2,500 in customer payments per month or spend at least $500 per month using Bluevine's business debit card. Interest may appeal to some, but depending on the nature and size of your business, these requirements can be tough to meet consistently.

Bluevine's checking account has no monthly fee, but it does have transaction fees that can add up over time—for example, out-of-network ATM usage and cash deposits. Depending on how you use your account, you might end up paying more in fees than the interest you generate. Bluevine also offers a Premier tier at $95/month that raises the rate to 3.0% APY on balances up to $3M.

Features:

• Business checking account with no minimum balance

• 5 free sub-accounts

• Offers loans and lines of credit

• Unlimited transactions

• Options for accountant and team member account access

• No overdraft fees; standard ACH with no per-transaction fee

Pros:

• Backed by FDIC insurance

• Up to 1.3% APY on balances to $250,000 (3.0% on the $95/mo Premier tier)

• 2 checkbooks free every year

• Incoming wire transfers are fee-free

• All MoneyPass network ATMs are fee-free

Cons:

• Meeting the criteria to generate interest can be difficult

• Out-of-network ATMs have $2.50 fees

• Cash-heavy businesses will pay $4.95 per cash deposit

• Lacks integrations with payment and payroll processors

• $15 fee for every outgoing wire transfer

Brex

Brex is a spend management platform built for medium to enterprise organizations. It offers a full spend-management suite that includes business banking, corporate charge cards, bill pay, and travel, among other products. One of the biggest downsides of Brex is that most businesses are unlikely to meet its strict eligibility criteria. As the company announced in 2022, Brex now only accepts enterprise companies and venture-backed startups. That's still the case in 2026: sole proprietors and unincorporated businesses aren't eligible.

If you are eligible, expect advanced spend-management tools and integrations with popular back-office software. Beyond that, the ease of managing multiple currencies and making global payments is useful for growing international operations.

The eligibility criteria are a good indicator of whether Brex is for you. If you don't meet them, chances are it isn't the right fit to begin with.

Features:

• Business account with no monthly fee or minimum balance requirement

• No overdraft or deposit fees

• Standard ACH with no per-transaction fee

• Open up to 8 total accounts

• Detailed expense categorization and spending breakdown

• Team permissions to manage access globally

Pros:

• Backed with FDIC insurance

• Integrates with accounting tools

• Custom workflows

• 24/7 customer support

• Runway forecasting tool to see how long your reserves will last

Cons:

• Serves a very specific type of business

• Built for online, international banking

• Sole proprietors are not eligible

• Missing tools for accounts payable or invoicing

Mercury

Mercury is another business banking platform favored by startups. It offers checking accounts, corporate cards, venture debt, and treasury services. In addition to its core services, Mercury offers perks that include an investor network and special offers from partners.

It's a strong choice for technology startups and similar businesses, but it may not be the perfect fit for everyone. For example, if you want to earn yield, you'll need at least $250,000 across your Mercury accounts to access Mercury Treasury, which isn't viable for every small business.

Features:

• Business checking account with no monthly fee or minimum balance

• No fees for deposits, overdrafts, or standard ACH payments

• Multiple checking accounts included

• Discounts and other perks with select partners

Pros:

• Backed by FDIC insurance

• Can earn yield through Mercury Treasury on larger balances

• Accounting integrations include QuickBooks and Xero

• Free wire transfers

• Access to venture funding

• Apply for a corporate card with 1.5% cash back

Cons:

• Features cater to high-growth startups

• The best yield is locked behind a $250,000 Treasury minimum

• No accounts payable or invoicing

• Only one debit card per user on the account

• Cash flow management functions need API integrations

Axos Bank

Axos Bank is one of the first digital banking platforms—it has been around since the early 2000s and offers a number of options for small businesses.

Many businesses are initially drawn to Axos for its Business Interest Checking account. This account generates 1.01% APY on balances up to $20,000 if you keep a $5,000 average daily balance. If you don't meet the balance requirement, you'll pay a $10 monthly service fee. If you're hesitant about the balance requirement, the Basic Business Checking account has no minimum balance and no monthly fee.

Beyond bank accounts, Axos is active in other financial services. Even without an account, it can help kickstart your business with loans, lines of credit, and equipment financing. On the other hand, Axos doesn't offer as many money-management tools as some other digital banking platforms.

Features:

• Basic Business Checking with no monthly fee or minimum balance

• No initial deposit required for Basic Business Checking

• Support with SBA loan applications and payroll

• Two domestic wire transfers reimbursed each month

• 24/7 customer support

Pros:

• Backed with FDIC insurance

• Cash deposits are free at MoneyPass and Allpoint ATMs

• Reimburses domestic ATM fees

Cons:

• Not as many financial-management tools as other platforms

• Interest is only earned on the first $20,000 of your balance

• No credit; only assistance with SBA loan applications

Chase

Chase is one of the most popular options for small business owners looking for a traditional bank account. Unlike neobanks, Chase charges fees for most of its banking services. However, you can waive these fees if you meet a minimum transaction volume or minimum balance requirement.

As a traditional bank, Chase offers customers multiple brick-and-mortar locations for in-person support. That's especially useful for those who need to make frequent cash deposits. And since Chase is a large national bank, you can hold both your personal and business accounts with one institution if you prefer.

Features:

• Monthly fee can be waived under certain conditions

• Cash flow management tools

• Make payments to providers with Online Bill Pay

• Over 16,000 ATMs and 4,700 branches

• Bank on the go with the Chase Mobile Banking app

Pros:

• No minimum opening deposit

• Backed with FDIC insurance

• Sometimes offers signup bonuses

• Credit options include loans, lines of credit, and credit cards

• Many brick-and-mortar locations for in-person banking

Cons:

• Monthly fees start at $15/month

• Limited integrations with popular business software and tools

• Limits on fee-free cash deposits and in-person transactions

• Costly overdraft fees

Bank of America

Bank of America is another popular traditional bank among business owners. Although it's a brick-and-mortar bank, it has invested in its online banking experience and lets you start opening your account online.

Bank of America has two business checking accounts to choose from: Fundamentals or Relationship. Both have a monthly fee ($16 and $29.95 respectively), though these fees can be waived if you meet the balance requirements. Bank of America doesn't charge for electronic transactions, but you'll run into fees for stopping payments, receiving wire transfers, and other services.

Features:

• Stay on top of revenue and expenses with Cash Flow Monitor

• Send money easily with Zelle

• Access to small business specialists and a virtual assistant

• Fraud protection

Pros:

• Backed with FDIC insurance

• Options for in-person banking

• Credit options include loans, lines of credit, and credit cards

• Offers digital debit cards

Cons:

• Lacks integrations with popular business software and tools

• Monthly fees start at $16/month

• Transaction fees like overdraft and non-Bank of America ATM usage can add up

• Extra fee to add users or money-management accounts

Ready to make a move?

Choosing a bank and opening an account is stressful. Save yourself from doing it again soon by choosing a solution that scales with your business's needs. While Lili has no monthly fee on its Core plan, its limits on transfers and deposits can hold you back down the line.

If you're ready for an account that grows with you and puts your everyday financial management on firmer footing with no monthly maintenance fees, consider Relay. Open a Relay account and you can be set up in about 10 minutes.

Frequently asked questions

Does Lili have Zelle?

No. Lili doesn't currently support Zelle. To move money, you can use ACH, a wire transfer, or a third-party app such as Venmo, CashApp, or PayPal.

Is Lili free?

Lili's Core plan has no monthly fee. Its paid plans—Pro, Smart, and Premium—run from $15 to $55 per month and add features like accounting tools, higher savings rates, and tax buckets.

What's the best Lili alternative for a growing business?

It depends on what you need. If you want to organize cash flow across multiple accounts and automate how money moves, Relay is a strong fit—it offers up to 20 checking accounts with their own account and routing numbers and percentage-based auto-transfers.