Lili Reviews

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

All Lili accounts include access to a savings account with a variable APY of up to 4%, along with ACH and wire transfers and third-party integrations. Lili’s paid tiers add tools such as invoicing, tax savings accounts and advanced expense tracking. 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 online banking services designed for small business owners. Its Core plan has no monthly fees or balance requirements, while paid tiers add tools like tax savings accounts, expense tracking and invoicing.

Opening an account requires basic information, including your name and contact details, along with a Social Security number. Some non-U.S. citizens with a U.S.-registered business may be eligible and can apply using a passport. Business owners must have a U.S.-registered business and a verified employer identification number (EIN). 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 Core 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 come with monthly and annual subscription costs.

All Lili accounts include a business checking account, debit card and direct deposit. The following pricing is accurate at the time of publishing:

ACH deposits from linked external accounts are limited to $5,000 per month, while mobile check deposits are generally limited to $50,000 per month, depending on account type, history and risk review. Lili doesn’t set maximum limits on incoming ACH direct deposits or wire deposits.

Customers can view their personal limits in the app, and some eligible account holders may request approval to deposit checks over the standard limit. Funds from mobile check deposits are typically available within one 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 Core 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 savings account 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 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.

Yes, Lili isn’t a traditional bank, but it can be a good option for small business owners who want a low-cost digital account. The Core 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.

While Lili discloses deposit and transaction limits in its account agreement, some limits vary by funding method, account type and eligibility. Business owners who regularly handle large deposits from linked external accounts or mobile check deposits may want to review these limits or confirm their specific thresholds before opening an account to ensure Lili meets their needs.