How to Get Started with Lili: The Bank Account No Freelancer Should Live Without
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The gig economy is growing every day, and around 57 million* Americans doing freelance or gig work, congrats on your flexible schedule and being your own boss.
Finances can be hard to keep track of though so that’s why Lili, an all-in-one banking app is designed specifically for freelancers like you!
What is Lili?
Lili is a fee-free mobile banking app that’s only accessible to freelancers and small business owners. Even Shopify and Etsy owners can easily deposit their earnings into their Lili account.
There are no account fees, no overdraft fees, no minimum balance, no foreign transaction fees, and you can get paid up to 2 days earlier** via direct deposit. Even stimulus payments and tax refunds can arrive earlier!
Lili also provides exclusive tools like:
- Expense reports – They’re automatically generated and can be exported out
- Expense management – Categorize Personal or Business expenses easily by literally swiping left/right. No need for separate bank accounts!
- Tax Bucket – Helps you plan & prepare taxes all year long (instead of at the last minute)
- Emergency Bucket – Helps you set aside a fixed daily amount for an emergency fund which you can access at any time
- Financial Insights – Track how much your business is bringing in vs. your spending habits
With Lili, you won’t get surprised at tax time as you’ll be able to save and categorize expenses throughout the year. They’ll make sure you include common tax deductions too like mileage, home office, software, internet, cell phone bill, and more depending on your profession.
Last year, the average tax refund received by Lili customers was $2,697!
Need cash? You’ll be able to use your Lili Visa® business debit card to withdraw cash at over 38,000 free ATMs too.
How to Get Started with Lili
You can open a Lili account in 3 minutes. (They timed it).
It’s simple:
- Complete a Lili application
- Download the Lili app
- Pair your device
- Get your Visa® card!
While you’re waiting for the physical card, you can use the digital debit card immediately.
Note: Since you’re applying for a bank account, you’ll need to provide your SSN. Don’t worry, it won’t affect your credit score!
What Members Are Saying
At the time of writing, Lili is rated 4.7 out of 5 on the App Store with positive reviews from members.
“Lili makes even the most agonizing tasks a piece of cake. I’m actually excited to do my taxes this year!” – Shlicia, Arizona (Graphic Designer, 2sday’s Design Solutions)
“Lili has allowed me as a freelancer to spend less time on my personal finances and more time on my clients.” – Logan, Nevada (Insurance Agent, Beta Insurance)
Is Lili Safe?
Since Lili is a mobile-only app, there is no brick & mortar location.
However, your money is FDIC-insured up to $250,000 (the standard for traditional banks as well) through their partner bank Choice Financial Group.
You can also freeze and unfreeze your card whenever you need to directly from the Lili app. Plus, real-time transaction notifications whenever your debit card is used keep you constantly updated.
Is Lili Worth Your Time?
Lili was voted Best Bank Account for Freelancers in 2020 by Fundera, the go-to financial resource for small businesses!
They’ve also calculated that by using Lili, you’d save 60 hours of finance management and $1,700 per year.
With no monthly fees, no minimum balance, and free exclusive tools to manage and reduce your taxes, it’s well worth a shot as Lili is free to apply for.
57 million gig workers source: Statista
** Early access to direct deposit funds depends on the timing of payer’s submission of deposits. Lili will generally post these deposits on the day they are received which can be up to 2 days earlier than the payer’s scheduled payment date.
