What is Lili Bank? 📖
Lili is a checking account designed with freelancers in mind. Some people use it purely for their business activities, but it can also be used as a personal account. If you decide to use Lili as a hybrid service, you’ll get the chance to separate your personal and business finances. One of the biggest draws of Lili is that it allows you to save in different pots.
How Does Lili Bank Work? 👨🏫
Lili Bank offers a range of exciting features that take the stress out of freelance money management. The ability to separate your cash into different buckets is a major advantage. It’s possible to create buckets for tax, fuel bills, holidays or anything else you need to keep money aside for. A percentage of the funds you receive can be sent to specific accounts automatically. However, it’s worth noting that you won’t receive any interest on the money in your savings accounts if you only have a basic account. If you do need a service that will let you earn interest on savings, you may wish to look elsewhere. Nonetheless, the service may well work for you if you need help with keeping up with tax payments. You can also create expense reports with the service and organize your business costs.
Key Features of Lili Bank ⚙️
You can earn cashback when you use your credit card on purchases from partnered retailers. There’s no minimum opening deposit to meet, and you won’t be charged for going into your overdraft. In fact, you’ll have an interest-free overdraft of $200. This can be very handy for freelancers waiting for their clients to make deposits into their accounts. If you opt for Lili Pro rather than the Basic version, you’ll be able to earn interest on your savings, but you will need to pay a monthly fee.
How Much Does Lili Bank Cost? 💸
You don’t need to pay anything for the basic version of Lili, but maintaining a Lili Pro account will cost you $4.99 each month. You will be able to withdraw your money for free as long as you use MoneyPass ATM. However, you’ll be charged $2.50 by Lili if you use a machine out of this network, on top of anything the ATM owner might charge you.
The Lili Bank App 📱
The Lili Bank app is available to users of the Android and iOS operating systems. This means you can manage your money on the move with ease as long as you have an eligible device. The app has high ratings on both stores, though the Apple/iOS version of the app has the best feedback.
Is Lili Bank Safe and Secure? 🔒
Should you decide to become a Lili Bank customer, your money will be insured for up to $250,000 via Lili’s partner bank, which is Choice Financial Group Inc. The Better Business Bureau has given this organization a B rating for trustworthiness.
Advantages of Lili Bank 👍
- No minimum opening deposit
- No fees for the basic account
- Free withdrawals from MoneyPass ATMs
- Excellent tax-planning facilities
Disadvantages of Lili Bank👎
- Fee charged for Pro version
Freelancers can find financial management hard as they are paid so irregularly and can spend months waiting for payments. This can make paying tax on time extremely difficult. Lili Bank may well be a good match for you if you need help with putting enough aside for tax season. The first step you need to take if you want to become a Lili Bank customer is to download the app to your mobile and give your email address. You can then complete your application. Approval is normally made instantly.
Lili Bank is more likely to be right for you if you are happy doing your banking on a mobile device. If you prefer to do things on a desktop, you may wish to seek out an alternative money management tool for freelancers. When it comes to getting money into your Lili Bank account, you can do this through direct deposit, mobile check deposit or ACH transfer. You can also send money to your account via e-wallet solutions including PayPal.
It normally takes up to two weeks for new customers to access their physical Lili Visa business debit card. However, the app will allow you to use a digital version of it whilst you are waiting. You can activate the card in the app once it arrives. You will then be able to use it online and offline.
Lili Bank is appealing to freelancers for a variety of reasons. For instance, you won’t need to pay any monthly fees if you opt for the basic version of the service, and you can go as much as $200 overdrawn without being penalised in any way. If you attempt to make a purchase that would put you over this limit, it will simply be declined so you won’t be charged any fees. Another great reason for considering Lili Bank is that you won’t be charged any foreign exchange adjustment fees when you buy something from a retailer based outside of the US. If you want to deposit cash, you can do this at one of the 90,000 partnered Green Dot locations spread across the country. You will have to pay $4.95 per transaction for this.
Lili Bank comes with a host of tools for expenses and taxes to help you get the financial clarity you need. It’s easy to categorize your expenses – just swipe left if it’s a personal one and right if it’s a work-related cost. You can also add receipts for business transactions and download annual and quarterly reports of your expenses with ease. You can also set a percentage of your deposits aside for tax, and this will be sent to your tax bucket automatically.
There are many apps and other financial services for freelancers available online, but Lili Bank should provide you with pretty much everything you need to manage your money if you’re self-employed.