Lili Business Banking Review 2026

Disclaimer: Lili is a financial technology company, not a bank. Banking services provided by Sunrise Banks N.A., Member FDIC.

There are several options when it comes to startup banking — including a number of new fintech companies that take everything online and offer unique approaches to business banking. Lili is one such option, providing a digital banking solution targeted toward small and medium-sized businesses (SMBs).

Lili offers a free business checking account with some specialized features, including integrated tools for expense sorting and tax savings ideal for SMBs with teams of up to 20 people. With its user-friendly interface and tailored features, Lili is a great option for those looking for a modern, hassle-free banking experience.

In this review, we’ll take a look at what a Lili bank account has to offer, what customers have to say about the platform, and how it compares to other platforms on the market.

Lili Eligibility Requirements

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 LLCs, partnerships, S-corps, C-corps, 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.

Lili also accepts non-US business owners from over 30 countries.

The Lili Visa® Debit Card is issued by Sunrise Banks N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc.

Pros and Cons of Lili

Pros of Lili

• 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
• International wire transfers available
• Team access and accountant access features
• Multiple business accounts under a single login
• Savings account with 4.00% APY on balances up to $1M (earn interest from the first dollar)

Cons of Lili

• 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 Pricing and Features

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

Lili Core Account ($0)

Lili Core is Lili’s free business banking plan that replaces the former Basic account. It’s designed to cover all essential banking needs with no monthly fee and no hidden charges.

With the Core plan, users get an advanced business checking account, a Lili Visa debit card, and unlimited money movements. Accounts are FDIC insured up to $3 million, providing added peace of mind for growing businesses. Lili Core also includes high-yield savings with rates up to 4.00% APY, allowing businesses to earn interest while keeping funds accessible.

Additional features include team access for employees and accountants, business integrations, and access to business credit. Lili also offers human customer support seven days a week, making it easier to get help when needed. Overall, the Core plan provides a robust, no-cost foundation for small businesses and startups.

Lili Pro Account ($15 Monthly Fee)

The Lili Pro plan builds on the Core account with additional financial tools for $15/month, making it a strong option for established businesses looking to better manage expenses and taxes. The plan includes all the perks of the Core 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, helping prevent costly overdraft fees. With the 30-day free trial, businesses can test drive the Pro features at no cost before committing.

Lili Smart Account ($35 Monthly Fee)

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.

Lili Premium Account ($55 Monthly Fee)

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.

The Bottom Line

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.

Customer Reviews

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 [spell] 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.”

How Does Lili Compare?

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.

Final Thoughts on Lili

Lili is fairly unique among business banking options. While originally designed for freelancers, Lili has evolved into one of the most robust banking solutions for SMBs with teams of up to 20 people, recognized as Best Bank for SMBs and Best App for SMBs. Its affordability and functionality still make it stand out for the right kind of startup. 

However, businesses with high-volume cash deposits or frequent large transfers may find Lili’s current limits restrictive. 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.

Frequently Asked Questions