Lili is a digital-first banking platform tailored for freelancers, small business owners, and entrepreneurs looking for an accessible, modern approach to financial management.
Known for its user-friendly mobile app, automated expense tracking, and fee-free business checking accounts, Lili aims to empower business owners with a streamlined, hassle-free banking experience. Wondering if Lili is the right fit for your business needs?
Below, I dive into Lili’s key features, pricing structure, and how it compares with other digital banking services.
Lili’s fast factsMy rating: 4.7 out of 5
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Lili has gained popularity among self-employed individuals and small business owners who want simplicity in their business banking. With comprehensive expense tracking, tax categorization, and no-cost banking options, Lili helps entrepreneurs achieve financial clarity without the need for a physical bank branch.
Let’s take a closer look at what Lili offers and how it stands out among digital banking competitors.
Lili Business Checking review: User ratings and feedback
4.7/5
Lili has received positive feedback for its automated features, user-friendly interface, and fee-free structure, making it especially popular among freelancers and solo business owners. Most users appreciate Lili’s expense and tax categorization tools, which are perfect for keeping track of finances without hassle.
On the downside, some users note that Lili doesn’t offer options for cash deposits, which may be limiting for businesses that handle cash frequently. Despite this limitation, Lili remains an excellent choice for digital-focused businesses that operate primarily online (i.e., ecommerce, digital stores, etc.).
- Trustpilot: 4.7 out of 5 stars
- G2: 4.6 out of 5 stars
Freelancers and business owners consistently commend Lili for its straightforward account setup and digital banking tools, which streamline expense tracking and simplify financial organization. A common drawback is the lack of cash deposit options. However, this won’t impact businesses that are comfortable operating online.
Lili’s pricing structure
Lili’s pricing model centers around accessibility and simplicity. It offers business checking accounts with no monthly maintenance fees and no balance requirements, which makes Lili especially appealing to freelancers and startups wanting to reduce banking expenses while gaining access to effective financial tools.
- No monthly fees: Lili’s business checking account is completely free with no hidden fees.
- Unlimited ACH transfers: ACH transfers between accounts are unlimited and free of charge.
- Debit card access: Both digital and physical debit cards are available for free.
- Automatic tax and expense tracking: Built-in features categorize transactions and track expenses, helping users simplify bookkeeping and tax preparation.
Lili’s low-cost, feature-rich approach is ideal for small businesses aiming to keep expenses low while gaining access to essential banking functions.
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Key features of Lili Business Checking
4.7/5
Lili provides features designed to meet the needs of freelancers, small business owners, and entrepreneurs. Here’s a closer look at what you can expect from Lili Business Checking.
1. No monthly fees
Lili’s business checking account is completely free, with no monthly maintenance fees or minimum balance requirements. This makes Lili a cost-effective option for freelancers and small business owners who want to save on banking fees.
2. Automated tax and expense tracking
One of Lili’s standout features is its automated tax and expense categorization. Every transaction is automatically sorted and categorized, making it easier for business owners to monitor their spending and prepare for tax season. This feature is especially helpful for freelancers who often handle both personal and business expenses.
3. Integration with accounting software
Lili integrates seamlessly with popular accounting tools like QuickBooks, allowing users to sync their transactions and streamline bookkeeping. This integration reduces the time spent on manual entry, giving users a clear view of their cash flow and simplifying financial management.
4. Digital and physical debit cards
Lili offers both virtual and physical debit cards that can be used for business expenses. The ability to issue multiple cards and set spending limits makes it easier for small teams to manage expenses while keeping finances secure and organized.
Would our expert use Lili Business Checking?
5.0/5
Lili Business Checking is an excellent choice for freelancers, solo business owners, and small teams who prefer a digital-first approach to banking. The fee-free structure and automated expense tracking make it ideal for entrepreneurs looking to minimize costs while gaining access to essential financial tools.
Expert opinion: Lili is perfect for businesses prioritizing affordability, tech-driven solutions, and easy integration with accounting software. However, a more traditional bank may be a better fit if your business frequently requires cash deposits or in-person banking services.
Lili pros
- No monthly fees or minimum balance requirements: Great for startups and freelancers focused on reducing costs
- Automated tax categorization and expense tracking: Helps users stay organized and prepared for tax season
- Integration with QuickBooks: Syncs transactions automatically, reducing manual data entry
- Digital and physical debit cards: Easy to issue and manage, especially useful for small teams
Lili cons
- No option for cash deposits: May limit businesses that handle cash
- Limited to online-only services: No physical branches or in-person banking options
No business credit or lending products: Focuses exclusively on checking accounts and debit cards, so businesses needing credit may need an alternative provider
Business types supported by Lili
Lili is designed to cater to a variety of small business structures and freelance arrangements, making it a versatile banking solution for entrepreneurs. The types of businesses that can benefit from Lili include:
- Freelancers and sole proprietors: Lili is ideal for individuals running their own small, unincorporated businesses.
- Single-member LLCs: Lili supports single-member LLCs, offering tools to help business owners manage expenses, categorize transactions, and prepare for tax season.
- Independent contractors: Lili’s automated expense tracking and tax features are especially useful for those working in gig- or project-based roles.
- Side hustlers: Lili’s no-fee checking is an excellent option for side hustlers who may not need a traditional business account but want to keep their business and personal finances separate.
With these business structures in mind, Lili provides flexibility and simplicity, helping entrepreneurs of all kinds access financial management tools without the need for a complex or costly banking setup.
How to qualify for a Lili Business Checking Account
To open a business checking account with Lili, you’ll need to meet a few basic requirements:
- Business type: Your business type should align with one of the supported structures (freelancer, sole proprietor, independent contractor, or single-member LLC).
- US residency: You must be a US citizen or legal resident with a valid Social Security number (SSN).
- Valid identification: A government-issued ID, such as a driver’s license or passport, is required to verify your identity.
- Business information: While Lili doesn’t require extensive business documentation, you’ll need to provide basic information about your business and your role.
Once you meet these requirements, you can apply through Lili’s app. Approval generally takes one to two business days. This streamlined process and low barrier to entry make Lili accessible to a wide range of small business owners and freelancers.
Alternatives to Lili Business Checking
If Lili Business Checking doesn’t meet all of your needs, consider these alternatives:
| Starting price | Free | Free (waivable $15/month fee) | Free |
| Key features |
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| Key distinctions | Benefits from interest-bearing for qualified accounts | Known for extensive in-person banking support | Optimized for digital-first, tech-focused businesses |
| Learn more |
Frequently asked questions (FAQs)
Who owns Lili Bank?
Lili was founded by Lilac Bar David and Liran Zelkha in 2019. They started the company with a focus on providing flexible, digital banking solutions specifically tailored to freelancers and small business owners. Lili operates as a financial technology company (fintech) and partners with Choice Financial Group, an FDIC-insured bank, which provides account protection for customer deposits.
Is Lili a safe bank?
Yes, Lili is considered safe and reliable. Although Lili itself is a fintech company, it partners with Choice Financial Group, which is an FDIC-insured institution. This means that customer deposits are insured up to $250,000, providing protection similar to that of traditional banks. Lili also employs robust encryption and security practices to safeguard user data.
How much does Lili cost?
Lili offers a free business checking account with no monthly maintenance fees or minimum balance requirements. It also has a Pro plan for $9 per month, which provides additional features like advanced tax optimization tools, overdraft protection, and higher ATM fee reimbursements.
How do you get approved for Lili Bank?
To open an account with Lili, you need to provide basic personal information, including your Social Security Number, a valid ID, and details about your business (if applicable). The application process is straightforward and takes just a few minutes, with approval typically granted within one to two business days.
Is Lili good for small business?
Yes, Lili is an excellent option for freelancers and small business owners, especially those who operate online or digitally. Lili’s fee-free checking, automatic expense tracking, and tax tools make it particularly appealing for entrepreneurs who want to simplify financial management without incurring banking costs.
How do you withdraw money from Lili Bank?
You can withdraw funds from Lili by using the Lili debit card at ATMs or transferring funds to an external bank account via ACH transfer. The debit card allows for cash withdrawals, purchases, and payments wherever Visa is accepted.
How much can you withdraw from Lili Bank?
The daily ATM withdrawal limit for Lili accounts is $500. However, limits may vary depending on the specific ATM or cash-back transaction and may be increased if you’re on the Lili Pro plan.
This article was reviewed by our banking expert Robi Mansueto.
