Lili Review: Banking Review in 2023
Imagine going to the bank, standing behind a long line of customers, and waiting for your turn to be served.
Then, once you’re inside the actual bank, you get sat in front of a customer service rep that’s new out of college and is working on a degree in something other than finance.
They seem to have no idea how to handle your banking needs properly, and you can tell they’re just trying to get through their shift so they can go home.
This scene plays out at banks around the world day in and day out, but what if there was a better way?
What if you could skip the line, avoid the frustrating wait, and get banking done quickly and easily, all from the comfort of your own home?
This is where Lili.co comes in.
Lili is a financial technology company built for the modern world.
Like online business bank accounts, they’ve created an easy-to-use app that lets you do all your banking from the palm of your hand.
In this article, I’ll look at what Lili offers and whether it’s worth your time.
Whether you’re just starting a business with no money and want to get an online account to know exactly where your money will be going, or you’re a busy professional who doesn’t have time to waste at the bank, Lili might be an excellent option for you.
What is Lili?
Classified as a financial technology company, Lili is a mobile banking service offering users various perks such as money transfers, direct deposits, and even credit building.
Lili was founded in 2018 by Lilac Bar David and Liran Zelkha.
Raising $80 million in funding, Lili has grown rapidly and is now available all over the country.
With banking services provided by Choice Financial Group, Lili has something to offer everyone: tools that cater to freelancers, small businesses, and even students.
There are no minimum balance requirements and monthly fees, so you can start using Lili with any amount.
In addition, the use of BalanceUp, Write-Off Tracker, and its invoicing software, all of which are proprietary to Lili, allow customers to see their complete financial picture in one place.
Getting Started With Lili
You can be up and running in as little as 3 minutes with your Lili account.
To do this, download the app from either the App Store or Google Play Store.
You can also get the process done through their website.
All you need to do is ensure that you are an LLC or a sole proprietor to qualify for an account.
This financial institution promises no credit checks or minimum deposit needed to open an account.
Deposits And Payments
You will get a Visa business debit card when you create an account.
With various options you can control through the mobile app, such as freezing this card or setting up limits and notifications, Lili gives you the power to manage your account how you see fit.
You also get a routing number and account number to set up direct deposit through the app.
This is an excellent feature for freelancers and small business owners who often had to wait long periods for client payments.
As a Lili customer using their banking app, you will automatically get 1% APY deposited directly into your account when you use your credit card to make a purchase.
This is an incentive for customers that open an emergency fund savings account.
Whether you use the integrations like Paypal, Venmo, Apple Pay, or others, or pay directly with your debit card, you will get this cashback feature.
Lili prides itself on being a no-fee banking account.
This is precisely how it sounds, as there are no monthly maintenance fees and no foreign transaction fees.
The company also doesn’t charge for ACH transfers or wire transfers.
In addition, Lili seeks to provide value to its customers by offering free cash withdrawals at any ATM nationwide that forms part of MoneyPass.
There is also an ATM finder directly on the Lili app, so you can always locate a fee-free ATM near you.
Lili has an entire website section dedicated to resources for those setting up their business or who have been in business for a long time.
This includes an LLC hub where you can find everything you need to know about setting up your business structure.
There are also tax guides and resources, so you can ensure you are compliant come tax season and also benefit from any tax savings you’re eligible for.
This is in addition to the various invoice templates available for downloads, such as consulting, trucking, photography, and other service-based businesses.
While some prefer to use more specific invoicing software, the resources provided on Lili can undoubtedly take you a long way.
Have you ever wanted to learn more about business or even personal finance?
If so, you will be pleased to know that Lili has an online academy where customers can take courses and learn more about the financial world.
From learning how to run an Instagram Ads campaign to taking a course on tax liability, there is a lot on offer.
There’s also information about the rates you should charge as a freelancer and lessons on modern marketing.
All the courses are free to take and will allow you to gain valuable skill sets.
In addition, there is also a blog with various categories that include information about banking, taxes, work-life balance, and more.
As you run your company, the app automatically categorizes business expenses.
This makes it easy to see where your money is going and ensures that your expense tracking is on point.
Compared to a traditional bank account, this handy feature ensures that your expense management is constantly updated.
At the end of each month, you will get a spending report that shows you exactly where your money went.
While many use third-party accounting software to do this, it’s nice that Lili offers this feature directly on the app.
You can use the move money option to deposit physical checks through the app.
Mobile check deposit is a nifty feature not offered by all external bank accounts.
To deposit a check, you take a photo of it through the app and submit it for processing.
With more than 90,000 retail locations that can help with cash deposits, it’s easy to get money into your account.
From Walmart, 7-Eleven, Walgreens, and more, plenty of retailers and stores can help with this process.
Visa Business Debit Card
Lili states that you will receive your debit card in the mail within ten business days of signing up for an account.
This standard Visa debit Lili card can be used anywhere that accepts this payment method.
With shipping tracking available through the app, you can see exactly when your card is set to arrive.
You can also start using the funds within your account immediately, as the card number is available through the app as soon as your account is ready for use.
The card can also be linked to various payment processors to make things easier for businesses.
With the Lili Visa business debit card, you can spend up to $3,000 per day and $15,000 per month on your business.
Lili Early Payments
One nifty feature that Lili offers is early payments.
If you receive money through ACH transfer, money will be available in your account two days earlier than it would with a traditional bank.
This is great for those who are paid via online platforms such as Shopify or who work in the gig economy and use apps like Uber and Lyft.
Lili Pro Account
A recent feature of Lili is their new Pro version.
Some of the new additions that were added to Lili Pro include:
- Invoicing platform
- Fee-free overdraft protection
- Advanced business expense tracking and management tool
- Tax refund optimizer and savings builder
- Free business checking account for both your work and your life
You also get a savings account with 1.5% APY, which is relatively high compared to other options on the market.
Free for the first 30 days and then costing just $4.99 a month, Lili Pro is a great way to take your business finances to the next level.
Opening An Account
To begin using Lili, go to the website and click on “Get started.”
You will be prompted for your email address and asked to set up a password.
Next, you will be asked to provide your Social Security number and birthdate.
Your SSN is used to verify your identity and not to pull your credit score.
Next up, Lili will ask you to choose the type of freelance work that you do from my list of available options.
And that should be it!
You will then be able to download the app and start using your account.
With bank-grade encryption and security, you can rest assured that your money is safe with Lili.
Lili is an FDIC insured member and, therefore, subject to the same safety and security measures as any other bank.
Insured up to $250,000 for each depositor, your money is as safe with this platform as it would be with other financial institutions.
To speak with someone at Lili, you need to email them at firstname.lastname@example.org or give them a call for real time support.
This can be done from Monday to Friday on the phone number provided on the site.
The website also has a help center with an FAQ section and guides on using the app’s various features.
Lili Review – FAQ
What Are MoneyPass ATMs?
MoneyPass ATMs are a nationwide network of more than 37,000 ATMs that offer surcharge-free withdrawals for Lili customers.
If you use an out-of-network ATM, you may be charged a fee.
What Integrations Can You Use Lily With?
From using Quickbooks to cover all your accounting needs to using Zoho inventory to set up inventory management, there are a growing number of integrations that can make your business run more smoothly.
What’s An Emergency Bucket In A Lili Bank Account?
An emergency bucket allows you to set aside a specific amount in case of an unexpected expense.
You can automate this process so that a certain percentage of your income is automatically transferred into the emergency bucket regularly.
This can be created under the Sub Accounts section in the Lili app.
What’s A Lili Tax Bucket?
With Lili, you can set aside a percentage of your choice from each paycheck for future taxes.
This can also be done within the cash app.
Lili is worth considering if you are looking for a simple, safe, easy-to-use online banking solution for your freelance or small business.
The platform has a lot to offer businesses of all sizes with no monthly fees, early payments, and high-interest savings accounts on its pro version.
While the best banks and business card issuers out there might offer more functionality, they also come with many confusing terms and conditions and higher fees.
To that end, I think that Lili is a great solution for businesses just starting out or those who want to keep things simple.
As a final disclaimer, always do your own research to make sure any financial decision is the right one for your unique circumstances.
Further reading on AdamEnfroy.com: Starting a business means following IRS regulations.
To this extent, here’s how to get your business an EIN number, along with all the information you need to know about an LLC.
If you want to look further into the latter, these are the best LLC services to help you form your business quickly, easily, and affordably.