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Lili offers an online business checking account with no monthly fees or minimum opening deposit, and a host of digital tools that allow you to manage expenses, track tax write-offs, save for taxes and accept payments from customers within a single account.
Originally designed specifically for freelancers and independent contractors, Lili is now available to all business entity types.
Lili banking is best for small-business owners who:
Sole proprietors who want a free bank account with no minimum balance requirements.
Freelancers who want integrated tools to help them sort their expenses and save for taxes.
Pros and cons
No fees, minimum balance requirements, or minimum opening deposit.
Unlimited fee-free transactions.
Fee-free ATM access through the MoneyPass network; ability to deposit cash through Green Dot network.
Integrated tools for managing expenses and planning for taxes.
Offers early payment feature with direct deposit, allowing you to receive funds up to two days sooner than you might with a traditional bank account.
Cash deposits at Green Dot locations incur a fee of up to $4.95 per deposit.
No checkbooks; can’t send or receive wire transfers.
Limited business-related features, e.g., doesn’t offer joint accounts, multiple business debit cards, third-party integrations.
Lili bank account at a glance
How the Lili bank account works
Lili is a financial technology company that offers a fully mobile business checking account. Lili's banking services are provided by Choice Financial Group and deposits on all accounts are insured up to $250,000 by the Federal Deposit Insurance Corp.
You can choose from two Lili business accounts: Lili Basic (free) and Lili Pro ($9 per month). The upgraded Pro version has additional business management tools, earns interest and offers cash-back rewards on purchases made with your Lili Visa business debit card.
How to open a Lili business account
You can open a Lili bank account online or via the mobile app. To apply, you'll submit the following information:
Name, mobile phone number, date of birth, Social Security number.
Physical mailing address (no P.O. boxes allowed).
Business entity type.
After you submit your application, you should receive approval and account access almost instantly. If you apply for an account online, Lili will send a verification code via text message or email to pair your account to the mobile app.
Regardless of how you sign up for Lili banking, you will use the mobile app to fund your account and manage your expenses. You can fund your account using direct deposit, ACH transfers or mobile check deposit, and by linking external bank accounts or platforms like Venmo and PayPal.
Although it can take up to two weeks for your Lili Visa business debit card to be delivered, you’ll be able to use a digital version of your card through the Lili app. You’ll also be able to track the progress of your physical card on the main screen of the mobile app. Once you receive your card in the mail, you’ll need to activate it within the app before you can use it.
Where the Lili bank account stands out
No fees: The Lili bank account has no monthly fees, no minimum balance requirements, no minimum opening deposit and unlimited fee-free transactions. With this account, you have access to free ACH transfers, free mobile check deposits, as well as free expense management tools.
In addition, Lili doesn’t charge for overdrafts, returned items or stop payments, incidental fees that are charged by both online and brick-and-mortar competitors. And, Lili does not charge a foreign exchange rate adjustment fee, meaning there’s no additional charge to make debit card purchases outside of the U.S.
ATM access and cash deposits: With your Lili business debit card, you can withdraw cash fee-free at over 32,000 MoneyPass ATMs. The Lili app offers a locator that allows you to find the closest ATM.
Although you can’t deposit cash at an ATM using your card, you can deposit cash at over 90,000 participating Green Dot locations through its At The Register service. Lili does not charge any fees for cash deposits, but the Green Dot retailer will charge a fee of up to $4.95 per deposit. In addition, you are limited to deposits of $1,000 in a 24-hour period and a maximum of $9,000 per month.
Integrated tools for expenses and taxes: Within the Lili app, you have access to tools that allow you to manage your expenses and plan for taxes. You can categorize your expenses simply by swiping, left for “life” or personal and right for “work” or business. Expense categories are pre-selected based on the merchant, but you can tap the transaction to edit the category if needed.
Lili also gives you the ability to add receipts to transactions, download annual and quarterly expense reports, and track spending insights in real time.
Additionally, Lili allows you to automatically set aside a predefined percentage of funds every time you get paid using the Tax Bucket feature. You can use the tax estimation tool to determine how much you should save. You can also manually add money to your Tax Bucket or remove money at any time.
And if you want to save for emergencies, you can open an Emergency Bucket, where you can set aside a fixed daily amount for an emergency fund.
Where the Lili bank account falls short
Limited business-related features: While the Lili bank account is designed for freelancers and contractors, it lacks business-related features that competitors offer. Lili does not offer checkbooks, cannot send or receive wires, cannot accommodate joint accounts and does not allow multiple business debit cards.
Additionally, this account doesn’t include integrations with third-party business tools like accounting software, e-commerce platforms or point-of-sale systems.
Limited weekend support: Lili offers customer support via phone and email during the week (9 a.m. to 7 p.m. ET), but if you have an issue over the weekend your only option is email support. If accessible customer support is a high priority, consider AxosBasic Business Checking, which offers 24/7 customer support.
Compare Lili business checking accounts
Deposits are FDIC Insured
Deposits are FDIC Insured
With $0 min. balance for APY
With $0 min. balance for APY