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%
All 5 ★ 4 ★ 3 ★ 2 ★ 1 ★ 😊 Positive 😐 Neutral 😞 Negative Reset Filter
V

Great services but need a little longer customer service hours

I like the savings for taxes feature as well as the immediate categorizing of expenses I am not fond of a monthly fee although I am aware that these types of services are not common You are doing a great job for an online only bank Customer service should be available 24 7 for a business bank
S

May I please have my bank fees back Pretty please

I absolutely love lili banking Although I ve had some issues Bank fees being the worst Or how all of a sudden I went from lili pro to smart to premium all without my knowledge Hopefully things will get back to the way I want them First things first though how come there s no one live you can speak with in chat Also even after sending an email they say 24 hours but they don t mean it And they don t like answering their phones either But hey it s all good I ve never figured out how to find my second account that was being used I was told their were two cards on my account but where
H

Online Features growing

Now that many of the apps feature are available online it s great I would like to see more customized options when sending out invoices like the ability to add more descriptions and pick your own invoice due date Customer service has always been great and the are plenty of ATMs to withdrawl from nearby
L

As small bus owner the income expense

As small bus owner the income expense and balance sheet report is very very helpful The reports should be expanded for a custom time frame and or year Found small business banking is better on providing those reports
J

Super easy to use understand it even categorizes your purchases expenses

Love this app helps keep me organized everything is easily accessible
R

This is a great experience I m having

This is a great experience I m having with Lili They have different options to choose from for example like if you want to save for your taxes at the end of every year if you need help you can write them a message and they take little to no time replying back Lili also have many other amenities that I have yet to explore
B

So I hadn t used this card in 2 years

So I hadn t used this card in 2 years since I first got it due to the ridiculous fees and rates But recently I realized they either waved it or make is so there isn t a fee idk but it makes sense to not charge a fee if you use the card like all other banks Since giving this a second chance the last 2 months it s honestly been quite nice I hope that the company continues to listen to they re consumers needs and help where they can As a population we re already struggling enough financially to be giving away free money to every business possible All in all I appreciate Lili for being for the user and not for the end profit
A

The app works really well

The app works really well and I like that it has options to help maximize tax savings and make accounting easier I will say I got it because it was a low cost option for my business I think the first year I didnt pay anything fees for my account but a few months ago I saw a 10 maintenance fee Not complaining as it s tax deductible bit I would rather spend those monies on other things
B

I really love this app

I really love this app I have been using it for a few years now The only thing I don t like is how temperamental and how much the balance up switches around
C

Easy to work with during self service

Easy to work with during self service for independent business owners mobile phone and app It s very much appreciated especially being new to the industry So ago thanks for my beginning towards my future

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.