The bottom line: Lili is a good fintech platform for a variety of small business owners, because it has four plans to choose from depending on your business needs. The three highest-tier checking accounts also come with high-yield business savings accounts, but they charge hefty monthly service fees. The best business checking accounts may offer similar services without fees.
About Lili
Lili is an online-only banking platform for small business owners. It has four tiers of small business checking accounts:
- Lili Basic Account: no monthly service fee
- Lili Pro Account: $15 monthly service fee (Includes a business savings account paying 4.15% APY on up to $100,000)
- Lili Smart Account: $35 monthly service fee (Includes a business savings account paying 4.15% APY $100,000)
- Lili Premium Account: $55 monthly service fee (Includes a business savings account paying 4.15% $100,000)
Each checking account tier includes more advanced tools for business owners.
With Lili, you have free access to over 38,000 MoneyPass ATMs around the U.S. If you use an out-of-network machine, Lili charges a $2.50 ATM fee. The ATM provider may also charge a fee.
The Lili mobile app has received 4.7 out of 5 stars in the Apple store and 4.3 out of 5 stars in the Google Play store.
You can call customer support Monday through Friday from 9 a.m. to 7 p.m. ET, or send an email.
Your account is FDIC-insured for up to $250,000 through Lili's partner bank, Sunrise Banks N.A., Member FDIC.
Is Lili Trustworthy?
The Better Business Bureau grades companies based on how they interact with customers, any ongoing government actions, and more. The BBB gives Lili an F rating due to the high number of customer complaints, length of time responding to complaints, and leaving several complaints unresolved on the BBB website. The low grade is also partially due to the fact that Lili has been in business for a relatively short amount of time.
Lili's partner bank is Sunrise Banks N.A., Member FDIC.
Lili Business Banking Review: Overall Rating
| Lili Business Checking Account | Personal Finance Insider Rating (out of 5) |
| Lili Basic Account | 4 |
| Lili Pro Account | 3.5 |
| Lili Smart Account | 3.5 |
| Lili Premium Account | 3.5 |
Lili Business Banking: Pros and Cons
| Pros | Cons |
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Lili Business Banking Reviews
Lili Basic Account
The Lili Basic Account is the company's simplest account. There are no monthly service fee, and you may receive early direct deposits. It's a good choice if you're looking for a basic, free business account.
Lili Pro Account
The Lili Pro Account comes with all of the same features as the basic account, but with added perks like cash-back rewards on debit card purchases, expense management tools, and software for generating monthly expense reports. You also get a high-yield savings account with a Pro membership.
Lili Smart Account
The Lili Smart Account has the same features as the Pro account, including the high-yield savings account. But it comes with many more tools for small business owners, such as automated bookkeeping and cash flow statements.
Lili Premium Account
The main difference between the Lili Premium Account and Lili Smart Account is that Premium gives you a personal experience. You'll have access to an account specialist and priority customer service. It's a worthwhile option if you want experts to help walk you through the finances of your business.
How Lili Business Banking Compares
Lili vs. Axos Business Banking
Axos Bank (Member FDIC) is the better choice if you want more types of business bank accounts. It offers business CDs and a money market account. While Lili offers a high-yield savings account with its Pro, Smart, and Premium accounts, it doesn't include one with the free Basic version. With Axos, you can open a free checking account and a savings account separately. (Although it's worth noting that Lili's savings rate is significantly higher.)
Axos Bank also has personal accounts, so it's a good option if you want to do both your personal and business banking with the same company.
Lili Review vs. NBKC Business Banking Review
NBKC Bank (Member FDIC) doesn't have a business savings account, but it does have a money market account with a decent interest rate. It also has a free business checking account and business CDs with high interest rates. It's also a good choice if you want to do your personal and business banking with the same institution.
Lili might be better if you want more advanced business tools, though, like tax preparation and automated bookkeeping.
Lili Business Banking FAQs
Is Lili legit?
Yes, Lili is a legitimate banking platform for small business owners.
Is Lili a bank?
No, Lili is a financial technology company, not a bank. Banking services provided by Sunrise Banks N.A., Member FDIC.
Does Lili have joint accounts?
Yes, Lili offers joint business accounts.
Does Lili charge a monthly fee?
The Lili Basic Account has no monthly service fee, but its other three business checking accounts do. The Lili Pro Account charges $15 monthly service fee, the Lili Smart Account charges $35 monthly service fee, and the Lili Premium Account charges $55 monthly service fee.
What bank owns Lili?
Sunrise Banks N.A., Member FDIC provides Lili banking and debit card services. It also provides FDIC insurance for up to $250,000 for individual accounts and $500,000 for joint accounts.
Why You Should Trust Us: How We Reviewed Lili Business Banking
To review Lili's business accounts, we used Personal Finance Insider's bank account rating methodology. We look at features such as the company's ethics, security, customer support, monthly fees, ATM fees, miscellaneous features, and more. We assign each category a score (with 5 being the highest), then get the weighted average to determine the account's overall rating. We rate bank accounts from a scale of one to five stars.
