Hybrid checking / savings account for the self-employed

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This article was last reviewed and updated on August 9, 2021.

Advantages and disadvantages

Lili Account

Annual percentage return (APY)

Nothing

  • Advantages and disadvantages

  • Details


  • Benefits
    • No minimum opening deposit
    • No monthly service fees
    • No overdraft fees
    • Put money in buckets for different expenses
    • Set up automatic savings
    • Tax tools
    • Receive direct deposits up to 2 days in advance
    The inconvenients
    • No physical branches
    • Off-network ATM fee of $ 2.50
    • Checking account for the self-employed
    • Configure a percentage of payments to automatically go to savings compartments
    • Prepare for tax season by sorting out business expenses and saving for tax expenses
    • FDIC insured through a partner bank, Choice Financial Group Inc.

    The Lili account is a current account reserved for the self-employed. You can choose to use it strictly as a business account or as a hybrid business / personal account. If you take the latter route, Lili will help you sort your business and personal expenses.

    Although it is a checking account, Lili makes it easy to save in separate compartments. You can create compartments for tax expenditures or an emergency fund, for example, and configure a percentage of your deposits to automatically go into compartments. But unlike some savings accounts, you won’t earn interest on your savings balances. If you want to earn interest, you might want to go for another banking platform. (Or use another account in combination with your Lili account.)

    You might like this account if you want some help preparing for tax season. Lili has tools to help you save money for tax season, create expense reports, and organize business costs.

    Lili Pro Account

    Annual percentage return (APY)

    1% APY on the savings compartment

  • Advantages and disadvantages

  • Details


  • Benefits
    • No minimum opening deposit
    • Earn money with your debit card
    • No overdraft fees and you can withdraw up to $ 200 before your purchase is declined
    • Put money in buckets for different expenses
    • Earn interest on your savings compartment
    • Set up automatic savings
    • Tax tools
    • Receive direct deposits up to 2 days in advance
    The inconvenients
    • No physical branches
    • $ 4.99 monthly service charge
    • Off-network ATM fee of $ 2.50
    • Interest earned on savings is compounded monthly, not daily
    • Hybrid checking and savings account for the self-employed
    • Configure a percentage of payments to automatically go to savings compartments
    • Prepare for tax season by sorting out business expenses and saving for tax expenses
    • Earn money at select retailers (see which retailers are offering rewards in your Lili app)
    • Interest earned on the savings compartment is compounded monthly, paid monthly
    • FDIC insured through a partner bank, Choice Financial Group Inc.

    Lili Pro includes the same features as the basic account. It also adds additional tools such as a high interest rate on your savings compartment and cash back rewards at select retailers. Just be aware that you will be paying a monthly fee.

    How Lili Works

    Lili is an online banking platform only for the self-employed. It has tax tools and a feature that helps you figure out how much to save for tax season. You can also set up savings compartments in the checking account.

    You have free access to over 38,000 MoneyPass ATMs in the United States. If you use an off-grid ATM, Lili charges a fee of $ 2.50. The off-grid ATM provider may also charge a fee.

    Lili does not charge overdraft fees. You can link an external bank account, and if you overdraft, funds will be taken from that account to cover the purchase. If funds are not available to cover an overdraft, the company may freeze your account.

    The Lili mobile app has been awarded 4.7 out of 5 stars in the Apple Store and 4.2 out of 5 stars in the Google Play Store.

    You can call customer service Monday through Friday 9:00 a.m. to 7:00 p.m. ET, or send an email.

    Your account is FDIC insured up to $ 250,000 through Lili’s partner bank, Choice Financial Group Inc.

    Is Lili trustworthy?

    Lili’s partner bank is Choice Financial Group Inc. The Better Business Bureau gives Choice Financial Group a B for reliability. The BBB measures reliability based on factors such as responses to customer complaints, honesty in advertising, and transparency of business practices.

    Choice Financial Group may have a B because it has 68 customer complaints on the BBB website. The good news is that the company has responded to and closed most of these complaints.

    Banks such as Wells Fargo and Bank of America have faced scandals over their treatment of racial minorities and people with disabilities. Choice Financial Group hasn’t had a recent public scandal, however, so you can decide you’re comfortable keeping your money with Lili.

    How Lili Stacks Up To Similar Accounts

    We compared the Lili account to two other accounts that are advantageous for freelancers: the Radius Tailored chequing account and the free NBKC business chequing account.

    Lili’s exam vs. Radius’s exam

    You may prefer Lili if you want a single account for your business and personal expenses. The Radius Tailored chequing account is reserved for businesses. However, Radius offers many personal accounts that you can open separately.

    The Radius Tailored chequing account offers special benefits. You’ll get 1-1.5% cash back on debit card purchases. You will also earn 0.10% APY if you maintain a balance of $ 5,000.

    You can link your Radius account to budgeting and tax software like Mint, Quicken, or QuickBooks, but Radius doesn’t have its own tax tools specifically for freelancers. If you want features to suit your freelance life, you might want to go with Lili.

    Lili review versus NBKC Bank review

    While Lili can be used as a combined business / personal account, the NBKC Free Business Checking Account is strictly a business account. But you can open a separate personal account with NBKC.

    You will probably like Lili if you want help with your taxes. NBKC does not have built-in tax tools, and you cannot connect to external tax services like QuickBooks.

    But if you think you’ll be using non-MoneyPass ATMs frequently, you might prefer NBKC. It does not charge a fee when you use off-grid ATMs. If the ATM providers charge you, NBKC will reimburse up to $ 12 per month, even if you used an ATM in another country.

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