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Lili

Lili Reviews

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About Lili

Lili is a technology company designed for business owners. Banking and debit card services are provided by Choice Financial Group. This bank account is 100% free, with no minimum balance. It comes with a Visa business debit card for easy transactions. Lili offers smart financial tools that help you plan taxes, manage expenses and save.

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Pros & Cons

Pros
  • No hidden fees
  • Extensive fee-free ATM network
  • No minimum balance requirement
  • Fast direct deposit
Cons
  • Mobile transfer limits
  • Fee for certain features
  • Mobile access only

What is Lili?

Lili is a mobile banking fintech company created to meet the needs of freelancers and small businesses owners. Up-and-coming establishments often can’t afford high banking charges or fees — and that’s where Lili comes in. It offers no monthly fees on its standard account. You also don’t have to worry about transfer fees or hidden fees.

It can operate as a hybrid account for your business. Although it’s mainly a checking account, you can get a savings account with Lili Pro, the premium plan. Lili also provides an expanse of financial tools to help you manage taxes and sort expenses.

How does Lili work?

Lili provides mobile financial services for freelancers and solo entrepreneurs. It charges no fees and comes with tax tools that can help you save during tax season. You can also create invoices and organize your business expenses with the app. Lili is not a bank; it partners with Choice Financial Group to offer these services.

It is very easy to set up and requires no minimum balance. You can open an account in less than three minutes by providing your name, contact details, address and the type of account you'd like to create on the website. Lili will request your employer identification number (EIN) and Social Security number to confirm your identity. After submitting your application, you will have to complete setup online or on the mobile app to begin using your Visa business debit card.

Lili features

Lili’s standard account comes with a number of convenient features to help save you money and time. These include:

  • No fees: Lili is great for freelancers and business owners looking to minimize banking costs. There are no monthly fees or hidden fees on the basic account.
  • Fast direct deposit: Lili offers free and swift direct deposits. You can receive your deposits earlier than you would with a traditional bank. There are deposit limits.
  • Visa business debit card: Your Lili debit card should arrive within two weeks of you opening an account. You can start making online transactions with the card even before it arrives. The card can also be linked to third-party payment apps like Venmo, Cash App, Google Pay and Apple Pay.
  • Automatic tax-saving tool: Lili is one of the few financial apps where you can automate your taxes. It helps you set aside a percentage of your income in a tax bucket. This is a valuable feature for solopreneurs and freelancers because they often have to handle their taxes on their own.
  • Income and expense tracking tool: Lili provides smart financial tools that can help you track your business expenses and income. You can categorize your expenses and use graphs to view your financial reports.

Lili fees

The Lili standard account comes with no fees. You won’t be charged monthly maintenance fees, deposit fees or transfer fees. You will only be required to pay a fee of $2.50 per use with out-of-network ATMs. If you use an ATM outside the U.S., Lili will charge you $5 per use. This is in addition to the fee your ATM provider will charge.

You can also opt for the Lili Pro account for $4.99 per month. The Pro account offers a premium Visa debit card with cashback rewards, a savings account with 1% annual percentage yield and fee-free overdraft.

Lili FAQ

What bank owns Lili?

Lili is a banking fintech company founded by Lilac Bar David and Liran Zelkha. Banking services are provided by Choice Financial Group.

How long does it take to get a Lili account?

It takes only a few minutes to set up your account. All you have to do is sign up with the necessary information and have your Social Security number at hand for verification. The Lili Visa business debit card can take up to 10 business days to arrive, but you can start with the digital version online.

How do I add money to Lili?

There are different ways to add money to Lili. Open the Lili app to see the options under “Add Money.” You can get paid instantly by connecting your account to third-party payment apps like Paypal, Cash App and Venmo. You can also fund your Lili account using mobile check deposits or direct deposits or by linking your other bank accounts to move funds easily.

Is Lili FDIC-insured?

Your account is insured for up to $250,000 through Choice Financial Group, which is FDIC-insured.

Is Lili good for banking?

Lili is a digital banking service with almost no fees and good user experience. It provides smart finance tools that will help you manage your business expenses and taxes without paying extra accounting fees. It's a good choice for freelancers and independent small business owners looking for a simple, cost-effective banking option. However, if your business makes a lot of deposits or gets multiple checks, Lili may not be a good fit because of the transfer and deposit limits on the account.

Lili Reviews

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    How do I know I can trust these reviews about Lili?
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    • We use intelligent software that helps us maintain the integrity of reviews.
    • Our moderators read all reviews to verify quality and helpfulness.
    Page 1 Reviews 0 - 10
    Customer ServiceOnline & App

    Reviewed Nov. 3, 2024

    I am giving them one star because I have to at least have one to submit a review. But I would give them zero if I could. I joined Lili Bank to handle the fees I am earning with my small software LLC. This was depicted on their website and app as a free tier checking account. They even sent an ATM card to me. I actually had it for 6 months before I was able to deposit my first check. After I did a virtual deposit I heard from them bluntly saying they were closing my account because of too much risk and not depositing the check. Plus, that the decision was final. Turns out there was a typo in the name of my company on the check. But I simply was unable to get anyone on the phone requesting an explanation. I moved everything to Bank of America and notified my new clients of the ACH info changes, which was even more inconvenient. I paid nothing to them and I got no service of help. So I guess it makes sense.

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    Reviewed Oct. 24, 2024

    I've had numerous issues with them. (I'm in the process of moving away) The latest issue was they changed my routing number and haven't had a successful deposit to my account in seven days from two different merchants. As a small business owner, this is unacceptable. And when I call support they blame me for not acting quick enough. I have no control over the merchants though. This bank is trash.

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      Reviewed Oct. 19, 2024

      The bank is fraud. Some scammer took my money and no one gave me back. As of now I have no idea if I even get back my money. I plan to report BBB. Let's see if they respond to it otherwise I plan to put in civil lawsuit. Very depressing.

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      Customer ServicePricePunctuality & SpeedStaffEase of Use

      Reviewed Oct. 18, 2024

      Lili is a totally incompetent business banking service that I do not recommend. ACH transfers rarely go through on time, if at all. The "relevant team" that deals with these problems has no phone number and can only be reached by email and half the time they don't respond. I made a "same day" payment to a vendor 11 days ago and the money still hasn't been received. 6 phone calls, 3 emails and 2 investigations later and Lili still hasn't completed the payment, making my company look bad.

      Lili has also arbitrarily held back my company's funds from checks for up to 14 days without letting me know, causing financial planning issues for my company. Lili initially seemed affordable and easy to use, but if you encounter a problem, it wastes hours of your time. They move basic features into higher and higher tiers every year so you keep paying more just to retain the bare minimum features. Their call takers are not empowered to resolve anything. Looking for a new account elsewhere.

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      Customer ServiceOnline & App

      Reviewed Oct. 1, 2024

      I am currently a Lili bank user and originally decided to open an account due to the ease of doing so online and the lack of bank fees. This was appealing because I use the bank account only for the rare side job I do. For me, these pros do not outweigh the cons. When making deposits, the bank holds funding checks for what I consider to be an excessive amount of time (5 business days or more). This is not just for large amounts, even for a few hundred dollars. I have had several checks that were deposited via the app (the only way to make a deposit) that were rejected.

      The explanation given via email is that they could not verify the check. When I asked for clarification from the CSR, they had no details as to why. When I asked to speak to someone who could provide more information, that said that was not possible. I could request a callback. This callback never happened. Instead, I received an email from someone at Lili stating word-for-word what the original CSR said, no additional information. This happened on more than one occasion.

      Additionally, it is very difficult to find a customer service phone number anywhere on the app or their website. Finally, when a deposit is actually accepted via Mobile deposit, there is often conflicting notifications as to when the funds will be available. The app will notify you of one day and you could receive an email or text stating a different day. Overall for me, it has been a poor experience using Lili Bank. Currently opening a business account at another bank.

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      Customer ServiceOnline & App

      Reviewed Sept. 9, 2024

      When I think about business banking fraud protection is the top of my mind. I was able to pay my payroll and other bills. Out of the blue two transactions at a Safeway in Arizona wiped out my account. How does this bank not some sort fraud detection for transactions over 600 miles away? No alerts no warnings other than, “oops your account Is a little low maybe you should add $10”. Honestly I did get a yellow flag several months back when their mobile app refused to recognize a vendor’s check. When I called customer service they said I should reinstall the app then told me it was my phone. That's funny because my Chime App, and Credit Union app had no problem recognizing the check. Again no customer service, no fraud protect AT ALL. Like others have said I called immediate to report the fraud and they told me I had to wait until it cleared. It cleared on Sunday and guess what, they are closed. Do not use this bank. It's a joke!

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      Customer Service

      Reviewed Sept. 3, 2024

      Lili bank has literally the worst customer service experience that I have ever had across the board. They closed my account without my permission which had horrible effect on my business. DO NOT USE THEM!

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      Reviewed July 16, 2024

      Lili closed my account WITHOUT NOTICE!! I had no access to my statements and customer service would provide no information except they could not reopen my account. Luckily for me, I had no money currently in the account.

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      Reviewed June 21, 2024

      I had an absolutely horrible experience with this "bank". They withheld my money, closed my account with no warning, then stopped replying to my messages. I literally had to file a claim with the FDIC (and the BBB) to get them to respond. As soon as they finally responded to the FDIC (after multiple attempts by the FDIC to reach them) they all of a sudden gave me my money back.

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      Customer ServiceStaff

      Reviewed April 30, 2024

      I tried to open a new account with Lili seeing how they were supposedly a good bank for small businesses. They denied my application after I submitted twice saying they could not accept my home address or my business address. I called trying to understand and the customer service person was slower than a 2 year old. She had no knowledge and could not even explain how the application processes worked. Reading these reviews I guess I dodged a bullet. Applying with Bluevine!

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      Lili Company Information

      Company Name:
      Lili
      Website:
      lili.co
      Lili
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