Lili: Is Your Bank as Flexible as Your Freelancing?
Updated April 2025
Lili, a fintech platform, simplifies financial management for freelancers, gig workers, and small business owners in the growing gig economy. With tools for banking, taxes, and invoicing, Lili caters to flexible income streams. Partnering with Sunrise Banks, N.A., Member FDIC, Lili insures deposits up to $250,000 per depositor, per ownership category. Wire transfers are provided by Column Bank, N.A., Member FDIC. Learn more on Lili’s support page.
Products and Services
Lili offers a streamlined banking experience via its mobile app, with four plans: Basic (free), Pro ($15/month), Smart ($35/month), and Premium ($55/month):
- Checking Account: The Basic checking account is fee-free, with no minimum balance or deposit fees, and includes a Visa business debit card accepted worldwide. Access 40,000+ MoneyPass ATMs fee-free, though out-of-network ATM fees apply. Monthly deposit limits ($50,000) and ACH transfer caps exist.
- Savings Tools: Automated savings include an “Emergency Savings” bucket (Basic) and a full savings account (Pro, Smart, Premium) with 3.00% APY on balances up to $1,000,000, no minimum balance. Tax buckets set aside funds for taxes.
- Expense Management: Real-time expense categorization and quarterly/annual reports simplify bookkeeping, with enhanced features in paid plans.
- Tax Tools: Automatic expense categorization, tax buckets, and pre-filled tax forms ease tax prep. Smart/Premium plans include advanced tax software.
- Mobile Banking: The highly rated app (4.8/5 App Store, 4.7/5 Google Play) supports mobile check deposits, ACH transfers, real-time tracking, and notifications. Integrates with Venmo, Cash App, PayPal, Square, Shopify, Etsy, and eBay.
- Early Direct Deposit: Receive qualifying payments up to two days early.
- Invoicing and Bill Pay: Smart/Premium plans offer unlimited invoicing, payment tracking, and auto-scanned bill payments.
- Wire Transfers: Domestic incoming wires via Column Bank, N.A., with restrictions (30-day wait for new customers). International wires for LLCs/partnerships to select countries.
- Joint Accounts: Pro, Smart, and Premium support multi-member businesses with joint account access for owners holding 25%+ equity.
Target Market
Lili serves freelancers, gig workers, solopreneurs, and small businesses, including sole proprietorships, LLCs, partnerships, and S-corps. Its tools suit irregular incomes, with recent expansions supporting multi-member businesses via joint accounts.
Pros and Cons
Pros:
- No fees for Basic plan (paid plans $15–$55/month).
- Real-time expense tracking and tax tools streamline finances.
- 3.00% APY savings account (Pro, Smart, Premium).
- Early direct deposit up to two days.
- User-friendly app with payment app integrations.
Cons:
- No loans or credit cards.
- No physical branches.
- Cash deposits at 90,000+ retailers cost up to $4.95.
- Out-of-network ATM fees and account denial risks.
- Customer support (chat/email) can be slow; Premium offers priority.
Rewards Program
Pro, Smart, and Premium plans offer rewards: cashback via Visa SavingsEdge, BalanceUp overdraft protection ($200, no fees, $500+ monthly deposits), 3.00% APY savings, unlimited invoicing, and advanced tax tools. Basic plan users get Emergency Savings but fewer perks.
Marketing Niches
Lili targets freelancers and small businesses, addressing irregular incomes, taxes, and bookkeeping. Its no-fee Basic plan, tax optimization, and integrations appeal to digital-savvy entrepreneurs, with joint accounts expanding its reach to multi-member businesses.
Final Thoughts
Lili excels as a freelancer-friendly fintech, offering no-fee checking, robust tax tools, and a 3.00% APY savings account. Integrations with payment platforms and early direct deposits enhance its appeal. However, cash deposit fees, limited products, and potential support delays may frustrate some. With a Trustpilot score of 4.6/5 (3,639 reviews), users praise its simplicity but note issues with deposits and closures. For freelancers and small businesses seeking tailored banking, Lili is a strong choice—research its fit at lili.co.
