Lily
- Best for: Freelancers and small business owners who want banking and accounting tools in one app
- What sets it apart: Integrated filing, invoicing and tax preparation in mid-tier plans replace standalone software; high yield savings up to 4.00% APY with FDIC coverage up to $3 million
- Cost: $0/month (Basic) · $15/month (Pro) · $35/month (Smart) · $55/month (Premium) · $30/month BusinessBuild extra after trial
- Features: Business control + high-yield savings · Integrated accounting and billing (Smart+) · Business credit building (add-on)
- The pros: Free plan with real features · Smart plan replaces paid software · Up to 4.00% APY on savings
- Disadvantages: Fees have increased significantly · Additional costs of BusinessBuild · Premium hard to justify
Just tips:
If you’re self-employed or run a small business, your banking app should do more than hold your money. Lili’s mid-tier plans bundle control, invoicing, bookkeeping, and tax preparation into one place, so you can skip separate software subscriptions and manage your finances without switching apps.
Lily is a business banking platform built for freelancers, sole proprietors and small businesses who want more than a basic checking account without hiring an accountant. It offers four tiers of plans – Core, Pro, Smart and Premium – ranging from free to $55 per month, each adding more financial tools on top of the last.
Main features
- Four plan levels: Core (free), Pro ($15/month), Smart ($35/month), Premium ($55/month)
- Up to 4.00% APY on savings balances over $500,000; 2.25% APY up to $500,000
- FDIC coverage up to $3 million through Sunrise Banks, NA and a clearing network
- Integrated billing, accounting and tax preparation tools on Smart and Premium plans
- BusinessBuild add-on for business credit monitoring and reporting ($30/month after trial)
- Fee-free overdraft protection up to $200 on all paid plans
- 40,000+ fee-free ATMs; early direct deposit on all plans
Pros
- The basic plan is really useful with $0, interest earning savings and early direct deposit included
- Smart Plan replaces multiple paid software subscriptions with built-in accounting, invoicing and tax tools
- The high yield savings rate and extended FDIC coverage are strong for a business banking application
ANTI
- Paid plan fees have increased significantly: Pro is $15/month, Smart is $35/month, Premium is $55/month
- Premium only adds a dedicated specialist and a metal debit card over Smart, hard to justify at $20 more per month
- The BusinessBuild loan program is a separate add-on at $30/month, not included in any plan
- No cashback rewards program is currently offered on any plan
Lily it’s a solid choice if you want banking, accounting and billing in one place without bundling separate subscriptions. Smart is the plan from most small business owners that will benefit the most. Only accounting and tax tools can justify the cost. Just skip Premium if dedicated support doesn’t really matter to you.
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