Head-to-Head
First Internet Bank Do More Business Checking
$0 monthly fee + modest checking APY + unlimited items, online-only, weak cash rails
VS
Lili Business Account
Startup/SMB digital checking with $0 Core fee, team access, Green Dot cash, savings APY, and IntraFi sweep to $3M
Monthly Fee
$0 unconditional
Core $0. Pro $15/mo or $144/yr. Smart $35/mo or $336/yr. Premium $55/mo or $528/yr. Subscription fees, not balance-waivable.
Checking APY
0.50% APY variable — requires $10,000 average daily balance to earn interest. Daily Balance method. Below $10k ADB, effectively 0%.
None — non-interest-bearing on all tiers
Rating
7.9/10
8.4/10
Costs & Fees
| Metric | First Internet Bank Do More Business Checking | Lili Business Account |
|---|---|---|
| Monthly maintenance | $0 unconditional | Core $0. Pro $15/mo or $144/yr. Smart $35/mo or $336/yr. Premium $55/mo or $528/yr. Subscription fees, not balance-waivable. |
| Fee waiver | N/A — already $0 | No balance waiver on paid plans. Occasional new-applicant discounts not in fee table. |
| Transaction fees | Unlimited transactions; no per-item fees advertised. Footnote: 'Dollar amount restrictions may apply' — meaning not disclosed. | Unlimited electronic items on published schedule. Priced extras: Express ACH, outgoing wires, Mail-a-Check, OON/international ATMs, plan subscription. |
| Overdraft/NSF | Conflict: marketing says 'no overdraft fees.' Fee schedule lists Returned Item $20 and Uncollected Funds $30 (schedule dated 03/15/2018). Confirm at opening. | Overdraft fee $0. Returned item (EFT) $0. Deposited-check returned $0. BalanceUp (Pro+ only) is discretionary courtesy pay $0–$200, not guaranteed coverage. |
| ATM fees | Bank ATM fee $0. Third-party operator surcharge possible. Up to $10/month reimbursement of third-party ATM surcharges. No branded free network. 2% ISA on intl ATM/debit. | MoneyPass in-network $0 Lili fee. OON domestic $2.50 + surcharge. International ATM $5 + surcharge. Intl balance inquiry $2.50. No rebate. |
| Wire/ACH | Incoming domestic: $15. Outgoing domestic: $20. Incoming intl: $15. Outgoing foreign: $50. Standard ACH in/out: not disclosed as fee (treated as free). Business ACH default cap $25,000/day unless raised in writing. | Incoming domestic wire $0. Outgoing domestic $15. Incoming intl $15 + correspondent FX. Outgoing intl $25 + 1% commission on USD principal + correspondent markup. Standard ACH $0. Express ACH 1.5%, min $0.50, max $20. |
Interest & Yields
| Metric | First Internet Bank Do More Business Checking | Lili Business Account |
|---|---|---|
| Checking APY | 0.50% APY variable — requires $10,000 average daily balance to earn interest. Daily Balance method. Below $10k ADB, effectively 0%. | None — non-interest-bearing on all tiers |
| Savings APY | 2.25% APY on portion up to $500,000; 4.00% on portion $500,000.01–$1,000,000; 0.00% above $1,000,000. Blended by tranche. All plans including Core. | |
| FDIC coverage | Standard FDIC $250,000 per depositor per ownership category at First Internet Bank of Indiana | Standard FDIC $250,000 at Sunrise Banks, N.A. per depositor per ownership category |
Features & Access
| Metric | First Internet Bank Do More Business Checking | Lili Business Account |
|---|---|---|
| Branch/ATM network | No branch network. HQ lobby Fishers, IN only. Any ATM for withdrawal — bank $0, up to $10/month surcharge rebate. No ATM cash deposit advertised. | No branches. MoneyPass 38,000–40,000+ ATMs for cash withdrawal only. No ATM cash deposit. |
| Mobile app | iOS 4.3/5 (~265 ratings); Google Play ~4.1–4.2 (~115–116 reviews) | CreditDonkey Jul 2026: ~4.6 iOS / ~4.1 Android — re-check live stores |
| Virtual cards | Not disclosed for this checking tier | Digital debit yes; dedicated virtual-card/spend-control suite not disclosed |
| Opening deposit | $100 conservative (official page silent; secondary sources split $0 vs $100) | $0 |
| Eligibility | U.S.-based businesses; owner at least 18. Structures not fully published — NerdWallet cites sole prop, LLC, corp with EIN or SSN and formation docs. | Sole prop (incl. DBA), LLC, GP, LLP, S-Corp, C-Corp, 501(c)(3) nonprofit. Not B-Corps, non-501(c)(3) tax-exempts, trusts. International: no sole props. |
Pros & Cons
First Internet Bank Do More Business Checking
Pros
- $0 monthly maintenance, $0 stated per-item fees, unlimited transactions (2026 FAQ)
- 0.50% APY on checking at $10k ADB — uncommon among free business checking (rate 6/16/2026)
- Balance Optimizer sweeps idle cash to First IB MMA at 2.94% / 3.64% without third-party sweep
- Phone support into evening and Saturday; Zelle for Business and account aggregation included
- Direct FDIC member bank (cert. 34607) — not a fintech/partner stack
Cons
- No usable cash-deposit system
- Incoming wires $15 even domestic — recurring cost for wire-paid businesses
- Checking APY modest and gated at $10,000 ADB; below that, yield effectively zero
- Standard FDIC $250k only; no advertised excess-insurance network
- Stale 2018 fee schedule vs 'no overdraft fees' marketing; check holds up to 7–9 business days
Lili Business Account
Pros
- Core $0 with no min balance and $0 NSF/OD fee (Appendix A, Jul 2, 2025)
- Savings APY 2.25%/4.00% by tranche through $1M on all plans (rate sheet Jan 13, 2026)
- IntraFi sweep advertised to $3M via Sunrise + program banks
- Team/accountant roles and up to five businesses per login without per-seat fees
- Incoming domestic wires $0; debit card foreign-transaction fee $0; intl founder path (passport + EIN)
Cons
- Checking earns 0%; 4.00% applies only to $500k–$1M savings slice
- Cash deposits via Green Dot (retailer fee up to $4.95) capped at $5,000/month per cardholder
- Outgoing wires $15 domestic / $25 + 1% international; Express ACH 1.5%
- Invoicing and bill management require Smart ($35) or Premium ($55)
- No branches, no ATM cash deposit, no published RTP/FedNow or treasury API
Verdict
First Internet Bank Do More Business Checking
Do More Business™ Checking is First Internet Bank of Indiana's single-tier online SMB checking. Direct FDIC member (cert. 34607). $0 maintenance, unlimited items, no cash network. 0.50% APY requires $10k ADB (rate 6/16/2026). Balance Optimizer sweeps to internal MMA (2.94%/3.64%). Costs: $15 incoming wires, $20 outgoing domestic, $50 outgoing foreign, $10/month ATM rebate cap, $3 paper statements, $5/month dormant. Funds availability can hold checks 7–9 days. Strong phone hours and Zelle; weak for cash, incoming wires, and balances above $250k FDIC.
Lili Business Account
Lili Business Checking is a four-tier digital SMB package from Lili App Inc. with deposits at Sunrise Banks, N.A., wires via Column, cash via Green Dot, and IntraFi sweep to $3M. Core $0; Pro $15, Smart $35, Premium $55 sell software not cheaper banking. Checking 0% APY; linked savings pays 2.25% to $500k and 4.00% $500k–$1M (Jan 13, 2026). ACH and MoneyPass ATM free; outgoing wires $15/$25+1%; Express ACH 1.5%. Team roles on all plans. Strong for digital SMBs and intl founders with U.S. entity; weak for cash-heavy ops and multi-currency treasury.