Lili Bank Review: Features, Fees, and Key Details (2024)

Mike Renaldi

12.06.23

9 minute read

Entrepreneurs and independent contractors know all too well the unpredictable rollercoaster of irregular earnings. Pinching pennies isn't a choice – it's a necessity. In this Lili Bank Review, we'll discuss how this online banking solution can lend a hand for professionals and the potential perks it might bring.

We’ll also examine Wise Business as an alternative to see how it compares.

Looking to save while managing your international business needs?

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Trustpilot: 4.4/5 average rating - Excellent¹
No minimum balance required and no monthly fees

Table of Contents
Lili business banking reviews Lili business account features Lili business account limits and fees Lili business bank alternative: Wise Business account Lili business banking FAQ

Lili business banking reviews

Lili Bank has become a big name in the world of online banking for business, but what do customers say? The bank currently boasts an impressive 4.7 out of 5-star rating on TrustPilot from 1,952 reviews, indicating a generally positive experience among users.²

The company is additionally active in responding to negative reviews within a week of them being posted. Positive reviews talk about how Lili makes keeping track of transactions simple and how they offer deep insights into tax savings, while negative reviews talk about dysfunctional mobile deposits and surprise account closures(See Lili Bank alternatives).

Lili business account features

With so many options at your disposal, knowing what sets a financial institution apart will help you make a better decision. Lili Bank provides a few different account types that go beyond traditional banking. Although they market themselves as a bank, they’re actually a financial tech company. Let's unwrap some of Lili's most standout features and discover why it might be a good fit for you.

Fee-free banking

One of the most enticing things about Lili Bank is its mostly fee-free banking experience. Most beneficial for sole proprietors or small business owners, you can access essential banking services without dedicating a chunk of your budget to fees. With Lili, you can enjoy unlimited transactions and no foreign transaction fees (to make purchases outside the US), ACH fees, or overdraft fees. However, you’ll have to pay a fee for using out-of-network ATMs.

Fee-free overdraft protection

With fee-free overdraft protection from BalanceUp, Lili Pro members get a cushion for any unexpected moments. Lili's overdraft protection is designed to keep you afloat when you need it most. While it's no substitute for diligent financial planning, overdrafts of up to $200 on your Visa business debit card will be covered, just in case.³

Visa Debit card

With your business account, you'll receive a Lili debit card that's secure and convenient. Use it to handle your business expenses and cash withdrawals worldwide—and take advantage of your digital card that can be added to your digital wallet.³

Automatic tax savings

If you’re tired of scrambling to save for taxes, Lili’s Tax Bucket feature lets you automatically set aside a percentage of each income deposit. It's a handy way to stay tax-savvy and avoid surprises when it's time to pay the IRS. You can even sort your transactions into tax categories and receive pre-filled tax forms for even more convenience.⁴

Mobile app banking

Busy professionals appreciate banking on the go, and Lili delivers with its user-friendly mobile app. Accessing your account, managing transactions, and keeping track of your financial progress is a tap away. Whether you're on the road or between meetings, Lili keeps you connected to your money.

Real-time expense tracking

Bookkeeping is made easy with real-time expense categorization and tracking right at your fingertips. You won’t need to transfer data between your bank and Lili - each swipe of your card will automatically create financial reports and categorize each transaction for tax purposes.⁵

Invoice management

With Lili’s professional invoicing software, you can manage your invoicing all in one place. The Lili app and platform lets you send and track completely customizable invoices and accept invoice payments through a variety of payment methods. It's a convenient, all-in-one solution to stay on top of your accounts receivable and get paid faster.⁶

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Seamless integration with financial tools

Lili can be securely integrated with external accounting solutions like QuickBooks and Wave, and Xero to streamline your financial management.⁵

Lili business account limits and fees

Every business owner has unique needs, and Lili Bank gets that. So, they offer four business plans to cover all the bases: Lili Basic, Lili Pro, Lili Smart, and Lili Premium. While the limits and fees are the same across the different account types (apart from the monthly fee), access to features such as invoice management, expense categorization, tax savings, and other business needs will only be available to certain plans.⁷ ⁸

Feature	Lili business account⁷ ⁸
Minimum balance requirement	$0
Cost to open an account	$0
Monthly fees	$0 (Basic) / $9 (Pro) / $20 (Smart) / $35 (Premium)
Bank deposit limit	N/A
Bank mobile deposit (per day)	$10,000
Bank mobile deposit limit (per month)	$50,000
ATM withdrawal limit	$1000/day
Bank ATM limit	3 withdrawals/day; No charge at 32,000+ in-network ATMs
Bank overdraft limit	Fee-free up to $200 (apart from Basic)
Bank spending limit	$10,000/day, no limit per month
Bank transfer limit (per day)	$10,000
Bank transfer limit (per month)	$60,000

Lili business bank alternative: Wise Business account

While you’re still searching for the perfect banking solution, one viable alternative to Lili Bank worth considering is the Wise Business account.

While Wise Business is a money services business, it focuses on providing low-cost international money transfers and cash management accounts geared towards small businesses and freelancers operating on a global scale. Over 300k businesses use Wise every quarter to handle their international business needs.

Let's take a closer look at what Wise Business offers and how it stacks up against Lili.

Looking to save while managing your international business needs?

Send and receive
overseas payments >>

Trustpilot: 4.4/5 average rating - Excellent¹
No minimum balance required and no monthly fees

International money transfers

When it comes to international transactions, Wise Business steals the spotlight. With Wise's transparent and affordable fee structure, you'll save on cross-border transfers compared to other institutions. And you'll enjoy a more favorable exchange rate, as Wise uses the mid-market rate with no hidden fees. This advantage might be big for companies with a strong international presence or anyone making frequent payments overseas, as Lili currently doesn’t allow for domestic or international wire transfers.

Hold multiple currencies

Wise Business offers a multi-currency account that allows you to hold and manage over 40+ currencies in one place. This feature is perfect for business owners dealing with clients or suppliers from different countries—it simplifies conversions and streamlines inter-country financial management. While Lili is great for domestic use for US-based freelancers and businesses, it doesn’t cater to multi-currency needs as Wise Business does.

Debit card and borderless payments

Wise also provides a debit card, which can be used for seamless, borderless payments online and offline. The card supports spending in any currency without high fees, enabling smooth international transactions. The Lili debit card offers worldwide functionality as well with Visa, but the focus remains on domestic usage rather than an extensive international reach.

Wise Business fees

Both Lili and Wise operate on a mostly fee-free schedule, where you pay for what you use. You’ll generally get charged a lower fee for international transactions with Wise. Wise Business leans towards offering cost-effective solutions for cross-border transfers, so along with no monthly fees, you’ll be able to do business with international clients a lot easier.

Integration with accounting software

Similar to Lili, Wise Business can be integrated with popular accounting software like QuickBooks, Xero, Wave, and Sage. This feature simplifies the process of keeping track of international transactions and managing your finances across multiple currencies.

Lili business banking FAQ

If you’ve still got questions about Lili business banking, this section will tackle some frequently asked questions to clear up any uncertainties and make sure you've got all the info you need.

How to start a Lili business account

Setting up a Lili business account is a hassle-free process. To get started, just follow these simple steps:

Make sure you’re qualified: Before you start the process, you’ll need to be at least 18 years old, have an SSN, a US-based address, and a phone number with a major US carrier. Your business also needs to be a sole proprietorship, LLC, S-Corp, General Partnership, or Limited Liability Partnership. If you don’t qualify, your application won’t be accepted.
Download the app: Head over to the App Store (for iOS users) or Google Play Store (for Android users) and search for "Lili Bank." Download the app to your smartphone to begin.
Sign up: Open the app and tap "Sign up" to start the registration process. You'll be prompted to enter your email address and create a secure password for your Lili account.
Provide personal information: The app will ask for essential personal details like your name, date of birth, and Social Security number. This information is needed to verify your identity and comply with regulations.
Provide business information: You'll also need to provide details about your business or freelance occupation, such as your industry, company name (if applicable), and contact information, including your phone number and business address.
Verify your identity: Lili may request additional documentation to confirm your identity and comply with bank regulations. Keep your identification documents (such as a driver's license, state ID, or passport) handy for this step.
Wait for approval: Your application will be reviewed, and you'll typically receive a response within a few minutes to a few hours. However, in some cases, it might take a few business days for your account to be approved.
Access your account: Once approved, you can access your Lili business account through the app. From there, you'll be able to manage transactions, access features like expense tracking, and send invoices.
Order your Lili debit card: Don't forget to order your branded Lili Visa debit card, which can be used for purchases and cash withdrawals worldwide.

That's it! With a few easy steps, you'll have your Lili business account up and running.

Is Lili a business account?

Yes, Lili offers a business account specifically designed for freelancers, independent contractors, sole proprietors, and small business owners. The Lili business account comes packed with features and tools that cater to the unique requirements of entrepreneurs and the self-employed workforce.

The company offers different business plans: Lili Basic, Lili Pro, Lili Smart, and Lili Premium, to make sure users can choose what suits their needs best. Each plan comes with different features and fee structures, making it easier for professionals to select one that aligns with their specific business requirements.

With Lili, users can enjoy fee-free banking, automatic tax savings, real-time expense tracking, and a suite of other features that take the hassle out of managing their finances. What sets Lili apart is its tailored approach toward the needs of professionals who often juggle various aspects of their businesses, focusing on addressing the challenges of maintaining financial health.

Does Lili Bank work with Zelle?

As far as Zelle is concerned, Lili Bank currently does not work with this popular peer-to-peer payment service. Zelle is primarily tailored for personal transactions, so it isn’t likely optimized for business use. Luckily, Lili does connect with other third-party accounting software like QuickBooks so business owners can automatically synchronize transactions and monitor expenses, file taxes, and keep their financial records up-to-date.

Is Lili Bank a real bank?

Lili Bank isn't a traditional bank, but it operates as a real, legitimate banking service provider. Lili works in partnership with Choice Financial Group, a member of the Federal Deposit Insurance Corporation (FDIC). This alliance ensures that Lili account holders' funds are held securely in a way consistent with federal regulations, and they're insured up to $250,000.

While Lili might not have physical branches, it provides essential banking services, convenience, and innovative features—all accessible through their mobile app.

What bank does Lili bank with?

Lili Bank operates as a financial technology company providing online banking services. To offer banking features to its customers, Lili partners with Choice Financial Group, a member of the FDIC (Federal Deposit Insurance Corporation). Through this partnership, Lili ensures that customers' funds are safely held and insured up to the current FDIC limit of $250,000 per depositor.

Does Lili bank check credit?

If you’re thinking about opening a business account with Lili Bank, one of the concerns that you might have is whether or not they run a credit check. The good news is that Lili Bank doesn’t do a hard credit pull when you sign up for any of their business accounts.

Is Lili trustworthy?

Through their partnership with Choice Financial Group(a Member FDIC), Lili account holders enjoy FDIC insurance, protecting their deposits up to $250,000 per individual, just like in a traditional bank.

Another factor that contributes to Lili's trustworthiness is their commitment to security. They use bank-level security measures, such as encryption, to protect your account information and transactions. Lili also uses multi-factor authentication to verify your identity during sign-in, adding an extra layer of security.

Adding to this, their 4.7/5 TrustPilot rating from over 1,900 reviewers demonstrates positive feedback from its user base.²

Why was I denied a Lili account?

Being denied a Lili account can be confusing and frustrating, but there are several reasons this might happen.⁹ According to Lili's support page, one common explanation is a mismatch between an applicant's requirements and what Lili offers. Right now, Lili accounts are designed for specific types of business structures like sole proprietorships and most LLC types.

If you need an account for a different type of business entity, such as a non-profit or nested LLC, Lili won’t be the right fit at this time. They do acknowledge that they’re planning to support additional types of businesses in the future, but there's no specific timeline given for expanding their services.

Other reasons an application might be denied include not meeting Lili's eligibility criteria, verification issues, or concerns about fraudulent activities. If you think that your application was wrongly rejected, your best course of action is to reach out to Lili's customer support for more clarification and assistance.

Looking to save while managing your international business needs?

Send and receive
overseas payments >>

Trustpilot: 4.4/5 average rating - Excellent¹
No minimum balance required and no monthly fees

Further Reading:

BBVA Business Checking Review (2023)

Relay Banking Reviews: Business Account and Checking (2023)

Found Bank Review: Is Found Right For Your Business?

The 13 Best Banks for an Ecommerce Business (2023)

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks.

Sources:

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.