Score 8.2
Regulation FDIC
Score 8.2
Regulation FDIC

What is Lili?

Lili is a neo-bank with a variety of convenient, cost-effective features and functions for consultants and freelancers. This mobile-ready banking solution facilitates seamless payments, funds transfers, deposits and withdrawals. Plus, Lili is available in Free and Pro account versions. Registered customers can enjoy analytics and reporting tools for all aspects of financial activity. Various integrations with accounting tools and software programs for enhanced account management are provided via the Lili App Center. Unique benefits include a Lili Visa® business debit card and checking accounts exclusively for single-member corporations and sole proprietors.

Key Details

Founded
2018
Headquarters
New York City
Users
200,000+
Regulation
FDIC
Rating
Lili Key Details
Founded 2018
Headquarters New York City
Users 200,000+
Regulation FDIC

lili Account Pros & Cons

Pros
  • green-check-mark Zero fees
  • green-check-mark Unrestricted invoicing
  • green-check-mark Zero-fee overdraft facilities (T&C)
  • green-check-mark Zero minimum balance
  • green-check-mark Tax optimizer & accounting tools
  • green-check-mark Expense tracking and account management
  • green-check-mark Various integrations including: Venmo, PayPal, Quickbooks, Plaid, Freshbooks, Cash App, and more.
  • green-check-mark Pro feature: Automatic savings accounts with up to 1% APY.
Cons
  • No credit cards
  • No personal loans
  • Charges fees for out of network ATMs & international ATM withdrawals.
  • Mobile access only (Android and iOS)

Lili Banking Features

Lili is a neobank, with all the high-tech, low-cost features, functions, and attributes of mobile-optimized banking. Business clients can access many innovative features for near-zero costs, rapid transaction processing, and detailed account management. As a mobile banking app, Lili is a masterclass. This business-orientated solution provides clients with a complimentary, standard account and a professional account with advanced features.

Lili keeps business banking simple.. The professional services this banking solution provides are limited to the continental US at this time. With an estimated 60 million+ freelancers now active in the United States, Lili offers cost-effective, full-fledged banking options for this dynamic market.

Among others, freelancers, consultants, and single-member LLCs, can enjoy the following business banking features:

Plus, in an era of low-interest rates, they offer eligible customers 1.5% interest balances up to $100,000. Businesses that qualify can enjoy credit lines up to $250,000, and you only pay for the credit you use. Clients do not need to concern themselves with early repayment penalties. When approved for loans, they may be deposited into your account within 24 hours. The following features are readily available through this FinTech corporation:

Business Cashback Rewards

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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.

 

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Fee-Free Overdraft Facilities & BalanceUp

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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.

 

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Automatic Savings

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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 1.00% 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.

 

Tax Bucket

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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.

Get Paid Early

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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.

Visa Business Debit Card

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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.

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FDIC Insured up to $250K

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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.

Invoicing Software

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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.

Write-Off Tracker

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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.

Plans & Pricing

Lili offers two plans. One is the Lili Basic Plan and the other is the Lili Pro Plan. Certain benefits are exclusively provided to Lili Pro Plan holders, but both plans qualify for fee-free benefits. The pricing and benefits structure is comprised as follows:

Lili Basic Account – FREE

  • No minimum balance & No hidden fees
  • Access to 38,000+ ATMs across the USA
  • Clients can automatically allocate funds for tax purposes.
  • Expense tracking functionality is already built into the free account.
  • Direct Deposit options with payments up to 2 days faster
  • Complimentary Lili Visa Business Debit Card

Lili Pro Account – PAID

  • Unlimited invoices
  • 1.00% APY on savings in Lili account
  • BalanceUp services with up to $200 fee-free overdraft
  • DirectDeposit option for getting paid faster in up to two days.
  • CashBack rewards with Visa Business Debit Card. Offers are subject to T&C provided by cashback rewards program partners.

*Note: Lili.co offers Personal Accounts, Business Accounts and Pro Accounts. Personal Accounts can’t be used for Business purposes.

FAQ

Who qualifies to open a Lili business bank account?

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Freelancers, consultants, and single-person LLCs can open accounts at Lili. These account options are only available to legal-age (18+) clients in the continental US. You must have a social security number, a telephone number and an address in the US. Citizenship is not a requirement.

What types of documentation are required to open an account?

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As part of the Patriot Act, clients must provide biographic information, including name, DOB (date of birth), ID documents, driver’s license, passport, EIN, state of incorporation, and business incorporation documentation.

What is the process for opening a Lili business bank account?

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Lili makes it easy to register and apply for a business bank account. There are two options, a free account, and a premium account. Complete the online registration, comply with business requirements, upload the requisite documentation and verify the account. Freelancers, consultants, and single-person LLCs can apply for a business bank account.

How can I access my account at Lili?

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Clients can only access accounts via the Lili app on Android or iOS. you can download the apps from the Google Play Store or the App Store.

Are my funds protected?

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Yes. Lili accounts are all FDIC insured up to $250K. In addition, Lili has partnered with Choice Financial Group Inc., Member FDIC.

Our Verdict

Lili is a neobank solution conceived in a modern-day marketplace. It is centered around freelancers, consultants, and mobile workers. Lili was developed and designed for the individual business professional; Lili’s mobile app offers a comprehensive, zero-cost service (for most banking options) with near-zero costs on most services. It’s quick and easy to download the Lili app from the App Store or the Google Play Store. 

Personal and business accounts are provided, with no-cost and premium accounts for the Lili Pro service. Lili features prominently with freelancers and has experienced strong growth since its inception in 2020. Fee-free overdraft facilities up to $200 (qualified accounts) are also available. Since Lili is US-based, its services are currently limited to the US. Nevertheless, we are impressed with the range of services provided and the low costs and near-zero fees for most transactions.