Lili
Lili is a US-only business banking app tailored to freelancers and self-employed individuals. It offers a free checking account with no monthly fees or minimum balance requirements, automatic tax savi…
💬 Verdict
Lili is an excellent choice for US-based freelancers who want a simple, no-fee business account with automatic tax savings and expense tracking. However, if you need international capabilities, interest on your balance, or more advanced banking features like loans or payroll, you'd be better served by a full-featured neobank or traditional bank. Bottom line: it's a solid, cost-effective solution for freelancers looking to simplify their finances and save for taxes.
Lili
Free plan available — no credit card required
📊 Pros & Cons
Pros
- 👍 No monthly account fees or minimum balance requirements, making it accessible for freelancers with variable income.
- 👍 Automatic tax savings bucket that lets you set aside a percentage of every deposit for quarterly taxes.
- 👍 Built-in expense categorization and receipt management tailored to self-employed users.
- 👍 Real-time cash flow insights that help freelancers understand their income and spending patterns.
- 👍 Fast and easy signup with no credit check, designed for business owners who want to get started quickly.
Cons
- 👎 US-only account; no support for international transactions, multi-currency, or non-US residents.
- 👎 No interest earned on balances, so it's not a place to grow funds long-term.
- 👎 Limited business banking features compared to full-service banks or more advanced neobanks, such as payroll or lending.
- 👎 Customer support is primarily digital and can be slower than traditional banks for urgent issues.
- 👎 Potential hidden fees for out-of-network ATMs, wire transfers, and paper checks that may catch users off guard.
🎯 Use Cases
The automatic tax bucket lets you set aside a percentage of income consistently, making quarterly estimated tax payments painless.
Automatic expense categorization and receipt matching are built for freelancers who need to separate business purchases from personal ones.
Lili provides real-time insights into income and spending, helping freelancers see exactly where their money stands at a glance.
The account is dedicated to business use, and the spending and tax buckets make it easy to maintain a clean financial separation.
The Smart Save bucket isolates tax funds, reducing the risk of accidentally spending money owed to the IRS.
🔍 Deep Dive
While the account is free, watch out for out-of-network ATM fees, wire transfer fees, and fees for replacement debit cards. There is also no interest earned on your balance, which is an opportunity cost.
Minimal — setting up the tax bucket and expense categories takes minutes, and the app is intuitive for freelancers who already manage their own finances.
Businesses with more complex needs like payroll, multi-member LLCs, international operations, or those wanting to earn interest on their business cash should skip Lili.
❓ Frequently Asked Questions
Is Lili really free, or are there hidden fees?
Lili has no monthly account fees and no minimum balance requirement. However, you may still incur out-of-network ATM fees, wire transfer fees, or charges for replacement cards, so check the fee schedule before using those services.
How does the automatic tax savings bucket work?
You can set aside a percentage of every deposit into a dedicated Smart Save bucket, which is designed to hold funds for quarterly taxes. This money stays in your account but is separated from your spending balance so you're less likely to touch it.
Is Lili FDIC insured?
Yes, deposits are FDIC insured up to $250,000 through Lili's partner banks. Your money is protected just like with a traditional bank.
Can I use Lili for an LLC or S-Corp, or is it just for freelancers?
Lili is open to sole proprietors, LLCs, and independent contractors. However, it is heavily designed around the needs of freelancers and self-employed individuals, so if you have more complex corporate banking needs, you might outgrow it.
Does Lili integrate with accounting software?
Yes, Lili integrates with QuickBooks and also allows you to export transactions. This makes it easier to keep your books and tax records in order, though the integration list is not as extensive as some traditional business banking platforms.
Is Lili available outside the United States?
No, Lili is US-only. You must be a US resident or citizen, and the account operates in USD. If you do business internationally or need multi-currency banking, Lili is not the right fit.
Can I earn interest on my business balance?
No, Lili does not currently offer interest on account balances. It is a fee-free transactional account focused on cash flow and tax savings, not a place to grow your money.
