- What is Lili?
- How does Lili work?
- How much does Lili cost?
- Lili features
- Who is Lili best for?
- Who shouldn’t use Lili?
- Pros & cons
- Lili vs Novo vs NorthOne
- The bottom line
What is Lili?
How does Lili work?
- Fund your account
- Access account and routing numbers
- Pay bills
- Review transaction history
- Generate expense reports
- Find local ATMs
- Modify debit card usage settings
- Categorize transactions
- Set-up direct deposit (ACH transfers or mobile check deposit)
- Link to external bank accounts
- Link to external platforms (Venmo, PayPal, Cash App, Apple Pay, etc.)
How much does Lili cost?
- Overdraft fees
- Inactive account fee
- Stop payment fee
- Deposit item returned fee
- Funds transfer fee
- Returned item fee
- Express mail fee, $20
- Card replacement fee, $5 following the first replacement
- Deposited check return fee, $25
- Out-of-network ATM fee, $2.50
- International ATM fee, $5
No ATM fees
Expense management tools
- Add receipts to transactions
- Download quarterly and annual expense reports
- Track spending in real-time
- Automatically save a percentage of funds using the freelancer-friendly Tax Bucket feature
- Open an Emergency Bucket (savings account for emergencies)
Who is Lili best for?
Small business owners
Freelancers and independent contractors
Who shouldn’t use Lili?
People who prefer a brick-and-mortar
Pros & cons
- Easy to get started. Opening a new account with Lili is quick and simple. According to the site, it’ll only take you three minutes.
- Security. Lili asks for a verification code each time you log in.
- No fees. Lili doesn’t charge a monthly service fee or charge for in-network ATM withdrawals.
- Early direct deposit. With Lili, you can get paid up to two days earlier with an early direct deposit.
- Real-time spending notifications. The Lili app will send you a push notification whenever you make a purchase, pay a bill, or receive a payment.
- Expense tracking. Why pay for QuickBooks when Lili offers expense tracking for free?
- Automatic savings. Lili gives you the option to put your savings on auto-pilot with its Tax Bucket feature and its Emergency Bucket feature.
- Mobile deposit. Lili members can deposit paper checks via the app by taking a photo of the check and uploading it.
- Cash deposit at any Green Dot location. There are 90,000 Green Dot locations in the US. Some retailers include RiteAid, CVS, and Walmart.
- Mobile payments. If you forget your wallet at home, you can use the Lili app to pay for things.
- Fee-free cash withdrawals. With Lili, you can make free cash withdrawals from more than 32,000 ATMs across the US. The Lili app also includes a built-in ATM locator.
- Referral program. Lili will give you $50 for referring your freelancer friends to use the app.
- Lili Creators program. Lili also has an influencer program called Lili Creators. According to the site, Lili will pay you every time one of your followers opens an account.
- Mobile-only banking. Lili is a mobile-only bank, which means you can’t use the desktop site to access your account.
- Bank transfer limits. Lili won’t allow you to transfer more than $200 per day or $1,000 per month from another bank into your Lili account.
- Bank transfer time. When you transfer money into an external account, it takes up to five business days to process.
- The mobile check deposit is wonky. The mobile check deposit option isn’t the most user-friendly feature of the app. You also have to make sure the photo is just right and that each check you deposit has the words “for Lili mobile deposit only” on the back of the check.
- No interest or rewards. Lili doesn’t pay interest on deposited funds and there are no cashback rewards programs for the Lili visa debit card.
Lili vs Novo vs NorthOne
|Bank||Minimum deposit||Min balance requirement||ATM fees||Account types|
|Lili||$0||$0||$2.50 for out-of-network; $5 for international||checking|
The bottom line
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