Lili Business Banking Review 2024

Getting a business checking account with Lili is easy — you can apply online or through the mobile app (just keep in mind that once you have an account, you can only access it through the Lili app). 

To qualify, you just need to provide a few basics:

• Name, phone number, date of birth, and Social Security number
• What industry you operate in
• Physical mailing address (no P.O. boxes)

For sole proprietorships, approval can be almost immediate. For single-member LLCs, other business types, or those operating with a DBA, it’s necessary to upload documentation related to your business entity. It usually takes a few weeks to get your business debit card, but during the interim, Lili will provide you with an electronic version of the card to use.

• No monthly fees, no minimum balance requirements, and no minimum opening deposit requirements
• Unlimited fee-free transactions
• Can use any MoneyPass ATM for free
• Cash deposits through Green Dot Network
• Includes tools to manage your business expenses and plan for taxes
• Early payment options with direct deposit that can get your money up to two days faster

• Few business features, such as third-party integrations, multiple debit cards, or joint accounts
• $2.50 fee for out-of-network ATM use, $5 for international ATM use
• No paper checks

Lili aims to provide an affordable solution with four business accounts tailored to startups at different stages. The options range from a free Basic account to the $55/month premium plan with enhanced features.

Lili's Basic plan is a free option aimed at new and small businesses looking for a streamlined banking solution. With the Basic plan, users get a business checking account, Visa business debit card, and access to 38,000 fee-free ATMs for making withdrawals. This allows for convenient cash access without incurring fees.

Another perk of the Basic plan is the ability to get paid up to two days early using Lili's Direct Deposit feature. Businesses can receive domestic wire transfers, eliminating delays that might come with using checks. The Automatic Savings feature is also included, allowing users to effortlessly set aside funds for savings goals or emergencies.

The Lili Pro plan provides more robust features for $15/month, aimed at established businesses looking to optimize their financial management. The plan includes all the perks of the Basic account along with upgrades like a Visa Business Pro debit card with cash back rewards on purchases. Lili Pro users can organize expense transactions by tax category, attach receipts, and generate detailed monthly expense reports for simplified bookkeeping.

Another valuable addition to the Pro plan is fee-free overdraft protection of up to $200, preventing costly overdraft fees. The Pro savings account offers a competitive 4.15% APY on balances when account terms are met. With the 30-day free trial, businesses can test drive the Pro features at no cost before committing.

The Lili Smart plan provides the most comprehensive set of features for $35/month. It includes all Pro plan perks plus advanced financial management tools suited for established businesses looking to simplify bookkeeping and stay on top of taxes.

Smart plan users get access to an intuitive bookkeeping system that instantly categorizes transactions and receipts using AI, allowing for on-demand profit and loss and cash flow reporting. There is also a full bill-pay solution for managing vendors and payments from one dashboard. Lili's unlimited invoicing feature enables creating, sending, and tracking professional invoices and receiving instant payments.

The Lili Premium plan provides a full suite of features plus personalized service. It includes everything in the Smart plan with upgrades like a metal Visa Business Pro debit card, dedicated account specialist, and priority customer support.

Premium users get front-of-the-line access for assistance to maximize the value of Lili's financial management tools. The dedicated account specialist acts as an ongoing resource for maximizing the platform's capabilities. With robust accounting features, unlimited invoicing, automated tax savings, and premium business banking perks, the Premium plan aims to provide an elite and convenient financial experience.

For the right kind of small business, Lili could be ideal. It’s virtually free to use and is tailor-made for startups. The expense management tools it offers are practical and useful for certain types of entrepreneurs.

However, the low deposit and transfer limits are not ideal for many other types of businesses. If you need to make frequent or large deposits, or you need to transfer large amounts of money out of your account, Lili won’t work for your needs — even if it’s free or very inexpensive to use.

There are plenty of positive Lili reviews. Many of them mention how easy it is to use and how convenient Lili is. It’s fast, straightforward, and it works. 

Here are some verified customer reviews from Trustpilot by people who use Lili’s banking platform: 

“The Lili banking app is so easy to use. I'm always able to navigate fluidly. Any questions I might have, the chatbot is helpful. There's no guessing when my deposits will be available. Customer Service is the best of any I have used. I am not joking. It is so simple and fast. Not a bunch of mumbo jumbo. Love My Lili Bank!!!!”

“Super easy financial app to use. A GREAT GREAT aid in my business; helps keep me organized and its reports spells out how income & expenses come & go.”

“Lilli is simple and easy to use.. Perfect for people who own small businesses! And they take the tax money out every time you or your job deposits money into your lili account so you can save it for when you have to pay your taxes.”

There are so many online banking solutions nowadays, it pays to compare your options. Let’s look at how Lili stacks up against another popular banking solution, Mercury. 

Want to explore more business banking options? Check out our comprehensive review of the best bank accounts for startups.

Lili is fairly unique among business banking options. It was originally designed to provide business bank accounts to freelancers, and it has plenty of features that support that type of work. Its affordability and functionality still make it stand out for the right kind of startup. 

Only certain types of business owners will choose Lili, though, due to its low monthly deposit and external transfer limits. As long as you don’t need to go over those limits, it makes sense to take advantage of what Lili offers. But if you make a lot of deposits or need to transfer large portions of your money regularly, we recommend considering another option.