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Lili Bank Review: a digital banking service designed for freelancers and small businesses

Lili is a digital banking service for freelancers and small business owners that offers a range of features to help you simplify your financial management. The platform is known for its no monthly fees, no minimum balance requirements, and mobile-only interface.

Main features of the Lili bank account.

• No monthly fee. Enjoy unlimited free transactions including transfers, check deposits and ATM withdrawals.
• No minimum balance required. There is no need to maintain a specific balance to open and maintain your account.
• Mobile only. Manage your finances with easy-to-use iOS and Android apps.
• Integrated tools for managing expenses and tax planning. Easily track your income and expenses and automatically set aside taxes.
• Fast Direct Deposit. Receive your direct deposit two days earlier than a traditional bank.
• Free access to thousands of ATMs through the MoneyPass network. Free cash withdrawals from your Lili debit card.
• Cash deposits through the Green Dot network. Deposit cash into your Lili account at a retail store.

Who is a Lili Bank account for?

• Freelancers and independent contractors
• small business owner
• Those seeking bank accounts with no monthly fees and no minimum balance requirements
• People who want to use mobile devices to manage their finances
• People who need integrated tools to track expenses and save on taxes

Lili Who is a bank account not for?

• Those who need checkbook or wire transfer capabilities
• Those who need advanced business features such as joint accounts, multiple business debit cards or invoicing tools
• People who wish to access their accounts via the web
• People with large cash deposit needs

Advantages and disadvantages of a Lili bank account

Pros.

• No monthly fee, no minimum balance requirement and no minimum opening deposit
• Unlimited free trades
• Free access to thousands of ATMs through the MoneyPass network
• Cash deposits through the Green Dot network
• Integrated tools for managing expenses and tax planning
• Fast Direct Deposit
• Mobile-friendly interface

Disadvantages.

• Lower monthly limits for mobile check deposits and external bank transfers
• Mobile devices only, no web access
• Employer identification numbers cannot be used for applications
• Out-of-network ATM charges
• Green Dot Deposit Fee
• No checkbook or wire transfer
• Limited business-related functionality

Overall, the Lili Bank Account is a great option for freelancers and small business owners who are looking for a banking experience with no monthly fees, no minimum balance requirements, and a mobile-only experience. The platform offers a range of features to help you simplify your financial management, including integrated tools for tracking expenses and saving money on taxes. However, if you need a checkbook, wire transfers, or advanced business features, a Lili bank account may not be right for you.