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Lili: Pros and Cons
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Lili Account
The
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
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.
Lili Pro Account
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
The
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
Lili: Frequently Asked Questions
Is Lili a bank?
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.
Does Lili have joint accounts?
No, Lili does not currently offer joint accounts.
Can I withdraw cash from my Lili account?
Yes, you can withdraw cash at select ATMs. You can use the Lili app's locator tool to find nearby ATMs.