Lili has created a banking experience that just might make your solo business operations a little easier. Although there are some limitations of Lili that probably won’t work for full-time business owners, there are several that make Lili a viable option for side-hustlers. The post Lili Review 2024: Free Small Business Banking and More appeared first on Best Wallet Hacks. If you’re a small business owner seeking a fee-free banking experience, Lili may fit the bill. This fintech company offers a Basic account option with no monthly fees and no minimum balance requirements. Or, if you’re seeking a more robust account with features such as automated invoicing, tax preparation support, and the ability to earn both cash back and a high APY on your savings, you can upgrade to one of Lili’s three premium options. At a Glance No minimum opening deposit or minimum balance required. Basic account has no monthly fees; other accounts range from $15 to $55 per month. Premium accounts come with features like tax prep software, invoicing, and expense categorization. Who Should Use Lili? Lili was designed for small business owners who want to have a free (or affordable) way to help manage their business income and expenses better. If you need to deposit more than $9,000 in cash or more than $50,000 in checks each month, then Lili will not be for you. Lili also limits outbound ACH transfers to $20,000 per day and $100,000 per month. Most small businesses will be OK with those limits and can enjoy all the other features Lili offers. For the reasons mentioned above, Lili is probably best suited to freelancers and side hustlers who don’t make a huge amount of cash. Learn more about Lili Lili Alternatives Monthly Fee$0$10$0Minimum Balance$0$0$0Software Integrationebay, Etsy, Gusto, PayPal, Quickbooks, Shopify, Slack, Square, Stripe, Wise, Xero, ZapierEtsy, FreshBooks, PayPal, Quickbooks, Shopify, Slack, Square, Stripe, Venmo, Wise, Xero, and many othersQuickbooksLearn MoreLearn MoreLearn More Table of ContentsAt a GlanceWho Should Use Lili?Lili AlternativesWhat Is Lili? Lili Account OptionsLili BasicLili ProLili Smart 🆕Lili Premium 🆕Lili vs. NovoLili vs. NorthOneLili vs. Axos FAQsSummary What Is Lili? Lili isn’t a bank; it’s a banking fintech, created in 2018. The platform was originally designed specifically for freelancers, gig workers, and side hustlers, but it now accommodates all types of small businesses, including LLCs, multi-member LLCs, and S Corps. One of the most attractive features Lili offers is that its Basic account is free — there is no monthly fee or minimum balance requirement. Other notable features include: Free Visa debit card (Lili Pro and up earns cash back) Unlimited and fee-free inbound domestic wires Automated savings Interest-earning savings account (with Lili Pro and up) Expense categorization (with Lili Pro and up) Invoicing (with Lili Smart and up) Tax preparation software (with Lili Smart and up) Allows joint accounts Although Lili isn’t a bank, Lili’s accounts are FDIC-insured up to $250,000 through Choice Financial Group (FDIC #9423). Lili also sends transaction alerts in real time and implements fraud monitoring and multi-factor authentication processes. You can instantly freeze your debit card right from the app. Note that there are no branch locations with Lili; you do your business banking entirely online. You can deposit checks with Lili’s mobile check deposit feature, or you can deposit cash for a fee at Green Dot locations. You can also connect Lili to your Google Wallet or Apple Pay account for quick and easy payments. However, note that there are daily and monthly transaction limits with a Lili account: ATM withdrawals: $1,000 per day Debit card purchases: $10,000 per day Cash deposits: $1,000 per day or $9,000 per month Mobile check deposits: $10,000 per day or $50,000 per month Learn more about Lili Lili Account Options When you sign up with Lili, you have four account options: Basic, Pro, Smart, and Premium. While the free Basic version includes everything you need for general business banking, the fee-based versions offer added features like expense management, tax categorization, invoicing, and the ability to earn cash back on debit purchases. Lili Basic Lili Basic is free and comes with the following features: Visa Business debit card Fee-free ATM withdrawals at over 38,000 locations (daily limit of $10,000 in card purchases and $1,000 in ATM withdrawals) Ability to get paid up to two days early Unlimited domestic wire transfers Automatic emergency savings bucket Learn more about Lili Lili Pro Lili Pro regularly costs $15 per month and includes everything offered with Lili Basic, along with these additional features: Visa
Lili Review 2024: Free Small Business Banking and More
