Lili Bank vs. Found Bank: An In-Depth Comparison

Key Takeaways

  1. Lili Bank and Found Bank are modern online banks with a mobile-first approach, offering user-friendly interfaces and cost-effective pricing.
  2. Lili Bank's services include fee-free checking and savings accounts with unlimited transactions, overdraft protection, and 24/7 live chat customer support. They don't require a minimum balance and provide FDIC insurance.
  3. Found Bank provides competitive savings accounts, checking accounts with a range of free transactions, and debit cards with no hidden fees. They offer FDIC insurance, overdraft protection, and credit score monitoring.
  4. Lili Bank is ideal for those who value simplicity, transparency, and mobile accessibility, while Found Bank is suitable for customers seeking extensive ATM access and credit score monitoring.
Lili Bank vs. Found Bank: An In-Depth Comparison

Are you tired of dealing with outdated banking practices and hidden fees? Look no further than Lili Bank and Found Bank – two innovative online banks here to revolutionize how you manage your finances. In this in-depth review, we'll dive into the unique offerings of these two banks and help you determine which one better fits your financial requirements.

Gone are the days of endless trips to the bank or navigating complicated online banking systems. Lili and Found have both taken a mobile-first approach to their services, making it easier than ever to keep track of your finances on the go.

In addition to their user-friendly interfaces, these banks also offer cost-effective pricing that helps you keep more of your hard-earned money in your pocket. Whether you're looking for effortless budgeting tools or unbeatable savings opportunities, Lili Bank and Found Bank have you covered.

Let’s use the following table to compare and contrast the services and features provided by Lili Bank and Found Bank at a glance.

Lili Bank vs. Found Bank: Services and Features Comparison

Property Lili Bank Found Bank
Mobile App Availability Yes Yes
Online Banking Yes Yes
Bill Pay Yes Yes
ATM Access Limited Extensive
Debit Card Yes Yes
Credit Card No No
Budgeting Tools Yes No
Investment Services No Yes
Overdraft Protection Yes Yes
Customer Service 24/7 Live Chat Phone Support
Savings Accounts Yes Yes
Checking Accounts Yes Yes
FDIC Protection Yes Yes
P2P Transfers Yes Yes
Joint Accounts Yes Yes
Minimum Balance No Yes
Credit Score Monitoring No Yes

The above table compares the services and features offered by Lili Bank and Found Bank. Both banks provide various standard banking services, including mobile and online banking, bill pay, and debit cards. However, Found Bank offers investment services and extensive ATM coverage, while Lili Bank has 24/7 live chat customer service. Additionally, Lili Bank does not require a minimum balance, while Found Bank does. Both banks offer P2P transfers and joint accounts and are FDIC insured.

Please note that the features and services listed in this table may vary based on location and account type and are subject to change.

Lili Bank vs. Found Bank Business Checking Accounts Comparison

Lili Axos
Required Opening Deposit $0 $0
Required Balance Minimum $0 $0
Monthly fees $0, $9, $20, or $35 $0 or $19.99
Transaction Limit Before Fees No limit No limit
APY N/A N/A
ACH fees $0 for standard ACH; 1.5% of transaction amount for Express ACH $0
Domestic Wire Transfer Fees $0 for incoming; cannot send wire transfers $0 for incoming; cannot send wire transfers
International Wire Transfer Fees Cannot send or receive international wire transfers Cannot send or receive international wire transfers
ATM Fees $2.50 at non-MoneyPass ATMs None
Cash Deposit Fee $4.95 or less per deposit at Green Dot retail locations $2 per transaction

Lili Bank Services

Lili offers a variety of financial products and services, making it a one-stop shop for all your banking needs. Lili Bank has you covered whether you are looking for a checking, savings, or joint account.

Here’s a closer look at the different features offered by Lili Bank:

Firstly, Lili's checking account provides unlimited free transactions, making it easier to manage your day-to-day expenses. You won't have to worry about paying extra fees for each purchase you make or bill you pay.

Moreover, the checking account doesn't have a minimum balance requirement, so you can flexibly manage your money according to your needs. Lili's debit cards also offer access to a limited network of ATMs, allowing you to withdraw your money whenever and wherever you want.

Another key feature of Lili Pro is its overdraft protection (up to $200). Lili Bank will automatically transfer funds from your savings account to cover the shortfall if you have insufficient funds in your checking account. This helps prevent costly overdraft fees and ensures you can make essential purchases without worrying about penalties. Moreover, Lili Bank's joint accounts allow you to manage your finances with a co-owner, making it an ideal solution for couples or families who want to share expenses.

Another advantage of Lili is the $250,000 FDIC insurance it provides. With FDIC insurance, your deposits are insured up to the maximum limit set by the FDIC, ensuring that your funds are secure. You can rest assured that your money is protected, even in the unlikely event of a bank failure.

Furthermore, Lili Bank's mobile app provides easy access to your account information and transactions, allowing you to view your account balance, deposit checks, pay bills, and transfer funds on the go. Also, Lili Bank offers P2P transfers, making it easier for you to transfer money to friends and family quickly and securely.

Lili Bank's budgeting tools are also noteworthy. With these tools, you can easily track your expenses, set financial goals, and monitor your progress. This helps you stay on top of your finances and ensures that you are on track to achieve your financial goals. Lastly, Lili Bank's customer support is available 24/7 to help you with any questions or concerns. Whether you need assistance with a transaction or have a question about your account, you can count on Lili Bank's customer support team to be there for you.

In conclusion, Lili Bank offers a wide range of financial products and services to help you manage your finances. From checking and savings accounts to overdraft protection and FDIC insurance, Lili Bank has everything you need to take control of your financial journey. With its mobile-first approach and cost-effective pricing, Lili Bank is an excellent choice for a modern, user-friendly banking experience.

Found Bank Features

Found Bank offers its customers a comprehensive set of financial products and services designed to help them achieve their financial goals.

Let’s look at some of Found Bank's most prominent features and services:

Found Bank's savings and checking accounts are designed to offer flexibility and accessibility to its customers. Found Bank's savings accounts offer competitive interest rates to help you grow your savings. In contrast, checking accounts provide a range of free transactions, including bill payments, direct deposits, and online transfers. Moreover, Found Bank offers debit cards with no hidden fees, making it convenient for customers to access their money when needed.

With its FDIC insurance coverage, Found Bank customers can rest assured that their funds are protected up to the limit set by the FDIC. Furthermore, Found Bank offers overdraft protection, which helps prevent costly overdraft fees. If you don't have enough funds in your checking account to cover a transaction, funds from your savings account will automatically be transferred to cover the transaction.

In addition, Found Bank offers a range of tools and services to help its customers manage their finances. The bank's online and mobile banking services make it easy for customers to access their account information, view their transaction history, and transfer funds.

Moreover, Found Bank’s credit score monitoring service helps customers stay on top of their credit health and provides them with the information they need to make informed financial decisions. With this feature, you can keep a close eye on your credit score and take the necessary steps to improve it. A good credit score can help you secure better interest rates and loans in the future, so it's essential to stay on top of it.

Found Bank provides customers with the option to open a joint account. With a joint account, customers can share their finances with a co-owner, such as a spouse or a partner, making it easier for them to manage shared expenses and reach their financial goals. Additionally, Found Bank's P2P transfer service allows customers to quickly and easily send money to friends and family.

Found Bank's zero minimum balance requirement is designed to be accessible to all its customers. Moreover, Found Bank offers a vast network of ATMs, providing customers easy access to their funds when needed.

Lastly, Found Bank offers 24/7 chat support to all its customers to help them resolve their issues promptly.

people-in-office

Lili Bank vs. Found Bank General Comparison

Company
Year Founded
Credit Score Required
Pricing
BBB Rating
APY
Found
2019
-
No service fees
A+
1.5%
Lili
2019
None
No service fees
NR
4.15%
Found
Year Founded
2019
Credit Score Required
-
Pricing
No service fees
BBB Rating
A+
APY
1.5%
Lili
Year Founded
2019
Credit Score Required
None
Pricing
No service fees
BBB Rating
NR
APY
4.15%

When comparing Lili Bank and Found Bank, there are several key factors to consider, including fees, security, mobile app, debit cards, credit cards, availability, customer support, and additional online banking tools to manage finances. Here's a closer look at each of these features and how they compare between the two banks.

  • Lili Bank vs. Found Bank Fees

    Lili Bank offers a range of fee-free checking and savings accounts with unlimited free transactions, including purchases and bill pay. Found Bank also provides free checking and savings accounts. However, they may charge fees for certain transactions and activities, such as overdrafts and out-of-network ATM use.

  • Lili Bank vs. Found Bank Security

    Lili Bank provides FDIC insurance to ensure the security of its customers' deposits and also offers overdraft protection to help prevent costly overdraft fees. Found Bank also offers FDIC insurance for its customers' deposits, but its specific security features may vary.

  • Lili Bank vs. Found Bank Mobile App

    Lili Bank provides its customers with easy access to their account information and transactions through its mobile app, allowing for easy check depositing, bill paying, and fund transferring on the go. Found Bank's mobile app also offers similar functionalities and is designed to facilitate ease of usage.

  • Lili Bank vs. Found Bank Debit Cards

    The Lili Bank business checking account comes with a signature Visa Business Debit Card that offers fee-free usage. Being a Visa product, this card is widely accepted and provides an added layer of security against unauthorized use.

With the Found business debit Mastercard, you can easily make purchases, enjoy unlimited ACH transfers without fees, and make convenient payments to others through their phone number or email address. For physical use, the Found card will be shipped to the account holder after account creation. It typically arrives within 7-10 business days of being shipped.

  • Lili Bank vs. Found Bank Credit Cards

    Neither Lili Bank nor Found Bank offers credit cards as part of their financial services at this time. But, The Lili Bank business checking account includes a signature Visa Business Debit Card that can be used wherever credit cards are accepted.

    On the other hand, Found Bank offers a Mastercard Business Debit Card card that you can use at any location that accepts Mastercard. The account activation process gives immediate access to card details in the Found app. Customers can use these details for online transactions without waiting for the physical card to arrive. In addition, you can link the Found card to Apple Pay or Google Pay for added convenience.

  • Lili Bank vs. Found Bank Availability

    Lili Bank is currently available in limited regions, and its network of ATMs is also limited. Found Bank provides its customers with widespread ATM coverage, enabling them to access their funds at any time conveniently.

  • Lili Bank vs. Found Bank Customer Support

    Lili Bank provides its customers with 24/7 customer support via phone, email, and live chat. Found Bank has a dedicated customer support team available 24/7 via phone.

Why Select Lili Bank as Your Financial Partner?

working-on-phone-laptop

Lili Bank provides several compelling reasons to choose their services as your financial institution. These include:

  • Ease of Access: Lili Bank prioritizes a mobile-first strategy, making it convenient for customers to handle their finances anywhere, anytime. The bank's app is simple to use, allowing users to view account balances, transfer funds, and more.
  • Transparent Fees: Lili Bank's fee structure is clear and straightforward, with no hidden costs. Customers know exactly what they are paying for.
  • Generous Interest Rates: With Lili Pro's interest-bearing savings account, customers can earn 1.5% APY on their savings. The bank also offers other savings options, allowing customers to choose the one that fits their needs.
  • Rewards on Debit Card: Lili Bank's debit card provides cashback rewards on eligible purchases, helping customers save money and maximize their spending.
  • Around-the-Clock Support: Lili Bank provides 24/7 customer support, so customers can receive assistance when they need it.

In conclusion, Lili Bank offers a comprehensive mobile banking experience with user-friendly features, transparent fees, high-yield savings options, debit card rewards, and 24/7 customer support. It is an excellent choice for those seeking a hassle-free and efficient way to manage their finances. Lili Bank’s services target small businesses' financial and banking requirements.

man-on-laptop

When To Use Lili

  • You need affordable overdraft protection: Found Bank does not allow overdrafts on your account. In contrast, Lili's premium plans offer fee-free overdraft protection of up to $200.
  • You seek cash back on debit card purchases: The Found Bank debit card does not offer rewards or cash back. Lili, however, provides cash back rewards for users on Lili Pro, Lili Smart, and Lili Premium plans.
  • You want access to priority customer support: When you upgrade to Lili Premium, you'll receive priority customer support with access to a dedicated account specialist. This service is not available with Found Bank.

Why Select Found Bank as Your Financial Partner?

Found Bank offers a range of financial products and services designed to meet the needs of its customers. Here are a few reasons why you might choose Found Bank:

  • Wide ATM Network: Found Bank has an extensive network of ATMs, providing customers with easy access to their funds when needed.
  • Mobile Banking: Found Bank's mobile app is user-friendly and offers a variety of features, including the ability to check your account balances, transfer funds, and more.
  • Debit Cards: Found Bank offers a Mastercard Business Debit Card that is accepted anywhere Mastercard is accepted. The bank also offers instant notifications for transactions made with the card.
  • Business Tools: Found Bank provides financial tools and resources to help customers better understand their finances and make informed decisions about their money.

In conclusion, Found Bank is great for those seeking a convenient, user-friendly mobile banking experience. With its commitment to providing valuable financial tools and resources, Found Bank can help you achieve your financial goals. With Found Bank's specially designed business checking account, you can find the perfect solution for your financial needs as a freelancer or self-employed individual.

When To Use Found

  • You don’t want to pay monthly fees: Lili's advanced bookkeeping, tax preparation, and invoicing tools are available through their paid plans. In contrast, Found offers these same features at no additional cost.
  • You want to issue employee debit cards: With Lili, you receive only one debit card per account. Found, on the other hand, allows you to create and customize spending limits for up to 10 additional virtual cards for your employees.
  • You work with independent contractors: Found provides access to comprehensive contractor management tools, allowing you to send unlimited contractor payments and assist your contractors in reporting taxes through features like W-9 collection and auto-generated 1099 forms. Lili does not offer contractor management tools.

Lili vs Found User Reviews

Lili Found
Trustpilot Rating 4.7 (based on 2,400-plus reviews) 4.6 (based on 200-plus reviews)
Users Like User-friendly interface, Useful features, such as automatic expense categorization, cash back, and overdraft protection, Good customer service User-friendly interface, Useful features, such as tax preparation, virtual debit cards, receipt capture, Minimal fees
Users Dislike No way to waive monthly fees, Slow processing times for check deposits Poor customer service

Lili and Found both garnered impressive user ratings, with Lili having a slightly larger number of reviews. Users lauded both platforms for their user-friendly interfaces.

In user reviews, individuals often highlighted their favorite features. Lili users appreciated automatic expense categorization, cash back rewards, and overdraft protection. Found users, on the other hand, praised the platform for its tax preparation assistance, virtual debit cards, and receipt capture functionality.

Lili users also commended the provider's customer service team for their politeness, knowledgeability, and prompt responses. Nevertheless, some customers expressed dissatisfaction with the delay in check deposit processing, and a few were disappointed by the absence of options to waive monthly fees for paid plans. Conversely, Found customers frequently raised concerns about the bank's customer service, particularly the limited communication channels available for interacting with representatives.

Bottom Line

In conclusion, both Lili Bank and Found Bank offer unique and comprehensive financial solutions, making it a matter of personal preference and individual financial needs. Lili Bank's emphasis on simplicity and transparency and Found Bank's focus on business-specific services offer excellent customer value. Whether you're looking for a convenient mobile banking experience, high-yield savings options, or in-depth financial tools and resources to manage your business, both Lili Bank and Found Bank are worth considering.

Choose the financial service that aligns with your goals, and take your first step towards achieving your business dreams.

Frequently Asked Questions

What is the primary difference between Lili Bank and Found Bank?

The primary difference lies in their offerings and focus. Lili Bank prioritizes a mobile-first approach, emphasizing user-friendly mobile banking with no minimum balance requirements. Found Bank, on the other hand, provides extensive ATM access and offers credit score monitoring, making it suitable for customers who value these features.

Are there fees associated with Lili Bank and Found Bank accounts?

Lili Bank offers fee-free checking and savings accounts with unlimited transactions, whereas Found Bank may charge fees for certain transactions and activities, such as overdrafts and out-of-network ATM use. It's important to review each bank's fee schedule for specific details.

Do both banks offer overdraft protection?

Yes, both Lili Bank and Found Bank offer overdraft protection. Lili Bank automatically transfers funds from your savings account to cover shortfalls in your checking account, while Found Bank provides a similar feature to prevent costly overdraft fees.

Can I access my accounts on the go with mobile apps?

Yes, both banks offer mobile apps for easy access to your accounts, allowing you to check balances, deposit checks, pay bills, and transfer funds conveniently.

Which bank has a wider ATM network?

Found Bank boasts an extensive ATM network, providing customers with easy access to their funds at various ATM locations. Lili Bank, however, offers a more limited ATM network.

Is FDIC insurance provided by both banks?

Yes, both Lili Bank and Found Bank offer FDIC insurance, ensuring that your deposits are protected up to the maximum limit set by the FDIC in case of a bank failure.

About The Author

Author Avatar

Andy Chang

Founder of TheCreditReview

Andy Chang is the founder of TheCreditReview, a review site started in 2017 that is dedicated to helping consumers find the best companies in financial services. Andy is passionate about financial education and wellness, and helping others reach financial freedom. He consistently writes about topics ranging from credit to banking and lending.


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