Lili Business Banking Account: Product Review & Earn $300 Bonus

Managing finances is one of the most crucial aspects of running a business. With so many options out there, choosing the right bank can make a huge difference in simplifying your daily operations and helping you save. In this review, we’ll look at the Lili Business Banking Account, an option specifically designed for small business owners, freelancers, and entrepreneurs. Plus, we’ll explain how you can earn a $300 bonus by signing up and meeting a few straightforward requirements.

Recent Updates

• Update 11/6/2024: They’re now offering a $300 bonus through December 31, 2024.
• Update 1/24/2024: The $100 bonus is still paused but Lili offers a great product designed for your business banking.
• Update 4/17/2023: Reportedly, Lili Banking is enrolling everyone into a free trial of their pro account which costs $9 per month. After the 2-month trial, you’ll be charged $9 every month unless you cancel it yourself.

Lili was initially launched in 2018 as a business checking account geared towards freelancers. However, over time, they have broadened their scope and diversified their business account offerings in order to cater to a more extensive range of small-business owners.

Some recent enhancements to Lili’s online business checking accounts consist of increased deposit and transfer limits for their free business checking account, along with the addition of desktop access for all business account holders. This is a significant development, as previously, Lili was only accessible through their mobile app.

Additionally, they now allow you to open an account under your business name instead of your personal name, which is crucial for limited liability companies (LLCs) and other types of business entities.

It’s important to note that while Lili is now accessible to LLCs, S corporations, and businesses operating as general or limited liability partnerships, it still has some limitations in terms of basic business features.

For instance, Lili does not currently support joint accounts. Furthermore, you’re not able to write checks, or send or receive wire transfers using your Lili account.

Keep reading to uncover how Lili’s features can transform your small business’s financial management and boost your success.

Key Features of the Lili Business Banking Account

Lili’s features are designed to address common pain points for business owners. Here’s what sets Lili apart:

1. No Minimum Balance or Hidden Fees

Lili offers a straightforward fee structure. With their basic account, you won’t need to maintain a minimum balance or worry about hidden fees, making it accessible to businesses of any size. There’s also no monthly maintenance fee, which is a huge plus if you’re just starting.

2. Access to a Business Debit Card

The Lili Visa® Debit Card is included with your business checking account, providing you with a secure way to make purchases for your business. Plus, you can access your funds at over 38,000 fee-free ATMs nationwide, so you’re not limited in how and where you can use your card.

3. Early Access to Payments

With Lili, you can get paid up to two days earlier when ACH payments are deposited. This is especially helpful for business owners who need quick access to cash flow for operational needs.

4. Savings Account with 3.65% APY

For business owners who want to set aside funds, Lili offers a savings account with a 3.65% Annual Percentage Yield (APY). This rate can help your savings grow over time, ensuring your idle cash is working for you. It’s available to Lili Pro, Lili Smart, and Lili Premium plan holders.

How to Earn Your $300 Bonus

One of the most attractive perks of signing up for a Lili business checking account is the potential to earn a $300 bonus. Here’s a breakdown of how to qualify:

1. Deposit $5,000 – After opening your Lili account, make a deposit of at least $5,000 within the first 30 days.
2. Maintain a Daily Balance of $5,000 – Keep a daily balance of $5,000 for 60 consecutive days following the initial deposit.
3. Make Five Qualifying Purchases – Use your Lili Visa® Debit Card to complete at least five qualifying purchases. These should be point-of-sale transactions, and they must not be returned or rescinded.

If you meet these requirements, the $300 bonus will be credited to your Lili account by the 10th day of the month following your completion of the requirements.

>> Learn more about Lili here

More details about the bonus offer here.

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About Lili Business Checking Accounts

Lili offers two types of business accounts for you to choose from: Lili Basic (free) and Lili Pro ($9 per month).

Lili Basic is the company’s free business checking account that doesn’t require any minimum opening deposit. It comes with a variety of digital tools designed to help you manage expenses, monitor tax deductions, save for taxes, and accept customer payments all within a single account. Additionally, Lili Basic includes an early payment feature that enables you to receive specific ACH payments up to two days earlier than usual.

On the other hand, Lili Pro is an upgraded version that provides extra business management tools and offers cash-back rewards on select purchases made with your Lili Visa debit card. This premium account also features BalanceUp, which covers up to $200 in debit overdrafts at no additional cost (terms apply), and a business savings account that earns interest (see rate below).

It’s important to note that Lili’s banking services are provided by Choice Financial Group, and all account deposits are insured up to $250,000 by the Federal Deposit Insurance Corp.

Lili business checking is particularly well-suited for small-business owners who:

• Seek integrated tools for expense sorting and tax-saving purposes.
• Make only a few cash deposits.
• Require just one business debit card.
• Do not need access to a physical branch location.

Account Plans and Pricing Options

Lili offers four tiers of business banking accounts, each with unique features to meet the varied needs of business owners:

1. Lili Basic – $0/month
   • No monthly fees or minimum balance
   • Fee-free ATM withdrawals at over 38,000 locations
   • Automatic savings options
   • Early access to payments
2. Lili Pro – $9/month (formerly $15/month)
   • Includes all Basic features
   • Fee-free overdraft up to $200
   • Access to savings with 3.65% APY
   • Expense management tools
3. Lili Smart – $21/month (formerly $35/month)
   • Includes all Pro features
   • Enhanced bookkeeping tools with Lili AI
   • Unlimited invoicing and payment tracking
   • Bill management tools
4. Lili Premium – $33/month (formerly $55/month)
   • Includes all Smart features
   • Priority customer support
   • Cashback rewards
   • Metal debit card with Visa SavingsEdge

All of these plans offer a 30-day free trial, so you can test out the premium features without commitment.

READ MORE: Chase Business Complete℠ Banking Sign-Up Bonus

Opening A Lili Business Checking Account

Initially created with freelancers and independent contractors in mind, Lili now caters to a wider range of business entities, including:

• Sole proprietors
• LLCs
• S-corporations
• Partnerships (general and limited liability)

However, Lili does not accommodate B corporations, C corporations, and nonprofits. Additionally, certain types of businesses like trusts, crowdfunding, and cryptocurrency operations, as well as those in the gambling or cannabis industries, are not supported.

To open a Lili bank account, you can either apply online or use their mobile app, and the process only takes a few minutes. Upon submitting your application, you should receive approval and access to your account almost immediately. If you apply online, Lili will send you a verification code through a text message or email, which you will use to link your account to the mobile app.

No matter which method you choose to sign up for Lili banking, you’ll primarily use the mobile app to fund your account and manage your expenses. You can add funds to your account through direct deposit, ACH transfers, mobile check deposits, or by connecting external bank accounts or platforms like Venmo and PayPal.

While it may take up to two weeks for your Lili Visa business debit card to arrive, a digital version of the card will be accessible through the Lili app. The app’s main screen will also display the progress of your physical card delivery.

After receiving your card in the mail, you must activate it within the app before using it.

READ MORE: Best Chase Bank Bonuses Currently Available

Opening A Lili Account: Required Information And Documentation

To apply for a Lili account, you must be prepared to supply the following details and documents:

Personal Information: This includes your name, mobile phone number, date of birth, home address, and Social Security number. Note that this information is mandatory for anyone with 25% or more ownership in the company.

Business Information: You’ll need to provide details about your industry, business entity type, physical mailing address (P.O. boxes are not accepted), the state where your business is registered, and your employer identification number (EIN), if applicable.

Depending on your business type, you may also need to submit additional documents, such as your IRS EIN letter, articles of organization, or partnership agreement.

READ MORE: Bank of America Checking Account Bonus Offer

Lili Business Checking: Key Features And Advantages

Lili business checking stands out in several ways, including:

• Minimal fees: With Lili, you’ll encounter no monthly fees, minimum balance requirements, minimum opening deposits, or transaction fees (except for cash deposits). They don’t charge for returned items or stop payments, and there’s no foreign exchange rate adjustment fee for debit card purchases made outside the U.S. However, fees apply for using out-of-network ATMs ($2.50 domestically at non-MoneyPass ATMs and $5 internationally).
• Integrated tools for expenses and taxes: The Lili app offers tools to manage expenses and plan for taxes. You can categorize expenses by swiping left for personal or right for business. You can also edit preselected expense categories, add receipts to transactions, download expense reports, and track spending insights in real-time.
• Tax Bucket feature: Lili allows you to set aside a predetermined percentage of funds whenever you get paid. Use the tax estimation tool to determine how much you should save, and manually add or remove funds from your Tax Bucket as needed.
• Emergency Bucket: Save for emergencies by setting aside a fixed daily amount in the Emergency Bucket.
• Faster access to ACH payments: Lili enables you to receive select funds up to two days earlier than with a traditional bank. This early payment feature applies to direct deposits, ACH transfers, and transfers from Cash App when linked to your Lili account.
• Free overdraft protection: Lili Pro users can qualify for up to $200 in free overdraft protection through the BalanceUp program (terms apply). To qualify, you need at least $500 in qualifying monthly deposits. Overdraft coverage applies only to debit card purchases, and any negative balance must be resolved within 30 days.

READ MORE: Chase Total Checking^® Account Welcome Bonus

Lili Business Checking: Areas For Improvement

While Lili business checking offers various advantages, there are some areas where it falls short:

• Limited business-related features: Despite offering many useful tools, Lili lacks certain basic features that competitors provide. Shortcomings include:
  • No joint accounts or multiple business debit cards.
  • Inability to pay by check or send/receive wire transfers.
• Limited weekend support: Lili’s customer support is available by phone and email on weekdays (9 a.m. to 7 p.m. Eastern time), but only email support is provided on weekends.
• Deposit fees and limits: Lili has certain restrictions and fees related to deposits, including:
  • Cash deposits at Green Dot locations are limited to $1,000 per day and $9,000 per month, with a $4.95 fee per deposit.
  • Mobile check deposits via the Lili app are restricted to two checks per day (15 per month) and a maximum of $5,000 per day ($50,000 per month).

For businesses that require features such as wire transfers or multiple debit cards, consider alternatives like Mercury Business Bank Account.

If accessible customer support is crucial, Axos Basic Business Checking (bonus available) offers 24/7 support.

Lastly, for higher mobile check deposit limits, consider options like Bluevine Business Checking or Axos Business Checking.

READ MORE: Seeking Alpha Limited-Time Promo Discount

Bottom Line

As you consider Lili business banking, it’s important to weigh both the positives and negatives to determine if it’s the right fit for your business.

On the positive side, Lili offers minimal fees, integrated tools for expense and tax management, and the added convenience of faster access to ACH payments. The Tax Bucket and Emergency Bucket features can be especially beneficial to small-business owners looking to stay organized and prepared for unforeseen expenses.

However, it’s also essential to recognize that Lili has some limitations, such as limited business-related features and weekend support. For some businesses, the absence of joint accounts, multiple debit cards, and wire transfer capabilities might be deal-breakers. Additionally, the deposit limits and fees might not be suitable for businesses that handle large volumes of cash or check transactions.

In conclusion, Lili business banking could be an excellent choice for small-business owners who want a user-friendly platform with integrated tools to help manage expenses and save for taxes. However, if your business requires more advanced features or more comprehensive customer support, you might want to explore other options.

By evaluating the pros and cons based on your specific business needs, you can select a banking solution that best supports your growth and success.

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