Lili Review July 2024: A fintech with all-in-one business banking, accounting and tax software

It offers free business checking and savings accounts. However, Lili offers four service tiers, with the three highest tiers charging a monthly fee. As an online-only fintech, Lili has no branch locations.

All rates and fees are current as of July 24, 2024, and are subject to change.

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Lili

Checking accounts:	Starting at $0 per month
Savings accounts:	Open with as little as $0

Pros and Cons

Pros

• All-in-one banking, accounting, and tax preparation software convenient for small business owners
• High-yield business savings rate competitive with the best rates on the market
• Cash withdrawals and deposits are available

Cons

• No branch locations
• Many of the best perks and features, including high-yield savings rate and some accounting and tax prep features, are only in paid tiers
• No free cash deposits are available as Green Dot charges $4.95 per deposit
• No lending products

Who is Lili good for?

Lili is an excellent choice for small businesses seeking an all-in-one banking, accounting, and tax preparation solution. It is also a great option for a high-yield savings account if you sign up for one of the three paid service tiers. 

It is also a convenient choice for businesses that handle cash regularly but want an online-only banking option. You can withdraw cash at any MoneyPass ATM for free and deposit cash at any Green Dot retail location. Lili does not charge for cash deposits, but you will pay a fee of $4.95 per deposit through Green Dot.

Who shouldn’t use Lili?

As an online-only fintech, Lili does not have branch locations. Choose a traditional bank if you prefer to do business banking in person. Also, Lili’s best account perks and features are locked in one of the tiers with a monthly fee. Before signing up for a Lili paid plan, be sure that the services you need are provided in that tier and that the cost of paying Lili for the service isn’t more than you might get from third-party software or another banking provider.

Some fintechs and most traditional banks provide free cash deposits. While Lili doesn’t charge for cash deposits, you will pay Green Dot a fee for each deposit. So, it’s not ideal for small businesses that need to make frequent cash deposits. Finally, Lili does not offer any lending products. If you need business lending products, you will need to consider an alternative.

Lili rates and products

Lili offers all customers a free business checking account, regardless of service tier. It also offers savings accounts to each customer, although you only earn interest if you sign up for one of the three paid tiers. Lili does not offer a money market account or business certificates of deposit. In addition, Lili does not offer a new account sign-up bonus.

The savings account only earns interest if you sign up for one of Lili’s three paid tiers. The paid tiers also provide additional checking benefits, including fee-free overdrafts up to $200 and cash back rewards with your Visa debit card.

Checking accounts 

Lili offers one free business checking account with no monthly fee or minimum deposit requirement. With this account, you can make fee-free ATM withdrawals at over 38,000 MoneyPass ATMs. You can also get paid two days early, receive domestic wires for free, and access automatic savings. 

Savings accounts

While all customers can access Lili’s savings account, it only draws interest if you sign up for one of Lili’s three paid service tiers. In those tiers, it would be considered a high-yield savings account with a 4.15% APY on balances up to and including $100,000.

If you have a savings account with the entry-level Lili Basic tier, it will not earn interest. In addition, if you have one of the paid tiers, it does not earn interest on balances higher than $100,000. Check out our primer on high-interest savings accounts for more information on how they work.

Lili savings rates compared to current top rates*

While Lili is a great option, some institutions offer higher interest rates. Compare the rates above to this list of competitors:

Lili Account Tiers

Lili offers four account tiers, with each higher tier offering more perks than the previous one. The entry-level Lili Basic is free, while the other three tiers (Lili Pro, Lili Smart, and Lili Premium) charge a monthly fee. Currently, Lili offers a 30-day free trial for the three paid tiers and 40% off for the first three months. The fees listed below are the regular monthly fees.

Here are the four tiers, the monthly fees, and some of the perks with each one:

• Lili Basic: The free entry-level tier, Lili Basic, provides you with a business checking account, which includes a debit card, fee-free ATM withdrawals at MoneyPass ATMs, and free incoming domestic wires. You can get paid up to two days early and get an automatic savings account, although it does not earn interest.
• Lili Pro: The second tier, Lili Pro, costs $15 monthly. It comes with all the perks of the Basic tier, with the addition of cashback awards with your debit cards, fee-free overdraft up to $200, and 4.15% APY on the savings account on balances up to and including $100,000. You also get access to expense management tools and reports.
• Lili Smart: Costing $35 a month, Lili Smart provides all the services in the Pro tier and more. You get built-in accounting software, which includes bookkeeping automation, enhanced reporting, and invoice and payment support. You also get tax preparation software, including prefilled business tax forms.
• Lili Premium: The highest tier, Lili Premium, costs $55 monthly. In addition to all the benefits of Lili Smart, you also get a front-of-the-line experience with priority support and a dedicated account specialist.

Other services Lili offers 

While Lili has a limited number of deposit accounts and no lending products, it offers several other business products and services. Some of these products are only available in paid tiers, so check with Lili for details when signing up for an account. 

Lili’s additional products and services include:

• Business accounting: Lili provides built-in accounting software to paid tiers. You can categorize transactions, set up bill pay, get financial insights and reports, and scan receipts and attach them to transactions. You get built-in bookkeeping powered by Lili’s AI software as well.
• Bill pay: The built-in accounting software includes a robust bill pay system. Users can scan and upload bills, set up automated clearing house (ACH) transfers, track unpaid bills, view payment history, and have automated billing reconciliation. 
• Invoicing software: In the paid tiers, Lili allows you to create and send invoices, set up payment methods for those invoices to be paid, and track the invoice through the payment process. The invoices are customizable with your logo, billing details, and defined payment terms.
• Tax preparation: If you have one of the three paid tiers, Lili gives you access to tax preparation software. This includes a tax bucket, which automatically saves throughout the year for taxes at the end of the year. You can track write-offs, receive prefilled tax forms, and download quarterly and annual expense reports.

Online banking

Lili offers a wide range of digital banking services, including online banking, bill pay, accounting and invoicing software, and tax preparation software. All banking customers have access to the standard features of online banking, including access to statements, the ability to check balances and transactions, and sending ACH payments.

Additional features included with Lili’s other services are available if you have one of Lili’s three paid service tiers.

With all services, you can link external bank accounts to transfer funds via ACH. You can receive funds via PayPal, CashApp, and Venmo in your Lili account. You can also deposit checks directly through the mobile app.

The Lili platform and customer support 

Customers can access Lili accounts through desktop or mobile apps. The mobile app is called “Lili—Small Business Finances” and is well-rated. It has a rating of 4.6 stars out of 5 on the Apple App Store based on more than 6,500 ratings and 4.2 stars out of 5 on the Google Play Store based on more than 11,000 reviews.

You can contact Lili customer support directly through the Lili mobile app. You can also email them at [email protected] or call them toll-free at 855-545-4380. Email support hours are Monday through Friday from 9 a.m. to 7 p.m. Eastern time and Saturday and Sunday from 9 a.m. to 6 p.m. ET. Phone support hours are Monday through Friday only, 9 a.m. to 7 p.m. ET.

Is Lili secure?

Lili has many security measures to keep your account information safe. To strengthen your account security, you can use two-factor authentication (2FA) and biometric identification via touch or face ID. Lili also has fraud monitoring to look for suspicious transactions. If you see suspicious transactions, you can receive transaction alerts immediately and freeze your card from the app.

Lili’s partner banks, Choice Financial Group and Sunrise Banks, N.A., are insured by the FDIC. Your accounts will carry FDIC insurance of at least $250,000 per account.

Lili user reviews

On Trustpilot, Lili is very well-rated. It has a rating of 4.7 stars out of 5 based on over 3,100 reviews. Positive reviews raved about how easy the Lili app was to use. Users were also pleased with faster check deposit times than in the past, with users receiving funds from checks the next day, two days faster than before.

Some negative reviews were upset about the length of time it took to receive a wire transfer. Also, the fees on the paid tiers drew some criticism from reviewers. 

Lili is very active on Trustpilot, commenting on almost every positive and negative customer review. Some negative reviewers even had their concerns answered on the website. 

Compare Lili alternatives

Is Lili right for you?

Lili, as an online fintech, is excellent at what they do. The products and services they provide are top-of-the-line, and having an all-in-one banking, accounting, and tax preparation software can greatly benefit small business owners. Whether Lili is right for you will always come down to cost analysis. You need to determine which Lili features you need for your business and compare the price of paying Lili for those features to third-party apps. If the costs make sense, having all those features in one app makes Lili an excellent banking solution.

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