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BestMoney.com
Lili Bank Review
Banking designed for freelancers
Reviews 1,994
Lili
Visit Site
Lili
Lili
Excellent
Reviews 1,994
Chris Muller
Apr. 24, 2023
2 min read
Chris
Lili Summary
Lili Bank is ideal for freelancers and small 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 Smart account offers advanced expense management tools and a unlimited invoices and payemnts. Lilli's Standard account is completely free, and their Smart account is just $20 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

9.2
Editorial score

Fees?

No fees at all
10.0

Security

FDIC insured, SSL/AES encryption and supports 2 factor and biometric authentication
10.0

Customer service

Customer service during extended business hours
6.0

Online experience

Excellent user friendly site with transparency of rates and full online banking capabilities
10.0

Mobile experience

Excellent mobile app with all mobile banking features enabled, including digital check deposits
10.0

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 Smart account is only $20/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 Smart 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 Smart 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 Smart plan you'll get a number of other exceptional features such as:

  • Manage your business finances and banking on the same platform
  • Transactions are automatically categorized 
  • Get paid faster and keep track of payments more efficiently with Lili's  invoicing tool
  • Generate cash flow statements, profit & loss reports, and expense reports at a fast rate

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 Smart account, which offers an APY of up to 1.50%  on Emergency savings. The Lili Smart account is only $20 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 Smart account, which at only $20/month offers advance expense tracking, a premium Visa Business Debit Card with cashback rewards, a Savings account with up to 1.50% interest, and the ability to manage your banking and accounting together on the same platform.

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 1,994
on
Excellent
85%
Great
7%
Average
1%
Bad
7%
S
samuel pierre
a day ago
Incredible service per usual
Incredible service per usual
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yollanda manning
a day ago
Easy to use
Easy to use. The online chat is simple as well.
F
freida jordan
a day ago
Awesome I’ve been with Lili bank for 3 yrs now
I’ve been with Lili bank for 3 yrs
P
p.hammon
a day ago
Love this company and the easy app I'm…
Love this company and the easy app I'm not technical savvy but I've eased
A
antown williams
2 days ago
Great job thanks
Great job thanks
B
brenda cain
2 days ago
Great service
Happy with the experience
D
dominique lopez
2 days ago
The services is awesome
They manage everything very well example spending is coordinated very orderly and very easy to manage and operate.
S
steven
3 days ago
Small Business
Great if you're a small business just starting out
M
mrs a t
3 days ago
Love me Lili bank
Love me Lili bank. Very optimal app and good bank!
C
chelsea burnham
3 days ago
This account has been so user friendly…
This account has been so user friendly for a me as a novice business owner. I’m grateful for the organization and ease of tracking.
N
nedra dunn
4 days ago
I have no problem with Lili my money…
I have no problem with Lili my money comes two days before pay period when I had a problem with my account Lili solved it fast for me and didn’t make me feel like I was bothering them
A
alma goggeleye
4 days ago
Okay
Ok ok okay okay
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cynthia
4 days ago
Account suspended without warning. 4 days funds still frozen.
I had a check deposited that was over their check limit, after applying to have it approved Lili sent me an email saying it was approved no problem and gave me the date it would be cleared. They then decided they needed further documentation. When I didn't read and respond to their email within an hour, they froze ALL of my funds and suspended my account, without a phone call or anything. It's 4 days later and I still don't have access to the funds and they haven't responded as to whether they received the further documentation that they requested and I submitted. They seemed like a great company but I this experience has been terrible and unprofessional.
M
matthew peters
4 days ago
I love how easy it is to categorize…
I love how easy it is to categorize revenue and expenses. I do wish the check depositing was faster. It’s basically a week to clear into the account
D
dakcreations
4 days ago
The joy of Lili
Lili makes tracking and business much easier.
D
darryl williams
5 days ago
The app is super easy to use
The app is super easy to use, the pro is totally worth it with the smart bookkeeping
A
angela crawford
5 days ago
Going down hill fast
I have had an account with lIli for almost 3 years and up until now, I have had no complaints. My account was recently hacked the person changed my email and password then took all the money from my savings, then sent it to an unknown account. I immediately contacted the bank within 5 minutes of the money being taken out. They told me they would investigate and refund my account. This was 2 weeks ago. Keep in mind I am disabled and this was bill money. I was facing having my electricity turned off so I had to choose between groceries and electricity!! Of course, I chose electric. Now 3 weeks later I still have not received my money and I am continuously told they are working on it. I won't continue with this account if something doesn't happen soon
M
michael duncan
5 days ago
God is good
I Love It So Much
D
dan
6 days ago
Like the benefits
Like the benefits
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micheal lyon
6 days ago
Great app!!!
Great banking app!!!
D
deanna minus-vincent
6 days ago
Efficient and effective customer service
Efficient and effective customer service
R
rochelle
6 days ago
My experience has been terrible
My experience has been terrible! I use Mobil check deposit for my personal and business accounts. The Lili Mobil deposit application is awful! To say the least. Impossible to just snap a picture like with all my other accounts. Even when the green bars are perfectly align and connect it still doesn’t take the picture. It’s a business checking account that will not allow me to deposit more than 2 checks in a 24 hour period. I bill monthly so when payments come, they come at the same time and now I can’t even deposit the checks I have….. worse is that once a check does get deposited it takes two days for them to accept it but 5-7 days for them to clear it and it be in my account. I desperately need a new bank this was supposed to be convenient and it is anything but
L
lawanda buendia
8 days ago
A Bank for Entrepreneurs
The new developments in the banking app that gives self-employed individuals the ability to streamline their transactions are a great benefit.
T
taurea avant
9 days ago
Just an awesome awesome app
Just an awesome awesome app. I love it and will continue to share and promote it to others.
F
frank mitlo
10 days ago
Thanks for all your help I've been…
Thanks for all your help I've been thankful for lili as my bank account my life have been very comfortable knowing lili provides free banking and is always correct never gave me any problems at all you guys are the best in the world in my books we thank you lili wife and I would love to see you grow in the world and bbw the only bank in the world 🌍 thanks again
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a julien
10 days ago
Beware Do Not Bank with Lili
I opened an account with Lili in January 2023. I made a $1000 deposit from my personal bank account. I also deposited a $200 money order. On March 2nd 2023 Lili emailed me saying they was closing my account and refunding my deposit. I was supposed to receive a check in the mail and it never arrived (still hasn’t to this day). On April 17th I called customer service and received an email later stated the check was in the mail and would arrive in 7-14 days (still haven’t received it). On May 11th I called customer service again and received an email stating the check was mailed and I would receive it in 7-14 days, as you know I never received anything. Today I filled a report with the FDIC let’s see if it makes a difference.
L
lashaylla jordan
10 days ago
I love It!!!!
I love It!!!!! Easy to manage!
C
chelexus manuel
10 days ago
Great love it
Great love it
J
jen johnson
10 days ago
My new favorite small business banking…
My new favorite small business banking service! Great UI and useful features and services.
J
jenna
10 days ago
I need someone to reach out to me about…
I need someone to reach out to me about the dispute process - as the fraudulent individual is getting away with my money… how can LILI take 90 days when I can provide all evidence? Has anyone had success with their dispute process? Please beware before considering opening an account with Lili bank.
M
michael brannen
10 days ago
Great services
Everything is made so easily and personalized. My experience has been positive.
D
devoted touch llc
11 days ago
I love this account makes everything…
I love this account makes everything easy from sorting out transactions to automatic deduction for the tax bucket. Absolutely wonderful app
T
tyler foster
12 days ago
Best For Business
Easy to use, great for my business
R
robert brodie
12 days ago
I love it frfr
I love it frfr
C
christine ferro
13 days ago
The best business bank
One of the best easiest online business for banking really helps your business out and I'm very extremely happy with this Bank
M
michelle spears
13 days ago
Great online banking
Lili is great at same day deposit .as soon as they have my money I get a message saying my money is there I love it
N
nathan puzey
14 days ago
Great app
It is great to have an app with so many things to make buissiness a lot easier
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vitaly lebedev
14 days ago
One of the most terrible service
One of the most terrible service! If you even open an account, had pay all service fees, so it's very complicated to close your account.
S
stacey
14 days ago
Easy
Easy- the check deposit could be faster but for what I do it’s not important
A
angelo turpin
14 days ago
Been great experience
Been great experience
A
amy aragon
14 days ago
Will keep using
Easy and simple tonuse
J
joey schronce
15 days ago
It works great!
I like that it has a tax-saving feature and a savings account feature. It was one of my first business accounts and I still have it 👍
D
deshawn adams.
15 days ago
Yes I did
Customer service
K
karolina marquez
15 days ago
Simple and convenient
I love how simple it is, works amazing
S
samantha cleckler
15 days ago
Most convenient business account out there!
Years of ideal banking for my business!
S
shannon jones
15 days ago
Help
Fast and belp
J
jammie wietholter
16 days ago
Food water
Hey this was a good bank and debit card company
W
wesley harris jr
17 days ago
Keep track of bussiness exemptions
Keep track of bussiness exemptions
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steven curtis
17 days ago
Lili is by far the worst financial…
Lili is by far the worst financial business I've ever dealt with. Initial setup was easy, I deposited a business check via the mobile app. They held the funds for over a week before making them available, and when they did, I made a transfer out to pay a bill. Lili placed the account on 'hold' status, accepted, then refused to apply another business check to the account and then froze the account and told me it was under review. I called and told them to move my undisputed funds out of their bank to my other bank and they refused. They've stolen my money. I've asked for a manager and haven't received a call back. At this point, I'm still waiting to hear from someone with authority at this rip-off of an institution. Do not do business with these people, stick to a bigger, more reputable bank.
J
johnathan guy
17 days ago
Great banking experience
Great banking experience
F
francis olivero
17 days ago
Good bank on lili
Save money in to my account for dicember 14 for vacation 2023of this year
S
samuel thomas
18 days ago
Customer service was great helping me…
Customer service was great helping me retain access to my online account.
L
lisa cassen
4 days ago
LILI bank will NEVER refund your Money - Dispute for $1,300 for a…
I filed a dispute for $1,300 for a merchant who turned out to be a fraud and "fly by night" credit repair / business funding service. Lili Bank does not issue a temporary credit while they "investigate takes 60 to 90 days or longer" to come to a resolution. There is a chance you may not recoup your lost funds. Beware. UPDATE: JUNE 5th. HAVE NOT REFUNDED THE Lost $1,300.00. Do NOT BANK With LILI BANK
K
ktward
19 days ago
Great option to simplify business…
Great option to simplify business transactions
G
gregory hunter
19 days ago
So far so good Lili
So far so good Lili. I’m only getting started but I have had no issues.
D
david colby
19 days ago
I love my lili account
I love my lili account. It is not only an excellent personal financial account but it is also doubles as the best business account I've seen so far. Lili makes keeping track of transactions extremely simple and offers insights into tax savings that I havent seen anywhere else. Over all, lili is one of 3 accounts I use for all my financial needs and may someday replace one or both of the other accounts becoming the only financial platform I use. Aside from my brokerage account. If lili ever decides to expand into that realm, I'm sure I would favor lili there as well.
R
ryan
20 days ago
It’s great
Easy to use and completely helpful. Taking the stress out of starting a business.
D
destinee lowe
22 days ago
So far I am happy with Lili
So far I am happy with Lili
R
robyn arroyo
22 days ago
Love this bank uts a "God send"!
Love this bank uts a "God send"!
D
deschun williams
23 days ago
Excellent service
Very helpful perfect on time payments
J
joey barker
23 days ago
Payment to a friend
Payment to a friend
C
calandra betom
23 days ago
Satisfied Lili Customer
I've been with Lili for a good year and a half. I haven't had any issues , if there anything I'm not familiar with something customer service rep always takes care of my problems. Great Customer Service Easy to use app Secure, reliable and I'm satisfied I always know my Money is safe. ,💯💯💯💯💯💯💯💯💯💯
A
azula pole
23 days ago
It’s really easy to use
It’s really easy to use
O
oswaldo de leon
23 days ago
Great App
Everything has been a great experience, you dont have to stress over the little things!
A
angela parks
23 days ago
Balance
The app is great
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lashonta bailey
23 days ago
Good in my book!
I’m not liking having to wait 3 business days for checks to clear but so far no other complaints.
N
niccole mcconnell
24 days ago
Great app that helps manage your business soending
Great app that helps manage your business spending
M
mike allen
24 days ago
Great online bank services
Lili makes it very easy to manage payments to amd from my business. I especially like the additional business management tools that come with the account.
M
marcelo giudici
24 days ago
Reliable
Easy to use, reliable. So far best account !!
A
ashley heyward
a month ago
Lili is just Awesome
I love Lili and I’ve been with this company many years.
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larry jackson
a month ago
Dispute process ruined a great banking experience!
I have had this account for 4 years now. Never had a problem with anything on this account until February of 2023. Filed dispute on a transaction and it’s been over 90 days. Previous disputes were handled quickly but this one transaction is over the 90 calendar days that they say it might take. Other than this experience this is a great account for small businesses or freelancers.
J
jefferson yekesho
a month ago
Best
Top best for simple buisness and tax advantages
S
shane loggins
a month ago
Lili is easy to use
Lili is easy to use just need to allow the withdrawal limit to be much higher
J
jemall williams
a month ago
Good
Service was great
L
lamont johnson
a month ago
Love 🏦 Banking with them
Love 🏦 Banking with them
P
precise paint company
a month ago
Big Lili fan
I love lili, I've had this account for about 3 years and I've had no issues with any aspect of it and it's a great tool for any small business owner or freelancer to manage their money. The only thing that would be better is if I could deposit money through an ATM somewhere that would be very helpful but otherwise great.
A
anthony moore
a month ago
Everything I was curious about and the…
Everything I was curious about and the answers provided helped extremely
O
obr atl
a month ago
Absolutely love Lili
Absolutely love Lili
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david hendrickson
a month ago
When you are a business owner and you…
When you are a business owner and you own multiple businesses Lily will not allow you to open multiple accounts at this time then when you try to have your one business deleted they will no longer allow you to do business with them this is a terrible mistake on their part as a business owner who does multiple business transactions they are going to lose out on a lot of business because of their negligence in their system
N
nicholas camp
a month ago
100 percent great awesome
100 percent great
J
january bryant
a month ago
Love this banking
Love it. Very easy and fast
J
jessica hayes
a month ago
Awesome
Fast great and
K
keita strong sr
a month ago
The Pros Outweigh The Cons. By A Ton!
Great business account app for those, such as myself, who needed to open a business account on the fly with few requirements or restrictions in terms of minimum amount as opposed to major banks. Having this app is a huge convenience as it pertains to managing business finances all while being free and super convenient. I have yet to see any drawbacks to having this app. Lili mobile banking is a must for entrepreneurs and business owners.
d
demarzio
a month ago
Good business card to start with
Good business card to start with
j
jason lamagno
a month ago
Best non bank card there is
Best non bank card there is
T
telan millington
a month ago
Everything I need for business
Will share with others
J
jordan suess
a month ago
Love Lili
Love Lili. It’s an amazing bank
S
stefan seymour
a month ago
Dependable and honest
I've used Lili for about 2 years now always quick, dependable, and honest. Would recommend to anyone.
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sara kelly sk hair design
a month ago
Easy to use and lots of nice features
Easy to use and lots of nice features
B
bret v
a month ago
Dysfunctional deposit process and
After seeing Lili bank listed as best bank for small businesses on most the search engines and opening an i account, struggled with their cheesy mobil deposit app that doesn't work very well, and made a deposit of $100 on the May 2nd, and struggled again to make another $400 deposit on the 4. Both being from clients to get materials. Today is the 6th, i tried to deposit another check for $50 but their mobil deposit won't take an automatic photo, theres no manual photo option. and there is still zero funds available in my account. My capital one bank has funds available next day,and it's not even a business account.. Doing business demands a degree of expedited funding for job materials. If you can't get materials, you can't work or produce to make money. These people don't seem to trust anyone, have a dysfunctional mobil deposit app, and take an excessive amount of time to process deposits. I can't really say how long, because I'm still waiting for my first small deposit of $100 to be made available after 4 days, and my mind is completely boggled on how these people got put on top with a rating of 9+. They are the worst bank I've ever dealt with, and I'm going to drop them like the brown bag of burning crap i personally think they are, just as soon as the banks open on Monday. Best of luck to those who stay, with the poor quality services they provide, i can'timaginethem lasting very long. Addendum 5/8/22 With regards to the repy: Generally professional banks and business get the bugs out BEFORE expecting people to use them for business, and won't use such a dysfunctional system, because it causes FINANCIAL LOSSES due to lost time and errors.. Why anyone would use such a dysfunctional system, again boggles the mind. But considering it took 7 days to fund $100 deposit. I can see you don’t put priority on timely processing or other people’s businesses. 😒
R
regina burleson
a month ago
Instantly access account with digital card
From the moment I was approved for my Lili account I was able to access my digital debit card until I received my Lili card in the mail. Great APP for my budget.
L
lissette stdenis
a month ago
It’s on top of all your expenses
There well organized
K
keavy blalock
a month ago
Lil’d it
Lil did it for me
J
jimmy milton
a month ago
It’s a fun great app
It’s a fun great app
B
brenden s n kellum
a month ago
1st REAL Bank Account.. Lili Never Fails
I have 6 open bank accounts for various reasons BUT By far my favorite Account is Lili! Never been a issue with anything use this account as the main account . Gives you the option of how you want to handle your funds. You are your own financial advisor using Lili !! 10 out 10 Must Recommend
J
jessica stechmann
a month ago
Awesome app and mobile banking never…
Awesome app and mobile banking never had a problem with anything great way to mobile bank thank you lili bank
N
nicholas wilson
a month ago
Love it
It is super nice that it makes everything easy
C
chris d. ri
a month ago
Great banking especially for a small…
Great banking especially for a small business like mine.
A
ashley holmes
a month ago
Service is always great 👍
Service is always great 👍
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damian villalobos
a month ago
Have been using Lili for a couple years…
Have been using Lili for a couple years now and as a small business owner this has been a phenomenal experience, my only downside is can take a little longer for customer service but that’s to be expected being an online business bank, but besides that gripe I am pleased with Lili!