Lili Bank Review 2024: Fees & Features Compared
Lili is a comprehensive banking solution for sole proprietors and freelancers. It offers tools like tax optimization, built-in expense tracking, and budget-friendly pricing. This 2024 review will delve into Lili’s pricing, features, pros, cons, and competitors.
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Our Verdict
Lili is ideal for small business owners and independent contractors looking to open a business account. It simplifies tax filing and boosts tax savings, allows on-the-go business expense monitoring via its mobile app, and offers a free business account and an affordable paid option.
However, Lili has its limitations. Interest earnings are only available with the paid account, not the free one. Overdraft protection up to $200 is also exclusive to the paid account. Customer service is restricted to email support during weekday business hours.
In this review, we find Lili a cost-effective choice with useful features for those new to business banking. Here’s a summary of Lili’s benefits and drawbacks:
Pros
- Tax optimization tools
- Integrated expense management
- Affordable pricing
Cons
- No APY for the free account
- Overdraft protection only for the paid account
- Limited customer support
Pricing: Starts at $0
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Lili at a Glance:
Founded in 2019 by Lilac Bar David, Lili is a FinTech company that provides business banking accounts through Choice Financial Group. With over 100,000 app users, Lili includes extra tax and business management tools.
This review focuses on features like mobile checking, ATM services, BalanceUp, APY, direct deposit, cash deposit, debit card, cashback rewards, expense tracking, tax optimizer tools, invoice tools, mobile app, security, and customer support.
Who Lili Is Best For:
Lili suits sole proprietorship owners seeking an affordable yet functional business banking account. The free account has no monthly fees, and the paid account’s fee is minimal.
It offers practical business solutions like mobile checking, tax tools, and expense tracking, making it sufficient for startup entrepreneurs or independent contractors looking to kickstart their businesses.
Pricing on Lili:
Lili offers two types of business bank accounts:
- Lili Standard (Free): No monthly fees or minimum balance required
- Lili Pro ($4.99/month): A low monthly maintenance fee with no minimum balance. Lili Standard is ideal for tight budgets, but Lili Pro is worth the upgrade for its enhanced features at a modest monthly cost
Lili Bank Offers a Lot of Features
With a Lili bank account, you benefit from essential banking services and tools. Let’s discuss mobile checking, ATM services, BalanceUp, APY, direct deposit, cash deposit, debit card, cashback rewards, expense tracking, tax optimizer tools, invoice tools, mobile apps, security, and customer support.
- Mobile Checking Lili Bank: Designed for small business owners, the mobile banking app facilitates account management and mobile check deposits.
- ATM Services Lili Bank: Withdraw cash for free from over 38,000 MoneyPass ATMs. Non-network ATMs incur a $2.50 fee, and international withdrawals cost $5.
- BalanceUp: Provides overdraft protection up to $200 on purchases via your debit card for Pro account holders only.
- APY: Offers a 4.15% APY for emergency savings accounts in the Pro version, with the rate being variable.
- Direct Deposit on Lili Bank: Enables early receipt of paychecks or client payments by up to two days for both Standard and Pro accounts.
- Cash Deposit on Lili Bank: Partners with retailers like Walmart, RiteAid, and CVS to allow cash deposits across over 90,000 U.S. locations.
- Debit Card: Standard accounts receive a Visa Business Debit Card, and Pro accounts get a Premium Visa Business Debit Card, with no transaction fees.
- Cashback Rewards: Pro customers earn cashback from merchants like Microsoft and Chevron. Standard account holders do not receive this benefit.
- Expense Tracking: Features built-in tools for categorizing expenses in real-time, with advanced tracking for Pro accounts to maximize tax deductions.
- Tax Optimizer Tools: Includes the Tax Bucket for setting aside income for taxes and tools for categorizing transactions and scanning receipts. Also, pre-fills the annual 1040 Schedule C form and generates quarterly and annual expense reports.
- Invoice Tools: Allows creation and editing of unlimited invoices via the mobile app and filing and organization of invoices.
- Mobile App: This app is available for Android and iOS and supports mobile check deposits and contactless payments.
- Security: Ensures up to $250,000 in insurance via Choice Financial Group and protects data with industry-grade security encryption.
- Customer Support: Limited to email during weekdays from 9 a.m. to 7 p.m. EST, with a help center for self-research.
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Alternative Bank Sites to Lili Bank:
While Lili is a great choice for a versatile business account, consider other options if Lili doesn’t meet all your needs.
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Bottom Line on Lili Review
Lili is a comprehensive business bank account ideal for sole proprietors and independent contractors.
It offers an attractive mix of competitive pricing, tax savings support, and expense management. As we wrap up this review of Lili Bank, it’s now your turn to decide if Lili is the right banking solution for you.
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