Lili Business Banking Review 2023
Is It the Best Banking Platform for Your Startup?
Last Updated: By TRUiC Team
Disclaimer: Lili is a financial technology (fintech) company, not a bank. Startup banking services provided by Choice Financial Group, 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 entrepreneurs.
Lili offers a free business checking account with some specialized features, including integrated tools for expense sorting and tax savings ideal for freelancers, solopreneurs, and other small business owners. 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.
Recommended: Lili's digital banking platform is ideal for microbusinesses and solopreneurs.
Lili Eligibility Requirements
Getting a business checking account with Lili is easy — you can apply online or through the 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.
Pros and Cons of Lili
Pros of Lili
- No 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 expenses and plan for taxes
- Early payment options with direct deposit that can get your money up to two days faster
Cons of Lili
- Low monthly limits for mobile check deposits and external bank transfers
- 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
- No wire transfers
Best Bank for Startups: Lili
Lili’s digital banking platform is ideal for microbusinesses and solopreneurs.
Lili Pricing and Features
Lili makes it very affordable to do your banking, charging few fees, and when it does charge fees, they are small — the upgraded Pro business checking account with bigger deposit limits is only $9 per month. It also offers a unique set of features that streamline the financial management process of freelancers and certain types of small businesses.
However, there are some limitations on Lili banking that will make it a no-go for some businesses. The free Basic checking account only lets you deposit up to $6,000 monthly and up to six monthly checks. The Pro account has higher limits, with up to $50,000 monthly of mobile check deposits.
You also have to receive or transfer at least $200 per month to be able to deposit checks.
You are limited on how much you can transfer to an external account as well. The Basic checking is limited to $500 per day with a maximum of up to $1,000 per month. The Pro checking lets you transfer up to $1,000 per day and up to $5,000 per month.
- Unlimited fee-free transactions
- No overdrafts
- No foreign exchange rate adjustment fee when using a debit card outside the U.S.
- Free use of over 32,000 MoneyPass ATMs
- Deposit cash using Green Dot (fee up to $4.95 per deposit)
- Integrated tools to manage expenses and taxes
Fees and Costs
- Basic checking limits
- Maximum of $6,000 a month in mobile check deposits
- External transfer limit of $1,000 per month
- Pro checking ($9 per month) limits
- Maximum of $50,000 a month in mobile check deposits
- External transfer limit of $5,000 per month
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 and tax management solutions 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 reviews for Lili banking. 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.”
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, Brex.
No fees and unlimited free transactions
Tailor-made to help freelancers manage their money.
Best for: Freelancers or solopreneurs who don’t need to deposit or move a lot of money each month.
Offers many perks, rewards, and money limits.
Best for: Venture capital-backed startups and mid-tier companies that want to take advantage of the rewards program and high limits of the Brex charge card.
Final Thoughts on Lili
Lili is fairly unique among business banking options. It was originally designed to provide checking 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 entrepreneurs 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.
Frequently Asked Questions
Is Lili a bank?
Lili is not a bank, it’s a mobile banking app designed by freelancers that offers banking services provided by Choice Financial Group, Inc., Member FDIC.
What bank is Lili affiliated with?
Lili is affiliated with Choice Financial Group, Inc., Member FDIC.
Does Lili work with Cash App?
Yes, you can link your Lili account with Cash App.
How does Lili work?
Lili provides banking services like business checking accounts for freelancers and other small businesses. It works a lot like a regular bank, although Lili is considered a fintech company that provides banking services in partnership with a bank.