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Lili Banking Review

Reviews 2,631

Visit Site

Lili

Excellent

Reviews 2,631

Visit Site

Chris Muller

Sep. 28, 2023

3 min read

Lili Summary

Lili Banking is ideal for 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

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 Visit Site

Advantages Over Regular Bank

Lili offers online banking accounts that are covered by FDIC through Choice Financial Group. With Online banking, Lili presents some advantages over the typical brick-and-mortar banking 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 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 4.15% APY on the Emergency Bucket.

Cutting-Edge Banking Services

For customer support from brick and mortar banks, you have to go in to get service. Online banking 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. 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,¹ 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
Offers multi-user access and debit cards for businesses with multiple owners

You can enjoy free ATM withdrawals at over 38,000 locations across the US with your Lili Visa debit card.¹

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 banking 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 4.15% on Emergency savings. The Lili Smart account is only $20 per month, and you can cancel any time.

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.

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 banking 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 Banking is a great option for those who are struggling to manage their taxes and prefer digital-interfaced banking 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 great banking 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,¹ a Savings account with up to 4.15% interest, and the ability to manage your banking and accounting together on the same platform.

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

Lili Visit Site

Disclaimer:

¹ Lili is a technology company and not a bank. Banking services are provided by Choice Financial Group, Member FDIC.

² The Lili Visa® Business Debit Card is issued by Choice Financial Group, Member FDIC, pursuant to a license from Visa U.S.A

³ The Annual Percentage Yield (“APY”) for the Lili Savings Account is variable and may change at any time. The disclosed APY is effective as of September 1st, 2023. Must have at least $0.01 in savings to earn interest. The APY applies to balances of up to and including $100,000. Any balance over $100,000 will not earn interest or have a yield. Available to Lili Pro, Lili Smart, and Lili Premium account holders only.

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.‎

Trustpilot reviews

See what some customers are saying about Lili

Excellent

•

Reviews 2,631

Excellent

86%

Great

Average

Bad

matthew williams

12 hours ago

Perfect for a small business!!

richard allen

18 hours ago

Lili is very easy to use

Lili is very easy to use, I had no issues with them at all.

calvin sydnor

2 days ago

Great customer service

troy fletcher

2 days ago

easy money

easy deposit cash available right away on card

randy daytona

2 days ago

They are unappreciative, rude, cocky, cheap and not helpful. Trustworthy they are not.

Even after complaining about the AUTOMATIC UPGRADE FROM $0 to $20. (I should have been more specific in the original ) , and then ordered another card (which turned out to be a metal card, snd that’s what upgraded me. A metal card) and then went to $35 when I needed a new card. I didn’t realize it was Chargjng me $35 until I had seen some unauthorized transactions when I went to use my card and there’s was no money. (They also don’t notify you if there are any irregularities in your Spending which is pretty much all I need.). So i see these $35 fees. look deeeper and I see bunch of $20 fees. Then Isee more transactions at places I’ve never been. So I call them. I got the one $35 fee back finally. And in their response they say that customers can only upgrade. Well the rep told me that the $20 fees were from s automatic upgrade. So it would be false advertising to say that, but you know what my real issue is? Whatreally grinds my gears? Is that for what, 3-4 years I’ve had tthis account and I have never called about a thing. Never disputed, nothing and when I have an issue my fees going from $0-$20 in an automatic upgrade they deny putting the money back. They post other response they “only customers can up grade and I can’t be refunded after services rendered. “ well I had a $0 fee for years and I know that didn’t upgrade it to $20. The rep said automatic upgrade. So that’s a false statement. Then they argue about the $35 and services rendered. I figures out I got upgraded because I got a metal card.Andit comes with this “special customers support” which is when I asked when I called about this, not having to wait 30 min to talk to someone. So customer service you pay for. Oh and it comes with “invoice “and when I was checking out what I was paying for , it sent me to stripe. I have stripe and it’s free. So I’m getting charged for a service I get for free. So i got services rendered. I called about a problem and even though i paid $35 It didn’t get fixed. No.Instead, you know what i get for 3 years and several thousand dollars? A sarcastic reply about how I should note that I got the one $35 fee back and services rendered my a little bit of services rendered. Well I never rendered any service. And when I called I didn’t get anything extra except for a rude lady in her living room with screaming kids in the background. I got one $35 fee back but The false statement that only customers can upgrade is more a lie because I caught it right after it Happend. You can’t get a supervisor or a floor manager because there’s no one. So once again the attitude of I should be lucky to have an account with them seeps through. Years I’ve been with them. That’s how they reply. That they have me one fee back of 6 out of them.I use the account to transfer. that’s it.They don’t supply anything new or special. They don’t even contact you when your card is used out of state. They don’t appreciate their customers, they are cocky as you can see in their reply. They charge for services that are free other places. SO YES. THEY HAVE ME 1 of 6 fees I asked for. Services rendered is their excuse. $0 of the four $20 fees I was automatically upgraded to. And services are you get faster? Better customer support. Dedicated. All I got was a lady was screaming kids that couldn’t hear me and I couldn’t understand her, and she couldn’t do anything but type of note in a computer and send it to somebody else. I was told no there’s nobody else, so this is what I have to spend my time doing. so some of they don’t care that I’ve put thousands and thousands of dollars through their account for the last few years and paid fees and whatever else they made on interest. They think it’s good enough to give me one feedback and I think that I should brag about it online, I do not trust them. There are many other business that do that for free. “QQAutomatic upgrade”. lol. And still don’t refund it. That’s sums everything you need to know right there.

lillian rodriguez

2 days ago

This app has been able to help me start…

This app has been able to help me start categorizing & managing my personal expenses + business expenses.

terrell mcclendon

3 days ago

Having a wonderful time using this card. Thanks a lot!

I'm having a wonderful experience when using this card. I appreciate this company for accepting me, to use this card.

customer

3 days ago

Love it love how it is run great…

Love it love how it is run great performance

chelsea hill

3 days ago

Awesome

Very happy with this app and this account in general. Simple and smooth. Great job team

username

3 days ago

Personal experience

The timeliness of when it happened

christine barton

3 days ago

Convenient and consistent

forrest de arcos

3 days ago

Very useful and convincing buisness bank

salena cabral

4 days ago

Always helpful always on point

daniel m mcbride

4 days ago

Always helpful

timh

4 days ago

Great app for business and personal

cchomes llc

4 days ago

Great

Great Service

brittney turner

5 days ago

It's great fast and easy

rozetta brackett

5 days ago

So far so good.

michelle fowler

5 days ago

Easy Categorization

I like how easy it is to keep track of my funds with their simple categorization tool. I also received my debit card in a very timely manner.

phillip bernard

6 days ago

Awesome

I love their service great app for banking

mary annthipie bane

6 days ago

Lili is small business friendly

Lili is helping me streamline my small business operations, finances and accounting with its easy to use app and features.

justin serwatowski

7 days ago

Just wish I could get my new card…

Just wish I could get my new card mailed to my house

aku

8 days ago

Seamless and efficient

customer

8 days ago

No surprise fee's

No surprise fee's. Only problem is finding an ATM for cash withdrawal or deposit

c.j. harris

8 days ago

Hassle free

Hassle free banking

emily beck

9 days ago

Fantastic banking app

I love their tax bucket feature, for people with their own businesses it's nice to be able to set up automatic tax withholding to set aside for tax season without stressing. I also appreciate that you can label your expenses with a variety of labels ranging from business expenses to employee payroll. I wish it were easier to refer back to previous expenses and hopefully with a later update you can add in a way to view deposits, withdrawals, expenses, etc. All separately instead of just having it all in the transaction tab with no way to parse it down. Other than that, it's an awesome banking app! I've had zero issues, no hidden fees, and clear communication from them regarding delays due to bank holidays in the 6+ months I've been using Lili and I'd recommend it to anyone looking for a new online banking service for their business or personal use.

randy daytona

9 days ago

Another online bank that after years of having an account with no disputes they treat you like trash. Tired of it.

So I have had this account since January 2021. I have some unauthorized charges on my account so I went in and looked through my bank statements. I start to see since last four months I’ve been getting charged fees. After talking to somebody found out that I was an automatic upgrade to $20 a month fee four months ago and then when I went to get a new debit card somehow I ended up signing up for $35 a month fee. There’s no extra services I use nothing I just put money in it and use it, the only thing you pay for really is the use of invoice, which just connects me to my Stripe account that I already have. So I called and talk to him and argue with me and tell me I cannot get a refund on my fees that I was not on automatic upgrade. I was already told by somebody I was $20 a month and then I was bumped up to $35 a month. I got the second $35 a month charge on the day they charged it and requested two $20 and two $35 fees be refunded I got one $35 fee that was it. When I call back they just argue with me tell me nothing they can do I’m getting charged for it and I tell them to make my plans zero dollars after being nice and telling them if they give me back to two $20 and two $35 fees that they can keep me on the nine dollar fee. Well they give me one back charge me the nine dollars and argue with me and very rude. They made a lot of money of me from transferring money from the account to account and I didn’t ask for a automatic upgrade. So I wanna be found complaint with the control of currency anybody else I can I’ve sent emails and got ignore for the past two weeks. I have too many things going on too many counts. I have to deal with this kind of stuff. They don’t forward you to a supervisor if he has to talk to somebody or you get is who you call and when I call about the $35 a month fee the perk for that is you get a dedicated specialist and customer support said. So after asking about that since they charge me for it I was asking where my special customer support was. They said it was you don’t have to wait 10 minutes. That’s what they charge you $35 for invoices that you are already signed up for the Stripe, which I never used, so there’s many other places you can use one of these online banks I’m starting to regret using online banks after other incidences with other banks. Second time, I’ve had an online bank and didn’t even file disputes on money I should have because I just don’t like doing it and treat me like trash tired of it.

martinp virgendedios

9 days ago

Business

The communication Awesome

colt allbritton

9 days ago

Great bank

Great bank to use

9 days ago

No problems

Great bank!

carla speegle

9 days ago

Your customer service

dorece francis

9 days ago

Balance up!!

deborah olmen

10 days ago

Easy to use!

kendrick salazar

10 days ago

Great app for business

jazzerus bell

10 days ago

Easy to use

Great app! Very easy to use!

steven carter

10 days ago

I love dis bank account is good 💯

entrepreneuher

10 days ago

Very User Friendly

I have other business accounts and this one is much more user friendly than the others.

tadeochristopher w

10 days ago

Expense tracking…

The apps feature to track expenses and ease of use is upfront and very positive.

ysmaine

11 days ago

It makes it so much easier to…

It makes it so much easier to categorize and keep up with business expenses

michael bryant

12 days ago

This is the best banking app

This is the best banking app. My requests are always on time and accurate. I love the automatic savings account.

tracy jackson

12 days ago

Spending

Lili has made saving easy and keeps a good record of my spending

apallonia bennett

12 days ago

Love this business card

Love having this card for my business and happy with it

christopher myrick

12 days ago

A proud business owner

Opening up a business account with Lilly was the best decision I ever made. It makes purchasing materials and supplies for my company. Very easy they categorize every purchase, which makes it easier to file taxes and keep accountant simple. I recommend Lilly to anybody who is interested in making their business easy accessible and efficient.

aleks playaz nfts

13 days ago

Clean and Professional

I like how its easy to use and looks professional

m. barry

13 days ago

Best business banking services will…

Best business banking services will simplify your financial lives by making banking simple and easy.

shawn gremillion

14 days ago

A very decent bank that always has your…

A very decent bank that always has your back!

danielle

14 days ago

Lili is awesome for my business

Lili is awesome for my business. Keeps track of all my business and personal expenses as well as automatically saving for my taxes.

torris huguley

14 days ago

A new outlook

At first I was having trouble with customer service but the last few time I spoke with them went great so that changed my entire Outlook on lili so I'm giving you guys five stars

samantha golden

15 days ago

May I please have my bank fees back. Pretty please!

I absolutely love lili banking. Although I’ve had some issues. Bank fees being the worst. Or how all of a sudden I went from lili pro to smart to premium all without my knowledge. Hopefully things will get back to the way I want them. First things first though, how come there’s no one live you can speak with in chat? Also even after sending an email they say 24 hours but they don’t mean it. And they don’t like answering their phones either. But hey it’s all good. I’ve never figured out how to find my second account that was being used. I was told their were two cards on my account but where?

curtis

15 days ago

I have never had such a great…

I have never had such a great experience with any other bank as I have with Lili. There services are top notch.

seth plasterer

15 days ago

I really enjoy using Lili

I really enjoy using Lili. I like the way that it tracks everything it makes it easier to manage my business!

algelica martial

15 days ago

Great experience

Having a great experience with banking systems.

caleb

15 days ago

Easy and Clear

Super easy to get started and use

jamequa harmon

16 days ago

Lili has made banking an amazing…

Lili has made banking an amazing experience. Best bank online!

cara donahue

16 days ago

Liki helps me keep and stay on track …

Liki keeps me organized an on track with tasks that streamline bookkeeping. I forecast this will be true, too, for tax preparation.

mike epolito

16 days ago

Fast service perfect

iguardpro, llc

16 days ago

Deposits are slow that can effect…

Deposits are slow that can effect businesses without credit dealing with customers orders, other than that great service and would recommend.

marieasha little

16 days ago

At the start of using lili

Just giving me the ability to have my business stuff separated In another account and allowing me to transfer some personal funds to my personal account that's outside of lili. Also, I like that I'm able to have the automatic tax bucket, so that's one less thing that I have to worry about.

carlos herriott

16 days ago

Lili has made it easy to run my…

Lili has made it easy to run my business. It takes out all the guesswork and automates all my finances!

jenna weatherington

17 days ago

I love using Lili for my accounting for…

I love using Lili for my accounting for my business.

sarah deardeuff

17 days ago

Over draft can’t get and want to know…

Over draft can’t get and want to know why

mickey penrod

17 days ago

So far so good!

So far so good! Very easy to work with

eric belcher

18 days ago

Great

Great company

glen mattis

19 days ago

Great

Makes life accounting easy

vanessa sabir

19 days ago

Easy mobile transaction

Easy mobile transaction. However, I would appreciate more detail information on automatic transactions such as contact numbers on unfamiliar charges.

youngbusibeautiful

19 days ago

I love it

I love it! Sign up

joe maxwell

20 days ago

Been with lilli over 2 years and I'm so…

Been with lilli over 2 years and I'm so happy with your services I so thankful for all behind the scenes

yina reyes rodriguez

20 days ago

So far so good

So far so good, just wish Transfers to linked accounts take less time.

jeffery wilkerson

21 days ago

Great app and business card

tamara jackson

21 days ago

I love Lili

I love Lili It is so easy to work

andrew flores

21 days ago

The app is very convenient and such a…

The app is very convenient and such a great way to run businesses finances i do wish they had a faster way to receive money.

courtney harris

21 days ago

Great for starters it's worth it

calvin majied

21 days ago

Great

Very good app easy to navigate

brandon green

22 days ago

Great app I love it easy to use I will…

Great app I love it easy to use I will be using lili in 2024

lala mosley-jackson

22 days ago

So easy to manage your business Money Affairs

So easy to manage your business money affairs as well as your personal money affairs all in one spot…if you prefer. Reminds me of an extra receipt placed in a secure file cabinet. I Love it here 5 Stars!!!

learra colon

22 days ago

Easy and fast and convenient

ronald williams

23 days ago

Lili Is What Was Missing For Me.

Lili is first off, very secure. Can't say enough about this element. Then there is the ease of incorporation with all my current work and personal accounting. Lili delivers on all important aspects and I am very grateful for this company. The only thing I want now is a yellow Lili card to match the logo 😁!

timothy delbridge

23 days ago

Great app

Great app use it.

brittany kelly

24 days ago

Easy business banking.

samuel hardy

24 days ago

Buisness

Super easy to categorize business expenditures. Easy way to set tax budget. Very user friendly. Only downside is the 3-5 business day on holding checks. Other than that super efficient way for business accounts

ameka blevins

24 days ago

It’s important for later to make sure if anything look fraudulent to always report it by sending a text or a email

I had a bad experience Lili allows some transactions to go through my account fraudulently someone charge my account back to back with small amount of money, but it added up to more than over $200 taking out my account. I can’t believe that Lili will allow something like that to happen especially when it was done back to back I think Lili should have notified me after I filed a claim Lili actually turned me down. I still haven’t got my money back.

litney ellis

24 days ago

Very convenient I love it !

This bank is amazing they make everything so easy form opening the account to moving money from one to the other and savings I can’t wait to have the option of having more than on account for my other businesses

tillman smith

24 days ago

The best bank I've ever had wow so good

adam kane

24 days ago

Good for biz

Loving the Lilli account I have.

derrick lawson

25 days ago

It was easy to open the account and…

It was easy to open the account and love the ease of use

james mckinley

25 days ago

I really appreciate

I really appreciate, the updates after I purchased items. Also the early 2 day pay is dope too!

ron jones - crown broadcasting

25 days ago

Convenient and Reliable

"Totally loving my Lili bank account – it's super convenient for managing my money on the fly and has been rock solid reliable, making life a whole lot easier!"

gary hyman

25 days ago

Well when I lost my card I texted the…

Well when I lost my card I texted the AI system it told me what to do i followed the steps and a new card was sent I really appreciate it

robert osteen

a month ago

Easy and professional I get compliments…

Easy and professional I get compliments on my invoices often

lance cullers

a month ago

Ive been using lili as my sole business…

Ive been using lili as my sole business account for 3 or 4 years now and I couldn’t be happier with the service and I feel safe with them having our money. I hope we can get a secured or partial secured credit card eventually.

lawanda vialpando

a month ago

Lilli reviews

Great customer service

kenneth griffin

a month ago

Very user friendly and convenient

aron symon

a month ago

Great for buiz

raymond a baker jr

a month ago

Awesome

It’s nice and swift

pablo salazar

a month ago

EASY-PEASEY

Easy app to work with.

bernie feeney

a month ago

Very good 💯

By This is a great app

reginald smith

a month ago

Everything is good just need Qr codes…

Everything is good just need Qr codes so u can use

antwion watson

a month ago

The app is so simple and very business…

The app is so simple and very business oriented

lillian

a month ago

I really enjoy how user-friendly this…

I really enjoy how user-friendly this app is. I highly recommend it.

joseph yantambwe

a month ago

Great app

Great app, easy to categorize expenses, fast transfer

...