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Lili Business Bank Account Review

Author: Chandra Dhopatkar
Published: 06/01/2024 2:41 a.m. EST
Last Update: 06/05/2024 4:10 a.m. EST
Edited by: Jennifer Bonilla

Exploring the landscape of financial technology companies, the Lili Business Bank Account stands out by offering a range of business banking solutions designed to streamline operations for freelancers and small businesses.

This Lili business banking review evaluates Lili’s account plans, features, and services, assessing their fit for various business needs without direct promotion.

Open a Lili business bank account to manage your business finances.

Open a business bank account with Lili to get a business account that pays interest and provides value that traditional banks simply don’t offer.

Then use your Lili account to manage all your business finances.

Quick Review of Lili Business Bank Account

Unlike traditional banking institutions, Lili operates within the fintech space, leveraging the banking services provided by Choice Financial Group to deliver specialized banking services. For example, Lili offers a free business checking account and online business banking services are provided as well.

Lili is a financial technology company aimed at simplifying financial management for the modern entrepreneur, incorporating features such as early paycheck access, sophisticated tax tools, and no-minimum-deposit requirements. Lili in fact offers four business accounts perfect for business owners of practically every situation.

Lili’s broad accessibility and digital-centric approach cater to the diverse needs of today’s businesses, from sole proprietors to burgeoning startups and LLCs. Lili business accounts are sure to help.

Opening a Lili Business Bank Account

Open a Lili account easily online and start benefiting from their extensive features. Lili does not charge a minimum deposit, making it accessible for new businesses. Sign up for Lili and experience the difference.

Pros and Cons

Pros:

Diverse Account Plans: Lili offers a spectrum of account options, ensuring businesses of all sizes find a fit.
Zero Minimum Deposit: An accessible entry point for businesses at every stage, encouraging financial organization and growth.
Integrated Financial Tools: From tax savings to accounting software, Lili’s ecosystem is designed for efficiency and insight.
Visa Business Pro Debit Card: Make managing business expenses a breeze with the Lili debit card. This Visa busines pro debit card protects against unauthorized purchases, and comes packed with the Lili smart plan.

Cons:

Subscription Fees: While the Lili Basic account is free, the more feature-rich Lili Pro and Lili Premium plans come with a monthly cost, albeit with significant value.
Digital-First: The lack of physical branches emphasizes a digital-only relationship, which might not suit all businesses.

If the cons leave you shaking your head no, you might want to check out some of our other business banking reviews and articles. This will give you a more holistic perspective to decide which business bank account is right for your business.

Lili Bank Review Fast Facts

Lili, a relatively new entrant in the banking sector, is specifically designed for freelancers and small business owners, merging personal and business banking needs into one streamlined account.

Launched in 2018, Lili’s innovative banking platform addresses the unique challenges faced by the gig economy and small businesses, offering features like tax savings tools, expense tracking, and no account fees.

Lili’s commitment to supporting the modern entrepreneur’s dynamic financial needs is underscored by its array of business banking services.

Is a Lili Business Checking Account Right for You?

For entrepreneurs weaving through the financial complexities of business ownership, Lili offers a seamless blend of banking, accounting, and tax preparation services.

This unique offering is geared towards simplifying operations, making Lili perhaps the best business checking for freelancers and small businesses eager for a comprehensive, streamlined financial management solution.

Business owners receive a free business checking account and business savings account that comes with a Lili visa debit card and tools to help you grow your business.

Account Options and Requirements

Lili’s account holders can tailor their business banking experience to their specific needs. From the fee-free Lili Basic plan to the feature-rich Lili Premium plan, Lili’s scalable offerings include $0 minimum deposit requirements, promoting accessibility and growth without upfront investment.

Monthly Fees and Fee Waivers

While the Lili Basic account promises fee-free banking, the tiered monthly fees for Lili Pro, Lili Smart, and Lili Premium plans reflect the escalating scale of features and services provided. Introductory discounts serve as a bridge, easing businesses into the ecosystem with minimized initial costs.

Interest Rates (APY)

The attractive 4.15% APY on savings for Lili Pro, Lili Smart, and Lili Premium account holders stands as a testament to Lili’s commitment to not only manage but also grow its customers’ funds, offering a competitive edge in savings growth potential. Lili Premium account holders benefit significantly from this high APY.

ATM Access and Cash Deposits

Fee-free ATM access at over 38,000 locations nationwide ensures Lili customers can effortlessly manage cash flow, perfect for businesses that need flexible access to their funds. Lili bank provides this extensive network to support its users.

When you open a Lili bank account or Lili savings account it comes with a visa business debit card to help your business not only track expenses, but Lili account holders can also gain access to immediate funds.

Lili Business Bank Account Transaction Limits

Lili’s approach to transaction limits—or the lack thereof—emphasizes its commitment to providing a banking solution that’s as dynamic as the businesses it serves, catering to the fluctuating transaction volumes characteristic of small businesses and freelancers.

Online Banking and Mobile App

The Lili app is a powerhouse of functionality, from early paycheck access to automated tax savings and comprehensive invoice management, all designed to meet the needs of the modern, on-the-go entrepreneur.

Using Lili, business owners can manage their finances efficiently through a user-friendly mobile interface.

Mobile Check Deposit

Lili provides a mobile check deposit feature, allowing users to deposit checks conveniently using the Lili app. This mobile check functionality ensures that business owners can manage their funds without visiting a physical bank.

Customer Service

Lili’s promise of priority customer support for Lili Premium account holders exemplifies its dedication to customer service, ensuring businesses receive the attention and assistance they deserve.

Lili Pro users also benefit from dedicated account specialists, enhancing the overall customer experience.

Additional Services

Lili provides several additional services that add more value to the business banking platform:

Accounting and Tax Tools: Lili’s integrated accounting features and tax tools significantly reduce the administrative load on business owners, ensuring financial management is both straightforward and insightful.
Invoicing and Payment Solutions: The seamless invoicing and payment functionalities within Lili’s app streamline the billing process, improving cash flow management and customer payment experiences.

Business Accounts and Savings

Lili offers various business accounts including the Lili Pro account and Lili Premium account. These accounts come with a Lili visa business debit card which provides easy access to funds.

Additionally, Lili provides a savings account with competitive interest rates, making it a great option for business owners who want to grow their funds.

Managing Business Finances

Lili’s tools help you manage your business finances and small business finances effectively.

Lili is great for freelancers and business owners looking for a robust business banking solution that integrates various financial management tools.

Business Day Operations

Lili’s operations ensure that transactions are processed efficiently, with most transactions being completed within 1-2 business days. However, some processes might take up to 10 business days, depending on the nature of the transaction.

Types of Business and Entity Support

Lili supports various types of business entities, making it a versatile choice for different business structures. Whether you are a sole proprietor or a small business, Lili is one of the best options available.

Final Thoughts on Lili Business Bank Account

Lili stands as a beacon for freelancers and small business owners navigating the financial intricacies of entrepreneurship. With its array of account plans and integrated financial management tools, Lili addresses the core needs of modern businesses, promoting growth and efficiency.

While Lili’s digital-first approach marks a departure from traditional banking, it represents a forward-thinking solution that resonates with the entrepreneurial spirit of innovation and adaptability.

More Business Bank Reviews

For comparison, you might also explore reviews of other business banks. Here are some of the best business banks we’ve reviewed.

Lili Bank FAQs

What is a Lili business bank account?

A Lili business bank account is a specialized account designed for freelancers and small business owners. Lili is a business banking solution that offers various features to help manage finances efficiently.

What are the account features of Lili Basic?

The Lili Basic account offers fee-free banking with no minimum deposit requirement. Business owners may find it beneficial for its integrated tax and accounting tools.

Why should I read a Lili business banking review?

Reading a Lili business banking review helps you understand the benefits and limitations of using Lili for managing your business finances, allowing you to make an informed decision.

Is Lili the best business checking account for freelancers?

Lili is considered one of the best business checking accounts for freelancers due to its no-fee structure and digital-first approach. Lili also offers advanced financial tools.

How can Lili help manage your business finances?

Using Lili can help manage your business finances through automated tax savings, expense tracking, and seamless invoicing features. Lili may simplify your financial management.

What do I need to open a business bank account with Lili?

To open a business bank account with Lili, you need to provide basic personal and business information. Lili is a business solution that makes the process straightforward.

Can I use Lili to manage multiple account features?

Yes, Lili also supports multiple account features like mobile check deposit, automated savings, and expense categorization, making it versatile for various business needs. Lili account using these features is efficient.

Chandra Dhopatkar, MBA

Chandra, founder of “Build Business Credit in 30 Days,” specializes in increasing business valuations by helping companies build strong business credit.