Lili Bank App Review 2023: Features, Account Information, and Overview of the App

Lili Bank App Review 2023: Features, Account Information, and Overview of the App: It is important to understand that there are 365 days in a year, so if you consider a decade, you will get a total of 3650 days plus the two or three leap years that depend on the period you are looking at. In spite of this, we barely get to one-tenth the number of banks in the world that exist. Lili Bank is one of them. Lili Bank is not a bank, but it offers the same services that a normal bank does. Lili banking services offer a number of exciting features to its customers. Our goal in this article is to provide you with a better understanding of Lili Bank App Review 2023: Features, Account Information, and Overview of the App and its pros and cons.

Lili Bank App Review 2023
Lili Bank App Review 2023


How does Lili Bank work?

Lili Bank is a bank that was specifically established for helping businesses, not just any businesses, but small business owners as well as freelancers to grow their businesses, and is unique in that it helps businesses save time and money. As a customer-driven bank, this bank is able to assist you in all of your business-related matters, whether they are tax-related, invoicing or expense management, or other business-related aspects.

It is the promise of the bank that there will be no credit check, no paperwork, no hidden fees, and no minimum deposit requirements and that they can open accounts within three minutes, without having to submit any paperwork.

You can reach out to a dedicated support team from Monday through Friday between the hours of 9am and 7pm, willing to help you with any issues that may arise. There is an app from Lili bank that is available on both the Play Store and App Store. It has received very high ratings not only on these two platforms, but also on Trustpilot, which makes it easy for you to access Lili bank’s services.

You can also take advantage of the standard version of their software for free, while you also have the option of choosing a Pro account which includes monthly charges. In addition to the standard banking services and tools the company offers, they also offer tax optimizing options, and DIY accounting services with tools like invoicing software and more.

Lili Bank App Review 2023

A new generation of banks, even the traditional ones, have either embraced new technology or have had to face the prospect of going out of business in 2023 if they don’t have an app. You won’t see many banks survive without them. There are also newer banks that have no physical outlets like the traditional banks, and are only available online. There is no way for all of these online banks to survive without an app, otherwise they would not be able to operate or provide the services to their clients. This is why we have the Lili bank app that their clients can use to access the services Lili bank offers.

There are more than 500k downloads of the app on the Google Play Store, and more than 10,000 people have rated the app, so it has accumulated a total rating of 4.5 stars from more than 10,000 ratings.

There are just 31 MB of space on your device, so the app should not take up too much of your device. The Lili Bank app appears small and compact at first glance, but it packs a lot of powerful tools such as invoicing software, accounting, and tax software as well as business banking into it, so there’s no need to have more than one app, or go for a different company for different purposes because Lili Bank app takes care of everything you need.

Currently, Lili’s app has received 4.7 stars from 5,759 users on Apple’s App Store. As mentioned, Lili’s app comes with multiple tools to take care of various money-related aspects and this is why the company claims the app is an all-in-one mobile banking app for a variety of devices.

Compared to the Apple device, the file size is a bit larger, at 105.1 MB, yet this is an app that takes the safety of your personal data very seriously and only allows you to receive updates when you wish. It is being developed by Lili Financial Services Ltd.

There are also a lot of ways for users of Lili bank to access their services, besides the app. On Trustpilot, users gave Lili a 4.7-star rating, which is why you can create an account with Lili bank or log in to your account via the website. Lili Banking has the advantage of being a member of the FDIC, which is another reason you can trust this bank. If the bank ever had to cease operations, your funds would be insured by the head of those agencies.

Lili Banking

Lili is a bank that is all-purpose in the sense that it doesn’t have a physical store but only operates online, and it offers a wide range of tools that can help you manage your business and money. You also do not need to pay any hidden fees when you use this platform. Besides using the free service, you have the option of signing up for a Pro account which also includes a savings account. Despite the fact that Lili banking is a Fintech company that exists to help freelancers and small businesses, what kind of services do Lili Banking provide?

Account Choice

There is no charge for using the app, but those who wish to have a Pro account that comes with additional features and tools are also able to do so for a fee. The app is free to use, however, for those who are willing to pay a fee, a Pro account will be available to them. Because the normal account comes with no fee or hidden charges, solo entrepreneurs and freelancers are able to minimize the financial expenses they incur when it comes to banking.

Various Tools

It is important for every business to be aware of their profit and loss or income and expenses. Since the Lili bank app belongs to a bank that is dedicated to helping small businesses, it makes perfect sense for the app to provide tools for measuring these factors. Using Lili’s bank app, you will be able to keep track of your business income and expenses. Additionally, you will be able to categorize the expenses in order to get financial reports by using graphs.

Direct Deposits

There is a limit on the amount of deposits you are able to make with Lili, however the app allows you to make quick direct deposits with your account. Compared to traditional banks, Lili’s app enables you to make deposits quickly, seamlessly, giving you immediate access to your funds.

Tax Tools

There’s more to Lili’s app than just its banking features, because the app is also packed with automated tax saving tools that are really handy for freelancers and solo entrepreneurs who have to take care of their taxes on their own. The advantage of Lili’s app is that when you use it, a small percentage of your income is put away in a tax bucket. This automated process is very helpful and is one of the reasons Lili’s app is so useful.

Debit Card

It is also possible to get a VISA-branded debit card as a part of the Lili bank account when you sign up for it. The card will arrive in two weeks, but you can use it online immediately once you have created the account. There are many third-party payment apps you can use to link to this card, such as Google Pay, Venmo, and so on.

There is a lot more Lili bank has to offer than that. However, it is more than enough to build a good and solid case for why you should be using Lili bank for your online banking and credit card needs.

Lili Mobile Banking

Lili was launched in 2019 and, when the pandemic struck in 2020, many people lost their jobs and switched to freelancing, which further boosted Lili’s growth. Having raised a total of 25 million dollars in seed and Series A funding, the CEO of the company was named one of Entrepreneur magazine’s 100 most powerful female founders of 2020 after having raised 25 million dollars in seed and Series A funding. As we all saw, this bank offers many features to its customers, but as we have mentioned, that is not all they have to offer.

There was a time when banks would have to get themselves an app, but today Lily has made the app the core of their entire business. While the app is a secondary aspect of traditional bank services, Lili mobile banking services have a whole host of the same features that traditional banks and their apps have, the one difference is that the app is the one that is the most important part of Lili’s mobile banking services, so Lili’s mobile banking services cover a wide range of features that traditional banks and their apps offer.

A number of mobile banking features are also available to Lili app users, including access to their accounts and route numbers, as well as initiating deposits and transfers.

Lili’s mobile banking features aren’t limited to just these features and there’s a lot more you can do with them. These include categorizing transactions and paying bills. You can also review your transaction history and deposit checks using Lili’s mobile banking tools.

You will also be able to modify both the default settings for the use of your debit card as well as the expense reports that are generated as a part of the mobile banking features of the Lili bank app. You can also use the app to locate local ATMs which is another very useful but simple functionality of the app.

There are several reasons why Lili appeals to people, not only the fact that they offer mobile banking, but also the fact that they have a great promotion program that allows you to earn up to 500 dollars in rewards simply by inviting up to 10 friends to sign up for Lili, who then spend 250 dollars using Lili’s card in the next 45 days.

The account will not charge a maintenance, overdraft, return, stop payment, deposit item, inactive fee, find transfer, or stop payment fee. As a result, you are not only going to be able to use Lili Bank mobile banking services, but you will also be able to take advantage of other benefits that you can also consider when you decide to use this app. Let us discuss Lili Bank account in more detail.

Lili Bank Account

The case for Lili bank must have been made for us to be able to convince you to make a purchase at this point while still reading this article, otherwise you would have stopped reading. The article is still going on because you seem not entirely convinced about having a Lili bank account, otherwise you wouldn’t have been hooked and still looking for reasons that might convince you to go ahead and open an account with this bank. In a situation such as this, we had been keeping some information for the last possible moment, and we will be examining it now.

The Lili account does not cost anything, however, if you are interested in a Pro account, you will be required to pay a monthly fee of 4.99 dollars. This should not be too expensive considering you can get an app that not only helps you save money, it also helps you with taxes and other stuff that would need you to spend money you have already saved.

It is also worthwhile to mention that if you sign up for a Pro account, you will be able to make use of the savings account that comes with the account, which has an annual percentage yield (APY) of 1.5%, which while it may seem like a very small amount, it is inevitably just another bonus to the long list of positives seen throughout this article.

It is also worth noting that there is no minimum balance requirement necessary in order to earn this APY. A free account does not require you to pay a maintenance fee; however, a pro account does charge a 9-dollar fee for the added benefits it offers. You also have access to almost 40,000 ATMs where you can withdraw cash free of charge.

The Lili bank app can be used to deposit 200 dollars each day and 1,000 dollars each month to your account from an external bank account. There are numerous ways that you can deposit money into your account from your own personal bank account, including direct deposits up to 25,000 dollars for a single payment and monthly deposits up to 50,000 dollars. Besides this, you can also deposit up to 2,000 dollars per check, two checks a day, six checks a month, or 6,000 dollars max.

You will only be charged 2.5 dollars if you decide to withdraw money from a non-network ATM for a withdrawal, and if it happens outside of the US, you will be charged 5 dollars if the withdrawal takes place outside the country.

If you compare Lili bank’s savings account with other traditional banks, you are likely to earn up to sixty dollars more in interest per year than you would if you were to deposit it with one of them. After three years, the figure increases to almost 200 dollars and after ten years, it has a difference that amounts to almost 650 dollars. Now you know more about Lili bank accounts.

Analysis of Lili Bank in Detailed

The Lili Bank app has a lot of good features, and now that we have taken a closer look at them, it is about time that we put them up for inspection and compile a list of both its strong points and its weaknesses, so that we are able to determine if you should be using this bank and the app, as well as whether or not it should be chosen.

Lili Bank App Stand out features

You get Lili bank accounts for free, and that is without a doubt the best thing about having one. In addition to being free to use, there are no maintenance charges to be paid, no minimum opening deposit requirement, and unlimited fee-free deposits that can be made. It is important to note that it is not just a free account that you should be excited about, but also that there are no maintenance fees to pay, no minimum opening deposit requirement, and no fees to incur. As part of the service, you will also be able to deposit checks mobilely, use expense management tools for free, and transfer money using ACH.

The bank also prevents you from paying various fees such as overdraft fees, stop payment fees, and much more along with the exclusion of foreign exchange rate adjustment fees, that is, you will not have to pay any fees at all.

As part of your account with this bank, you not only have access to over 40,000 ATMs across the country, you can also withdraw money free of charge for the rest of your life. There is also the feature of finding an ATM that you can always use to locate Lili ATMs in order to avoid paying the extra fee for using out of network ATMs.

You will also be unable to deposit cash at ATMs, but you can do it at participating Green Dot locations, which will give you access to more than 90,000 deposit options, but you will be charged 4.95 cents per deposit in order to do it.

There are a number of tools that come with Lili banking app which will provide you with not only all the tools you need to handle your banking requirements but also help you with other stuff like categorizing your expenses, which is really handy for future reference as well as for taxation purposes.

The Tax bucket features allow you to save money for taxes while telling you how much money you need to save at the same time. It also helps you get various reports on how you spent your money and helps you keep track of your expenditures. The app also allows you to put aside funds for emergency situations, which is again another underrated but very useful feature in the app.

It is important to note that although the Lili bank app offers some good features to solo entrepreneurs and freelancers, it still leaves out a lot of business-related features from its offering, which its competitors have.

They do not offer checkbooks, you can’t link multiple debit cards with their app, you cannot send or receive wire transfers, and the app cannot accommodate a joint account. In addition to all this, this application does not also offer integration with a number of tried and true tools, including but not limited to point-of-sale systems, as well as other popular tools.

During weekdays and during the period between 9am and 7pm Eastern Standard Time, the customer support team is available to assist you by phone and email. In the weekdays as well as outside of this time frame, you will be limited to contacting the bank through email only, which might make it a good idea to choose a bank that offers 24 hours of customer support.

We think Lili bank might be a good bank to get an account with because the strengths clearly outweigh the shortcomings which makes us think Lili bank might be a good bank to get an account with, however if you still can’t decide then look into the pros and cons below.

Lili bank advantages and disadvantages

As a free tool, it provides users with a number of great tools, yet it is free to use. We are aware that the customer may have limited access to customer support, but what more decisive points could you come up with in order to help you make a complete and final decision? I would like to take a look at some of the pros and cons associated with the Lili bank app.

Lili bank advantages

As a freelancer or small business owner, you may not be able to come up with a handful of names out of so many banking apps and financial apps and tools you have access to on the market, therefore, it might be difficult for you to find a few names that will be useful for freelancers and small businesses.

With Lili bank app, you do not only focus on a niche that would normally be overlooked, but it also caters to a niche that is often underserved, which makes it that much more appealing. Additionally, with this bank, you can separate your personal and business spending in the same account, so you don’t need to get multiple accounts to manage your spending separately.

A Pro account allows you to open a savings account where you can earn 1.5% Annual Percentage Yield and you can also earn cashback rewards. Lili mobile banking can be used to pay bills online. You can use Lili mobile banking to pay bills online. You also have the option of getting your direct deposits two days earlier than usual, which is a very welcome development.

Lili bank disadvantages

There are no physical branches of the bank, and any and every issue of yours can only be dealt with online since we are dealing with an online bank there is no physical outlet where you can pay a visit for any matter. Everything concerning you will have to be handled online.

As well as the Pro account, which comes with some extra benefits, you also have to pay a monthly fee of 4.99 dollars, which may not seem much, but it is still something you have to pay. Mobile check deposits, and other kinds of stuff, are limited in number on a monthly basis. You might find yourself in some tough situations where you cannot deposit mobile checks.

In the end, I hope we have been able to put across a fair but favorable review of the Lili bank app and Lily bank, a bank I hope we have been able to thoroughly review. In spite of the fact that Lili’s banking services and Lili’s mobile banking features may be similar to those of other banks, they are also likely to offer some newer and more unique features that will definitely prove to be beneficial to the end user.

We would suggest getting a Lili bank account if you are a freelancer or you run a small business, because we believe that it is a fantastic option and will serve all your needs when it comes to an all-purpose online bank account.


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