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Lili Checking Accounts Review

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Founded in 2018, Lili is a financial technology company that offers a suite of integrated banking services through its partnership with Bank of Choice Financial Group Inc. The company focuses on serving freelance workers and offers a mobile app that combines checking, savings, credit card, expense tracking and tax management features. Lili is located in New York, New York.

*Referral reward - Lili now offers $100 for every customer referral. Users can earn up to $1,000 (by referring 10 people), and both sides receive the $100 reward, once the recipient signs up and uses the Lili card with $250 within 45 days.
 
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How is Lili rated?

Breakdown

4.7/5
Account Features
4.7/5
Fees and Restrictions
4.5/5
Support, Reputation, and Financials

Overall Rating: 4.6 / 5 (Excellent)

Lili is a financial technology company that prioritizes serving freelancers and sole proprietors across a wide spectrum of industries. It offers a mobile app that incorporates checking, automated savings, expense tracking, debit card, and tax management features. The company's Lili Standard account offers all of these services for free.

Lili also offers Lili Pro, a low-cost subscription service that offers extra features like a cashback credit card, unlimited invoicing, interest-bearing savings, overdraft protection up to $200, and more.

Lili customers are not required to maintain a minimum balance to avail themselves of any of these services. For customers who don't keep a large sum of money in their accounts and can forgo the small amount of interest they might receive with another banking app, Lili is a very economical choice for managing your finances conveniently, wherever you may roam.

Lili Account Features

Account Features - 4.7 / 5

The Lili app may be relatively simple compared to some full-blown personal finance apps that incorporate checking services, but it does provide core features you'll use every day like bill pay, a VISA ATM card, and expense tracking. You can use the Lili app to prepare expense reports for clients. Lili also helps customers divide their expenses into tax-deductible and non-deductible buckets, which simplifies the filing of periodic income tax returns.

For $4.99 per month, you can step up to Lili Pro. Lili Pro incorporates an interest-bearing savings account feature, overdraft protection up to $200, cashback VISA debit card rewards, and more.
Types of Checking Accounts
Free Checking Accounts
Methods of Deposits
Mobile Check Deposit
Wire Transfer
Online Transfer
Direct Deposit
Integration with Other Online Accounts
External Banks
No-Fee ATM
No-Fee at Network ATMs
ATM Locations
The Lili VISA debit card is accepted at over 38,000 locations in the US and Puerto Rico.

Interest (APY)

1.00% APY on Savings Account

Overdraft Protection

The Lili Standard checking account does not offer overdraft protection. However, a Lili Pro account provides up to $200 in overdraft coverage.
Integration with Mobile Payment Services
Venmo
PayPal
Cash App
Card Blocking
Yes
Pay Bills Online
Yes
EMV Chip Technology
Yes
Bank Checks
No
Mobile App
Yes

Bonus Features

Customers can earn 1% interest on savings when they upgrade to a Lili Pro account.

Lili Fees and Restrictions

Fees and Restrictions - 4.7 / 5

Lili does not charge monthly maintenance or per-transaction fees for its basic account. Nor does the company restrict the number of transactions you make or require a minimum deposit. If you open an enhanced Lili Pro account, you will pay a $4.99 subscription fee, but the account offers a variety of premium features and no hidden fees.
Maintenance Fee
0
Minimum Balance
0
Minimum Monthly Deposit
0

Lili Support, Reputation, and Financials

Support, Reputation, and Financials - 4.5 / 5

Lili publishes a blog and other resources to support freelancers as they conduct and grow their businesses. The Lili app is highly rated by iOS and Android users.
Consumer Financial Protection Board (CFPB) Complaints
0
Date Collected
2021-07-07
Year Founded
2018
Live Help 24/7
No
Customer Support Hours
Monday through Friday 9am to 7pm Eastern

Contact Methods

  • Phone
  • Email
  • Social Media

Company Profile

Full Name
Lili Checking Accounts
Company Website
https://lili.co
Headquarters
250 Greenwich St., New York, NY, 10007

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Customer Comments & Reviews

Loading Reviews ...
Kristin D
9/30/2022
They are stealing money with Stripe merchant services. stripe was great for two years my llc used them. Then they teamed with Lilli and it’s been a complete disaster. I can’t get a hold of the manager there is no customer service number to Stripe directly I can see my phone sitting in my Stripe account because I have a previous account with them as well and now they’re telling me that the account that I opened with Lili even though it’s the same company it’s register within is not allowed to do business here but every excuse in the book to keep my money this is over $1000 they are frauds do not use them and I am going to call my attorney next.

lism0128
6/27/2022
worse stikll waiting on my fraudulent charges to be refunded to me by this fraudulent bank

J
Jesse R
11/15/2021
Worst company I've ever dealt with in my life. Had an issue with fraud in my account and absolutely no one will contact me. If you value your money stay far far away.

arthur.barcelo
11/15/2021
The customer service is horrible.. made deposit and said no transaction showing. Lost $400

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