Lili was founded in 2018 and built from the start with freelancers and self-employed workers as the explicit target, rather than adapting a generic business banking product for independent workers. The platform partners with Sunrise Banks N.A. for banking services, with FDIC insurance up to $3 million through the IntraFi sweep network — significantly higher than the $250,000 cap at most single-bank fintech accounts.
The Lili Core account is free with no monthly fee, no minimum balance, no hidden charges, no overdraft fees, and no out-of-network ATM fees from Lili’s side (though third-party ATM surcharges may apply at the machine). Core also includes access to 38,000+ fee-free MoneyPass ATMs. Early direct deposit and ACH payment availability — receiving certain deposits up to two days earlier than a traditional bank — is a practical benefit for freelancers managing irregular cash flow.
A significant update landed in January 2026: the savings account earning 2.25% APY on balances up to $500,000 and 4% APY on balances between $500,001 and $1,000,000 became available on all plans including the free Core tier. Previously this savings yield was restricted to paid plans. For a freelancer holding $20,000 in savings, 2.25% APY generates $450 per year — meaningful income from idle cash that most no-fee checking accounts do not provide.
The paid plans layer financial management tools on top of the banking foundation. Pro at $15 per month adds expense categorization with IRS-ready tax bucket allocation, a quarterly tax estimation tool that calculates what you likely owe in estimated taxes based on actual incoming income, and overdraft protection up to $200 through the BalanceUp program for qualifying account holders. Tax estimation is the most distinctive paid feature — it automatically calculates how much of each deposit to set aside for quarterly estimated taxes and can sweep that amount into a dedicated savings bucket, removing the discipline requirement that trips up most new freelancers.
Smart at $35 per month adds accounting software and invoicing tools. The invoicing creates and sends professional invoices, accepts multiple payment methods, and tracks outstanding balances. The accounting layer generates profit and loss statements. For a freelancer with straightforward finances who previously paid separately for QuickBooks Self-Employed and a basic invoicing tool, Smart can consolidate both into one $35 monthly fee.
Cash deposits require a Green Dot partner location and carry a $4.95 fee per deposit capped at $1,500 per day and $5,000 per month. For freelancers who receive cash payments regularly — photographers, tutors, event staff — this is a friction point that Novo and Mercury handle more cleanly.
Bill pay is not available on the free Core or Pro plans. Paying vendors from the account requires upgrading to Smart or higher.