- Cash-Back Rewards Program
- No minimum account balance required
- No minimum initial deposit required
- Unlimited fee-free transactions
Lili Online Banking Review
Lili is a financial technology company that provides a business checking account platform designed for freelancers and small businesses. Choice Financial Group, FDIC, provides the actual banking services on behalf of Lili. Lili’s banking services are provided online; they do not have any physical branch offices.
Lili’s emphasis and expertise is in the area of business checking accounts. The company’s main selling point is “Freelancers and small businesses are redefining work. We are redesigning banking to help them grow their business.”
Lili Online Banking Highlights
Moneypass - 3,800+ atms nationwide
Lili Checking business Highlights
Pros & Cons
- No published or hidden fees
- Opening deposit or daily balance not required
- Direct deposit early payment feature
- Green Dot locations charge up to $4.95 for cash deposits
Features Benefits & Rewards
The only type of account Lili offers; it is fee-free and comes with a mobile app and a debit card. Cash deposits can be made at Green Dot retail locations. There is a cashback bonus if the debit card is used at participating merchants. There are no overdraft fees with the checking account, and overdrafts up to $200 are covered on the Visa Business Debit Card.
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.
After the final steps are completed and if qualified, an account will be available for use within 24 hours.
Available in all states
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.
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 and freelancers to run their business, 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 and freelancers.
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.
© 2023 Lili App Inc. All Rights Reserved.