What is it?
What is Lili Bank?
Lili is a business bank account designed for freelancers and small business owners. Lili provides free business checking with no minimum balance or monthly fee, plus access to a suite of financial tools that help you run your business more efficiently.
The bank currently has over 100,000 customers nationwide, and it's growing quickly. As more people switch to online-only banking, Lili is proving to be an excellent option for these business owners.
Open Account
How to Open a Lili bank Account
You can sign up and get a Lili account in as little as 3 minutes, and funding it is easy. Just link one of your external bank accounts, and fund the account with any amount you want – even if it's $0.00 since Lili has no minimum deposit requirement!
Total Time: 3 minutes
Enter account information
Enter your business email and password you want to use for your account.
Enter your full legal name
You need to enter your full legal name to ensure your account gets approved.
Enter your SSN & date of birth
Bank regulations require you to enter your SSN and date of birth for security and tax purposes. This information is stored securely and complies with all privacy laws.
Enter your home address
Enter your home address or business location where you want your free Lili debit card to be sent.
Enter your business type
Enter your business type (LLC, sole proprietor, individual, etc.) and the industry your business operates within. This helps Lili ask for the relevant documents you may need to provide to get your account approved.
Select a plan
Lili is free to use, but they do offer Lili Pro, which offers helpful unique features like 1.5% APY savings, automatic tax savings, fee-free overdraft, and many more features.
Pros & Cons
Pros & Cons of Lili Bank
Features
Lili Bank Top Features
Tax Optimizer
Lili helps you save on taxes with its Tax Optimizer feature. This feature automatically categorizes expenses and charges, so you can get the most out of deductions and credits when filing your taxes.
Write-Off Tracker
Keep tabs on your tax write-offs like never before. Categorize every transaction immediately: swipe left for personal, right for business, and up to split between the two. With each swipe, save money while your estimated tax savings increases.
Tax Bucket
Allocate a specific proportion of your earnings towards taxes, so you're never surprised or stressed come tax season. No more scrambling last minute or being penalized by the IRS.
Receipt Scanner
With just a few clicks, you can upload a picture or PDF of your receipt to your transaction. And then you don't have to worry about it anymore! It will be stored safely in your Lili account.
Schedule C
At the end of the year, if you've done your work all year, Lili will pre-fill your annual 1040 Schedule C form to share with your accountant or file with the IRS.
Quarterly and Annual Expense Reports
Lili provides quarterly and yearly business expense reports detailing all of the expenses you swiped right, so you can monitor your spending!
No Account Fees
Lili does not charge monthly or annual account fees, so you can keep more of your hard-earned money to reinvest in your business.
Mobile Banking
You can manage your Lili account from the mobile app, which is available on iOS and Android.
Real-time Notifications
With push notifications, you'll always be in the loop regarding your Lili account.
Mobile Check Deposit
With Lili's mobile app, you can deposit your checks into your account without leaving home or the office.
Cash Deposit
You can deposit cash into your Lili account at over 90,000 retail locations throughout the United States, such as RiteAid®, CVS®, Walmart®, and others.
Visa Business Debit Card
Lili offers a contactless debit card that you can use anywhere Visa is accepted. Some merchants even offer cashback rewards when you use your Visa business debit card for purchases.
Get Paid Early
Lili's Early Pay program allows you to get paid up to two days faster than the traditional banking system. To get started, just set up direct deposit to your account, and watch your deposits reach your account 2 days faster!
High-Interest Checking
Lili offers a competitive APY of 1.50%, which grows your money even when you're not actively depositing or investing.
You can also create savings buckets that allow you to set aside money for specific purposes, such as taxes, investments, or a rainy day fund.
BalanceUp
Get a fee-free overdraft of up to $200 on debit card purchases when you enroll your Lili Account with its Pro plan.
Custom Invoices
Never miss a sale by accepting most payment methods: Debit & Credit Card – Visa, Mastercard, Amex – ACH, Venmo, Cash App, PayPal, Checks, and more.
You'll also be able to make custom invoices on the go, so you can keep track of your freelance clients and payments while preserving your business's brand image.
Fees
Lili Fees and Pricing
Lili has 2 account plans: Lili Standard and Lili Pro. Lili Standard is free to use, while Lili Pro has a monthly fee of $4.99. The Lili Pro plan gives you access to exclusive features such as BalanceUp for overdraft protection, high-interest APY, cashback debit card, and more!
Standard Account
| Monthly Fee: | $0.00/mo |
| Fee-Free ATM Locations: | 38,000+ |
| Overdraft Protection: | $0.00 |
| Tax Optimizer: | No |
| 1.5% Savings Account: | No |
| Custom Invoices: | No |
| Debit Card: | Yes |
| ATM Withdraw Limit: | $500/day |
| ACH (Outbound): | $5,000/day & $60,000/mo |
| ACH Inbound (Linked Account): | $1,000/day & $5,000/mo |
| Debit Card Replacement | Free first time, $5.00/time(s) after |
| Mobile Check Deposit: | $50,000/mo & $5,000/day |
Pro Account
| Monthly Fee: | $4.99/mo |
| Fee-Free ATM Locations: | 38,000+ |
| Overdraft Protection: | $200 |
| Tax Optimizer: | Yes |
| 1.5% Savings Account: | Yes |
| Custom Invoices: | Yes |
| Debit Card: | Yes (With cashback) |
| ATM Withdraw Limit: | $500/day |
| ACH (Outbound): | $5,000/day & $60,000/mo |
| ACH Inbound (Linked Account): | $1,000/day & $5,000/mo |
| Debit Card Replacement | Free first time, $5.00/time(s) after |
| Mobile Check Deposit: | $50,000/mo & $5,000/day |
Who it's for
Who Is Lili For?
Single-Member LLCs
Lili is an excellent choice for you if you're an already established, single-member LLC with an EIN number.
Sole-Proprietors
Lili is perfect for segmenting their personal and business expenses but doesn't have an LLC or EIN number.
Freelancers
Lili is the solution for you whether you are a beginner or have years of experience freelancing. With Lili, there is no need to separately invest in a business management system- your account comes with expense tracking and reporting capabilities. Also, set money aside quickly within your account for taxes and emergencies, so your businesses' welfare always comes first.
Who it's not for
Who Is Lili Not For?
Multi-Member LLCs & Partnerships
Unfortunately, Lili currently does not support multi-member LLCs and partnerships.
International Business Owners & Travelers
International transaction fees will apply if you travel outside of the United States. In addition, a $5 fee per ATM transaction is applied at machines not located in the U.S. and any other fees from the foreign bank's ATM.
Cash-Heavy Businesses
Lili is not the right choice for you if you run a business that requires many cash deposits. There is a $4.95 fee per cash deposit, which can add up over time.
Compare
Lili Bank Vs. The Competition
No monthly fees or minimum opening deposit
Unlimited fee-free transactions
No physical locations
Cash deposits have a $4.95 per-time charge
Earn 1% cashback with its debit card
Unlimited fee-free transactions
No cash deposits or check ordering
$100 minimum opening deposit
No account minimums
Major accounting& payroll integrations
Does not offer APY on the business account
No 24/7 live support
Bluevine
Bluevine and Lili are online-only business bank accounts offering competitive APYs, mobile banking apps, and push notifications. Bluevine has a slightly higher APY at 2.00%, while Lili's is at 1.50%.
However, Lili does offer more features like cash deposits, custom invoices, and Early Pay, but Bluevine does offer domestic and international wires.
If you're looking for a feature-rich bank account and don't need wire transfers, Lili is for you. If you want a higher APY and require wire transfers, Bluevine is a better option.
Grasshopper Bank
Grasshopper Bank offers a checking account with a slightly higher APY of 1.51%, but Lili's 1.50% is still very competitive. Lili offers fee-free overdraft and tax optimization, while Grasshopper Bank does not.
Grasshopper Bank does over an unlimited 1% cashback debit card, with the same no minimum deposit or monthly fees as Lili. Grasshopper Bank also supports both domestic and international wires.
Grasshopper Bank is a better option for you if you value a cashback debit card and wire transfers. If you want a more all-in-one banking experience and are a solo entrepreneur, small business owner, or freelancer, Lili is better for you.
Relay Bank
Relay Bank offers a business account with no monthly fees, unlimited transactions and transfers, and a robust customer support team. Lili provides the same features, plus some unique features like Early Pay, tax optimization, BalanceUp, and more.
Lili also offers a higher APY of 1.50%, while Relay Bank does not offer interest on its account. However, Relay Bank offers international wires as well as dedicated accounting integrations.
If you are a solo business owner needing a high-interest APY account with some other helpful features, Lili is a better option. Relay Bank is the better option if you are a slightly larger small business that needs dedicated accounting support and services and the ability to send and receive wire payments.
Security
Lili Bank Security
Lili employs several security measures to protect its client's funds and personal information. These include 256-bit SSL encryption, 2-factor authentication, and fraud monitoring. Lili also has a comprehensive privacy policy that protects your data from being shared with any third party.
Additionally, each account has $250,000 in FDIC insurance, so you can rest assured that your money is safe even if Lili's bank partner, Choice Financial Group, Member FDIC, goes out of business.
Customer Support
Lili Bank Customer Support
Phone
855-545-4380
Phone support is only available Monday – Friday, 9:00 AM – 7:00 PM (EST)
Support Center
You can find many answers to your questions using Lili's support center.
Bottom Line
Is Lili Bank for you?
Lili bank is an excellent option if you're a freelancer or small business owner looking for a free, easy-to-use business bank account. Lili offers no fees, no minimum balance requirements, and access to an extensive network of MoneyPass ATMs. It also provides several unique features, such as tax optimization, Early Pay, and cashback rewards on its debit card.
Lili's customer service team is always available to help with any issues. From setting up your account to accessing funds from ATMs.
Overall, Lili bank provides an excellent customer experience at no cost. So if you're in the market for a new business checking account, and you don't mind not having in-person locations or are heavily reliant on cash deposits, Lili might be right for you!
FAQ
Lili Bank FAQ
Is Lili bank a real bank?
Yes, Lili is an actual bank, but it is technically only a technology company. Lili uses a partner bank called Choice Financial Group, Member FDIC, so you can be assured your deposits are safe and secure up to $250,000.
Does Lili offer business checking accounts for multi-member LLCs?
No, Lili only currently offers business accounts for single-member LLCs, freelancers, and sole proprietors.
Which partner bank does Lili use?
Lili’s partner bank is Choice Financial Group, Member FDIC.
Can you deposit cash into Lili's account?
Yes, Lili accepts cash deposits, but a $4.95 fee is associated with each transaction.
How long does Lili's bank transfer take?
Lili’s bank transfers usually take 1-3 business days to process. However, Lili also offers its Early Pay program, which lets you get paid up to two days earlier.
How to overdraft with Lili bank?
Lili does not charge overdraft fees but will decline any transactions that would put your account balance in the negative. However, you can overdraft up to $200 for free if you have a Lili Pro account.
