Lili Bank Review 2024: Fees & Features Compared

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

>> Check Out the Best Pricing for the Lili >>

Lili at a Glance:

Lili

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

>> Check Out Lili >>

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.

>> Open an Account With Lili >>Β 

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.

Kabbage

Kabbage is a registered payment service provider offering a free business checking account, perfect for ambitious entrepreneurs seeking loans to expand their ventures. Kabbage provides flexible financing options for small businesses. However, remember that a personal guarantee is required when applying for a loan.

Kabbage also offers a 1.10% APY on balances up to $100,000 with its free account, unlike Lili, which only provides interest for its paid account. Kabbage enables payment acceptance via professional invoices, similar to Lili.

While Kabbage excels in financing, Lili outperforms in business management with automated tools for tax filing and expense management, whereas Kabbage offers only how-to guides on these subjects.

Pricing: Starts at $0/month

Pros

  • Loan opportunities
  • 1.10% APY for free accounts
  • Invoice payment processing

Cons

  • Personal guarantee necessary for loans
  • Absence of tax optimization tools
  • No automatic expense management

>> Experience Better Banking With Kabbage >>

Novo

Novo is a FinTech company that provides a free business checking account suitable for small business owners looking to integrate their accounts with other productivity tools.

Novo connects with bookkeeping software like QuickBooks and online payment platforms like Stripe, unlike Lili, which offers built-in financial management tools. Novo specializes in ACH and wire transfers, while Lili focuses on regular banking transactions.

However, unlike Novo, Lili has the advantage of allowing cash deposits through partner retailers. Lili offers the option to open an emergency savings account, whereas Novo is strictly a checking account. Both Novo and Lili lack loan offerings.

Pricing: Starts at $0/month

Pros

  • Strong third-party integration
  • No monthly service fees
  • Free ACH transactions

Cons

  • No cash deposit capability
  • No savings account option
  • No loans or credit lines

>> Experience Better Banking With Novo >>

Oxygen

Oxygen is a FinTech company offering business and personal bank accounts. These accounts are ideal for entrepreneurs and freelancers who want to increase their income through business banking.

All Oxygen business accounts provide APY and cashback rewards, whereas Lili offers these benefits only to its paid account holders. Unlike Lili’s limited weekday email support, oxygen also features daily phone and email support.

Yet, Lili surpasses Oxygen in business management with features like expense monitoring and tax savings, which Oxygen lacks. Lili’s paid account is more cost-effective than Oxygen’s paid tiers.

Pricing: Starts at $0/month

Pros

  • APY across all tiers
  • Cashback rewards for all users
  • Daily phone and email support

Cons

  • No expense tracking tools
  • No automated tax savings
  • Higher rates for paid tiers

>> Experience Better Banking With Oxygen >>

Frequently asked questions

Lili is a business account tailored for sole proprietors and individual professionals. It’s recognized as one of the top business bank accounts for LLCs and supports the growth of small businesses with effective financial management tools. As a FinTech company, Lili offers banking services through Choice Financial Group.

A sole proprietorship is the simplest form of business structure. In this structure, the business is owned and operated by a single individual with no legal separation between the owner and the business. This means the owner enjoys all the profits but bears all the liabilities. Here are some of the best bank accounts for sole proprietors.

Lili functions primarily as a business checking account. However, it also allows opening an emergency savings account by setting up a daily automatic transfer of at least $1.Β 

You can earn a 1% APY with a minimum balance of $0.01 in your business savings account. This feature is available to Lili Pro account users but not those with a Lili Standard account.

>> Join Lili Today! >>

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.

>> Apply for a Lili Loan Today! >>

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Written by

gabriel

Reviewd By

Judith

Judith

Judith Harvey is a seasoned finance editor with over two decades of experience in the financial journalism industry. Her analytical skills and keen insight into market trends quickly made her a sought-after expert in financial reporting.