Banking · Self-Employed & Solo Banking
Lili Review
Banking + automatic tax set-aside built for 1099 and solo trades
Account-freeze warning
Documented pattern of sudden account closures / frozen funds (sometimes within ~12 hours), and not BBB-accredited — the standard neobank compliance-freeze risk. Keep a backup account and sweep funds regularly.
Quick verdict
Lili is best for Freelance, 1099, and solo trades (one-person plumbing, electrical, handyman) who want banking plus automatic tax set-aside and invoicing in one cheap app. Cash deposits carry ~$4.95 fee + low caps; best tax/accounting tools paywalled at $35–55/mo; no branches, email-only weekend support; account-closure/frozen-funds pattern; built for solo, not teams.
Fees & APY
Core $0/mo, Pro ~$15/mo, Smart ~$35/mo, Premium ~$55/mo (intro discounts first 3 months). No minimum balance or opening deposit. Up to 4.00% APY savings; FDIC up to $3M via sweep..
- Monthly fee
- $0 (Core); Pro ~$15/mo, Smart ~$35/mo, Premium ~$55/mo
- APY / yield
- Up to 4.00% APY on savings
Affiliate disclosure: affiliate_url stays TBD; referral terms unconfirmed on an owned page.
About Lili
Lili is business banking built for the solo operator and 1099 contractor, and its killer feature is automatic tax set-aside: it estimates and buckets money for taxes as you get paid, plus layers in invoicing, expense management, and bookkeeping/tax-prep tools that auto-sort expenses into tax categories. For a one-person plumbing, electrical, or handyman business that dreads quarterly taxes, that's a genuine pain-killer in a free app. It also supports cash deposits (via Green Dot retail) and pays up to 4.00% APY on savings.
The caveats are the usual neobank ones plus some Lili specifics: cash deposits carry a ~$4.95 retailer fee with low daily/monthly caps; the best tax/accounting tools are paywalled at $35–$55/mo; there are no branches and weekend support is email-only; and there's a documented account-closure/frozen-funds pattern, sometimes fast. It's a fintech (banking via Sunrise Banks). For a 1099 trade that wants banking and tax tools in one cheap app, Lili is one of the best fits; for a multi-employee business, it's too solo-focused.
How it works
Open an account online with no minimum; banking is provided by Sunrise Banks. Money comes in by ACH, wire, mobile check, or cash at 90,000+ retail locations (via Green Dot). The app sets aside taxes automatically, sends invoices, categorizes expenses for tax time, and offers high-yield savings and a credit-builder. Higher tiers ($15–$55/mo) unlock fuller bookkeeping, unlimited invoicing, and bill pay.
Pros & cons
What works
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Automatic tax set-aside
Lili buckets money for taxes as you earn — directly solving the #1 financial headache for 1099 trades and quarterly filers.
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Supports cash deposits
Deposit cash at 90,000+ retail locations (Walmart, CVS, Walgreens, 7-Eleven) via Green Dot — unusual for a fintech.
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Free Core tier, no minimum
Start at $0/mo with no minimum balance or opening deposit — accessible for a brand-new solo trade.
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Built-in invoicing + reports
Send invoices and get P&L/cash-flow reporting (Smart tier+), bundling banking and light bookkeeping.
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High-yield savings + integrations
Up to 4.00% APY savings plus QuickBooks, Xero, Stripe, Shopify, and Gusto connections.
What doesn't
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Cash deposits carry a fee + low caps
Each retail cash deposit runs ~$4.95 with low daily/monthly limits — fine for occasional cash, not for cash-heavy shops.
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Best tools are paywalled
Full bookkeeping, unlimited invoicing, and bill pay sit at $35–$55/mo, so the tax magic isn't all free.
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No branches, email-only weekend support
It's app-only, and weekend support is email — slow when something urgent breaks.
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Account-closure pattern
Documented sudden account closures/frozen funds (sometimes within hours), and it's not BBB-accredited.
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Built for solo, not teams
Optimized for one-person businesses; multi-employee trades will outgrow its single-user focus.
Features & integrations
Key features
Integrations
Frequently asked
How does Lili help with taxes?
Lili automatically estimates and sets aside money for your taxes as income arrives, and its higher tiers categorize expenses into tax buckets and generate reports — so a 1099 contractor isn't scrambling at quarterly-tax time. That automatic tax set-aside is Lili's signature feature and the main reason solo trades choose it.
Can I deposit cash into Lili?
Yes — unlike many fintechs, Lili supports cash deposits at 90,000+ retail locations (Walmart, CVS, Walgreens, 7-Eleven) through Green Dot. Each deposit carries about a $4.95 retailer fee and there are low daily/monthly caps, so it works for occasional cash but not for a cash-heavy operation.
Is Lili free?
The Core plan is $0/mo with no minimum balance. Paid tiers (Pro ~$15, Smart ~$35, Premium ~$55/mo) unlock the fuller bookkeeping, unlimited invoicing, bill pay, and advanced tax tools. The basic banking plus high-yield savings is free; the deeper accounting features are paid.
Is Lili a good business bank for a growing crew?
Less so — Lili is optimized for one-person and 1099 businesses, so a multi-employee trade with payroll and several users will likely outgrow it. For solo operators it's excellent; as you add staff, a small-business-checking option (Relay, NorthOne) or a traditional bank fits better.
Other banking options
Found
Banking built for the self-employed — taxes and bookkeeping included
Novo
Free, integration-friendly small-business checking
Relay
Multi-account business banking built for Profit First cash management
Bluevine
Business checking with high APY plus a line of credit
Mercury
Modern free business banking with up to $5M FDIC — but no cash deposits
NorthOne
Trades-targeted business checking with Envelopes for taxes and per-job budgeting