Lili Business Banking Review

The first thing we noticed during our Lili business banking review is that it’s mostly fee-free and doesn’t have any minimum balance requirements on its bank accounts.

Here are some things that stand out:

• Zero monthly fees for the Basic plan
• Zero minimum balance for all plans
• No minimum deposit to open an account
• No ATM transaction fees on MoneyPass network ATMs

This is better than what you get with most traditional banks, with the added convenience of online banking.

Lili offers both standard and early-access ACH transfers to its customers. With the express option, you get your money two days earlier than you would with traditional banks.

Here are various ways you can add or send money:

• Unlimited inbound ACH and wire transfers
• Cash deposit:  $1,500 per day, $3,500 per week, and $5,000 per month
• ACH inbound (linked account): $2,000 per day and  $5,000 per month
• Mobile check deposits of up to $20,000 per day
• ACH outbound transfers of up to $20,000 per day and $100,000 per month

Per our Lili business banking review, it offers numerous easy ways to move your money around and has fewer restrictions than most banks.

When you open a bank account with Lili, you get a fee-free Visa debit card and a digital card. If you’re on one of its paid plans, you’ll get cashback rewards on your card.

Here are some details you should know about:

• Free access to over 38k ATMs on the MoneyPass network
• Card purchases of up to  $10,000 per day, with no monthly limit
• A transaction fee of $2.50 on domestic ATMs not on the network
• A transaction fee of $5.00 for ATM withdrawals outside the US
• ATM Withdrawals of up to $1,000 per day

You get the benefits of traditional banking, with the flexibility of virtual banking with Lili’s business banking solution.

Our review revealed that Lili doesn’t just offer a business checking account, but also a savings account for clients. It comes with its own benefits and features.

Let’s check out some of the key features:

• Option to set aside a fixed weekly amount as savings
• Maximum limit of $700 a week for transfer from checking to savings account
• Available only to users on one of Lili’s paid plans
• Users earn a 4.15% APY for balances up to $100,000

Users can earn interest on their savings using this convenient feature. We found it to be quite useful, based on our review of Lili’s services as compared to others.

If your business has multiple co-owners and you want each to have access to the business bank account, then Lili is the perfect choice for you.

Here are some features that make it convenient for you:

• It allows you to specify the number of owners and provide their information
• Multiple owners can start a joint account with each user having access
• Each user will get their own company debit card as well
• Only US residents can register for a Lili business banking account

Sharing financial responsibilities with co-owners has never been easier than it is with Lili’s multi-user business banking accounts.

Lili has partnered with BalanceUp, an overdraft program for debit cards, to offer overdraft protection to its paid plan customers. 

Here are all the details you need to know:

• You must meet the eligibility criteria and enroll in the program to get the benefits
• After enrollment, you should maintain a good spending and deposit history
• If all criteria are met, you may receive an overdraft of $20-$200
• There are no extra fees or charges for getting this overdraft protection

This is an extra benefit that Lili’s paid customers receive with its business banking services at zero cost.

Do you run multiple businesses and need a reliable business banking partner for all your business entities? Lili offers the perfect solution for your business needs.

Here’s what you will get with Lili:

• Option to open a Lili account and add up to four businesses
• Single login to manage all business accounts from one dashboard
• Ability to easily add new businesses to an existing account via Lili’s apps

During our Lili business banking review, we found this feature to be exceptionally useful for serial entrepreneurs with multiple business ventures.

One key aspect of our Lili business banking review was to ensure it has the required security features to keep user information and money secure.

This is what we found during our review:

• All Lili bank accounts are FDIC-insured via its partner Choice Financial Group for up to 250k dollars
• Users get real-time transaction alerts so they can instantly report any fraudulent transactions from their account
• Lili uses encryption software and multiple security protocols, such as fraud monitoring and multi-factor authentication

Though Lili is not a bank, it offers similar layers or security features owing to its partnership with various banks. Overall, it’s banking services are secure.

The last point we wanted to include in our Lili review is the additional business services that Lili offers at no additional cost to its paid customers.

These are some add-ons you’ll get, other than business banking services:

• Smart bookkeeping and accounting tools with features like predictive transaction categorization
• An invoicing and payments solution that makes sending invoices and receiving payments easy
• Tax preparation software solution that automatically reserves funds for tax payments
• Automated filing of business tax forms, such as 1065/1120-S/Schedule C

When you choose Lili, you get more than just banking. Simplify your business finances and better manage your taxes by choosing Lili over traditional banks.

Based on our review, we recommend Lili for small business owners as it offers a lot of services and tools at an affordable price.