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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T

No response to 3 email CS phone number is and endless loop

Update Your answer does not address the issues I raised According to your website email to customer service is responded to within three hours the next business day That would have been 11a on Friday If one does not have the EIN letter from the IRS there is no way to move past that screen and continue with the application Your customer service phone line is designed to discourage phone calls and force customers to use the email because there are no instructions on how to reach an agent --------------------No response to 3 email The customer service number sends you into an endless loop 855 545-4380
J

Just had a horrible experience with Lili Bank

Just had a horrible experience with another online bank so I figured I d switch to Lili Opened the account with 1000 and already paid the 9 monthly fee Went to transfer INBOUND 10k to get it up and start getting enough interest to offset the 9 monthly fee Lily s posted ACH Limits transfer as unlimited however it won t let me transfer the 10k and says I can only transfer 1000 max Again this is INBOUND After reading the other horrible reviews I m pulling my remaining 991 and getting out before further shenanigans
J

Waited over two weeks for a 1-2 day

Waited over two weeks for a 1-2 day audit for opening an account Submitted all forms for the LLC and personal documentation New company personally financed by accredited investor with no issues great banking history and 820 credit score Kind of the perfect target market If they can t process an application in two weeks how do you think they will handle account issues
M

Do NOT use Lili

Do NOT use Lili They do ZERO when there is fraud on your account They take appx 45 days to review clearly was fraud with ample suppprting documentation submitted after their comical review they gave a ridiculous response i e our system matches the charge made DUH THE CHARGE WAS NOT AUTHORIZED Per my right I asked them for supporting documentation on how they made the determination it was not an unauthorized charge GOT NOTHING DO NOT TRUST THEM WITH YOUR MONEY SCAM
M

Unexplained account closure

I opened an account with them for my new business waiting on the contract to start They closed my account a few days later providing zero explanation Just a waste of my time and I m glad I didn t have any money in there yet as I d then have to wait however many weeks it took for them to get around to sending it Do not recommend banking with them because you run the risk of having your accounts unexpectedly closed without any explanation whatsoever Extremely poor business practice edit Oh the email notification their support is referring to is the notice I received which merely states my accounts were closed It provides ZERO explanation And after corresponding directly they have still failed to provide any explanation stating the action was taken in accordance with their terms and conditions Then they told me I could submit a photo ID to verify my identity and they would consider reopening And when I replied and said I would be willing to do so if I could understand why my account was closed in the first place and have the concern of it happening in the future without any correspondence or warning they failed to do so Their reply said without saying it that they can do whatever they want with my account and they don t have to explain it If I had money in the account I would have been cut off from capital for up to a month with zero explanation and zero consideration for the consequences on the mere grounds of their own prerogative Never once had this happen with any other bank So I say again extremely poor business practice and BEWARE
C

Payments take up to two weeks

Payments take up to two weeks I sent myself two different payments one for 242 and the other for 281 They use a third party called STRIPE useless company cant even speak to anyone over the phone over refunds I guess i am not getting this money back since then I found 3 other banks were money transfers or payments are withing minutes or 2 days max
P

Terrible for small business start ups

I recently signed up my new small business with Lili and it s been nearly 2 weeks since I ve deposited a substantial check have received NOTHING My account literally says 0 My client can see that the payment has already processed on their end so Lili is quite literally holding thousands of dollars with me Customer support is virtually non-existent The chat bot is literally a bot that doesn t understand any questions and their customer representatives via email take DAYS to respond if they respond at all To make matters worse when I call the reps say that my should be deposited by today but NOTHING is in my account despite waiting weeks for it to process Absolutely awful for small business when every dollar counts you can t even access your own money because they take their time processing a check Moving my business FAR far away from this service
S

I can t get them on the phone and I m

It is great for me
D

Bank transfers too long

I can t get them on the phone and I m having card issues Not one human picks up the line
L

App kept crashing so I could not sent

App kept crashing so I could not sent my invoice payment options

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.