Why we picked it: Lili offers fee-free ACH transactions, wire transfers, direct deposit and mobile check deposits, and it has more than 90,000 partner retail locations where you can make cash deposits. Withdrawals are free at any MoneyPass ATM, and customers also get a Lili Visa Debit Card to use for bill pay or other services. You can also categorize your expenditures and mail checks directly from your banking dashboard.
Our favorite perks are the cashback-earning opportunities that come with several of the business accounts. When you make purchases from participating merchants, you’ll earn money back, which will be credited to your Lili account. Lili also offers a business savings account that earns up to 3% APY through its partner bank, Sunrise Banks, and higher-tier checking accounts offer integrations for tax prep, accounting, invoicing and other professional software options.
Caveats: There are no limits on inbound ACH or wire transfer deposits per month, though there is a $5,000 limit on linked bank account transfers and a $50,000 monthly limit on mobile check deposits. To enjoy cashback rewards on your debit card, you must use at least the Lili Pro account, which costs $9 per month.
Other banks we considered
Square
If you’re already familiar with the Square ecosystem and a regular user of its eponymous payments platform, there’s a lot to like about this business checking account, particularly for business owners who don’t handle many cash transactions. Square Checking is refreshingly fee-free, with no minimum balance requirements or monthly maintenance fees, and money you make on sales through Square hits your account immediately. Square also doesn’t charge foreign transaction fees.
Like most of its digital counterparts, though, there’s no way to deposit cash directly — and unlike other online banks, Square isn’t part of a network like MoneyPass that gives you access to fee-free ATMs, so you’ll pay the operator’s fee to use those. There’s also no opportunity to earn interest with Square’s checking options, though you can earn up to 1.00% on a Square business savings account.
Relay Financial
Neobank Relay Financial (FDIC-insured via its partner bank, Thread Bank) offers a business checking account with minimal fees, up to $3 million in FDIC insurance, and the ability to integrate with third-party software like QuickBooks, Plaid, Xero, and Gusto. However, it doesn’t offer the opportunity to open and link a savings account so you can earn interest.
If you have a big team or need detailed cashflow management, it can be a good option. It currently offers up to 20 sub-accounts and 50 individual debit cards (which you can set separate spending limits for).
Novo
Neobank Novo, which provides FDIC insurance through Middlesex Federal Savings, F. A., offers a business checking account — and a highly rated app for both IOS and Android users — that integrates with payment platforms like Stripe, Amazon and Square and offers bookkeeping, budgeting and cashflow management tools. The bank doesn’t charge onerous fees and offers free mobile check deposits. Its FDIC insurance is the standard $250,000, so it may not be ideal if you plan to carry a very large balance.
