Lili Bank vs. Chase Bank: How Do I Know Which One Is Right For Me?
As a business owner, it's important to consider your options when selecting the right bank. The bank you choose to do business with and put your trust and money in can make or break the success of your company. They can either go down with you, or help you to scale.
It’s vital to have access to the resources and tools that are best suited to your business’s unique needs. That's why it's so important to compare banks before making a decision. Doing so can help you find the one that best fits your needs and helps you save money in the long run.
With this in mind, let's explore the differences between two of the most popular banks for businesses: Lili Bank and Chase Bank. We'll look at their key features and services, fees, interest rates, customer service, and more, so that you can make an informed decision about where to put your money and make it work for you. By the end of this post, you'll have a better understanding of the pros and cons of both banks and be able to make an educated decision about which one is right for your business. So, let's get started!
Quick Overview of Lili Bank vs. Chase Bank
|Availability||Available only in the U.S.||Available only in the U.S.|
|Standout Features||Cash back rewards with a debit card. Tax optimizer. Built-in accounting software.||Multiple types of checking and savings accounts available. Accounts for children. Credit cards and loans available.|
|Fees||Lili Pro has a monthly fee of $9.00. No other fees.||Multiple checking and savings accounts have varying monthly fees. The lowest is $4.95.|
|APY||1.50%||Rates depend on your location.|
|Security||FDIC Insured||FDIC Insured|
|Card||Lili Pro includes a Visa Business Debit Card with cashback rewards.Their free plan includes just a debit card.||Yes, varying types of debit and credit cards are available for personal and business banking.|
|Mobile App||Yes, available for Android and Apple. Also available on desktop.||Yes, available for Android and Apple. Also available on desktop.|
Lili Bank Features
Lili Bank is a mobile bank. Lili’s first features mentioned on their homepage is that signing up doesn’t require a credit check, minimum deposit, hidden fees, or paperwork.
Lili’s core features center around business banking, accounting, tax optimizer, and invoicing software. Within each of these, there are a whole host of other features.
Within Lili’s business banking section, there are two plans available – a free one and a paid one. In the free Lili Basic plan, they note that there are no fees – no account fees, ACH bank transfer fees, or ATM fees at over 38,000 locations nationwide. The free plan also includes a Visa debit card, the ability to get paid 2 days early and choose expense categorization, and quarterly expense reports that are created for you. There is also no minimum balance requirement for your account with Lili under this plan.
Lili has a paid plan called Lili Pro for $9 a month that has all of the above amenities, but also includes many added features. Under the Pro plan, your savings account accrues a 1.5% APY (Annual Percentage Yield). The Visa debit card attached to the checking account comes with cashback rewards, and there is no fee for overdrafts up to $200.
The Lili Pro plan also features a Tax Optimizer that provides you with an automated, real-time write-off tracker, automatic tax savings, and a Schedule C generator.
The last feature of the Lili Pro plan is a suite of DIY accounting programs – invoicing software, receipt scan and save, and automatic business reports.
Chase Bank Features
There is a reason you’ve probably already heard of Chase Bank. Chase has more than 5,100 branches and 17,000 ATMs nationwide. They also have 18.5 million checking accounts and 25 million debit card users as of 2023. Chase Bank is both a traditional (brick-and-mortar) bank and a digital bank.
They also don’t just cater to business owners and personal bankers. Chase also offers credit cards, home, auto, and commercial loans, savings accounts, and investing through J.P. Morgan.
Chase Bank offers both a checking and savings account for their personal banking.
They offer 5 different types of checking accounts available for individuals interested in personal banking to choose from.
- Chase Total Checking: This is a basic checking account that comes with standard features such as online banking, mobile banking, and access to over 16,000 ATMs and 4,700 branches. There is a monthly service fee of $12 for this account, which can become $0 if certain criteria are met.
- Chase Premier Plus Checking: This account offers all the features of the Total Checking account, plus a few additional benefits such as interest on your balances, no fees for using non-Chase ATMs, and free checks. There is a monthly service fee of $25 for this account, which can be waived, again, if certain criteria are met.
- Chase Secure Banking: With Chase’s Secure Banking checking account, there is no minimum balance requirement, no overdraft fees, you get a free debit card, and it has a low monthly fee of $4.95. (This amount cannot be waived with certain criteria met, unlike the first two mentioned.)
The next 2 checking accounts are meant for personal banking customers who may have needs that are greater than the average banker who just wants a simple account. There are two higher-end premium checking accounts available through Chase. They are:
- Chase Sapphire Checking: This account is designed for customers who maintain a higher balance in their account and want more personalized service. It offers all the benefits of the Premier Plus Checking account mentioned above, plus no fees for incoming wire transfers, no foreign exchange fees, and a dedicated customer service line. The monthly fee for this account is $25, but can be waived to $0 if certain deposit and balance criteria are met.
- Chase Private Client Checking: This is the ultimate checking account that Chase offers. It includes everything that the Sapphire account has, plus close collaboration with a dedicated Private Client Banker, a personal Business Banking Advisor, and discounted rates on home and auto loans.
Chase Bank also offers account options to younger populations: parent-owned accounts for children aged 6-17, parent co-owned accounts for kids ages 13-17, and accounts for college students ages 17-24. These are accounts are:
- Chase First Banking: This account is meant for ages 6-17. Parents must first have a qualifying account of their own to set up this account for their child. There is no monthly fee and no criteria to meet to keep it at $0. It is a simple account meant to teach kids how to be responsible with their own money and for them to learn how a checking account works. Parents can set limits on where and how much their child spends and can even set up recurring allowance and assign chores.
- Chase High School Checking: This is a parent co-owned account with their child and is meant for ages 13 to 17. The monthly fee for this account is $0 if certain account criteria are met. This account allows for quick depositing of checks, direct deposit, and includes Zelle.
- Chase College Checking: This account is meant for college students ages 17 to 24. The monthly fee for this account is $6, but can be waived if criteria are met. This account is also accompanied by a savings account and comes with Chase Overdraft Assist, and Zelle.
Chase Bank also offers savings accounts that can earn you interest on your balance (interest rate depends on where you live), automatic transfer with a Chase checking account, mobile banking, and up to 5 free transfers a month.
For businesses, Chase offers checking and savings accounts, loans, financing, retirement solutions, and debit and business credit cards. For brevity’s sake, we’ll mostly share about their checking and savings accounts.
Their business checking accounts include:
- Chase Business Complete Banking: This account is $0 per month if you meet criteria ($15/month if you don’t). You can make unlimited debit and ATM transactions, make up to $5,000 in cash deposits without a fee, and no hidden fees.
- Chase performance business checking: This account is also $0 monthly if you meet the criteria ($30 a month if you don't). You also get up to 250 transactions per month and unlimited electronic deposits and incoming wires.
- Chase Platinum Business Checking: This account is $0 if you meet requirements, $95 if you don’t. This account comes with up to 500 transactions per month at no charge. With a certain balance, you can receive a CPC relationship status and fee waiver.
Chase Bank offers two types of business savings accounts. They both can earn you interest, have automatic savings transfers enabled if you link it to a Chase checking account, and can have the monthly fee waived for both, if you have a qualifying Chase checking account.
General Comparison of Lili Bank vs. Chase Bank
Both Lili Bank and Chase Bank offer checking and savings accounts. Lili Bank is built for small businesses, while Chase Bank is built for businesses of all sizes, including multi-million-dollar businesses.
Although Chase Bank offers a wide variety of checking and savings accounts and debit and credit cards, Lili Bank has built-in accounting and tax software that automates some tasks for you.
Chase Bank also offers loans and financing, while Lili Bank does not.
In regards to fees, both Lili and Chase have no monthly (if certain criteria are met), ACH, overdraft (with certain Chase accounts), or ATM fees at thousands of participating ATMS. A Lili Pro account is $9 a month, while Chase’s most basic checking account is $4.95 a month, with monthly prices rising from there, but can be waived to $0 if certain criteria are met.
Availability by Region
Lily Bank and Chase Bank are both available across the entire United States. According to their website, Lili Bank is only available in the continental U.S. Chase Bank operates in over 60 countries.
Lili offers multi-factor authentication, manual turn-off of transactions within your account if you notice a charge you didn’t make, and are certified Level 1 PCI DSS compliant.
Chase Bank offers multiple authentication checks, reports suspicious activity, and encryption technology.
Lili Bank is a fully digital bank and is available for both Android and Apple products. You can complete anything you need to within their app. Lili has a 4.4 star rating for Androids, and a 4.7 rating for Apple.
Chase Bank has physical locations, but can also be done through mobile banking. Through their app, you can receive paperless statements, pay bills, transfer money, make a check deposit through Chase QuickDeposit, and check account balances.
Lili offers a debit card with the Pro plan that offers cash back rewards. Their free plan comes with a basic debit card.
Chase checking accounts come with debit cards. Certain checking accounts offer debit cards with cash back rewards.
Lili currently doesn’t offer credit cards.
Chase Bank offers both personal and banking credit cards. Features include no annual fees on certain ones, cash back rewards (rate depends on the card), and a $200 bonus. They also offer travel credit cards meant to be used with certain hotel chains and airlines.
At Lili, you can email or call M-F 9 AM - 7 PM EST. You can also chat with their chat bot via the app 24/7.
Chase Bank offers specific phone lines for the different services they offer. You can also message them on their social media platforms..
Why Choose Lili?
If you are a small business just starting out, Lili’s simple banking accounts and features may be right for you. Too many choices can be overwhelming. If you are a small business, you are likely handling a portion of your own taxes as well, so Lili’s built-in tax features would greatly aid you in that respect.
Why Choose Chase?
If you are an individual or business that needs greater options and a bank that scales with you, Chase Bank may be the best route for you. You can also access credit cards and loans through them. Their wide array of account choices—with scaled features each level you go up—is sure to fit your business’s unique needs.
The bottom line is you need to consider which bank’s features best match the needs of your business. Both offer similar checking and savings accounts. If you are looking for something more DIY and simpler, Lili is the way to go. If you are ready to grow your business, Chase Bank is a good choice.
If you would like to explore comparisons of other similar banks, check out our entire blog series here to help you decide which digital bank best fits your own business’s needs. Go here to start reading.
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