Lili Bank Review: Features, Fees, and Key Details

Entrepreneurs and independent contractors know all too well the unpredictable rollercoaster of irregular earnings. Pinching pennies isn't a choice – it's a necessity. In this Lili Review, we'll discuss how this online banking solution can lend a hand for professionals and the potential perks it might bring.

We'll also discuss the Wise Business account, which could be your go-to account for all your international business needs.

Do you send and receive global payments?

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Wise Trustpilot Score: Excellent 4.3 out of 5 stars
No minimum balance requirement and no monthly fees
Integrates with QuickBooks, Xero, Sage, and more

Overview: Lili Business Account Features

With so many options at your disposal, knowing what sets a financial institution apart will help you make a better decision. Lili provides a few different plans that add financial capabilities beyond free advanced banking (through Lili’s Core plan).² Let's unwrap some of Lili's most standout features and discover why it might be a good fit for you.

1. Fee-free Banking

One of the most enticing things about Lili is its mostly fee-free banking experience. Most beneficial for small business owners and growing businesses, you can access essential banking services without dedicating a chunk of your budget to fees. With Lili, you can enjoy unlimited transactions and no foreign transaction fees (to make purchases outside the US), ACH fees, or overdraft fees. However, you’ll have to pay a fee for using out-of-network ATMs.

2. Visa Debit Card

With your business account, you'll receive a Lili debit card that's secure and convenient. Use it to handle your business expenses and cash withdrawals worldwide—and take advantage of your digital card that can be added to your digital wallet.³

3. Automatic Tax Savings

If you’re tired of scrambling to save for taxes, Lili’s Tax Savings feature lets you automatically set aside a percentage of each income deposit. It's a handy way to stay tax-savvy and avoid surprises when it's time to pay the IRS. You can even sort your transactions into tax categories and receive pre-filled tax forms for even more convenience.⁴

4. Online Banking

Busy professionals appreciate banking on the go, and Lili delivers with its user-friendly mobile app. Accessing your account, managing transactions, and keeping track of your financial progress is a tap away. Whether you're on the road or between meetings, Lili keeps you connected to your money.

5. Real-time Expense Tracking

Bookkeeping is made easy with real-time expense categorization and tracking right at your fingertips. You won’t need to transfer data between your bank and Lili - each swipe of your card will automatically create financial reports and categorize each transaction for tax purposes.⁵

6. Invoice Management

With Lili’s professional invoicing software, you can manage your invoicing all in one place. The Lili platform lets you send and track completely customizable invoices and accept invoice payments through a variety of payment methods. It's a convenient, all-in-one solution to stay on top of your accounts receivable and get paid faster.⁶

Lili Business Banking Reviews

Lili has become a big name in online banking for business, but what do customers say? The bank currently boasts a 4.7 out of 5-star rating on TrustPilot from 4,000+ reviews, indicating a generally positive experience among users. ¹

The company is additionally active in responding to negative reviews within a week of them being posted. Positive reviews talk about how Lili makes keeping track of transactions simple and how they offer deep insights into tax savings, while negative reviews talk about dysfunctional mobile deposits and surprise account closures See Lili alternatives.

Lili Pricing, Limits, and Fees

Every business owner has unique needs, so Lili offers four business plans to cover all the bases: Lili Core , Lili Pro, Lili Smart, and Lili Premium. In the follow section, we'll review the Lili Core plan, which is the lowest tier offer.

Lili Plan Pricing Overview

Lili offers the Lili Core plan which has a few notable benefits to small businesses³:

• $0 monthly fees and 0$ minimum deposits Domestic wires with flat, competitive fees, and expedited check deposits
• Live customer support 7 days a week Up to 4.00% APY on business savings

While the limits and fees are the same across the different account types (apart from the monthly fee which is $0 for Lili Core), access to features such as invoice management, expense categorization, tax savings, and other business needs will only be available to certain plans.^{7 8}

Fee Overview

Fees	Lili business account7 8
Minimum balance requirement	$0
Cost to open an account	$0
Monthly fees	$0 (Core ) / $9 (Pro) / $20 (Smart) / $35 (Premium)
Bank deposit limit	N/A
Bank deposit (per day)	No limit
Bank deposit limit (per month)	No limit
ATM withdrawal limit	$1000/day
Bank ATM limit	3 withdrawals/day; No charge at 38,000+ in-network ATMs
Bank spending limit	$10,000/day, no limit per month
Bank transfer limit (per day) Custom higher limits upon request	$50,000
Bank transfer limit (per month) Custom higher limits upon request	$250,000

Additional Lili Plans:

For additional financial tools Lili has three account plans and one add on³:

• Pro - $15 /month
• Smart - $35/month
• Premium - $55/month
• Business Build (add-on) - $30/month

The table below reflects additional fees that may be charged in addition to one of these monthly rates.

Additional Lili Fees

Feature 11	Cost/Rate
ATM Transaction (domestic non-MoneyPass network)	$2.50 + ATM Rate
ATM Transaction (international ATM)	$5 + ATM Rate
Card Replacement	Free for First Card $5/Card After
Deposited Check Returned Item Fee	$25
Express Mail Fee	$20
Funds Transfer Fee (ACH express delivery) Domestic Wires out International Wires out	1.50% ($0.50-$20) $15 $25

Lili Business Banking FAQ

If you’ve still got questions about Lili business banking, this section will tackle some frequently asked questions to clear up any uncertainties and make sure you've got all the info you need.

How to Start a Lili Business Account

Setting up a Lili business account is a hassle-free process. To get started, just follow these simple steps:

1. Make sure you’re qualified: Your business needs to be a sole proprietorship, LLC, Multi-member LLC, S-Corp, C-Corp, General Partnership, Non-profit organization or Limited Liability Partnership. Also, business owners need to be from the U.S or one of the Lili supported countries. If you don’t qualify, your application won’t be accepted.
2. Go to the Lili website or download the Lili banking app. Sign up: Open the website and tap "Sign up" to start the registration process. You'll be prompted to enter your email address and create a secure password for your Lili account.
3. Provide personal information: Lili will ask for essential personal details like your name, date of birth, and Social Security number or passport number of international founders. This information is needed to verify your identity and comply with regulations.
4. Provide business information: You'll also need to provide details about your business, such as your industry, company name, and contact information, including your phone number and business address.
5. Verify your identity: Lili may request additional documentation to confirm your identity and comply with bank regulations. Keep your identification documents (such as a driver's license, state ID, or passport) handy for this step.
6. Wait for approval: Your application will be reviewed, and you'll typically receive a response within a few minutes to a few hours. However, in some cases, it might take a few business days for your account to be approved.
7. Access your account: Once approved, you can access your Lili business account through the Lili website or the Lili app. From there, you'll be able to manage transactions, access features like expense tracking, and send invoices.

That's it! With a few easy steps, you'll have your Lili business account up and running.

Sending Money Abroad? Wise Business could Help You Save!

Is Lili a Business Account?

Yes, Lili offers a business account specifically designed for small business owners and growing businesses. The Lili business account comes packed with features and tools that cater to the unique requirements of multi-employee, high-revenue businesses.

The company offers different business plans: Lili Core, Lili Pro, Lili Smart, and Lili Premium, to make sure users can choose what suits their needs best. Each plan comes with different features and fee structures, making it easier for professionals to select one that aligns with their specific business requirements.

With Lili, users can enjoy fee-free banking, automatic tax savings, real-time expense tracking, and a suite of other features that take the hassle out of managing their finances. What sets Lili apart is its tailored approach toward the needs of professionals who often juggle various aspects of their businesses, focusing on addressing the challenges of maintaining financial health.

Does Lili Work with Zelle?

As far as Zelle is concerned, Lili currently does not work with this popular peer-to-peer payment service. Zelle is primarily tailored for personal transactions, so it isn’t likely optimized for business use. Luckily, Lili does connect with other third-party accounting software like QuickBooks so business owners can automatically synchronize transactions and monitor expenses, file taxes, and keep their financial records up-to-date.

Is Lili a Real Bank?

Lili isn't a traditional bank, but it operates as a real, legitimate banking service provider. Lili works in partnership with Sunrise Banks, N.A., Member FDIC . This alliance ensures that Lili account holders' funds are held securely in a way consistent with federal regulations, and they're insured up to $3,000,000. ¹⁴

While Lili might not have physical branches, it provides essential banking services, convenience, and innovative features—all accessible through their website and mobile app.

What Bank does Lili bank with?

Lili operates as a financial technology company providing online banking services. To offer banking features to its customers, Lili partners with Sunrise Banks, N.A., Member FDIC . Through this partnership, Lili ensures that customers' funds are safely held and insured up to the current FDIC limit of $3,000,000 per depositor. ¹⁴

Does Lili Check Credit?

If you’re thinking about opening a business account with Lili, one of the concerns that you might have is whether or not they run a credit check. The good news is that Lili doesn’t do a hard credit pull when you sign up for any of their business accounts.

Is Lili Trustworthy?

Through their partnership with Sunrise Banks, N.A., Member FDIC , Lili account holders enjoy FDIC insurance, protecting their deposits up to $3,000,000 per individual.¹⁴ Another factor that contributes to Lili's trustworthiness is their commitment to security. They use bank-level security measures, such as encryption, to protect your account information and transactions. Lili also uses multi-factor authentication to verify your identity during sign-in, adding an extra layer of security.

Adding to this, their 4.7/5 TrustPilot rating from over 4,000+ reviewers demonstrates positive feedback from its user base.²

Why was I Denied a Lili Account?

Being denied a Lili account can be confusing and frustrating, but there are several reasons this might happen. ⁸ According to Lili's support page, one common explanation is a mismatch between an applicant's requirements and what Lili offers. Lili prohibits opening an account from non supported countries or from non supported industries

Other reasons an application might be denied include not meeting Lili's eligibility criteria, verification issues, or concerns about fraudulent activities. If you think that your application was wrongly rejected, your best course of action is to reach out to Lili's customer support for more clarification and assistance.

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Wise Business: The Only Business Account You Need to Go Global

Wise Business can help you save big time on international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in 40+ currencies.

Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers
• Global Account: Send money to 140+ countries and hold balances in multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local
• Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account
• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met
• Free invoicing tool: Generate and send professional invoices
• No minimum balance requirements and monthly fees: US-based businesses can open an account for free. Learn more about fees here

Use Wise Business >>

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Sources

1. 4000 reviews - Trustpilot
2. Business banking and Lili core - Plans page and PR
3. Savings account
4. Tax Savings
5. $200 in overdraft - This feature is being deprecated and no longer appears in the - pricing page
6. Bank deposit/wire limits - Schedule of fees page - (see section 3.7 for limits
7. International wires
8. Business Types - (see section 2.0)
9. International founders
10. No more freelancers and aiming for higher revenue businesses with multi-employee businesses
11. 3M FDIC
12. Business Build Plan
13. Is my Lili account FDIC insured?