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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.
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.
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|HQ||New York, New York, USA|
|Monthly Fee||Free or $5 per month (Lili Pro)|
|Min. To Open||$0|
|Min. Deposit For No Fee||$0|
|ATM Fee||-$2.50 (Domestic out-of-network ATMs)|
-$5 (International ATMs)
|Rewards||Cashback rewards with Lili Pro|
|State Restrictions||Available in all US States|
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:
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.
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:
Lili’s business checking comes with several features that are specifically created for freelancers. Some of these features are:
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.
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.
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.
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.