Lili Review

Pros

• High APY
• Minimal fees
• Unlimited transactions
• Bookkeeping & tax prep services
• Accounting integrations

Cons

• APY and cash-back rewards require a paid subscription
• Cashback is merchant offer-based, not rate-based
• Slow processing times

What Is Lili?

Lili is a unique business fintech 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 is one of our top choices for business banking services.

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.

Lili is a financial technology company, not a bank. Banking services are provided by Sunrise Banks, N.A., Member FDIC. The Lili Visa® Debit Card is issued by Sunrise Banks, N.A., Member FDIC, pursuant to a license from Visa U.S.A., Inc. The Card may be used everywhere Visa debit cards are accepted.

Wire Transfer service provided by Column Bank N.A., Member FDIC. All wires are subject to acceptance criteria and risk-based review and may be rejected at the sole discretion of Column Bank N. A. or Lili App Inc.

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.

Lili offers:

Lili Rewards & Perks

The Lili Pro plan and higher offer an impressive 3.00% 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.

Lili Fees

Lili 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 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:

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

Lili Eligibility Requirements

Lili is designed for businesses and requires a valid SSN and US resident address to sign up. Lili 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 fintechs and online banks.

How To Open A Lili Account

You can open a Lili 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 Features

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

Lili 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

Paid plans offer cash-back rewards on certain merchant purchases.

Lili Savings Account

• Easily transfer between checking & savings
• Savings automations
• Higher APY on balances up to $100,000
• No interest is 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 has fairly competitive transaction limits, the only exception being the cash deposit limit. With a cash deposit limit of only $9K/month, Lili is not a good fit for businesses with a large amount of cash.

Transaction Processing Times

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

Lili Application Process

Lili makes opening a checking account easy and advertises results in “less than three minutes.” Lili doesn’t give too much information about the information you’ll need to provide and says that “additional information” may be required.

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

Lili Sales & Advertising Transparency

Lili scores high points with us for sales and advertising transparency. What you see is what you get with Lili, and it is refreshingly transparent with its 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 does respond to almost every customer review and tries to right any wrongs, which is a credit to them.

Lili 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.

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.

Negative Lili 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

Positive Lili Reviews

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

Is Lili Safe?

Lili 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 fintech company, I expected Lili to be more upfront and transparent with its security policies by making them easier to find.

How Does Lili Compare To Other Banking Options?

Lili is one of the few online fintechs to have a full suite of bookkeeping features. The only other alternative 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 a fintech.

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’s monthly fees and rewards aren’t as competitive as other options. Lili’s checking rewards are based on merchant offers rather than a flat 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 Account Worth It?

Lili 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, cash-back rewards, and flexible eligibility requirements.

The company’s customer reviews are a bit of a mixed bag, and the cash deposit limit is low. 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 is worth looking into.

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