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On Lili’s website. Lili accounts provided by Choice Financial Group, FDIC Insured.
Lili: Pros and Cons
Lili Account
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Fees
no monthly service fee
On Lili’s website. Lili accounts provided by Choice Financial Group, FDIC Insured.
Lili Account
On Lili’s website. Lili accounts provided by Choice Financial Group, FDIC Insured.
Details
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Pros & Cons
No minimum opening deposit
No monthly service fees
No overdraft fees
Put money into buckets for different expenses
Set up automatic savings
Tax tools
Receive direct deposits up to 2 days early
No physical branch locations
$2.50 out-of-network ATM fee
Highlights
Checking account for freelancers
Set up a percentage of payments to automatically go into savings buckets
Prepare for tax season by sorting business expenses and saving for tax expenses
FDIC insured through partner bank, Choice Financial Group Inc.
Additional Reading
Read our review
The Lili Account is a checking account specifically for freelancers.
Although this is a checking account, Lili makes it easy to save in separate buckets. You can create buckets for tax expenses or an emergency fund, for example, and set up a percentage of your deposits to go into buckets automatically. But unlike with some savings accounts, you won’t earn interest on your savings balances. If you want to earn interest, you may want to go with a different banking platform. (Or use another account in combination with your Lili Account.)
You may like this account if you want help preparing for tax season. Lili has tools to help you save money for tax season, create expense reports, and organize business costs.
Compare Today’s Banking Offers
Lili Pro Account
Annual Percentage Yield (APY)
2.00%
Minimum Deposit Amount
$0
Fees
$9 monthly service fee
Annual Percentage Yield (APY)
2.00%
Minimum Deposit Amount
$0
Fees
$9 monthly service fee
On Lili’s website. Lili accounts provided by Choice Financial Group, FDIC Insured.
Lili Pro Account
On Lili’s website. Lili accounts provided by Choice Financial Group, FDIC Insured.
Details
Fees
$9 monthly service fee
Annual Percentage Yield (APY)
2.00%
Minimum Deposit Amount
$0
Pros & Cons
No minimum opening deposit
Earn cash back with your debit card
No overdraft fees, and you can overdraw up to $200 before your purchase is declined
Put money into buckets for different expenses
Earn interest on your savings bucket
Set up automatic savings
Tax tools
Receive direct deposits up to 2 days early
No physical branch locations
$9 monthly service fee
$2.50 out-of-network ATM fee
Interest earned on savings is compounded monthly, not daily
Highlights
Hybrid checking and savings account for freelancers
Set up a percentage of payments to automatically go into savings buckets
Prepare for tax season by sorting business expenses and saving for tax expenses
Earn cash back at select retailers (see which retailers are offering rewards in your Lili app)
Interest earned on savings bucket is compounded monthly, paid monthly
FDIC insured through partner bank, Choice Financial Group Inc.
Additional Reading
Read our review
Lili Pro includes the same features that come with the basic account. It also adds extra tools such as a high interest rate on your savings bucket and cash-back rewards at select retailers. Just know that you’ll pay a monthly fee.
Compare Today’s Savings Rates
How Lili Works
Lili is an online-only banking platform for freelance workers. It has tax tools and a feature that helps you figure out how much to save for tax season. You can also set up savings buckets within the checking account.
You have free access to over 38,000 MoneyPass ATMs around the US. If you use an out-of-network ATM, Lili charges a $2.50 fee. The out-of-network ATM provider may also charge a fee.
Lili doesn’t charge overdraft fees. You can link an external bank account, and if you overdraw, funds will be pulled from that account to cover the purchase. If funds aren’t available to cover an overdraft, the company may freeze your account.
The Lili mobile app has received 4.7 out of 5 stars in the Apple store, and 4.4 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, Choice Financial Group Inc.
Is Lili Trustworthy?
Lili’s partner bank is Choice Financial Group Inc. The Better Business Bureau gives Choice Financial Group a B rating. The BBB measures trustworthiness based on factors like responses to customer complaints, honesty in advertising, and transparency about business practices.
Choice Financial Group may have a B because it has 233 customer complaints on the BBB website. The good news is that the company has responded to and closed most of those complaints.
Choice Financial Group doesn’t have any recent public scandals.
Lili Review vs. LendingClub Review
You may prefer Lili if you want one account for your business and personal expenses. The LendingClub Tailored Checking Account is just for business. LendingClub has plenty of personal accounts you can open separately, though.
The LendingClub Tailored Checking Account has some special perks. You’ll earn 1.50% APY on balances up to $100,0000, and 0.10% APY for balances that are greater. You’ll also get 1% cash back on qualified debit card purchases.
You can link your LendingClub account to budgeting and tax software like Mint, Quicken, or QuickBooks, but LendingClub doesn’t have its own tax tools specifically for freelancers. If you want features geared toward your life as a freelancer, you may want to go with Lili.
Lili Review vs. NBKC Business Banking Review
You’ll probably like Lili if you want help with your taxes. NBKC doesn’t have any built-in tax tools, and you can’t link to external tax services like QuickBooks.
But if you think you’ll use non-MoneyPass ATMs frequently, you may prefer NBKC. The NBKC Business Checking Account doesn’t charge a fee when you use out-of-network ATMs. If ATM providers charge you, NBKC reimburses up to $12 per month — even if you used an ATM in a different country
Lili: Frequently Asked Questions
No, Lili is not a bank. However, its banking services are provided by Choice Financial Group, which is a bank. This means Lili accounts are FDIC-insured for up to $250,000.
No, Lili does not currently offer joint accounts.
Yes, you can withdraw cash at select ATMs. You can use the Lili app’s locator tool to find nearby ATMs.
Laura Grace Tarpley (she/her) is a personal finance reviews senior editor at Insider. She oversees coverage about mortgage rates, refinance rates, lenders, bank accounts, investing, retirement , and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Insider’s “The Road to Home” series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF). She has written about personal finance for seven years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@insider.com. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »
Evelyn He is a Compliance Associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love. The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 4-year-old Bichon named Tibber.