Lili Referral Code: $100 Lili Bank Sign up Bonus

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Consumers have more choices than ever before when shopping for banks. There’s a bank out there for every type of consumer – whether you’re interested in maximizing your savings or building an investment portfolio through your bank. Lili Bank is one of the latest free online business bank accounts to launch.

It’s designed with freelancers and self-employed individuals in mind. If you’re someone with a side hustle, this is the online bank for you. With a Lili referral code, Lili Bank has a generous referral program that offers users a $100 bonus. As an app-only platform, Lili Bank is ideal for those who want to manage their finances on the go.

We’re deep-diving into this online bank to explore what it has to offer freelancers and entrepreneurs, along with finding out more about the platform’s referral program.

What is Lili Bank?

Lili Bank is a next-generation online banking platform designed to make life easier for freelancers and sole traders. If you want a banking platform you can use daily without fees and automatically set aside money for your tax bill, Lili Bank is the one for you.

This free business checking account is designed to meet the needs of the modern freelancer, from zero foreign transaction fees to automatic savings. Most freelancers don’t have a separate bank account for their business finances. That’s where Lili Bank comes in. Using a platform like Lili Bank will make it easier for you to manage your finances and prepare for tax season.

Along with freelancers, the Lili Bank business account is ideal for anyone who has a side hustle, whether you’re a sole trader or entrepreneur. You’ll manage all your account details through the Lili Bank app.

As a new bank, Lili Bank has partnered with Choice Financial Group to ensure that your funds are FDIC insured up to $250,000. It gives users extra peace of mind that their capital is insured.

Lili Bank has up to 38,000 partner ATMs within the United States where you can make free withdrawals. Other perks of a business account with Lili Bank include no overdraft fees or minimum balance requirement. The platform offers both free and premium accounts, although the free Lili Bank account offers all the major features.

You can sign up to Lili Bank through the app within minutes. Approvals are usually made instantly, and you can fund your account through bank transfers. A Lili Bank account gives you an associated debit card for easy transactions.

As a mobile app, Lili Bank still gives you the freedom to make deposits through cheque. Cheque deposits are limited to $2,500 every day with a monthly limit of $6,000. There is also the option to deposit cash into your Lili Bank through certain retailers in the United States, including CVS and Walgreens, although you’ll pay a fee for each deposit.

Do you want to know more about Lili Bank? Read our Lili Bank review for more information.

How to Sign Up with A Lili Referral Code

While it appears that Lili’s referral program has currently been paused, we can look at what the referral program had previously offered. It’s unclear when Lili Bank’s referral program will resume but the popularity of referral programs means it’s likely to return.

It’s straightforward to earn your Lili Bank referral credit. Here’s a step-by-step breakdown of how to sign up for Lili Bank to ensure that you get your sign-up referral credit

1. Sign up for your free Lili bank account

You’ll need to open your Lili Bank business account using a Lili referral link. When you use a referral link, it will automatically use the related Lili referral code for you. You can double-check that the Lili referral code has been used before completing your sign-up process. You can expect to spend around 5-minutes to sign-up for your Lili account.

As Lili is a business bank account, you’ll need to have an eligible business to be able to open your 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.

The last step of the sign-up process is to choose your plan with Lili. There are both free and premium plans available with the latter coming with a monthly fee. You can utilize most of the features that you’ll need, including the automatic tax savings, with a free account.

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

To qualify for the referral credit, you’ll 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. 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.

If you want to check out other banking platforms’ referral program, here’s our Chime bank referral article. 

Using Lili Bank’s Referral Program for Extra Bonuses

Once your account is up and running, you can start sharing your Lili Bank referral link to earn additional credit. Lili Bank’s terms and conditions state that you can earn up to $1,000 through their referral program. With the current $100 credit, you can refer up to 10 people through your link.

It’s unclear as to whether signing up through a referral credit (and getting your $100 credit) counts towards this $1,000 limit but it’s likely to do so. If you want extra bonuses, check out this Albert banking app referral article.

Why You Should Sign Up for Lili Bank

Whether you have a side hustle or are a full-time freelancer, you know that not all banks are the same. You want one that is easy to use day-to-day but that gives you the flexibility you need from a business account. Lili Bank is made with the modern workforce in mind, incorporating several features that are an instant win for any entrepreneur.

1. Automatically sets aside money for your tax bill

The main benefit of using Lili Bank is its automatic tax savings feature. Anyone self-employed will know that putting money aside for your tax bill can be stressful. Most entrepreneurs find themselves in a panic when it comes to paying their tax bills.

As a bank for self-employed people, the platform automatically puts aside a percentage of your income into a dedicated tax account. You can set the amount you want to save through the feature to reflect your annual or expected earnings. It gives you peace of mind that you’ll have the money set aside in a separate account when it comes time to pay your tax bill.

When you open your Lili Bank app, you’ll see that the ‘Tax Bucket’ sits separately from your readily accessible money. Similarly, you can also activate an ‘emergency bucket’ to set aside an emergency fund through auto-savings.

2. No fees

What sets most online banks apart from their traditional counterparts is their no-fees policy. Lili Bank is no exception. Not only does the platform have no minimum balance requirement, but it also comes with no monthly fees, overdraft fees, or foreign transaction fees.

If you’re a freelancer or entrepreneur who is a frequent traveler, this bank account is ideal for you. The account also gives you access to free ATM withdrawals at thousands of ATMs.

3. User-friendly app

As an online account, Lili has an easy-to-use interface. You’ll manage every aspect of your account through the Lili app. If you’re used to mobile banking through an app, you’ll hit the ground running with Lili.

4. 2-Day Early Payments

Like most banking apps, Lili Bank gives you the option to be paid through direct deposits up to 2 days early. This feature is one that you’ll find with mainstream fintech banks, such as Monzo. If you want the flexibility to access cash early, this can be a major benefit of using Lili Bank as your main business account.

5. Expense tracking

As an entrepreneur or freelancer, you want to stay on top of your income and expenses. Lili Bank has an income and expense tracking feature within the app, giving you a month-by-month breakdown. The app also makes it easy to see your annual and monthly income to give you a quick overview of your finances.

Final Thoughts – Is It Worth It?

Lili Bank feels a gap for freelancers and entrepreneurs who need an online bank for everyday spending. While the account gives you access to free ATM withdrawals from thousands of ATMs and no fees on your account, the main USP is the automatic tax savings. It’s an easy way to organize your finances to remove the stress of paying your annual tax bill. It’s also an ideal bank account for frequent travelers and digital nomads due to its zero foreign transaction fees.

Using a Lili referral code with the Lili Bank referral program, you can earn up to $1000 in credit when signing up through a referral link and sharing your unique link with friends and family. With a $250 threshold to earn your referral credit, it’s one of the easiest to utilize of any of the online banking platforms.

Aside from Lili, there are other platforms which have banking features like Cash App. If you want to explore, here’s our Cash App referral guide.