Lili Reviews

Lili is a mobile banking fintech company created for business owners. The Basic plan has no monthly fees or balance requirements, making it an affordable option for those who want simple digital banking.

Lili’s paid tiers add features such as a savings account with up to 4% annual percentage yield (APY), same-day ACH and wire transfers, and integrations with popular business tools. All Lili accounts are FDIC-insured, with coverage up to $3 million through Sunrise Banks. Together, these features support faster payments, software connections and larger account balances.

Lili provides mobile banking services designed for freelancers and small business owners. The Basic plan has no monthly fees or balance requirements, while paid tiers add tools like tax buckets, expense tracking and invoicing.

Opening an account requires only basic information, including your name, contact details and Social Security number. Business owners with an employer identification number can use that as well. Once approved, you can start using your digital Lili Visa Debit Card right away, with a physical card arriving by mail within about two weeks.

Customer support is available by phone on weekdays and by email on weekends, with 24/7 AI assistance for routine tasks.

The Lili Basic account has no monthly or annual fees. You only pay for certain services, such as $2.50 per domestic out-of-network ATM withdrawal, $5 for international ATM withdrawals and fees for optional express transfers.

Paid plans add more tools and features, but those plans come with monthly and annual subscription costs:

Lili sets deposit and transaction limits on all accounts, but exact amounts vary, and the company doesn’t publicly disclose them. Be sure to ask about your specific limits before signing up — if you plan to make large deposits regularly, Lili may not be the best fit.

You can view your personal limits in the app or request an increase if eligible. Mobile check deposits may be subject to a hold of up to five business days.

Lili offers a mix of banking perks and business tools that set it apart from traditional accounts. Features users often appreciate include:

• No fees on Basic account: An account with no monthly or hidden fees makes Lili a good choice for business owners looking to minimize banking costs.
• Free direct deposit: All Lili accounts include direct deposit with no added fees, though deposit amounts are subject to limits.
• Visa business debit card: The Lili Visa Debit Card can be used for online purchases immediately and linked to payment apps like Venmo, Cash App, Google Pay and Apple Pay. A physical card arrives within about two weeks.
• Tax savings and reporting tools (paid plans): Higher-tier accounts include an automatic tax bucket to set aside money from deposits, expense categorization and downloadable tax reports (like Schedule C prep). These tools make it easier to prepare for quarterly and annual taxes, but you’ll still need to file through a tax service or accountant.
• Expense tracking and reports: Paid plans include advanced features, like smart expense categorization, detailed financial reports and invoicing, which can help freelancers and small business owners manage day-to-day cash flow more effectively.
• Integrations with business tools: Lili integrates with several popular business tools, including QuickBooks, Xero, Stripe, Shopify and Gusto.
• Team access: Business owners can securely invite team members or accountants to manage finances with customizable permissions for tasks like bookkeeping, payments and report viewing.
• International wires: Lili supports sending and receiving international wire transfers in more than 30 countries and with over 100 currencies. Transfers can arrive within about 24 hours, with no inbound transfer limits.
• Fast payments: Lili offers express transfer options for quicker access to business funds, including same-day ACH and wire transfers, helping business owners receive payments without long processing delays.
• BusinessBuild credit tools: Lili’s optional BusinessBuild program helps small business owners establish and monitor their business credit profile. It includes a secured credit card that reports payments to Dun & Bradstreet, real-time alerts for score changes and access to credit-building education. The program is available as an add-on to all plans, with a one-month free trial, three months at $18 per month and $30 per month afterward.
• BalanceUp: Customers with Lili Premium, Smart and Pro accounts are eligible to opt in to the BalanceUp program, which provides $20 to $200 in overdraft protection to qualified customers with accounts in good standing.

Yes, Lili isn’t a traditional bank, but it can be a good option for freelancers and small business owners who want a low-cost digital account. The Basic plan has no monthly fees and includes a Lili Visa Debit Card and direct deposit. Paid tiers add perks like tax tools, expense tracking and overdraft protection.

At the time of publication, Lili’s savings account earns 2.50% APY on balances up to $500,000 and 4% APY on balances between $500,000 and $1 million, which is competitive with many high-yield accounts offered by online banks.

Since deposit and transaction limits aren’t publicly disclosed, Lili may not be the best fit for businesses that handle large or frequent deposits. It’s worth asking about your specific limits before opening an account to make sure it meets your needs.