Lili Review

ashback is available whenever you purchase at participating merchants. The tailored cashback program (T&C) applies to personal and business purchases, with the only requirement being that you use your debit card or transact with these merchants. The three-step process for qualifying involves:

• Register for a Lili Pro Account.
• Using the Lili Visa® business debit card at the participating merchants.
• Receiving the applicable cashback offers.

Lili transactions are fee-free. There are no foreign exchange fees, no ATM fees charged by Lili at US-based ATMs, and no account fees. BalanceUp allows registered customers to overdraw up to $200 with debit card purchases and no overdraft fees.

Lili makes it easy for business owners to allocate savings for Rainy Day Funds. The auto-pilot savings option is easy to set up with a minimum of at least $1 daily to an emergency savings bucket. At the time of writing, Lili offered a 1.5% APY (subject to change)for the Lili Pro account only. The emergency savings buckets can be tracked from the app, with daily balances and monthly statements available. To get started with this banking feature, clients need to open an emergency bucket and designate a fixed allocation from savings.

Lili offers a unique business solution known as the Tax Optimizer. You can easily plan your tax payments as a consultant or freelancer with the Proprietary Tax Optimizer Tool. This takes care of many of the stresses of last-minute tax preparation. In addition, business owners can avoid IRS penalties by automatically setting aside an allocation for taxes (a percentage of income). Lili assists in determining the appropriate allocations.

Thanks to direct deposit, funds can be available in your Lili business account two days earlier. That means less time waiting for paychecks to be deposited or wire transfers to be made. This complimentary service is designed for all business users. Clients receive payment notifications through the app.

The Lili Visa® business debit card is available for free. You can use the debit card across the United States at some 38,000+ ATMs. Better yet, there are no fees charged by Lili when you use this Visa Business debit card. The card is available anywhere that Visa is accepted. Plus, you can also use the Lili Visa® business debit card internationally. ATM fees may apply with out-of-network transactions and at international ATMs.

All accounts held with Lili are FDIC insured through Choice Financial Group, the partner bank. That means all deposits are protected by the Federal Reserve Bank up to $250,000.

Bluevine’s QuickBooks integration gives customers the ability to sync bills, transactions, and payees between the two platforms. Users can also sync payments, balances and schedules to the QuickBooks database.

As a business owner, write-offs are inevitable from time to time. This neobank offers full expense management with real-time analytics. As a result, you can manage your financial activity in anticipation of tax time.