Lili Bank Review: Everything to Learn About Lili Bank

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If you’re an entrepreneur, you want to meet to Lili Bank. It’s the fintech bank made with freelancers and sole traders in mind. It’s one of the latest free online business bank accounts to launch in recent years and is designed to meet the needs of entrepreneurs.

This platform offers several unique features, including its automatic tax savings, expense tracking, and 2-day early payments. We’re sharing everything you need to know about Lili Bank and what it has to offer freelancers and entrepreneurs in this Lili Bank Review.

What is Lili Bank?

Lili Bank is an online banking platform for entrepreneurs, freelancers, and side hustlers. Its automatic savings and zero fees structure are ideal for anyone who wants to keep on top of their finances and have the freedom to use their account abroad.

As Lili Bank offers an online business bank account, you’ll need to fall into one of these categories to open an account with the platform. The USP of Lili Bank is its automatic tax savings feature that allows you to set aside a set amount every month for your tax bill.

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The Benefits of Opening a Lili Bank Account

Five main perks come with opening a Lili Bank account. If you’re a full-time freelancer or have a side hustle, these features can help you manage your finances day to day. It gives you the flexibility of a business account with the benefit of using an online banking platform. These features are a must-have for any entrepreneur and can make your financing easier to manage.

1. No fees

Most business accounts have fees attached. Lili Bank is unique in the fact that it doesn’t charge fees. Not only is there no minimum balance requirement, but there are also no overdraft fees, foreign transaction fees, or monthly fees.

If you’re a side hustler or freelancer, you want to avoid paying any of these fees to keep your expenses low. You’ll also get access to free cash withdrawals from thousands of ATMs throughout the United States.

2. Set aside money for your tax bill automatically

What attracts most people to Lili Bank is its automatic tax savings feature. Anyone self-employed is responsible for filing and paying their own tax bill. This process can be stressful for anyone, especially if you’re new to the world of self-employment or struggle with financial management.

Lili Bank allows you to automatically set aside a percentage of your income in a dedicated pot for paying your tax bill. You can choose the amount you want to save to reflect your earnings. This feature gives you the peace of mind that you have the money you’ll need to pay your tax bill when that time comes around.

Your Lili Bank account gives you an automatic ‘Tax Bucket’ that sits separately from the money in the rest of your account so that you’re not able to readily spend it. You can also use this same feature to create an ‘emergency bucket’ through automatic savings.

3. Easy to navigate

As an app-only platform, Lili has an easy-to-navigate user interface. You’re able to manage everything regarding your account through the app. It means you can manage your finances from anywhere in the world.

4. Early Payments

Like most fintech banking apps, Lili Bank allows you to get paid up to 2 days early through direct deposits. This feature is a common one from most modern bank accounts, such as Monzo. Lili Bank can be a great choice for your main business account if you want the option of being paid early.

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5. Expense tracking

Every entrepreneur needs to stay on top of their expenses – whether or not you’re able to claim back on them. The Lili Bank app breaks down your income and expense using a tracking feature that gives you a monthly breakdown. You can also get a quick overview of your finances, including your monthly and annual income.

Lili Bank’s Referral Program

Lili Bank typically offers a $100 sign-up bonus when you create your account through a referral link. It’s worth flagging that this referral program is currently paused, but it is likely to resume in the future as this initiative is a major incentive for choosing Lili Bank for your main business account.

There is one requirement to get the $100 sign-up bonus when you open your account through a referral link. You need to make a direct deposit of at least $250 within the first 45 days of opening your account. The best way to ensure that you meet the $250 threshold is to make a direct deposit from another bank account or business account. You may be able to hit this threshold with a bank transfer, but a direct deposit will ensure you’ll meet the requirements for the free credit.

Once you’ve deposited at least $250 into your account, Lili Bank will deposit $100 into your account within five business days. This timeframe is relatively fast as most online platforms can take up to 90 days to add your sign-up credit to your account.

Once your account is working, you can start sharing your referral link to earn additional credit by encouraging friends and family who are also entrepreneurs to sign up. Lili Bank’s terms and conditions state that you can earn up to $1,000 through their referral program. It’s unclear if signing up through a referral credit and earning your $100 credit counts towards this $1,000 limit but it’s likely to do so. With the current $100 credit, you can refer up to 9 people through your link.

Read more information about the Lili Referral program to get your free bonuses successfully.

How to sign up for Lili Bank

[/fusion_text][fusion_text columns=”” column_min_width=”” column_spacing=”” rule_style=”default” rule_size=”” rule_color=”” hue=”” saturation=”” lightness=”” alpha=”” content_alignment_medium=”” content_alignment_small=”” content_alignment=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” margin_top=”” margin_right=”” margin_bottom=”” margin_left=”” fusion_font_family_text_font=”” fusion_font_variant_text_font=”” font_size=”” line_height=”” letter_spacing=”” text_transform=”none” text_color=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=””]Lili Bank is one of the easiest online business accounts to sign up for. It will usually take just a few minutes to open your account and most accounts are automatically approved. Our step-by-step guide shows just how easy it is to get started with Lili Bank and ensure that you get your $100 sign-up bonus.[/fusion_text][fusion_text columns=”” column_min_width=”” column_spacing=”” rule_style=”default” rule_size=”” rule_color=”” hue=”” saturation=”” lightness=”” alpha=”” content_alignment_medium=”” content_alignment_small=”” content_alignment=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” margin_top=”” margin_right=”” margin_bottom=”” margin_left=”” fusion_font_family_text_font=”” fusion_font_variant_text_font=”” font_size=”” line_height=”” letter_spacing=”” text_transform=”none” text_color=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=””]

1. Open your free Lili bank business account

You want to open your Lili Bank business account by using our referral link. When you use a referral link, it will automatically insert the referral code for you. This ensures that you’re not using the wrong code or using an invalid code.

You can double-check that the referral code has been added when you get to the relevant part of the sign-up process. Most people spend 5-minutes in total signing-up for their Lili online business account.

As Lili is a business bank account, you’ll need to have an eligible business or be self-employed to qualify for this account. You don’t need to operate an LLC to utilize Lili Bank. The platform is also available for freelancers and sole traders. You can select the relevant occupation from the drop menu when signing up if you don’t operate through an LLC.

The final step of the sign-up process is to choose your plan with Lili. The platform offers both free and premium plans. The paid plans have a monthly fee. However, you can utilize most of the main Lili Bank features, including the automatic tax savings, through a free account.

2. Deposit at least $250 within the first 45 days

Once your account is open, you’ll need to make a direct deposit of at least $250 within the first 45 days to qualify for your sign-up bonus. The best way to meet the $250 threshold is by making a direct deposit. You may be able to hit this threshold with a bank transfer, but a direct deposit will ensure you’ll meet the requirements for the free credit

3. Get your free $100 within five business days

Once you hit this threshold, Lili Bank will deposit $100 into your account within five business days. This timeframe is one of the fastest of any online banking service as most platforms take 30 – 90 days to add referral credit to your account.

If you have already signed up with Lili, why not take advantage of Chime bank’s bonuses as well? Read this Chime referral article and you may use our Chime referral code to sign up.

Final Thoughts – Is It Worth It?

If you’re a freelancer, entrepreneur, or have a side hustle, you want to start using Lili Bank. It’s a gamechanger for anyone who is self-employed as it makes it easy for you to stay on top of your finances. You can wave goodbye to the stress of saving for your tax bill by setting up an automatic savings account.

We also like that Lili Bank has no fees and offers free ATM withdrawals from thousands of ATMs throughout the United States. If you’re always traveling for work or ticking locations off your bucket list, you can benefit from the platform’s zero foreign transaction fees. If you’re thinking of signing up for Lili Bank, don’t forget to use our referral link to get your sign-up bonus.

Do you also want to earn more rewards from shopping? Ibotta’s perfect for you! Learn more about how Ibotta works in this Ibotta referral guide.

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