Lili

Lili is a digital business bank built specifically for independent earners. The free Core plan provides FDIC-insured checking with no monthly fees — but expense categorization, tax savings tools, and invoicing require upgrading to the Pro plan ($15/month) or higher. Authors who've seen tax season arrive without enough set aside will find Lili's percentage-sweep tax bucket genuinely useful.

What You Get#

• Business checking (Core, free): Visa debit card, MoneyPass ATM network access (40,000+ fee-free ATMs), ACH/check/wire payments, early ACH deposits (up to 2 days early), a high-yield savings account (now open to Core as of Jan 2026, previously paid-only), FDIC insurance up to $3M via Sunrise Banks N.A.
• High-yield savings APY is tiered: As of January 13, 2026, the savings account earns 2.25% APY on balances up to $500K and 4.00% APY only on the $500K–$1M band (0% above $1M) — so the headline "up to 4.00%" does not apply to typical author balances, which earn 2.25%
• Expense categorization (Pro+): Categorizes every transaction, attaches receipts, generates expense reports to simplify Schedule C preparation — manual configuration, not AI-driven at this tier
• Tax savings bucket (Pro+): Set a custom percentage of each deposit to sweep automatically into a dedicated savings sub-account so quarterly estimated taxes are funded continuously
• Full accounting and invoicing (Smart+): Unlimited invoicing, bill management, enhanced financial reporting, and AI-powered transaction categorization at the Smart tier ($35/month)
• Priority support (Premium): Dedicated account manager available 7 days a week; all lower plans have standard weekday-focused support

Who It's For#

• New authors establishing business banking: The free Core account provides legitimate business checking at no cost, separating personal and business finances from the first royalty deposit
• Part-time authors managing quarterly taxes: The Pro tier's automated tax savings bucket ($15/month) addresses the most common cash-flow problem for first-time self-employed writers
• Established authors with invoicing needs: Smart tier ($35/month) adds unlimited invoicing and bill management for authors selling direct, running Patreon, or billing clients for speaking engagements

Pricing: Core: free (basic banking only, no expense or tax tools). Pro: $15/month (expense tracking, tax savings). Smart: $35/month (full accounting, AI categorization, invoicing). Premium: $55/month (all features + dedicated account manager). All paid tiers include a 30-day free trial.

Strengths#

• No-fee business banking: Core plan has no monthly fees, no transaction fees, and no incoming wire fees — real business checking at zero cost with a Visa debit card
• Automated tax savings: The percentage-sweep feature automatically funds quarterly estimated tax payments for Pro+ users, eliminating the "I forgot to save for taxes" problem
• FDIC coverage up to $3M: Provided through Sunrise Banks N.A. via an insured cash sweep program — well above the standard $250K, relevant for authors with significant balances

Limitations#

• Tax tools require paid tier: Core does NOT include expense categorization or the tax savings bucket despite being prominently featured in Lili's marketing; authors expecting free tax tools will need to upgrade to Pro ($15/month)
• No tax filing: Lili produces expense reports and tax savings estimates but does not file taxes; a separate tax platform (TurboTax, H&R Block, FreeTaxUSA) is still required
• Cash deposits are retail-only, with retailer fees: Cash cannot be deposited at ATMs — only at 90,000+ retail locations (Walmart, CVS, Walgreens, 7-Eleven). Lili charges no fee, but the retailer may add up to $4.95 per transaction, and per-deposit limits are low ($500 at most stores, up to $1,000 at Walmart) — real friction for authors who sell physical books at events and handle cash regularly
• Weekend support gaps: Phone and email support is weekday-only (9am–7pm ET); weekend support is email only

Alternatives#

Found is the closest competitor — similar freelancer-first banking with a free tier, automatic Schedule C generation, and quarterly 1040-ES estimated-tax payments. Note that Found's in-app Column Tax e-filing was discontinued in March 2026, so like Lili it no longer files your return (both hand off to TurboTax or an accountant). QuickBooks Checking integrates directly with QuickBooks Solopreneur for authors who want bookkeeping and banking in a single Intuit ecosystem.