Lili
Banking designed exclusively for freelancers with built-in tax tools.
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Lili is a business banking account built from the ground up for freelancers and self-employed professionals. Its standout feature is an automatic tax bucket: every time you receive income, Lili automatically sets aside a percentage for taxes. It also includes expense categorization, invoicing, and basic financial reports designed for sole proprietors.
Our Scores
4.6
Ease of Use
4.2
Features
4.7
Value
4.0
Support
Pros & Cons
Pros
- ✓Automatic tax bucket — sets aside a % of income for taxes automatically
- ✓Built-in invoicing and expense tracking
- ✓No monthly fees on the basic plan
- ✓Instant payment notifications and real-time balance updates
- ✓FinancialSafe feature for emergency fund savings
Cons
- ✗US-only and primarily for sole proprietors on the free plan
- ✗No cash deposits
- ✗Tax tools are basic compared to dedicated tax software
- ✗Pro plan required for advanced accounting features
Best For
- →Freelancers who want automatic tax savings built into banking
- →Sole proprietors and independent contractors
- →Gig workers who struggle to save for quarterly taxes
- →Those who want an all-in-one bank + basic accounting tool
Not Ideal For
- ✗Businesses needing multi-currency accounts
- ✗Those who need a full accounting platform
- ✗LLC or corporate account holders (sole prop only on basic plan)
Pricing
Lili Basic
Free
- ✓Business checking
- ✓Automatic tax bucket
- ✓Basic expense categorization
- ✓Instant notifications
- ✓FDIC insured
Lili Pro
$17/month
- ✓Everything in Basic
- ✓Invoicing
- ✓Advanced expense categories
- ✓FinancialSafe savings
- ✓Priority support
Lili Smart
$35/month
- ✓Everything in Pro
- ✓Accounting software features
- ✓Balance sheet & P&L
- ✓Schedule C prep
- ✓Dedicated account manager
Frequently Asked Questions
How does Lili's automatic tax savings work?
When you receive income into your Lili account, the app automatically transfers a percentage you define (like 25-30%) into a separate tax bucket. This helps freelancers avoid the common trap of spending money they owe in quarterly taxes.
Is Lili FDIC insured?
Yes. Lili banking services are provided by Choice Financial Group, Member FDIC. Your deposits are FDIC insured up to $250,000.
How does Lili compare to Relay for freelancers?
Lili is designed exclusively for freelancers and has stronger tax-saving automation. Relay offers more flexibility with multiple accounts and is better for the Profit First method. Both are good choices — Lili wins for simplicity, Relay for control.
Other Banking Options
Tax Information Notice
This content is for informational and educational purposes only. It does not constitute tax, legal, or financial advice. Tax laws change frequently. Always consult a qualified CPA or Enrolled Agent for your specific situation.