Lili’s 2025 Banking Insights: A Comprehensive Review

Imagine waiting in line at the bank, standing behind many customers, just for your turn to be served. When you finally enter, you’re often welcomed by a young, recently graduated customer service representative who is working towards a degree outside of finance. It quickly becomes apparent that they may not have the experience or knowledge to handle your banking needs properly, and you can tell they’re just eager to finish their shift and go home. This scenario isn’t uncommon worldwide, occurring day in and day out. But what if there was a more efficient way? What if you could skip the line, avoid the long waits, and handle your banking quickly and comfortably from home?

This is where Lili.co steps in.

Lili is a financial technology company designed for today’s fast-paced world. Similar to online business bank accounts, they’ve developed a user-friendly app that allows you to manage all your banking tasks right from your smartphone. In this article, I’ll explore what Lili offers and whether it’s a worthwhile option for you. Whether you’re starting a business with no initial capital and need a clear view of your finances or you’re a busy professional with no time to spend at the bank, Lili could be a great fit.

What is Lili?
Lili, classified as a financial technology company, is a mobile banking platform that provides various features like money transfers, direct deposits, and credit-building tools. Founded in 2018 by Lilac Bar David and Liran Zelkha, Lili has quickly grown after raising $80 million in funding and now serves customers across the country. With banking services managed by Choice Financial Group, Lili offers tailored tools for freelancers, small businesses, and students alike. It has no minimum balance requirements or monthly fees, making it accessible without a large initial deposit. Unique features such as BalanceUp, Write-Off Tracker, and proprietary invoicing software give users a comprehensive view of their financial health all in one place.

Getting started with Lili is quick and straightforward. You can set up your account in just a few minutes by downloading the app from the App Store or Google Play Store, or by visiting their website. To qualify, you need to be either an LLC or a sole proprietor—there’s no need for credit checks or minimum deposits to open an account.

When you create an account, you receive a Visa business debit card that you can control directly from the app by freezing it, setting spending limits, or activating notifications. You will also get a routing and account number, enabling direct deposit setup—an especially useful feature for freelancers and small business owners who rely on timely client payments. Lili further incentivizes users with cashback rewards: by using their credit card for purchases, customers earn 1% APY directly deposited into their account, helping to grow emergency savings whether you pay with services like PayPal, Venmo, or Apple Pay or directly with your debit card.

Lili prides itself on offering a fee-free banking experience, with no monthly maintenance charges, foreign transaction fees, ACH charges, or wire transfer fees. It also provides free nationwide ATM withdrawals at MoneyPass ATMs, easily located through a built-in ATM finder in the app.

Additionally, Lili’s website offers extensive resources for businesses at every stage—from startups to established enterprises. This includes an LLC hub to help new entrepreneurs understand the benefits and setup processes for operating a Limited Liability Company…You can find all the information you need about establishing your business structure here.

In addition, there are comprehensive tax guides and resources available to help ensure your compliance during tax season and to maximize any potential tax savings.

Alongside these, various downloadable invoice templates are available, tailored for industries such as consulting, trucking, photography, and other service-oriented businesses.

While some entrepreneurs prefer specialized invoicing software, the resources provided by Lili are highly useful and can greatly assist with your billing needs.

Lili Academy offers a valuable learning platform for those interested in expanding their business knowledge or personal finance skills. Have you ever wanted to understand more about running a business or managing your personal finances? If so, you’ll be pleased to learn that Lili provides an online academy where clients can enroll in courses related to financial topics. From mastering Instagram advertising campaigns to understanding tax liabilities, there is a wide array of courses available. These courses are free to access and can help you develop essential skills in areas like pricing as a freelancer and modern marketing strategies. The platform also features a blog covering topics such as banking, taxes, and work-life balance, providing ongoing insights to support your financial journey.

As you manage your business, the expense reporting feature simplifies tracking your costs. The app automatically categorizes your business expenses, making it effortless to see where your money is going and ensuring precise expense management. Unlike traditional bank accounts, this feature keeps your expense records constantly updated, and at the end of each month, you’ll receive a detailed spending report highlighting all your expenditures. While many entrepreneurs opt for third-party accounting software, Lili’s integrated expense tracking offers a convenient alternative built directly into the app.

For depositing physical checks, the move money feature allows you to scan and submit checks via the app, making mobile check deposits straightforward—an advantageous feature not available with all banks. You simply take a photo of your check through the app and submit it for processing. Moreover, with over 90,000 retail locations such as Walmart, 7-Eleven, and Walgreens, cash deposits are accessible and easy to perform at numerous stores, providing flexible options to fund your account.

The Lili Visa Business Debit Card arrives by mail within approximately ten business days after account registration. This standard Visa card can be used anywhere that accepts Visa, and shipment tracking is available directly through the app to monitor your card’s delivery. You can begin using your account balance immediately once your card is activated—the card number is accessible via the app as soon as your account is ready. The debit card can be linked to various payment processors, streamlining your business transactions. It allows you to spend up to $3,000 daily and $15,000 monthly, giving you ample flexibility for your business expenses.

Lili also offers early payment options, enabling you to receive your funds sooner through its early payment feature, though details about this service are available further in the platform.

One useful feature that Lili provides is early payment access.

If you get paid through ACH transfers, your funds will be available in your account two days earlier than with a traditional bank. This benefit is especially helpful for freelancers, online sellers on platforms like Shopify, or gig workers using apps such as Uber and Lyft. It allows faster access to your money, helping manage cash flow more smoothly.

A recent addition to Lili is their new Pro version, which introduces several powerful features designed for expanding your business capabilities. These include an integrated invoicing platform, fee-free overdraft protection, sophisticated tools for tracking and managing business expenses, a tax refund optimization feature, and a savings builder tool. The Pro account also offers a free business checking account suitable for both your work-related and personal finances.

Additionally, the Pro version provides a high-yield savings account with an interest rate of 1.5% APY, a competitive rate compared to many market options. The service is free for the first 30 days and then costs only $4.99 per month. This makes Lili Pro an excellent option for small business owners looking to streamline their finances and grow.

To set up your Lili account, visit their website and click on “Get started.” You will need to enter your email address and create a password. The next step involves providing your Social Security number and date of birth for identity verification (your SSN will not be used to check your credit score). Then, you will select the type of freelance work you do from a list of options, and once completed, you can download the app and begin using your new account.

Lili employs bank-grade encryption and security measures, ensuring your funds are protected. As an FDIC insured institution, your deposits are safe up to $250,000 per depositor, providing peace of mind that your money is protected under standard banking safeguards.

Should you need help, you can reach Lili’s support team via email at support@lili.io or call their support line available Monday through Friday. The website also features a comprehensive help center with FAQs and detailed guides to assist you in using all the features of the platform.

MoneyPass ATMs are a nationwide network comprising over 37,000 surcharge-free ATMs available for Lili users. Using out-of-network ATMs may incur additional fees, so it’s best to stick with these authorized machines when withdrawing cash.

Lili is compatible with various tools essential for business management, including QuickBooks for accounting and Zoho Inventory for stock management. The platform supports a growing number of integrations, making business operations more seamless.

An emergency bucket allows you to set aside funds for unforeseen expenses. You can automate this process so that a percentage of your income is regularly transferred into this savings category, which can be managed within the Sub Accounts section of the app.

Lili enables you to designate a percentage of your income for future tax payments, helping you stay prepared for tax season. This feature can be managed directly within the app, ensuring you allocate funds efficiently for tax obligations.

Lili is an excellent choice for small businesses and freelancers seeking a straightforward, secure banking platform. Its no-fee structure, early payment access, and high-yield savings options in the Pro version make it attractive, especially for startups aiming to keep things simple. While more advanced banking services may offer additional features, they often come with complicated terms and higher fees. Lili’s simplicity and cost-effectiveness make it particularly suitable for new or small-scale businesses. However, always conduct your own research to ensure any financial decision aligns with your individual needs.

Further insights at StepThroughThePortal.com include guidance on adhering to IRS regulations, including obtaining an EIN and establishing an LLC. Explore the best LLC formation services to help start your business swiftly and affordably.