Lili Bank Review

Pros

• High APY
• Minimal fees
• Unlimited transactions
• Bookkeeping & tax prep services
• Accounting integrations
• Covers overdrafts up to $200

Cons

• APY and cash-back rewards require a paid subscription
• Cashback is merchant offer-based, not rate-based
• No outgoing wire transfers
• Slow processing times

Services Offered By Lili

• Checking accounts
• Savings accounts
• Accounting

What Is Lili Bank?

Lili Bank is a unique online business bank that offers built-in accounting, invoicing, and tax preparation on its paid plans. Pair the unique accounting features with decent rewards, and it’s easy to see why Lili Bank made it on our top online business banks list.

While Lili’s rewards may leave some business owners wanting, Lili is a great option for businesses that want an integrated bookkeeping and banking experience. While Lili isn’t a good fit for businesses that need to deposit large amounts of cash each month, it does support far more business types and structures than some of its competitors and allows for joint account access if your business has multiple business owners.

See if the pros outweigh the cons for your business.

Services Offered By Lili

Lili offers a solid amount of banking services, as well as a unique suite of built-in bookkeeping and accounting features for small businesses, earning it a 5/5 star rating for this section.

Lili Bank offers:

• Checking
• Savings
• Accounting
• Invoicing

Lili Bank Rewards & Perks

The Lili Pro plan and higher offer an impressive 4.15% APY on savings accounts, as well as cash-back rewards on checking accounts. Cash-back is only through specific merchant offers, rather than a flat-rate cash-back amount on all purchases.

While this perk is better than nothing, it puts Lili behind other rewards checking accounts. However, the APY rate is much higher than other savings accounts, so Lili gets a 3.3/5 rating for this section.

Lili Bank Fees

Lili Bank has very few fees. For its basic banking service, there are no monthly maintenance fees. Additional fees (or lack thereof) are as follows:

You may see third-party ATM fees for out-of-network ATMs, but since Lili works with over 40,000 MoneyPass ATMs, you’re likely to find plenty of in-network options.

The only real fees you’ll see with Lili are monthly fees for the company’s accounting services. Certain banking features are locked behind the paid subscription wall as well, including cash-back and APY rewards.

Here’s a quick breakdown of the different Lili Plans:

Lili Basic

Lili Basic costs $0/month and includes:

• Savings
• Checking account with debit card
• Free ATM withdrawals
• Unlimited incoming wire transfers

Lili Pro

Lili Pro costs $9/month and adds:

• Cash-back checking rewards
• Up to 4.15% APY on savings accounts
• Fee-free overdrafts up to $200
• Automatic tax savings
• Expense tracking
• Basic expense reports

Lili Smart

Lili Smart costs $20/month and adds:

• Smart bookkeeping
• Automatic transaction categorization
• Financial reports (including P&L and cash flow reports)
• Invoicing
• Bill pay
• Pre-filled tax forms (including tax forms 1065, 1120-S, and Schedule C)

Lili Premium

Lili Premium costs $35/month and adds:

• Dedicated account specialist
• Priority support

For businesses that want strong checking rewards and no monthly fees, Lili Bank might not cut it. Companies like BlueVine and LendingClub offer flat cashback rates for their checking accounts.

Lili Bank Eligibility Requirements

Lili Bank is designed for businesses and requires a valid SSN and US resident address to sign up. Lili Bank supports the following business types and structures:

• Sole proprietor
• LLCs
• S-Corps
• General partnerships
• Limited liability partnerships

Lili also supports joint account holders so long as the joint account holder is also the business owner and has at least 25% ownership of the business. Overall, Lili supports many more business types than some other online banks, resulting in a 4.5/5 star rating for this section.

How To Open A Lili Bank Account

You can open a Lili Bank account online or through the Android or Apple mobile app. You’ll be asked to fill in information about yourself and your business.

Once approved, you can start using your virtual debit card right away while your physical card is sent in the mail. Lili’s debit card is a Visa card and can be used anywhere Visa is accepted.

Lili Bank Features

Lili Bank sets itself apart by offering plans with built-in bookkeeping, invoicing, and tax prep. These accounting plans make Lili a great finance solution for businesses. For companies that want to manage their checking, savings, and basic business finances in one spot, Lili Bank’s features are right on the money.

However, Lili’s transaction limits may not cut it for some businesses, and there are no checks or outgoing wire transfers, which is what brings Lili’s rating down to 3.6/5 stars for this section.

Lili Bank Checking Account

• Virtual & physical debit cards
• Overdrafts of up to $200 are covered
• FDIC insured up to $250k
• Cash deposits
• Mobile check deposits
• Incoming wire transfers
• Unlimited ACH transfers
• Lili mobile app
• Joint account access available

The Pro plan and higher offers cash-back rewards on certain merchant purchases.

Lili Bank Savings Account

• Easily transfer between checking & savings
• Savings automations

The Pro plan and higher offers 4.15% APY on balances up to $100,000. There’s no interest earned for balances over $100k and eligible interest yields are paid on the first day of each month.

Lili Accounting

• Unlimited customizable invoices
• Accept invoice payments via card, ACH, Venmo, Cash App, PayPal, & check
• Bill pay
• Automatic expense categorizing
• Receipt capture for expenses
• Automate tax savings
• Reporting
• Pre-filled tax forms
• Accounting integrations

Transaction Limits

Lili Bank has fairly competitive transaction limits, the only exception being the cash deposit limit. With a cash deposit limit of only $9k/month, Lili Bank is not a good fit for businesses with a large amount of cash.

Lili does not provide incoming wire transfer transaction limits; outgoing wire transfers aren’t available with Lili Bank.

Transaction Processing Times

Lili processes ACH transfers in 1-3 days and mobile check deposits in up to 5 days.

Lili Application Process

Lili Bank makes applying to open an online bank account easy and advertises results in “less than three minutes.” Lili doesn’t give too much information about the banking information you’ll need to provide and says that “additional information” may be required.

While we wish Lili Bank provided specific details about the application process, the company does provide quick application processing and you can start using a virtual card right away. Overall, we rated the application process a 4.5/5.

Lili Sales & Advertising Transparency

Lili Bank scores high points with a 4.9/5 star rating for sales and advertising transparency. What you see is what you get with Lili Bank. Lili Bank is refreshingly transparent with its banking fees. The only information lacking is regarding the specifics of Lili’s application process.

Lili Customer Service

While Lili offers multiple help avenues, there is no “contact us” section on their website so finding a consolidated location for all help options is impossible.

While not every Lili account has a dedicated account specialist, Lili Premium holders do get this level of support, as well as priority customer support. This means front-of-the-line help when your business needs it.

Several users report positive customer support experiences, though there are a few reviews where users said they had trouble with support. Lili Bank does respond to almost every customer review and tries to right any wrongs which is a credit to them.

Lili Bank Reviews

Customer reviews for Lili are a bit of a mixed bag. While Lili gets decent ratings on third-party review sites like TrustPilot, the company is not BBB accredited and receives numerous complaints, resulting in a 2.9/5 rating for this section. While the number of complaints is significantly outweighed by the number of positive reviews, the complaints are consistent across the board that Lili is slow at processing transactions, which is a big problem for a bank.

Negative Lili Bank Reviews & Complaints

• Multiple issues with transactions processing slower than promised
• One user reported a data leak
• Multiple users reported being unable to reverse unauthorized charges
• One user reported an unexplained account closure
• No tap on the credit cards

When Lili Bank upgraded to paid plans, the company automatically started charging existing users $9/month. While a bank’s fine print makes this perfectly legal, it’s not a great business practice.

Positive Lili Bank Reviews

• Good mobile app
• Easy to use
• Quick expense categorization
• Good tax features
• Good customer support

Is Lili Bank Safe?

Lili Bank offers two-factor authentication, PCI compliance, and FDIC insurance up to $250k. However, this information was pieced together from multiple, scattered Lili resources. For a company that deals in online banking, I expected Lili to be more upfront and transparent with its security policies by making them easier to find.

How Does Lili Bank Compare To Other Banking Options?

Lili Bank is one of the few online banks to have a full suite of bookkeeping features. The only other online bank like it is Found, which is targeted specifically at freelancers. Lili supports a much larger array of business types, including joint business owners, which is impressive for an online bank.

Lili compares highly favorably to the competition if you want its accounting features since it’s unique in its offerings. However, if you don’t care about the accounting features, Lili Bank’s monthly fees and rewards aren’t as competitive as other online banking options. Lili Bank’s checking rewards are based on merchant offers rather than a flat 1-2% cash back, and Lili’s savings APY caps out at $100k. While many high-yield savings accounts have similar maxes, they usually offer a much lower interest rate for balances above the max, so Lili outshines them there.

The Bottom Line: Is A Lili Bank Account Worth It?

Lili Bank has a lot going for it: great accounting features, basic tax support, unlimited transactions, no ACH fees, built-in invoicing, checking and savings account options, banking rewards, and flexible eligibility requirements. These factors contributed to our overall rating of 4.1/5.

The company’s customer reviews are a bit of a mixed bag, the cash deposit limit is low, and there are no outgoing wire transfers. If you don’t need accounting or tax features, then the rewards don’t compare to other online business bank accounts either, but for businesses that want to manage their checking, savings, and basic bookkeeping and tax support in one spot, Lili Bank is worth looking into.

Business Banking Review Methodology

Merchant Maverick has been researching and reviewing business banking services since 2015. Our writers have tested over thirty different banking products, including checking accounts, savings accounts, employee spending cards, and more. In each review, we evaluate rates and fees, services, rewards, features, eligibility requirements, application process, sales and advertising transparency, customer service, and user reviews.

Read more about how we rate business banking products.

When comparing different banks and banking services, we consider many data points, including the ease and transparency of the account application process, account fees, sales ethics, minimum deposit requirements, and revenue, time in business, and credit score requirements. Our lists of the best banking services include only those we’ve deemed worthwhile from multiple vantage points, and often share qualities such as widespread accessibility across fifty states, valuable rewards, numerous transaction options, and competitive APY.

We spend an average of 10-15 hours researching and updating each one of our lists, making sure the banking services included meet our internal standards for quality and reputation.

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Ramp offers a free corporate card and finance management system for small businesses. Start earning rewards with your corporate spending today.

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And start earning