Relay vs. Lili: which banking platform is best for your business?

While they both offer digital banking, they also differ in key ways, and we'll break down each one in detail below.

By comparing Relay vs. Lili, this guide will help you better understand what features are essential for your business. From key features, spending and budgeting tools, and different fee structures, you'll be equipped to pick a long-term solution for your business.

Relay vs. Lili: the quick answer

Relay and Lili are both online business banking platforms with no monthly maintenance fees, but they fit different businesses. Lili relaunched in 2026 to serve multi-employee small businesses—it now supports LLCs, S-corps, C-corps, and partnerships alongside ACH, checks, and wires, and its paid plans (Pro $15, Smart $35, Premium $55 per month) add tax and accounting tools. Relay is built around cash flow organization: up to 20 checking accounts, automated savings, accounts payable automation, and up to 50 debit cards for team spending. If you want built-in tax and bookkeeping tools for a lean operation, Lili is worth a look; if you want to organize cash across many accounts and manage team spending, Relay is the stronger fit.

What is Relay?

Relay is an online banking platform built with the entrepreneur in mind. We've worked with CPAs and small business owners to develop tools and features that give you the financial clarity to build a lasting business.

Our business checking account provides insight into your revenue and spending trends with enriched data. You get access to unlimited transactions and all of them are automatically categorized based on industry codes, helping you speed up bookkeeping and understand your monthly spending. If a transaction looks unfamiliar or out of place, Relay provides the necessary vendor information, including check images and memos, to jog your memory.

Beyond our in-platform money management tools, Relay integrates with many of the tools you use today. Seamlessly connect with QuickBooks Online or Xero for your bookkeeping, Gusto for payroll, and many other money management apps via a Plaid or Yodlee connection.

Signing up for Relay online or by mobile app is easy. You can open up to 20 accounts with no monthly fees or minimum opening deposits, and issue up to 50 virtual or physical debit cards. Relay's Visa debit cards allow you to make cash withdrawals and deposits at AllPoint ATMs with no ATM fees. You can upgrade to Relay's Grow plan ($30 per month) for same-day ACH transfers, bill pay automation, and more, or the Scale plan ($120 per month) for higher limits.

What is Lili?

Lili is a fintech business banking platform. It started out serving freelancers and side hustlers, but relaunched in 2026 to serve multi-employee small businesses—it now supports sole proprietors, single- and multi-member LLCs, S-corps, C-corps, partnerships, and nonprofits. Lili is not a bank; banking services and FDIC insurance are provided by Sunrise Banks, N.A., Member FDIC, with wire transfers handled by Column Bank, N.A.

For new business owners, one of Lili's best features is its Tax Optimizer. It helps you navigate the complexities of paying business taxes by allowing users to mark business transactions, split costs (like phone bills), and bucket expenses to track tax deductions.

Lili now offers four plans: Lili Core ($0/month), Lili Pro ($15/month), Lili Smart ($35/month), and Lili Premium ($55/month). Tax tools like expense categorization and a tax savings fund come with Lili Pro, while full accounting, unlimited invoicing, and reporting are part of Lili Smart. A savings account that can earn interest is available on every plan.

Differences between Relay and Lili

Want a quick summary to determine the best bank for your business? To help you understand the key differences between Relay and Lili, we've broken down the features and fees of both.

Relay vs. Lili feature comparison chart

¹For Relay Subscription Plans with an interest-bearing deposit account, the interest rate and Annual Percentage Yield (APY) on your account are accurate as of 5/1/2026 and are variable and subject to change based on the target range of the Federal Funds rate. Fees may reduce earnings: on the Starter Plan the interest rate on your savings accounts is 1.10% with an APY of 1.11%; on the Grow Plan the interest rate is 1.74% with an APY of 1.75%; on the Scale Plan the interest rate is 2.96% with an APY of 3.00%.

⁵International payment services are provided by Community Federal Savings Bank ("CFSB"), a federal savings bank chartered in the United States. These services are facilitated by Nium, Inc., which operates under a program sponsored by CFSB. Relay provides access to these payment services through its platform.

Entity types

Lili historically served only sole proprietors, but its 2026 relaunch expanded eligibility to single- and multi-member LLCs, S-corps, C-corps, partnerships, and nonprofits. That makes it a fit for more business types than before, though trusts still aren't supported.

Relay is built to work with all business entity types. Whether you're starting out as a sole proprietor, a startup looking to scale rapidly, or a long-standing corporation, our banking services work with you and will continue to work with you in spite of any changes you may make going forward.

Accounts payable

An accounts payable management tool can save you the stress and time of digging for invoices and submitting payments by completely automating the process with customized permissions and rules. Not only that, it helps you understand the exact amount you owe so you can plan on when and how to pay bills.

While Lili's paid plans let you generate invoices for accounts receivable, there is no functionality for collecting and paying bills from your suppliers. You'll need a separate platform to manage your accounts payable.

Relay's accounts payable automation pulls in invoices from your accounting software into the banking platform. This allows you to make bill payments in the same place you check your balances and plan your spending. For businesses with invoices approved by different teams, you can set up workflows that automatically send bills to the right people to approve.

Money sending options

As commerce becomes more globalized, you're more likely to work with people out of state or even country. But most money-sending apps will take a percentage fee, meaning with each transaction, you're spending to send money.

Lili's 2026 relaunch added flexible payment options—ACH, checks, and wires (wires powered by Column Bank)—so the older limits on how you can send money no longer apply.

Relay accommodates ACH payments, checks, and both domestic and international wire transfers with currency conversions directly in the platform, plus same-day ACH on Grow and Scale. To send a domestic wire, Relay charges $8 on the Starter plan and $5 on Grow and Scale; international wires range from $1.50 on a local-currency network up to $25 for SWIFT, depending on your plan and destination.⁵ Incoming wires are always free.

⁵International payment services are provided by Community Federal Savings Bank ("CFSB"), a federal savings bank chartered in the United States. These services are facilitated by Nium, Inc., which operates under a program sponsored by CFSB. Relay provides access to these payment services through its platform.

Multiple accounts

Having multiple business checking accounts simplifies the budgeting process. Having accounts dedicated to payroll expenses, taxes, or long-term financial goals helps you divvy up your cash to ensure you have the money to cover your costs.

A Lili business checking account centers on a single checking account. Lili does offer a savings account—available on every plan—that markets up to 4.00% APY, tiered so that balances up to $500,000 earn 2.25% and the portion from $500,000 to $1 million earns 4.00%.

With a Relay Financial account, you can open up to 20 individual checking accounts, an ideal feature to start multiple bank account budgeting. Set up automatic transfers to divide your money into separate accounts daily, weekly, or monthly to make budgeting a hands-free activity.

Collaboration features

Lili has historically centered on a single user with one debit card per account, so if you need to give a team access or issue multiple cards, confirm Lili's current team-access options before committing.

By offering up to 50 virtual or physical debit cards with optional spending limits, a Relay account will set you up for easy team spending and expense management. Our integration with Gusto also keeps payroll information and team member management in a single spot, turning your banking platform into a team management tool.

Funding limits

Lili no longer publishes fixed dollar limits for cash deposits, ACH transfers, and check deposits—they now vary by plan and account history, so check the app for your current limits.

Relay does not limit your funding options, allowing you to send and deposit money as needed. If you're planning to inject capital into your business for growth or to get through the early stages, you'll want a platform that can accept it without a monthly cap.

Choosing between Relay and Lili: what's best for your business?

While Relay and Lili are both affordable business checking accounts without monthly maintenance fees, they're better fits for different types of businesses.

A lean business that wants built-in tax and bookkeeping tools—expense categorization, a tax savings fund, and invoicing—may find Lili's paid plans a good fit, and after its 2026 relaunch Lili keeps working with you even if you incorporate.

For a business that wants to organize cash across many accounts, automate accounts payable, and manage team spending, Relay is the stronger long-term fit. By accommodating multiple payment types, giving you up to 20 checking accounts with no funding caps, and automating the bill payment process, our platform helps you save time and adapts to your needs.

Get started today with an online application that takes 10 minutes.

Frequently asked questions

Is Lili a bank?

Lili is a financial technology company, not a bank. Its banking services and FDIC insurance are provided by Sunrise Banks, N.A., Member FDIC, and wire transfers run through Column Bank, N.A. Deposits are eligible for FDIC insurance through its partner-bank network.

Is Lili legit?

Yes. Lili is FDIC-insured through its partner bank, Sunrise Banks, N.A., has operated since around 2019, and reported serving more than 200,000 businesses as of January 2026.

How much does Lili cost?

Lili has four plans: Lili Core ($0/month), Lili Pro ($15/month), Lili Smart ($35/month), and Lili Premium ($55/month). Tax tools come with Pro; full accounting and unlimited invoicing come with Smart.

What's a good alternative to Lili?

If you want to organize cash across multiple accounts with no monthly fees, Relay is a common alternative—up to 20 checking accounts, automated savings, accounts payable automation, and up to 50 debit cards for team spending. You can compare more options in our guide to the best online business bank accounts.