What is Lili? Lili Review, Features

Lili 's free bank account offers mobile tax planning tools to help freelancers and contractors manage their expenses.

About Lili

• The Lili bank account has no monthly fees, no minimum opening deposit, and is completely mobile, with an app available for iOS and Android devices. Designed for freelancers and independent contractors, Lili offers digital tools that allow users to categorize business and personal expenses, save on taxes, and accept payments from clients in a single account.

• Lili requires users to apply for their bank account using a Social Security Number rather than an Employer Identification Number, so while it's a good fit for freelancers, more established or growing small businesses may want to keep their personal and business finances separate with a dedicated business checking account.

Lili Bank is best suited for small business owners who:

• Want a free bank account with no minimum balance requirement.

• Use their Social Security number for tax purposes.

• Deposit less than $6,000 in checks per month; wire less than $1,000 per month to an outside bank account.

• Integrated tools are needed to help them organize their expenses and save on taxes.

• Enjoy a mobile-only banking experience.

Pros and Cons

advantage

• There are no fees, minimum balance requirements or minimum opening deposits.

• Unlimited free transactions.

• Free ATM access through the MoneyPass network; ability to deposit cash through the Green Dot network.

• Integrated tools for managing expenses and tax planning.

• An early payment feature that offers direct deposit allows users to receive funds two days earlier than in traditional bank accounts.

shortcoming

• Mobile check deposits and external bank transfers have lower monthly limits.

• Mobile only, no web access.

• You cannot apply using an Employer Identification Number.

• Out-of-network ATM fees are $2.50 for U.S. ATMs and $5 for international ATMs.

• Cash deposits at Green Dot locations are subject to a fee of up to $4.95 per deposit.

• No checkbook; cannot send or receive wire transfers.

• Limited business-related features, such as no joint accounts, multiple business debit cards, invoicing tools, third-party integrations.

mission

Support business owners by providing tools and services designed to save them time and money.