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Lili Reviews

9

bestfor-icon A one-stop-shop for business banking needs

bobphillips
Written by Bob Phillips

About Lili | Read More

9

LS Score

9

Credibility

9

Support

9

Accessibility

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Opening Hours Opening Hours drop-down-btn
Mon-Fri 9am-7pm EST
Sat-Sun Closed
Contact Information Contact Information drop-down-btn
  • support@Lili.co
  • (855)-545-4380
  • Headquarters: 250 Greenwich St. New York, NY 10007
Social Media Social Media drop-down-btn
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Lili Online Banking Review

Lili is a platform that combines business banking, accounting, invoicing2 and tax preparation software in order to enable businesses to operate seamlessly and focus on achieving success. Lili is a technology company offering a business banking platform. Banking services are provided by Choice Financial Group, Member FDIC.

Lili Online Banking Highlight

3,800+

ATM Network

None

Other Fees

Business Online Banking

No minimum

Min Deposit

Max 2%

Min APY Business

Pros & Cons

drop-down-btn
  • con-icon One-stop shop for all your small business financial needs — banking, accounting and taxes
  • con-icon Unlimited fee-free transactions
  • con-icon Offers early payment feature with direct deposit
  • con-icon Out-of-network ATM fees: $2.50 for U.S. ATMs, $5 for international ATMs.
  • con-icon Mobile only right now (web interface will be live soon)

Account types

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  • Business Checking
  • Business Savings
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APY's

  Lili Basic Lili Pro Checking Lili Savings (Pro)
APY None None 2.00%

Features Benefits & Rewards

  • Cash-Back Rewards Program
  • No minimum account balance required
  • No minimum initial deposit required
  • Unlimited fee-free transactions

Opening an account with Lili

The Lili Business Checking account can only be opened on the Lili website. The account opening process will take only 3 minutes.

Lendstart - Opening an account with Lili phase #1
Step 1

Email and password

Lendstart - Opening an account with Lili phase #2
Step 2

Full name

Lendstart - Opening an account with Lili phase #3
Step 3

Phone number

Lendstart - Opening an account with Lili phase #4
Step 4

SSN verification

Lendstart - Opening an account with Lili phase #5
Step 5

Additional information

After the final steps are completed and if qualified, an account will be available for use within 24 hours.

State Availability

- Available in all states

bobphillips
Written by Bob Phillips linkedin-icon twitter-icon

Having spent over fifteen years helping people plan their lives financially, Bob has a vast amount of knowledge concerning personal finance. During his career, Bob mastered many different financial products to help people achieve their financial goals, including life insurance, disability insurance, mutual funds, and stocks and bonds. He earned the Chartered Life Underwriter (CLU) designation and held numerous securities licenses. Bob is an internationally published poet and is now a freelance writer living in North Texas with his wife and Doberman puppy.

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FAQ’s

What types of businesses can open an account with Lili?

Small businesses, single-member LLCs, and Sole Proprietors are eligible to open an account with Lili.

Is my money FDIC insured with Lili?

Yes, your money is FDIC insured with Lili through Choice Financial Group up to $250,000 per depositor.

Do you check my credit history when I apply for a Lili account?

Lili will not check your credit history when you apply for an account.

Customer Support

The Lili customer support team can be contacted by email, phone, or the Lili app. Our call to Lili was answered by a live customer support representative who was helpful and professional.

Lili’s business hours are Monday through Friday from 9 AM to 7 PM EST. There’s also a 24/7 chat bot on the mobile app.

On Trustpilot, Lili has 4.7 stars and 897 reviews. Most customers are satisfied with the service they receive, stating the representatives they speak with are polite, informative, and helpful. There’s also a lot of praise about the app’s ease of use.

In Conclusion

For a small business that wants a free business checking account with no minimum balance, Lili is a good choice.

Lili takes a customer-first approach to mobile banking. It’s dedicated to making it easier for small business owners to run their businesses, cut tax costs, and manage their expenses. The app has only been around for a few years. However, it offers a streamlined, inexpensive way to handle expenses and taxes so you can focus on growing your income and business.

Lili has highly positive reviews on Trustpilot, especially when it comes to customer service and the app. Since it is a newer company, it’s still somewhat limited in the different financial planning and business services it offers. It does, however, have many of the tools needed for small businesses.

Brand Disclaimer

Banking services provided by our partner bank Choice Financial Group Inc. Member FDIC.

1 Available to Lili Pro account holders only, applicable monthly account fee applies. Please refer to our Terms and Conditions for details.

2 The Annual Percentage Yield (“APY”) for the Lili Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2022. No minimum balance required. Must have $0.01 in savings to earn interest.

3 Early access to direct deposit funds depends on the timing of payer’s submission of deposits. Lili will generally post these deposits on the day they are received which can be up to 2 days earlier than the payer’s scheduled payment date.

4 Up to $1,000 per 24 hours period and a maximum of $9,000 per month. Some locations have lower limits and retailer fees may vary ($4.95 max). Note that Lili does not charge transaction fees.

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