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Lili Bank Review

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Reviews 10

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Chris Muller
May. 03, 20214 min read

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 $4.99 per month.


  • No starting or maintenance fees on Standard account
  • Automatically set aside money for taxes
  • Get your direct deposit early


  • Limited withdrawal/deposit opportunities
  • Must use social security number rather than EIN
Liliat a glance

Editorial score


No fees at all



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


Customer service

Customer service during extended business hours


Online experience

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


Mobile experience

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


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 $4.99/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% APY on the Emergency Bucket.

Referral bonus reward

When a user joins Lili using a referral code and spends a minimum of $250 with their Lili card within the first 45 days, both users will receive a $50 referral reward. You can receive a maximum of 10 referral rewards, so up to $500.

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:

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 accross 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 maximise your income, you might want to consider upgrading to a Lili Pro account, which offers an APY of up to 1%  on Emergency savings. The Lili Pro account is only $4.99 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 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.


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. 


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 upgdading to the Lili Pro account, which at only $4.99/month offers advance expense tracking, a premium Visa Business Debit Card with cashback rewards, a Savings account with up to 1% 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

Written byChris 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.‎

PoorReviews 10
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Trustpilot reviews

See what some costumers are saying about Lili
PoorReviews 10
  • author
    Crystal Mccorvey
    a day ago

    VERY POOR THEY CLOSED MY ACCOUNT WITHOUT PERMISSION AND I HAD MONEY IN THERE DIDNT GIVE ME A REASON WHY & THEY HANG UP ON YOU I WOULD NEVER IN LIFE GO BACK TO THEM YOU DONT TREAT PEOPLE THAT WAY I LITERALLY PUT 12,000$ In My Account & I Get Paid Weekly They Just Out The Blue Stopped My Card & Closed My Account. The Customer service is very poor in a call center you never hang up on a customer that definitely gets you FIRED Very UNPROFESSIONAL DONT GO TO THEM


  • author
    Chad Goodner
    Oct 04, 2021
    The customer service is very bad would…

    The customer service is very bad would not recommend to anyone


  • author
    Ellen Altecore
    Aug 30, 2021
    I couldn't access my first direct…

    I couldn't access my first direct deposit or get a hold of a live agent during business hours. As soon as I do I am closing my account. I went on the recommendation of a financial blog and I won't be reading their advice again either. I'm going back to chase. The fees are worth it.


  • author
    Susan Rosen
    Aug 23, 2021
    I can’t get them on the phone and I’m…

    I can’t get them on the phone and I’m having card issues. Not one human picks up the line.


  • author
    Ivy Rain
    Aug 11, 2021
    Racist, Shady bank. Avoid at all cost

    I went through the process of applying to this bank but as I got to the step of submitting my photo - which is weird to ask for- the application ended abruptly and was denied. They didn't even review my information, they made a decision based on my PICTURE! To me, that screams racism. When I reached out to customer service about it, I was met with a cold, and passive aggressive response. Stay away from this racist and shady bank. Btw, I got approved with Novo bank and they didn't ask for any current picture. And I was approved. Tells you everything about Lili's shadiness.


  • author
    Andy Candler
    Jun 17, 2021

    DO NOT USE THIS "BANK". This "institution" is a joke. Their customer service personnel on the phone are entitled and rude. They answer your questions with snotty remarks like "that's irrelevant" and "it's on the website". They also declined a payment for a loan I have with a separate company twice, screwing up my credit. Don't waste your time with these clowns. They're not even a real bank; they use a separate actual bank called Choice Financial Group to do their work for them.


  • author
    Andy Candler
    Jun 15, 2021
    Do not open an account with Lili.

    I called their customer service for the very first time yesterday and spoke to the rudest, snottiest agent ever. He answered my questions with statements like "that's irrelevant" and "it's all on the website". I'll be closing my account soon.


  • author
    des mediation
    May 02, 2021
    I am not on Social Media and I normally…

    I am not on Social Media and I normally don't post but I need to make something clear. I called the FDIC Lili is not recognized as a bank. FDIC does not acknowledge or support them. There is no regulation over mobile apps. If you have a problem you must call Choice Financial Group, NYS Banking Commission ( Lili has a financial service operation in NYC) Choice Financial is the parent and that's who the FDIC insures. Nebraska Financial Regulatory agency regulates Choice Financial who supervises Lili. All over the Internet, Lili is being called #1. However, if you have done business with them you find out different. I had a Lili account for 1 year. Thousands and Thousands of dollars was coming into this account including direct deposit . Last week I received a new policy update with even more restrictions on my money. I read over 30 reviews where money was taken from consumer accounts, accounts shut down, and cards canceled with no access to use or withdraw their funds sometimes for months. Last week I received a message " Thank you for reaching out about your account". Risk management stated there may be some "fraudulent activity" on the account. Which was a lie. In the settings of the mobile app for Lili, they have a switch where you can turn off your card. I did this nightly or after every use. For 1 year. They suspend your account. "Your account is under review" " Give us two days we will get back to you" Horrible Horrible customer service. I requested documentation there was none. Called them in total 87 times! There is no customer service at all. No one responded until I reported them. I emailed 30 times no one responded until I reported them. I reported them to the NYS Banking Commission 48 hours later the account was released. I had no access to my money, I could not use my account. My account privileges were suspended. I have banked 30 years or more. I did not violate any banking policies. And they canceled my card. They charged me $25.00 for a new card and took it upon themselves to give a promotion of $25.00 blocked me from using my own money but deducted the money from my account. My final point stick to banking platforms that are regulated. We all want convenience but at what cost??? If you have several accounts and this is the direct deposit and you're using it every day it becomes like clockwork until there is a hassle. I would suggest you look elsewhere. FDIC insured. To complain to Choice does not mean you will get your money back.


  • author
    Mar 04, 2021
    Just look at the Google reviews before…

    Just look at the Google reviews before you try this company out. That should be all you need to make up your mind. Also, try contacting them via any of their convenient methods.


  • author
    Mar 01, 2021
    I’ve not had a worse customer service…

    I’ve not had a worse customer service experience from any other bank in my life! Do yourself a favor and stay away from Lili! After being unable to help me with my concern, Refael refused to transfer me to a supervisor, I asked if one could call me back and when it might happen and he hung up the phone without even saying goodbye; problems have been left unresolved and customer service doesn’t even care. I opened my account less than a month ago, and I will be switching to another FinTech/Neo Bank as soon as possible. Stay away.


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