Lili Reviews

A one-stop-shop for business banking needs

Written by Bob Phillips

About Lili | Read More

LS Score

Credibility

Support

Accessibility

Visit Site

Opening Hours

Mon-Fri 9am-7pm EST

Sat-Sun Closed

Contact Information

support@Lili.co
(855)-545-4380
Headquarters: 250 Greenwich St. New York, NY 10007

Social Media

LS Score

Credibility

Support

Accessibility

Visit Site

Opening Hours

Mon-Fri 9am-7pm EST

Sat-Sun Closed

Contact Information

support@Lili.co
(855)-545-4380
Headquarters: 250 Greenwich St. New York, NY 10007

Social Media

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

One-stop shop for all your small business financial needs — banking, accounting and taxes
Unlimited fee-free transactions
Offers early payment feature with direct deposit

Out-of-network ATM fees: $2.50 for U.S. ATMs, $5 for international ATMs.
Mobile only right now (web interface will be live soon)

Account types

Business Checking
Business Savings

Visit Site

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

Lily is excited to announce the latest evolution of Lili AI, revolutionizing how small business owners tackle complex finances. Meet Accountant AI: New on-demand business advisor for small business owners.

Accountant AI seamlessly integrates customers’ banking and accounting data with the latest industry trends, delivering tailored and impactful financial advice for their business within seconds.

They can ask questions, get instant answers, and witness their business decisions become more informed, timely, and effective than ever before.

Lili’s strength lies in how it combines banking and bookkeeping in one place. Accountant AI goes one step further and harnesses the power of artificial intelligence on top of that already powerful combination.

Account Types

Lili offers a range of plans that are specifically designed to help small businesses manage their finances more effectively. Whether you need a simple, no-frills account or a plan that comes with a range of premium features, they’ve got you covered. The plans are affordable, flexible, and come with a range of tools and resources to help you stay on top of your finances.

Lili Basic
Lili Pro
Lili Smart
Lili Premium

Each plan has its own unique features and benefits, with varying monthly fees and capabilities. Additionally, the fact that Lili offers banking with no overdraft or minimum balance fees, is a major selling point for those who are looking to save on costs. Overall, Lili’s plans provide a compelling option for those who are seeking a flexible and affordable banking solution for their business.

1. Lili Basic

Maintenance Fee: $0.00 / Month
Minimum Deposit: $0.00

Plan Highlights:

Advanced Business Checking Account
Metal Visa® Business Pro debit card with Cash Back Rewards
Fee-free ATM withdrawals at 38K locations
Get paid up to 2 days early
Automatic Tax Savings

2. Lili Pro

Maintenance Fee: $15.00 / Month
Minimum Deposit: $0.00

Plan Highlights:

Advanced Business Checking Account
Metal Visa® Business Pro debit card with Cash Back Rewards
Fee-free ATM withdrawals at 38K locations
Get paid up to 2 days early
Automatic Tax Savings
Fee-free Overdraft up to $200
2.0% APY* on Savings

Expense Management Tools & Reports

Organize your expense transactions into tax categories
Attach receipts to expenses, add notes
Easily generate monthly expense reports

3. Lili Smart

Maintenance Fee: $35.00 / Month
Minimum Deposit: $0.00

Plan Highlights:

Advanced Business Checking Account
Metal Visa® Business Pro debit card with Cash Back Rewards
Fee-free ATM withdrawals at 38K locations
Get paid up to 2 days early
Automatic Tax Savings
Fee-free Overdraft up to $200
2.0% APY* on Savings

Smart Bookkeeping

Instantly sort income and expense
transactions into tax categories
Attach receipts to expenses, add notes

Financial Reports

On-demand reporting including
profit & loss and cash flow statements

Unlimited Invoices and Payments

Create and send invoices
Accept payments instantly
Track invoices and send reminders

Tax Reports (1065/1120/Schedule C)

Maximize your tax refund with
pre-filled business tax forms.

Plan Highlights:

Advanced Business Checking Account
Metal Visa® Business Pro debit card with Cash Back Rewards
Fee-free ATM withdrawals at 38K locations
Get paid up to 2 days early
Automatic Tax Savings
Fee-free Overdraft up to $200
2.0% APY* on Savings
Dedicated Account Specialist
Priority Customer Support

Smart Bookkeeping

Instantly sort income and expense
transactions into tax categories
Attach receipts to expenses, add notes

Financial Reports

On-demand reporting including
profit & loss and cash flow statements

Unlimited Invoices and Payments

Create and send invoices
Accept payments instantly
Track invoices and send reminders

Tax Reports (1065/1120/Schedule C)

Maximize your tax refund with
pre-filled business tax forms.

4. Lili Premium

Maintenance Fee: $55.00 / Month
Minimum Deposit: $0.00

Plan Highlights:

Advanced Business Checking Account
Metal Visa® Business Pro debit card with Cash Back Rewards
Fee-free ATM withdrawals at 38K locations
Get paid up to 2 days early
Automatic Tax Savings
Fee-free Overdraft up to $200
2.0% APY* on Savings
Dedicated Account Specialist
Priority Customer Support

Smart Bookkeeping

Instantly sort income and expense
transactions into tax categories
Attach receipts to expenses, add notes

Financial Reports

On-demand reporting including
profit & loss and cash flow statements

Unlimited Invoices and Payments

Create and send invoices
Accept payments instantly
Track invoices and send reminders

Tax Reports (1065/1120/Schedule C)

Maximize your tax refund with
pre-filled business tax forms.

Plan Highlights:

Advanced Business Checking Account
Metal Visa® Business Pro debit card with Cash Back Rewards
Fee-free ATM withdrawals at 38K locations
Get paid up to 2 days early
Automatic Tax Savings
Fee-free Overdraft up to $200
2.0% APY* on Savings
Dedicated Account Specialist
Priority Customer Support

Smart Bookkeeping

Instantly sort income and expense
transactions into tax categories
Attach receipts to expenses, add notes

Financial Reports

On-demand reporting including
profit & loss and cash flow statements

Unlimited Invoices and Payments

Create and send invoices
Accept payments instantly
Track invoices and send reminders

Tax Reports (1065/1120/Schedule C)

Maximize your tax refund with
pre-filled business tax forms.

Lili Fees Overview:

Bank fees can diminish business profits and any interest gains. Lili offers accounts with no minimum deposit, yet its tiered structure includes monthly access fees. Key fees for Lili customers include:

Lili Basic: Free
Lili Pro: $15/month
Lili Smart: $35/month
Lili Premium: $55/month
MoneyPass ATM: Free
Out-of-network ATM: $2.50
International ATM: $5
Card replacement: $5

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 #2

Lendstart - Opening an account with Lili phase #3

Lendstart - Opening an account with Lili phase #4

Lendstart - Opening an account with Lili phase #5

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

Written by Bob Phillips

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.

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.