Lili Reviews

Lili | Banking Designed for Your Business

lili.co
3.70
126 reviews
Great Rating
Based on 126 user experiences

Rated 3.70 out of 5 by 126 Happy Customers

45.2%
15.9%
15.9%
6.3%
15.9%
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K

The Pros Outweigh The Cons By A Ton

Great business account app for those such as myself who needed to open a business account on the fly with few requirements or restrictions in terms of minimum amount as opposed to major banks Having this app is a huge convenience as it pertains to managing business finances all while being free and super convenient I have yet to see any drawbacks to having this app Lili mobile banking is a must for entrepreneurs and business owners
M

Much better than Chime by far

My experience with Lili has been positive and I am hoping it will continue to be positive I am glad Lili exists as I needed the service that Lili provides My only complaint involves a transaction that I could easily prove was unauthorized I issued a dispute but nothing resulted from it Nonetheless I still value the service that I get from Lili They now have a functioning web app that needs some more services added to rival the mobile app but it s a promising change and I hope it will continue to develop
J

Pretty Good But Not Perfect

Just a single person LLC and my traditional bank was getting crazy with the fees so finding Lili has been great generally It is nice to get direct deposits a day early also and the mobile banking while basic it is free after all is pretty good My only complaint is that in this day and age of finanical transactions mobile deposits of checks can take up to five days to be deposited This seems to be a rather excessive delay and you really need to manage your spending if you get a majority of your income from customer checks I m sure I ll get used to it but I can t imagine why it should take more than three days to clear a check
C

Getting money in the bank

At lest y all are helping me I have money in my Dropbox been trying to transfer it into bank account I have a lot to transfer and if I don t do it soon I lose it Market affiliate can y all help than y all can be my only bank I ll close all the others they re worthless they don t help
L

Dispute process ruined a great banking experience

I have had this account for 4 years now Never had a problem with anything on this account until February of 2023 Filed dispute on a transaction and it s been over 90 days Previous disputes were handled quickly but this one transaction is over the 90 calendar days that they say it might take Other than this experience this is a great account for small businesses or freelancers
B

Can t enter less than 10 on invoices

The only complaint I can think of is that is doesn t give you an option of typing in small change anything less than 10 on invoices
A

Very easy to stay up to date with my

Very easy to stay up to date with my expenses
J

I absolutely love Lili

I absolutely love Lili definitely a huge help for small businesses keeping their finances organized The only thing I don t like is the fact that it states that you can deposit cash at nearby places by I ve tried with all the surrounding places it says it works with and every place has denied me and didn t know what I was talking about That could have been a miss training on their end but CVS and Walgreens both tried and didn t know how to load my card I wish I knew that before getting this account but other than that it s a great account for small businesses
R

My experience with Lili has been

My experience with Lili has been awesome I discovered them just when I needed help They ve made suggestions that have only made my banking so much simpler They ve helped me replace my lost misplaced card have responded quickly when I needed assistance made suggestions to upgrade my account to make things a bit simpler than it previously was among other things They even helped me to quickly correct an error I made They ve made banking so EASY UNCOMPLICATED for me Mahalo Lili
C

No surprise fee s

No surprise fee s Only problem is finding an ATM for cash withdrawal or deposit

About Lili

Whether you're a small business owner or freelancer, Lili offers you tools you need to save money and grow your business.

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Frequently Asked Questions

Lili is a financial technology platform specifically designed for freelancers, independent contractors, sole proprietors, and small business owners. It provides an integrated suite of banking, bookkeeping, and tax optimization tools within a single mobile application to address the unique financial challenges faced by self-employed individuals.

Lili offers a business checking account with no monthly fees, no minimum balance requirements, and no overdraft fees. Account holders receive a Visa® Business Debit Card and have access to a large network of fee-free ATMs. Features include early direct deposit and customizable expense buckets to organize funds for taxes, savings, or business expenses.

Lili automates expense tracking by categorizing transactions into IRS-approved categories. It includes a receipt capture feature to digitally store and match receipts to transactions. The platform also provides real-time income and expense tracking, and it automatically calculates estimated tax liabilities, helping users set aside funds in a dedicated 'Tax Bucket'.

Beyond banking and bookkeeping, Lili allows users to create and send professional invoices directly from the app, with notifications for when invoices are viewed and paid. The platform also offers insights and resources, such as articles and tools, tailored to help freelancers manage irregular income and maximize tax deductions.

Yes, funds held in Lili accounts are FDIC-insured up to $250,000 through its partner bank. The platform employs robust security measures including encryption, instant transaction alerts, and the ability to instantly freeze a debit card from the mobile app for added security and peace of mind.

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About Lili

Lili: The Financial Platform for Freelancers and Small Business Owners

Lili.co is a dedicated financial technology platform designed specifically to meet the unique needs of freelancers, independent contractors, sole proprietors, and small business owners. Recognizing the distinct challenges faced by the self-employed, Lili provides an integrated suite of banking, bookkeeping, and tax optimization tools within a single, streamlined mobile application. The platform's core mission is to simplify financial management, saving users time and money while empowering them to focus on growing their business.

Core Banking Services

At its foundation, Lili offers a modern business banking experience through a checking account with no monthly fees, no minimum balance requirements, and no overdraft fees. Account holders receive a Visa® Business Debit Card and enjoy access to a vast network of fee-free ATMs. Key banking features include early direct deposit, enabling users to access their funds sooner, and customizable expense buckets to help organize and set aside money for taxes, savings, or business expenses directly within the app.

Integrated Financial Management Tools

Lili distinguishes itself by seamlessly integrating essential financial tools beyond basic banking. These features are engineered to automate and simplify the administrative burdens of self-employment:

  • Automated Expense Categorization:Transactions are automatically sorted into IRS-approved categories, making tax time significantly less complicated.
  • Receipt Capture:Users can instantly snap photos of receipts within the app, digitally storing them and matching them to corresponding transactions.
  • Real-Time Income & Expense Tracking:The app provides a live dashboard view of cash flow, profit & loss, and deductible expenses, offering immediate insight into business financial health.
  • Tax Estimation & Savings Tools:Lili automatically calculates estimated tax liabilities and helps users set aside the appropriate funds in a dedicated "Tax Bucket," reducing year-end surprises.

Features for Business Growth and Efficiency

Beyond day-to-day management, Lili provides functionalities aimed at supporting business operations and growth. Users can create and send professional invoices directly from the app and receive notifications when they are viewed and paid. The platform also offers valuable insights and resources tailored to the freelance community, including articles, tips, and tools for managing irregular income and maximizing deductions.

Security and Reliability

Lili accounts are FDIC-insured up to $250,000 through its partner bank, ensuring deposits are safe and secure. The platform employs robust security measures, including encryption, instant transaction alerts, and the ability to freeze a debit card instantly from the mobile app, providing users with peace of mind regarding their business finances.

Target Audience and Value Proposition

Lili is meticulously crafted for the modern independent worker, including freelancers, gig economy participants, consultants, creators, and small business owners. The platform's primary value proposition is consolidation—replacing the need for multiple separate apps for banking, accounting, and tax preparation with one unified solution. By automating financial tracking and tax preparation, Lili aims to reduce administrative stress, improve financial organization, and ultimately help its users keep more of their hard-earned money.

In summary, Lili.co positions itself as more than just a bank; it is a comprehensive financial assistant for the self-employed. By combining essential banking services with powerful automated bookkeeping and tax tools, Lili provides a tailored ecosystem that addresses the specific pain points of running a solo business, allowing entrepreneurs to manage their finances with greater confidence and efficiency.