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You are here: Home / Banks / Lili Review (2022) | Free Business Checking for Freelancers

Lili Review (2022) | Free Business Checking for Freelancers

April 28, 2022 by Rob Berger

Lili
Learn More
Our Rating
4.8/5.0

Account Types

  • Business Checking

Key Features

  • Low Fees
  • Cash Back Rewards
  • Early Direct Deposit

Snapshot

Lili was designed to bring business checking to freelancers. It offers a business checking account without fees and tools designed for the solopreneur. Lili makes calculating and saving for estimated taxes a breeze. It also streamlines the process of receiving payment from other online platforms such as Shopify, Cash App, and PayPal.

Editorial Review

Lilac Bar David founded in 2018. Headquartered in New York City, the company has received $25 million in funding. More than 100,000 freelances have opened a Lili account since 2019.

Features

Tax Tools: Lili offers several tools to help freelancers manage taxes. It automatically creates an income and expense report that shows a freelancer net taxable income. It also enables freelancers to track their expenses in real time.

Perhaps most importantly, it has a feature that allows freelancers to automatically set aside a certain percentage of every incoming deposit into a tax bucket. When estimated taxes are due you’ll have the money already saved.

Mobile Banking App: Lili comes with a Visa Debit Card and a mobile banking app. When freelancers set up direct deposit they can get paid up to two days early. You can get push notifications to your phone every time money comes in or goes out of your account. Freelancers can deposit checks by taking a picture with the mobile app. Alternatively, they can deposit cash at more than 90,000 retail locations in the U.S., such as Rite Aid, CVS, and Walmart stores.

The Lili app is rated 4.7 out of 5 for the iPhone and 4.4 out of 5 for Android devices.

Mobile Payments: The Lili Business Debit Card works with both Apple Pay and Google Pay. As such, there’s no need to carry the physical card with you.

Online Payments: Lili works with a number of online payment platforms to have income deposited directly into your account. These platforms include PayPal, Shopify and Cash App.

ATM Withdrawals: You can get cash out of ATMs without paying a fee at more than 38,000 ATMs across the U.S. and Puerto Rico. Lili uses the MoneyPass network.

Automatic Savings: Lili comes with a feature that allows freelancers to set aside a certain percentage of every income deposit. This is a great feature to use for saving for estimated tax payments. You can use this feature to save a business emergency fund.

Pros & Cons

Pros

  • No account fees
  • No minimum balances
  • Free checking account
  • Visa business debit card
  • Expense management
  • Excellent mobile banking app
  • Expense reports

Cons

  • No physical branches
  • Deposits don’t earn interest

Bank Accounts

Lili Mobile Banking

APY0.00%
Min. Opening Deposit$0.00
Min. Balance Required$0.00
Monthly Fee$0.00
Learn More

Lili offers just one type of account, a checking account. Included with the account is a business Visa Debit Card and a mobile app. While it doesn’t offer an interest bearing savings account, it can easily connect with an online savings account. In this regard, a freelancer could easily transfer money between the Lili checking account, and an interest paying savings account.

Lili Checking Account

Lili Checking Account
Open an Account
  • Opening Deposit: $0
  • Minimum Balance: $0
  • Monthly Fee: $0
  • ATM Fee: $0
  • Available: Nationwide
  • Interest Rate: 0% APY

Lili charges virtually no fees. There is no monthly fee, overdraft fee, return item fee or stop payment fee. There are also no ATM fees when withdrawals are made from a MoneyPass network ATM.

Lili does charge a few fees in very unusual circumstances. For example, there is a $2.50 fee for ATM transactions outside of the MoneyPass network. There’s also a $5.00 ATM withdrawal fee when taking money out internationally. A deposited check return fee of $25 is also charged as is an express mail fee.

Mobile App

Freelancers have given Lili’s mobile app high marks. Available on both iPhone and iPaid devices, users have given it a 4.7 out of 5 stars. Android users have likewise given Lili’s app high ratings, with a 4.4 out of 5.

Lili Savings Account

APY1.00%
Min. Opening Deposit$0
Learn More

Lili offers a savings account so business owners can save an emergency fund. Set up automatic transfers, monitor savings via the Lili app, and earn interest.

The savings account is one of the features available for Lili Pro members. Pro membership costs $4.99 a month.

Who Lili is best for

Lili is ideal for freelancers looking for a free checking account. The tools help those in the gig economy track and report expenses and set aside money for estimated taxes.

Who would do better with a different bank

Small businesses should look at other options, as should those who want a checking account with a bank that has physical branches.

Lili Alternatives

Lili is a business checking account and technology platform specifically designed for freelancers. It includes totally free business checking, tax tools, a business Visa Debit Card, and an award winning mobile app. We’ll break all of this down in this details Lili review.

Lili review

How to Get Started With Lili

To open an account with Lili you just need your social security number and about three minutes of time. Believe it or not, Lili actually timed the process it takes customers to open an account. And yes, it came in at about three minutes. In addition, creating an account with Lili will not affect your credit score. 

FAQs

Is Lili legit?

Yes. Founded in 2018 and headquartered in New York City, Lilli is a business online bank account designed specifically for freelancers. 

Are my deposits FDIC insured?

Yes. All Lili accounts are FDIC insured by its sponsor bank, Choice Financial Group.

Do I Earn interest on a Lili Account?

You can earn interest on a Lili savings account. This feature, however, is available only to Lili Pro members, which comes with a monthly fee.

Does my business have to have a tax ID to open a Lili account?

No. All that’s necessary is your social security number.

How do I deposit money to my Lili account?

You can deposit money to a Lili account in several ways. First, you can connect your account to Venmo, PayPal or other online platforms to receive direct deposit. You can also transfer money into your account from other linked bank accounts. You can deposit checks by taking a picture of the check with your mobile app. And you can deposit cash at more than 90,000 retail locations in the United States.

About Rob Berger

Rob Berger is the founder of allCards.com. He's written about personal finance and investing since 2007 and is the author of the highly acclaimed book, Retire Before Mom and Dad. He is a former litigation attorney in the securities field and the Founding Editor of Forbes Advisor.

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Rob Berger founded allcards.com in 2008 to help consumers make data-driven decisions about credit cards and banking. A retired trial attorney, he’s written about credit cards, banking and personal finance since 2007, and is the author of Retire Before Mom and Dad. He currently serves as the Deputy Editor of Forbes Money Advisor.

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