Lili banking review
- Fee
- From $0 per month
- APY
- 3.65%
- Minimum deposit to open
- $0
Our verdict
This account for small business owners automatically sets aside money for taxes and emergency funds.
A Lili business banking account offers an array of features perfect for small business owners and freelancers who need help managing their business finances. The account automatically sets aside money for emergencies and offers early access to payments. While you can access its basic features for free, its paid plans start at $9 a month and come with more advanced features like cashback rewards, a built-in expense tracker, a savings account that earns 3.65% APY and free overdraft protection. Lili also supports joint accounts, so multiple owners can have account access and their own debit card.
Best for: Small business owners looking for a business checking account that can help make managing taxes and business finances easier.
Pros
-
Auto savings for taxes and emergencies, depending on your plan
-
Access to payments up to two days early
-
Tax tools, including pre-filled tax forms on the Lili Smart plan
-
Overdraft protection on its paid plans
Cons
-
Live customer support only available on weekdays
-
Autosave for taxes requires paid plan
Who is Lili best for?
Lili is best for small business owners who want some automated assistance in managing their emergency savings goals. The overall lack of account fees with Lili basic make it an easy account to open and maintain so you can focus on your business. It’s also a great fit for small business owners who might be interested in expanding their business account’s features down the line, thanks to the optional paid subscriptions. Lili also supports joint accounts, so if your business has multiple owners, all owners can get account access and each can get a debit card.
How much does Lili cost?
Lili has a free basic plan and three paid accounts starting at $9 a month. Here’s how they differ:
| Plan | Monthly fee | Features |
|---|---|---|
| Lili Basic | Free |
|
| Lili Pro | $9 | Everything in the Basic plan, plus:
|
| Lili Smart | $21 | Everything in the Pro plan, plus:
|
| Lili Premium | $33 | Everything in the Smart plan, plus:
|
What makes Lili shine
Lili’s biggest strength is how the account aims to make the life of small business owners easier. This starts by offering minimal fees: owners can open the account with $0 and won’t pay a monthly maintenance, overdraft, account inactivity, bill pay or stopped payment fee. Lili also supports early access to payments, which let you receive payments up to two days earlier than with a traditional bank account.
You can also deposit cash at any retailer in the Green Dot network, for a $4.95 fee — a perk not often offered by other online banks and fintechs. You’ll also get unlimited, free incoming domestic wire transfers.
And since Lili integrates with other accounting platforms like Quickbooks and Xero, which also have similar bookkeeping tools, you can select the Lili plan that makes the most sense for your business.
Set aside cash automatically
Lili’s most notable feature is its automated savings feature, which sets aside a percentage of your paycheck for emergency funds — and future taxes on the Lili Pro plan. Given the somewhat complex structure of small businesses and freelance taxes, this can prove a nice relief for business owners as it provides peace of mind that taxes are accounted for while business owners focus on their work.
Extra perks with paid plans
Lili also offers optional paid subscriptions that start at $9 a month. These accounts come with a few additional accounting features, rewards on eligible Lili debit card purchases, advanced expense tracking, a built-in invoicing tool and more. There’s also an overdraft service called BalanceUp, which allows free overdrafts on up to $200 on purchases.
Paid plans also offer access to the savings account with a 3.65%APY on balances up to $100,000. And with Lili Smart or Lili Premium, you’ll get an Accountant AI that can offer personalized accounting insight based on your bank account and industry trends.
Where Lili falls short
Given the specialized nature of Lili, it naturally won’t fit everyone’s needs. A few drawbacks to the account include limited customer support as they’re only available on weekdays from 9 a.m. to 7 p.m. ET and there are no live chat options.
Lili’s fees and access
| Type of fee | Fee details |
|---|---|
| Monthly service | $0 |
| Opening deposit | $0 |
| ATMs |
|
| Overdraft or nonsufficient funds | $0 |
| Wire transfers |
|
| Debit card fees | Lost card: $5.00 after first free replacement |
| Other fees |
|
Compare Lili to similar accounts
We gathered a quick comparison of similar accounts to help you decide if Lili is right for you.
Customer experience
Lili is generally appreciated by customers on social media for its user-friendly features and low fees. However, some older customer reviews have complained of unwarranted account closures.
Lili isn’t accredited with the Better Business Bureau and has just a few customer reviews. On Trustpilot, Lili earns a 4.7 out of 5 customer rating with several praising the user-friendly nature of Lili as well as the prompt customer service.
There are several ways to contact Lili:
- Call 855-545-4380 weekdays from 9 a.m. to 7 p.m. ET
- Email support@lili.co
- Facebook: @hellofromLili
- Instagram: @hellofromLili
- LinkedIn: linkedin.com/company/hellofromlili
Business checking account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Your reviews
Cassidy Finder
Writer
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