Lili
- Best for: Freelancers and small businesses that want banking, bookkeeping, and invoicing in one app
- What Sets It Apart: Accounting and tax tools built into the bank account; FDIC insurance up to $3 million through a sweep network
- Cost: Core $0; Pro $15/month; Smart $35/month; Premium $55/month; outgoing wires $15 domestic, $25 international
- APY: 2.25% APY on savings up to $500,000 and 4.00% from $500,000 to $1 million
- Features: Fee-free MoneyPass ATMs; invoicing, bill pay, and pre-filled tax forms on Smart and Premium
- Pros: No monthly fee or overdraft fees on Core; bookkeeping and invoicing built in on Smart; QuickBooks, Xero, and Gusto sync
- Cons: 4.00% APY only from $500,000 to $1 million; retail cash deposits with fees up to $4.95; Premium adds only a metal card and priority support to Smart for $20 a month more
Open Lili’s free Core account if you only need business banking, and pay $35 a month for Smart if you want invoicing, bookkeeping, and tax forms in the same app. Skip Premium, whose extra $20 a month over Smart buys a metal card and faster support rather than more tools.
Lili is a business banking app for freelancers, sole proprietors, and small companies, and every plan includes the same checking and savings accounts, held at Sunrise Banks, N.A. The paid plans add expense tracking on Pro, full bookkeeping and invoicing on Smart, and priority support on Premium.
Key Features
- Core free, with Pro at $15, Smart at $35, and Premium at $55 a month after a 30-day free trial
- Savings at 2.25% APY (annual percentage yield) on the first $500,000 and 4.00% on the portion from $500,000 to $1 million
- FDIC insurance up to $3 million through a sweep network of partner banks
- AI bookkeeping, unlimited invoices, bill pay, profit and loss reports, and pre-filled Schedule C, 1065, and 1120-S tax forms on Smart and Premium
- BusinessBuild, an add-on that can help build business credit by reporting its monthly fee and a secured card to Dun & Bradstreet, free for a month, then $18 a month for three months and $30 after that
Pros
- No monthly fee, minimum balance, or overdraft fee on Core
- Fee-free withdrawals at more than 40,000 MoneyPass ATMs
- Bookkeeping, invoicing, and tax forms in the same app as your bank account on Smart
- Overdraft coverage of up to $200 on debit card purchases, with no fee, at Lili’s discretion on paid plans
- Syncs with QuickBooks, Xero, and Gusto if you keep your own books
Cons
- 4.00% APY applies only to savings between $500,000 and $1 million
- Cash deposits only through Green Dot retailers, with fees up to $4.95 and a $5,000 monthly cap per cardholder
- Premium charges $20 a month more than Smart for a metal card and priority support
- Cash back only through Visa SavingsEdge merchant offers, which you enroll in on Visa’s site
- BusinessBuild unavailable to sole proprietorships and non-U.S. citizens
If you invoice clients or want tax forms built from your transactions, sign up for Smart and use the 30-day free trial to test whether its bookkeeping can replace the software you pay for now. Otherwise, Core handles the banking for free.
Learn more about Lili or see how it compares to the best small business checking accounts.
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