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finder.com’s rating: 4.7 / 5.0
★★★★★
The Lili digital bank account is best for freelancers who struggle with their business’s finances. You can automatically set aside money for taxes, run expense reports, categorize work expenses and get paid up to two days early. But you can’t open an account with a business partner or an Employer Identification Number (EIN), and you can’t make wire transfers.
$0 per month
Fee
N/A
APY
$0
Minimum deposit to open
APY | N/A |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
ATMs | 32,000 fee-free ATMs nationwide |
ATM transaction fee | $0 |
Out-of-network ATM fee | $2.50 |
Foreign transaction fee | 0% |
Overdraft fee | $0 |
Review by
Cassidy Horton is a writer for Finder, specializing in banking and investments. She has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. Cassidy enjoys educating people about financial services, exploring the Pacific Northwest and watching endless reruns of The Office.
The Lili digital bank account is the first of its kind — completely built with freelancers and small business owners in mind. As a freelancer myself, I like the fact that Lili sets aside tax money for you, allows you to categorize expenses into specific business categories and comes with financial insights to help you manage your cash flow. Plus, it’s free and has no minimum balance requirements.
But it has some drawbacks you can’t overlook. First, you can’t transfer more than $1,000 a day to your linked account. If you’re like me and only pay yourself once or twice a month from your business account, this limit may be too low. Plus, Lili doesn’t support wire transfers.
Ultimately, it’s best for freelancers who don’t want to worry about setting aside a chunk of each paycheck for taxes. But if you usually transfer out more than $1,000 at a time, you may want to keep looking.
It takes about three minutes to open your Lili digital bank account online:
You’ll receive your Lili debit card in the mail within 10 business days.
Open a Lili digital account when you meet these eligibility requirements:
You’ll need the following information handy when you open your Lili account:
We gathered a quick comparison of similar accounts to help you decide if Lili is right for you. For more options, select “Compare accounts” to compare even more accounts for your banking needs.
Lili
★★★★★
Go to site |
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Fee $0 per month |
APY N/A |
Minimum deposit to open $0 |
ATM network 32,000 fee-free ATMs nationwide |
NorthOne Business Banking
★★★★★
Go to site |
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Fee $10 per month |
APY N/A |
Minimum deposit to open $50 |
ATM network
More than 300,000 ATMs across America.
|
Novo
★★★★★
Go to site |
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Fee $0 per month |
APY N/A |
Minimum deposit to open $50 |
ATM network Novo doesn't charge ATM fees and will reimburse any non-network fees you incur |
Compare even more checking accounts
You can withdraw cash for free at over 32,000 ATMs in the US and Puerto Rico. If you use a US-based ATM outside of this network, you’ll pay $2.50. And you’ll pay $5 for international ATMs outside of this network. Use the Lili app to find a free ATM near you.
If the taxes buckets aren’t worth these disadvantages, you might want to explore free business checking accounts until you find one that’s right for you.
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