Lili Business Banking Review 2024

Is It the Best Business Checking Account?

Lili Banking Platform Review image - 4.8/5

Disclaimer: Lili is a financial technology 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 offers free business checking with no hidden fees. Open an account today.

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 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 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

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

Best Bank for Startups: Lili

Take control of your finances in one place - Lili offers business banking, accounting, invoicing and tax prep to simplify money management.

Visit Lili

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 Basic account to the $55/month premium plan with enhanced features.

Lili Basic Account ($0)

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.

Lili Pro Account ($15 Monthly Fee)

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.

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 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, Mercury


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. 


No fees

Powerful digital tools and access to venture debt financing.

Best for: Tech startups, digital entrepreneurs, and those who value programmable banking and advanced integrations.

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. 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.

Frequently Asked Questions

Is Lili a real bank?

Lili is not a bank, it’s a mobile app designed by freelancers that offers banking services from 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 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.