If you're looking for a single platform to run the financial side of your business, Lili may be worth checking out. With no account fees or minimum balance requirements, and tools to help manage business finances, it can be a solid choice.
Learn what Lili offers and find out if it’s right for your business.
What is Lili?
Lili is an online business bank account designed for business owners. It offers a number of features designed to make it an all-in-one solution.
One Platform to Manage All Your Business Finances
Lili - Banking designed for your business
Lili empowers business owners by combining business banking, accounting, invoicing, and tax preparation in one platform. For business owners, centralizing all aspects of their business finances streamlines their business operations and provides clarity about their financial position. Lili accepts C Corps, S Corps, partnerships, and LLCs (both single and multi-member). Lili is a financial technology company, not a bank. Banking services provided by Sunrise Banks N.A., Member FDIC.
Minimum Balance
None
Monthly Cost
$0
Monthly Free Transactions
Unlimited
Noteworthy Perks
Fee-Free Overdraft
Lili Banking overview
Upon signing up for a Lili bank account, either online or through the mobile app, you will have access to all the free features in Lili including the Lili Visa Debit Card with no fees on withdrawals at MoneyPass ATMs.
Lili seems to be aware of the tax headaches business owners face, and has developed several tools to help alleviate this pain point.
You can scan receipts, and categorize business expenses quickly and easily using the transaction categorization tool. You can choose how much to set aside for estimated tax payments through a tax savings feature.
Upgrade your Lili account from Basic to Pro for a monthly fee of $9 to gain access to additional tools. Lili customers may be eligible for other Pro features include free invoicing, bill pay solution, a business savings account that earns interest, advanced real-time expense management and categorization tools, a Premium Visa Business Debit Card with cashback rewards at select partners, and higher limits on certain types of transactions including higher daily spending limits.
Lili customers can get a prefilled 1065/1120-S/Schedule C tax form to share with their accounting professional. Or they can give their accountant direct view-only access.
What kinds of small businesses does Lili work with?
Lili most business types: LLCs, partnerships, S Corps and C Corps. It can be an excellent choice for small business owners who want to take their financial management to the next level.
Pros and cons of Lili Business Banking
There is no single best business bank account for every type of business, of course. Here are some of the benefits and drawbacks of Lili Business Banking:
Pros
- No account fees, overdraft fees, or minimum balance requirements
- Earn 3.00% APY on balances up to $1 million
- Send and receive international wire transfers
- Grant access for your team and accountant
- Built-in tools for accounting and tax preparation
- Live customer support seven days a week
Cons
- Online only, no branches
- Some features only available with a paid plan
- No business credit card offered
How Lili Banking works
Lili banking works very similarly to other online banking platforms, but with some unique features. You start with a checking account to receive ACH, wires or any other deposit method, including mobile check deposits, and a business debit card for purchases and expense tracking. Beyond that you can save toward taxes, categorize expenses, and more.
Unlike traditional banks which usually offer bricks and mortar branches along with an online banking option, Lili is only available online.
To open an account you’ll need to supply your email address, name and address, phone number, date of birth and Social Security number, and the business EIN. By law banks must verify customer identities. Opening a Lili account will not impact your credit score.
Your account is registered under your name but you can add your business name or DBA to your account.
You’ll get a Digital Lili card as soon as your account is approved, and a physical will be mailed to you. You can also set up your Lili Card for Google Pay or Apple Pay.
How Lili compares
Lili’s free business checking account with no minimum deposit requirement has strong appeal for small business owners who are looking to grow their business.
It’s also easy to qualify. Unlike some business bank accounts, you don’t need to provide extensive documentation of the business, or have been in business for a certain period of time.
On the other hand, it may not offer the full range of financial services needed by other growing small businesses, however. Limits on cash and ACH outbound transfers, for example, may not be sufficient for growing businesses. In addition, businesses with significant cash deposits prefer a bank with physical locations for making those deposits, rather than relying on ATMs.
And at the moment it doesn’t offer small business loans or a small business credit card.
If you're a small business owner or a startup owner operating as an LLC, S Corp, or C Corp, you might want to add Lili to your list of banks to consider.
Compare it to other small business bank accounts in business checking marketplace to determine whether it’s the best fit for your business.
Compare the best business checking accounts
Opening a business checking account can increase your chances of getting financing and simplify your cash flow management. Use our research to quickly and easily find the right account for your business.
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Gerri Detweiler
Education Consultant, Nav
Gerri Detweiler, a financing and credit expert, has been featured in 4,500+ news stories and answered 10,000+ credit and lending questions online. In addition to Nav, her articles have appeared on Forbes, MarketWatch, and Startup Nation. She is the author or co-author of six books, including Finance Your Own Business, and she has also testified before Congress on consumer credit legislation.