Lili Business Checking Account Review 2022: Built For Solopreneurs

Katie Stiner

Lili is a digital bank account that is built with freelancers in mind. They offer no-fee accounts for freelancers and sole proprietors to conduct their banking while saving on banking fees. Lili offers its banking services through a partnership with Choice Financial Group, which means your funds are safe and insured by FDIC.

Overall rating

4.8

Summary: Lili’s business bank account was built for solopreneurs to help users keep their banking costs low, optimize their taxes, and manage their business’s finances.

Lilii Business Checking Account

lili logo

$0 - $4.99

Monthly Fee

0% -1.00%

Est. APY


Reviews

5

Account Opening

4.5

Fees

4

Deposits & Withdrawals

5

Features

5

Customer Service

5

Safe & Secure

Pros

  • FDIC insured
  • Tax reporting
  • Savings buckets
  • Invoicing software included

Cons

  • Only for sole proprietors and single member LLCs
  • No wire transfers
  • Interest on lili pro only

Best For

  • Freelancers, sole proprietors, and single member LLC
  • Low banking fees

Features

HQNew York, New York, USA
Monthly FeeFree or $5 per month (Lili Pro)
Min. To Open$0
Min. Deposit For No Fee$0
Transfer FeeN/A
Overdraft Fee$0
ATM Fee-$2.50 (Domestic out-of-network ATMs)
-$5 (International ATMs)
RewardsCashback rewards with Lili Pro
TransactionsUnlimited
Branch AccessNone
State RestrictionsAvailable in all US States

In depth review on Lili business checking account

You can only open an account with Lili if you have a business under your own name. If you are running a business as an LLC or S Corp, you may not be able to open this account (unless you are a single member of the LLC). Lili is an online-only bank created for sole proprietors that offer features that can help users streamline their taxes and manage their business expenses. You can automate your savings using Lili’s savings buckets to account for your tax payments or financial emergencies. You can also use Lili’s expense reports to do your taxes.

Lili is entirely online and does not have any physical branches. However, you can access all features of your account via Lili’s mobile app.  Lili’s business account does not have a monthly maintenance fee.

Additionally, Lili offers a subscription based account for a monthly fee of $4.99. This account offers all features provided by Lili’s basic account as well as additional features such as:

  • Cashback reward with over 14 thousand vendors
  • Unlimited invoicing
  • No-fee overdraft up to $200
  • Savings account with APY of up to 1%

Lili business checking account is best for

  • Freelancers and sole proprietors: Lili’s business bank account was built for freelancers with or without a DBA. The account comes with features that help users keep their banking costs low, optimize their taxes, and manage their business’s finances.
  • Low banking fees: Lili’s account does not have any maintenance fees. There are no recurring fees associated with the account except for Lili Pro users ($4.99 a month), which helps users keep their costs low.

Lili business checking account benefits

  • FDIC insured: Lili offers its clients banking services via a partnership with Choice Financial Group, which is an FDIC-insured institution. This means that the funds in your account are protected for up to $250,000 in case of bank failure.
  • Tax reporting: Lili provides users with expense reports which can be used to file taxes. This feature is completely free and makes the process a lot easier. This can be a good replacement for expensive accounting software offered by other big companies.
  • Savings buckets: You can automate savings by using Lili’s savings buckets to ensure that you have enough funds to pay taxes or prepare for emergencies. You can fund your savings by manually or automatically making transfers based on the percentages of your earnings.
  • Invoicing software: Lili provides invoicing software, so you won’t have to purchase one separately.

Lili business checking account drawbacks

  • Only for solopreneurs: This account is specifically made for sole proprietors. 
  • No wire transfers: You cannot send or receive wire transfers through this account. This can be a big drawback for many business owners since it limits your options for transferring funds.
  • Interest on lili pro only: You do not earn any interest on your account balance unless you have the lili pro account. This can be a big drawback since you can find other accounts that do have this feature.

Account opening

5

You can only use Lili’s banking services through its mobile app on Android or Apple devices. Lili claims that you can finish the application process for a new account within 3 minutes. To create a new account with Lili you will have to navigate to their official website and choose “get started”.

You will be required to provide some basic information such as your email, phone number, Social Security Number, and birthday. You will also be asked to provide the type of freelance work you do. Once you have finished your application you will receive a text with a link to the app. You can then download the app and finish setting up your account through your phone.

Fees

4.5

Lili offers an extremely transparent fee structure and aims to minimize fees for customers. Lili’s business bank account does not have a monthly fee and does not require you to maintain a minimum balance to avoid fees. However, you can opt for Lili Pro for more features, which costs $4.99 per month. Other fees associated with the account are:

  • Expedited mail: $20
  • Deposited check return: $25
  • Card replacement fee: $5 (first replacement is free)

Features

5

Lili’s business checking comes with several features that are specifically created for freelancers. Some of these features are:

  • Automated savings bucket
  • Expense tracking and tax reporting
  • Write off tracker
  • Automatic tax savings
  • Quarterly expense report
  • Auto generated Schedule C
  • Built in Invoicing Software
  • Early access to funds (You can access your funds up to two days earlier than traditional banks)

Deposits and withdrawals

4

With Lili, you can receive direct deposit payments from your clients. However, you can only receive up to $25,000 per day or $50,000 per 30 days from direct deposits. You can also transfer funds from another account using a select few banks. Currently, you are only allowed to transfer up to $200 per day and $1,000 per month into your Lili account.

Despite Lili being an online banking service, cash deposits can also be made through a wide network of facilitators.

You can use ATMs to withdraw cash from your account and do so for no fee at 38K locations across the US. However, you cannot make wire transfers to or from your account.

Customer service

5

Lili offers a few different ways for customers to contact their customer service team. You can submit your queries via the app’s “Help Center” or send an email to [email protected] You can also get help over a phone call between 9 AM and 7 PM (EST), Monday through Friday. You can reach Lili’s customer representatives at 1-855-545-4380.

Safe and secure

5

Lili limits total deposits in your account at $250,000. The funds in your Lili Business account are FDIC insured, which means in case of bank failure your money is safe. Additionally, the institution utilizes industry standard encryption and malware protection to ensure that your data is protected.

Is Lili business checking account right for you?

Lili’s business bank account offers a very unique solution for freelancers and single business owners. The account does not have a maintenance fee and has very few additional fees associated with it. You can also pay a $4.99 fee to access more features to improve your experience. The account comes with accounting features to help you with your taxes and track your business expenses. However, the lack of wire transfers and limitations on deposits can be a downside to this account. But, if you are a sole proprietor and are looking for an account to manage your money, Lili can prove to be a very solid option.