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Lili is an all-purpose mobile bank designed for freelancers, contractors and small business owners. 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 will help you plan taxes, manage expenses and save.
- No hidden fees
- Extensive fee-free ATM network
- No minimum balance requirement
- Fast direct deposit
- Mobile transfer limits
- Fee for certain features
- Mobile access only
Lili is a free mobile bank account with financial tools to help you track expenses and manage taxes. There are almost no fees, and you get fast direct deposit. You have to upgrade to Lili Pro to get a savings account.
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 Social Security number to confirm your identity. After submitting your application, you will have to download the mobile app to complete setup and begin using your Visa business debit card.
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.
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.
- 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 bank 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.
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