Lili Banking: Earn 3.00% APY and a Potential $300 Bonus for Freelancers

If you're a freelancer, gig worker, or small business owner tired of big bank fees and clunky apps, Lili Banking might be worth a look. It's a mobile-first bank designed specifically for independent workers, and right now it's offering a competitive 3.00% APY on balances, plus a chance to snag a $300 bonus if you open a new business checking account and meet a few requirements. Let's break down what's on the table and what you need to watch out for.

What Makes Lili Different?

Lili isn't your typical checking account. It's built from the ground up for people who work for themselves. That means features like automatic tax savings, a write-off tracker, and invoicing tools are baked right into the app. You also get receipt scanning and transaction categorization, which can save you hours come tax season.

The account comes with a Visa debit card, and there are no monthly maintenance fees, no minimum balance requirements, and no hidden charges. Even overdrafts won't cost you — they're $0. And if you use an in-network ATM, you won't pay a fee there either.

• 3.00% APY on all balances
• No monthly fees or minimum balance
• Built-in tax and accounting tools
• FDIC insured through Sunrise Banks

How to Score the $300 Bonus

The $300 bonus is available for new business checking accounts, but it's not automatic. You'll need to jump through a few hoops. First, you have to apply through one of Lili's partner sites — NerdWallet, BestMoney, CNBC, or a Dun & Bradstreet channel. Then, within 30 days of opening your account, deposit at least $5,000.

After that, you need to maintain a daily balance of $5,000 for 60 days from the day you hit that deposit mark. On top of that, you have to make at least five qualifying purchases with your Lili Visa debit card. Note that online purchases and person-to-person transfers (like Venmo or Cash App) don't count — only point-of-sale transactions that aren't later refunded.

If you meet all the conditions, the bonus should hit your account by the 10th of the month following the month you complete the requirements. Just don't close or suspend your account before the bonus is paid, or you'll forfeit it.

• Apply through a partner site (NerdWallet, BestMoney, CNBC, or Dun & Bradstreet)
• Deposit $5,000 within 30 days
• Keep $5,000 daily balance for 60 days after deposit
• Make 5 qualifying debit card purchases (in-store, not online or P2P)

Things to Keep in Mind

The $300 bonus is technically expired (the offer period ended December 31, 2024), but Lili may run similar promotions in the future. Always check the latest terms on their official site before applying.

Also, the 3.00% APY is subject to change — it dropped from 3.65% in March 2025. While it's still competitive for a checking account, don't expect it to stay fixed forever. And remember, the bonus may be considered interest and reported on a 1099-INT, so you'll owe taxes on it.

If you're a freelancer who wants a simple, fee-free account with decent interest and built-in tax tools, Lili is a solid option. Just make sure you can meet the deposit and spending requirements if you're chasing the bonus.

Bottom Line

• Lili offers 3.00% APY with no fees, ideal for freelancers and small business owners.
• The $300 bonus requires a $5,000 deposit, 60-day balance hold, and 5 debit card purchases.
• Apply through partner sites like NerdWallet or CNBC to be eligible for the bonus.
• Bonus is taxable and may be reported on a 1099-INT.

Common Questions