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Lili Bank Review
Banking designed for freelancers
Reviews 1,578
Lili
Visit Site
Lili
Lili
Excellent
Reviews 1,578
Chris Muller
Dec. 07, 2022
2 min read
Chris
Lili summary
Lili Bank is ideal for freelancers and businesses looking to get a better hold on their finances. Lili makes it easy to set money aside for taxes, organize expenses, and even get early access to direct deposits. The Lili Pro account offers advanced expense management tools and a free overdraft of up to $200. Lilli's Standard account is completely free, and their Pro account is just $9 per month.
Pros
  • No starting or maintenance fees on Standard account
  • Automatically set aside money for taxes
  • Get your direct deposit early
Cons
  • Limited withdrawal/deposit opportunities
  • No joint accounts

Lili at a glance

4.6
Editorial score

Fees?

No fees at all
5.0

Security

FDIC insured, SSL/AES encryption and supports 2 factor and biometric authentication
5.0

Customer service

Customer service during extended business hours
3.0

Online experience

Excellent user friendly site with transparency of rates and full online banking capabilities
5.0

Mobile experience

Excellent mobile app with all mobile banking features enabled, including digital check deposits
5.0

Lili Lili Visit Site

Advantages Over Regular Bank

Lili offers online bank accounts that are covered by FDIC through Choice Financial Group. As an online bank, Lili presents some advantages over the typical brick-and-mortar bank model:

Zero fees 

Lili keeps it simple. The company believes that your money should be yours, not theirs. Their Lili Standard account is completely free. That means no fees for card replacement, bill payments, overdrafts, inactivity, or maintenance. The Lili Pro account is only $9/month, with no hidden fees whatsoever. 

Easy tax tools

Lili’s tax tools make it easy to set aside the money you’ll need come tax season. It can be complicated as a freelancer to manage your own tax dollars, but Lili helps with automatic tax buckets that withdraw anytime you receive a paycheck. In addition, the Lili Pro account offers advance expense management, allowing you to customize your expenses buckets for your business needs.

Direct deposit comes early

You can receive your payments early – by up to 2 days – when you set up direct deposit with your frequent clients.

Stay alert

Stay in the loop of all the money coming and going from your account with real-time push notifications on your phone. 

Be your own financial advisor 

Lili lets you track your spending in certain categories to learn more about your spending behavior. 

Free withdrawals 

It’s your money, why should you pay more just to get it? You can get free withdrawals at over 38,000 locations in the U.S. and Puerto Rico.

Additional features

Cash Deposit

Lili customers can deposit cash to their Lili accounts at 90,000 retail locations across the US.

Emergency Bucket

Set a fixed daily amount, as little as $1 a day, to automatically save towards the unexpected. The Lili Pro account offers 1.50% APY on the Emergency Bucket.

Direct deposit sweepstakes

Every Lili customers who sets up direct deposit to their Lili account to receive recurring paychecks or their unemployment benefits (another recurring deposit) will be entered into a sweepstakes and every week of February or March, one winner will randomly be selected and win $1,000. More info on sweepstakes can be found here: https://lili.co/blog/8-chances-to-win-a-1000-bonus


Cutting-Edge Banking Services

For customer support from brick and mortar banks, you have to go in to get service. An online bank like Lili means you can access the same level of customer support no matter where you are! Simply call to contact one of their representatives during business hours. 

Lastly, Lili also allows you to streamline all of your accounts into one. For freelancers, that’s a big deal. Rather than have your money sit in PayPal or Zelle, you can get those funds deposited into your bank account sooner.

Traditional Banking Services 

Since Lili’s focus is the young entrepreneur, members may notice fewer traditional banking services offered. For example, you cannot deposit any cash funds into your accounts. This means that any money stored in this account must be moved there electronically. If cash payments are something you typically accept, this may be an issue.

Additionally, Lili does not offer any credit cards, IRAs, or wire transfers to its members. It does however include a Visa debit card, and if you sign up for the Lili Pro account you will get a Premium Business Debit Card with cashback rewards and increased allowances for transactions.

You can enjoy free ATM withdrawals at over 38,000 locations across the US with your Lili Visa debit card.

Interest Rates and Fees

Here’s the good news: there are no fees and no interest rates associated with the Lili Standard account. This is great news for people who want to get out of a bank that nickels and dimes them for every overdraft or week of inactivity. The bit about interest rates has some drawbacks, however. Since there are no interest rates, there’s no interest to be earned. 

If you are looking to maximize your income, you might want to consider upgrading to a Lili Pro account, which offers an APY of up to 1.50%  on Emergency savings. The Lili Pro account is only $9 per month, and you can cancel any time. 

Lili Lili Visit Site

Customer Service 

Lili offers multiple ways to contact their customer support team. While they are only available during their business hours (9 AM. to 7 PM EST), you can get hold of them during this window in whichever method suits you.

You can:

  • Call them at (855) 545-4380 to speak to someone directly
  • Email support@lili.co for a written response
  • Find their customer service accounts on social media for a quick response

Additionally, there’s a help center on their website that answers many of the most frequently asked questions and conundrums.

Mobile Apps

The Lili mobile app is the equivalent to your brick-and-mortar bank’s lobby in that it holds all the tools and resources you’ll need to manage your bank account. It also serves as the main dashboard for tax features, expense reports, and financial insights.

You can learn more about the Lili app and how it manages your bank account with this helpful video.

Security

Since Lili is run on a digital platform, it’s easy to understand why data privacy and security are so important to members. Lili takes these concerns seriously, and while they do collect nonpublic personal data from you, they do not share this information with anyone outside of the Lili bank team and necessary third-party service providers. 

When and if Lili notices any signs of a security breach on your account, they will contact you via the app or email. 

Conclusion 

Lili Bank is a great option for freelancers who are struggling to manage their taxes and prefer a digital-interfaced bank to a brick-and-mortar one. With no fees to worry about on the Standard account and no location to tie you down, it makes it easy to travel and work as you please with a great bank beside you every step of the way.

In addition, its well worth upgrading to the Lili Pro account, which at only $9/month offers advance expense tracking, a premium Visa Business Debit Card with cashback rewards, a Savings account with up to 1.50% interest, and unlimited invoices. 

Overall, Lili is a smart option for digitally savvy freelancers looking for a no-strings-attached banking experience.

Lili Lili Visit Site

Chris
Written by
Chris Muller
Chris has an MBA with a focus on advanced investments and has been writing about all things personal finance since 2015. He’s also built and ran a digital marketing agency, focusing on content marketing, copywriting, and SEO, since 2016. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
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See what some costumers are saying about Lili
Lili
Excellent
Reviews 1,578
on
Excellent
86%
Great
7%
Average
1%
Bad
6%
L
lakita watson
9 hours ago
Easy access
Easy access, updates, and deposits
C
cynthia comas
19 hours ago
Have been using for years without any…
Have been using for years without any issues works great
M
mandy mills
20 hours ago
Love it's eye to detail approach.
Love it's eye to detail approach.
M
magdalena kotwica
21 hours ago
Great
They make it easy
J
joshua pless
a day ago
more money to put on a card
Mo more money to put on a card
T
taralynn wilson
a day ago
Easy to use and manage my…
Easy to use and manage my business/personal expenses!
Y
yvette bolden
a day ago
A number 1
A number 1. I like all of the features of your platform. Very helpful and easy to use.
J
jason stroud
2 days ago
I like that it’s not expensive
I like that it’s free to maintain an account but I wish there was a free way to deposit cash to my account.
B
bernard smith
2 days ago
Excellent
The ability to retrieve data
R
robert smith
2 days ago
A great business account for…
A great business account for freelancers. Customer service is helpful and friendly.
C
crystal honor
2 days ago
Eedlgy to use
Eedlgy to use
S
samantha barnes
3 days ago
Love this app
The support team
A
austin walker
3 days ago
Great business
Great business, been with them for years and never had an issue!
C
christiana diego
3 days ago
This is a great card for personal business owners it will segregate your taxes that you owe for the end of the year so that you have a good idea of how much to save
I found this card to be very helpful with my personal business I can transfer money from my checking to my savings really quickly and multiple times in one day. I can also lock and unlock my card anytime I want to. And it is also the fastest car I've ever found and the easiest to upload money onto. I love my LILI CARD!!!!
R
rebecca newsome
4 days ago
Easy to navigate
Easy to navigate. No glitches and excellent for tax time.
L
lora
5 days ago
Awesome.
It's been easy to use! Just what I wanted and needed. There are extra features that are helpful to the self employed. Thank you.
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chris & katie webb
5 days ago
STAY AWAY from Lili!
My account was suddenly closed two days after opening, and the company was unable to provide me with a reason for closing my account. TERRIBLE, TERRIBLE experience. STAY AWAY from Lili.
E
elizabeth reaves
6 days ago
Awsome
Wonderful App
S
sophia sales
6 days ago
You make keeping up with everything easy
You make keeping up with everything easy
C
courtney johnson
7 days ago
Great
Great awesome services
V
vernon king
7 days ago
I just love the account all around!!
I just love the account all around!! Fast and easy service’s
D
david tessis
8 days ago
Very secure
Very secure. Thank you :)
j
joseph errico
8 days ago
Check deposits take longer than…
Check deposits take longer than expected and stripe seems to take forever to deposit. Being new in business, liquid funds are essential
D
donny187
8 days ago
Great place to do online business…
Great place to do online business banking
Q
quentin henderson
8 days ago
I wish they had Lili to Lili transfer
I like everything about the Lili pro it's only 1 thing I wish they would add and that's Lili to Lili transfer I have referred my customers& coworkers and it would be allot easier on us to send each other money
J
jarrod mitchell
8 days ago
Money
Its just real easy
J
jeffrey
9 days ago
Smooth app very helpful
Smooth app very helpful
A
antonio frazier
9 days ago
Nice
Overall great experience
T
tommy rison
9 days ago
Easy to use and beneficial
Easy to use and beneficial
C
christine diaz
9 days ago
No matter your side hustle or full time
If you are a gig worker, 1099 or cash only for side jobs here and there this is the account for YOU! Everything you need in one place and more. Customer Service is above and beyond plus your emergency is there's. I LOVE EVERYTHING ABOUT LILI!!! YOU WILL TOOO
S
sean moose
10 days ago
Best Ever.
Its just the best financial service I've ever used.
C
carla ferrell
10 days ago
TOTALLY SATISFIED
The on-line program for card is very understandable..and the money's always were its supposed to be....on my Lilli card!!!
E
enyah murphy
10 days ago
Everything is easy to navigate
Everything is easy to navigate. I’ve never had a problem with this app. I love it. You can easily deposit and withdraw.
B
bobbi mullins
10 days ago
Not Reliable Banking
I opened an account, set up an initial deposit... kept getting emails that they were sending a debit card and then suddenly I couldn't get into the acct. Customer service then says the account was closed for an unknown reason-- however I was able to login to the account again. At this point, I'm closing it either way and am very disappointed with the entire experience.
R
rita fletcher
10 days ago
Good good
Good good good 🐁
A
anthony brown jr
11 days ago
Streamlining my business expenses…
Streamlining my business expenses organization, and I love it
J
josef koepp
11 days ago
Time is money
Always right on the money! Pun definitely intended! 🤣😆😂
J
jacques steve jr charles
11 days ago
Love Lili I recommend everyone who has…
Love Lili I recommend everyone who has a business try Lili you won’t regret it
K
kiari anderson
11 days ago
Super easy and super legit
Super easy and super legit
L
lloyd ayuma
11 days ago
the banking features help me with my…
the banking features help me with my business
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jenny hampton
11 days ago
Best banking app ever! LOVE IT!!!
Lily is so easy to use the app is awesome I love the feature when you add money it automatically takes some out to put in a tax bucket for you I love that feature so when I'm broke I can pull from there.. they're very fast if you transfer money to them like from cash app or venmo you get it within seconds.
D
dwaynie lindsay
11 days ago
It's so easy going
It's so easy going
S
stacey louis
12 days ago
Very user-friendly and good for smaller…
Very user-friendly and good for smaller companies and freelancers because everything is in one place.
C
corey mann
12 days ago
Awesome Bank easy to use
Awesome Bank easy to use. You can make deposits to your account almost anywhere, customer service is better then any bank I've banked with there all about there customers.
R
richard halbert
12 days ago
Great start up card for any business
Great start up card for any business
A
ameer albadri
12 days ago
Good
I love it good service.
D
dyshaun franklin
13 days ago
Awesome thank you so much !!!’
Awesome thank you so much
D
damion arthur
13 days ago
Good prepaid bank for small
Good prepaid bank for small. Business owners
D
douglas pfaff
14 days ago
I have never used an online banking…
I have never used an online banking app. So easy to use. Also any support I needed was handled effectively, right away.
O
omar ware
14 days ago
Company is keepin up with the funds
Company is keepin up with the funds
J
jeremy
14 days ago
Lilli looking out for lil guys…
Lilli makes being a small business startup easier. Thanks so much !!!
B
brandy haddock
14 days ago
Great
Very easy to use
R
rodric rainey
15 days ago
Awesome
Very great banking app
I
ishmael
15 days ago
Very convenient to use…
I love the way i can organize my transactions and the extra accounts to put money as well.
J
john-anthony d'amico iii
15 days ago
its ok
ok i believe it shouldve signed me in with finger it opened with fp but still had to log in manually
J
julia bien-aime
15 days ago
Ease of use
Ease of use. Love the notifications and ease of sorting out expenses.
M
misty sabol
15 days ago
I really like the bank
I really like the bank Saves me a lot of headaches an hassle
A
amanda williams
15 days ago
I love having my banking and business…
I love having my banking and business apps in one place. Can u please make a dark theme version. It’s hurting my eyes too much white. Thx so mich
L
lydia wright
16 days ago
Love this bank
This is the best bank ever
M
megan
16 days ago
Lili is helpful!
Lili gives you so much helpful information about your account and expenses. I love that, its super helpful to make it easier to keep track of things. Their app is easy to use and it's easy to reach customer service when needed as well. I really like that I get paid a day early and get instant notifications for any transactions that occur on my account.
D
deanna
16 days ago
I love the fact that it separates…
I love the fact that it separates everything
M
maurice santiago
16 days ago
Makes it easy to organize my life while…
Makes it easy to organize my life while I take care of business 10 out of 10
S
sonya
16 days ago
I’m very happy with lili and I only…
I’m very happy with lili and I only wish that I started it sooner .
J
justin vanderwoodson
17 days ago
DBA | LLC conversion qualms — generally a smooth process.
Generally easy setup process. Still having issues with converting the account name to my DBA for my LLC— Though, I think Lili will help me make the correction quickly. Fingers crossed. —Justin VanDerWoodson
L
lisa masters
17 days ago
The best of the best banks ive ever banked at.My experience with lili'si has been… the best of the best banking I have ever had!!
My experience with lili's has been awesome. I just love this bank. It's always got back. Never really had any problems but one someone took money out over in another state. They called me when they notice I was using my card in two different states. It brought up a red flag They did put my money back into my account. It was 350.00 which I needed that. So it didn't take them long So thanks again lili's banking! Your the best of the best!!!
A
anya johnson
17 days ago
Great Bank for Freelancers
Website and customer service is awesome.
C
crystal cupp
17 days ago
Best experience setting up business…
Best experience setting up business checking acct. Easy online access and tools. Love it!
K
k. moe
17 days ago
So Good
Its great, seriously!
A
april morris
17 days ago
My lil pro
That I know it will separate my personal Frome my business and provides me with tax statement at the end of the year
J
joshua e.
17 days ago
So far so good!
So far so good. A lot of great small business/freelancer friendly tools!
L
larramie swett
17 days ago
I just love it that’s all I can say
I just love it that’s all I can say
M
michael hollins
18 days ago
Updates
It's always a pleasure to meet someone who shares the same interests in cars.
L
lajennifer green
18 days ago
Awesome wonderful
Awesome wonderful
W
wesley trujillo
18 days ago
Great tool for work and taxes
Best on line banking
A
ashley davis
18 days ago
Great
I love this app
A
armando samaniego
20 days ago
Everything goes smoothly every time I…
Everything goes smoothly every time I use the LiLi Card
N
norman hobbs
20 days ago
Good service
Good service
A
andrew carder
20 days ago
Reliable Banking
Always reliable and friendly. Never have any problems.
R
ronnie nestfield
20 days ago
Convenient and reliable
Convenient and reliable
C
charles youssef
21 days ago
Great mobile bank app. And I would encourage anyone to download this app and make it their own
Banking with Lili mobile app is one of the greatest experiences I've had in dealing with bank apps. I enjoy the data it gives me about where my money is being spent and how much money I've saved etc I am overall four-star happy with this app!
J
jaclyn lamon
22 days ago
Love It!!!!
Love It!!!! Favorite $$ app
V
vanessa garcia
22 days ago
Easy to use
Easy to use. Never gives me any trouble. Helps me manage my business and finances.
J
jonathan pierson
22 days ago
It's a Reliable card Iv used for many purposes
Reliable, Always available when Iv needed it for direct deposits, accepted for car rentals at Enterprise, cash app transfers, POS, and cash back
D
derrick ringer
23 days ago
Save money
Save money save money
W
william brandao
23 days ago
Good bank to have
Good bank to have
W
william ellis
23 days ago
Awesome bank
Easy to use and great for start up business
P
peyton curtis
23 days ago
Great
Awesome service
D
derrick
24 days ago
Great work
Great work, no complaints
D
dxh nail co.
24 days ago
This bank is everything
This bank is my everything ! It has helped me learn how to budget expenses and keep them organized. Breaks down everything for me. It’s like having a financial advisor for free :)
S
soyini watts
24 days ago
So far Lili works good for me
So far Lili works good for me. All my current needs are satisfied and support responds pretty quickly. Compared to my previous servicer, there's not many incentives for using Lili like discounts with other platforms and intergrations but I do understand it is fairly new and efficient for what I currently need.
T
tiffany f
25 days ago
Great app
Great app, very convenient and helpful! I love it!
U
urbn shamyn llc
25 days ago
The Awesomeness of Lili
Helping to keep track of expenses. Easy transfers and linked accounts. Personal secirity with biometrics was early to implement and easy to understand. Ergonomics are geeat in addition to invoice creation, savings and tax bucket features are awesome!
S
sinclair oats
25 days ago
Exclusive
Love it 😍😍😍😍😍😍
T
tsp
25 days ago
Lili has been nothing but perfect for…
Lili has been nothing but perfect for my business. Especially with ease of access and the tools I need to be hands on with my business account.
K
kenn battle
25 days ago
Really helps me keep track of my…
Really helps me keep track of my spending an keeping me organized.. Thanks In Advance.
T
taylor baker
25 days ago
Amazing service and company I don’t…
Amazing service and company I don’t think I’ll every leave
D
donna jardine
25 days ago
5 good
Good, explain it to me about tools and business and tax income
J
jean dorvil
25 days ago
This is the best online banking
Yes this company is one of the best
G
gloria grant
25 days ago
I love the ease of navigating the site.
I love the ease of navigating the account. No minimum daily balance is a must for new small businesses. I would surely recommend Lili for small businesses.
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mercy thomas
25 days ago
All in one
They are Awesome!!!