Update 8/30/24: Readers are reporting having their accounts closed for no reason.
Update 8/29/24: Terms state: To be eligible, new Lili Account customers must (i) be 18 years or older (or 19 in Nebraska or Alabama) who can form a legally binding contract and open a Lili Account and use the Services (as such terms are defined in the Sunrise Banks Account Agreement); (ii) be a legal resident of the fifty (50) United States or the District of Columbia. Lili App Inc. officers, directors, and employees and their immediate family members (spouse, parents, siblings, and children) are not eligible; and (iii) have applied for a Lili Account through one of the following websites: http://www.nerdwallet.com ; http://www.bestmoney.com ; or through a shared communication channel by Lili with Dun & Bradstreet. Conditions and Promotional Period
You can try this link from Nerdwallet. People that applied through this link are having the bonus attached via e-mail whereas the direct link are receiving an e-mail without the bonus attached.
Offer at a glance
- Maximum bonus amount: $300
- Availability: Nationwide
- Direct deposit required: No
- Additional requirements:See below
- Hard/soft pull: Soft pull
- ChexSystems: No
- Credit card funding: None
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit: None
- Expiration date: October 25, 2024
Contents
The Offer
Direct link to offer
- Lili Bank is offering a $300 bonus when you open a new business checking account and complete the following requirements:
- Deposit $5,000 Within the following 30 days of opening your Lili account
- Maintain a daily $5,000 balance For 60 days from depositing $5,000
- Make at least 5 qualifying purchases Using your Lili Visa® Debit Card
The Fine Print
- *Promotion Terms and Conditions: Eligible Participants: This promotion is non-transferable and limited to one offer per new Lili Business Deposit Account (Lili Account) customer, which for this purpose means a natural person who does not have an existing Lili Account in which they are the owner of a sole proprietorship account or an ultimate business owner of a legal entity account and has not had such an account open in the last twelve (12) months.
- To be eligible, new Lili Account customers must (i) be 18 years or older (or 19 in Nebraska or Alabama) who can form a legally binding contract and open a Lili Account and use the Services (as such terms are defined in the Sunrise Banks Account Agreement); (ii) be a legal resident of the fifty (50) United States or the District of Columbia. Lili App Inc. officers, directors, and employees and their immediate family members (spouse, parents, siblings, and children) are not eligible; and (iii) have applied for a Lili Account through one of the following websites: www.nerdwallet.com ; www.bestmoney.com ; or through a shared communication channel by Lili with Dun & Bradstreet. Conditions and Promotional Period
- : To be eligible to receive the bonus associated with this promotion, new Lili Account customers must 1) apply for and open a Lili Account between 12:00 AM ET on July 25, 2024 and 11:59 PM ET on October 25, 2024; 2), deposit $5,000 to their checking account within thirty (30) days of account opening and continue to maintain a minimum checking account daily balance of $5,000 for sixty (60) days from the date the account balance reaches the initial $5,000 deposit threshold; and 3) make a minimum of five (5) qualifying purchases using the Lili Visa® Debit Card issued to the new Lili Account customer.
- A qualifying purchase is a point of sale purchase that is not returned or rescinded. Non-qualifying purchases include any internet purchases or any person-to-person, bank, or other electronic money transfers, such as those made through internet payment services.
- Notification: If a new Lili Account customer meets all of the eligibility requirements and conditions of the promotion, the bonus will be deposited into their Lili Account by the tenth day of the month following the month in which the last requirement was met, provided that the account is not closed or suspended.
- For the avoidance of doubt, any Lili Account suspended or terminated by Lili or terminated voluntarily by the new Lili Account customer before the bonus is paid is ineligible for the bonus. Miscellaneous: The bonus associated with this promotion may be considered interest and may be reported on IRS Form 1099-INT or other appropriate form.
- The participant is responsible for any federal or state taxes resulting from the promotion. Participants should consult their tax advisor if they have questions about tax treatment.
- Other terms and conditions of the Lili Account are disclosed in the participant’s Sunrise Banks Account Agreement. Offer and account opening subject to Sunrise Banks, Member FDIC, approval.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Lili basic has no monthly fees to worry about.
Early Account Termination Fee
Wasn’t able to find a fee schedule so unsure if there is an early account termination fee or not.
Our Verdict
We have seen bonuses for the Lili personal account before but not for the business account. Looks like they are business accounts only now? I do think this bonus is worth doing and will add it to the list of the best bank account bonuses.
Hat tip to ChurnDaddyM
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
Debit card requirement is not clear – Does the 5 swipes in walmart or target needs to happen within 30 days of account opening or within the 90 days (where we’ll satisfy the 5k fund parking requirement) ?? Anyone already messaged? I am planning to reach out to them on this.
Yes, not clear.
Did you get your debit card? Mobile app says by 09/18 for me, still nothing.
Two days ago my app said 16th, now it changed to 23rd.
My business address is different from home address and they sent my 1st debit to my business address instead of home address. Hence, I needed to cancel my debit card and order a new one and the app says it will be delivered 9/27 but I am in any rush as I am still in process of parking 5k in parts and my 30th day is 9/28 and I’ve 60 days from the day I fund my 5k to finish my 5 debit card txns (that’s what their email says)
UPDATE – I am answering my own question. They just confirmed over the email that the 5 debit card txns needs to be completed by 60 days from account funding date but I’ll complete that well before that to be safe. Saved that email for future reference, just in case if needed.
Thanks for the update. I funded the account right after account opening and it’s been 20 days but I haven’t received the debit card yet. Hopefully it arrives in time for me to complete the debit transactions required.
The terms said ” Non-qualifying purchases include any internet purchases or any person-to-person, bank, or other electronic money transfers, such as those made through internet payment services.” It seems online purchases might not count, so I will have to make 5 in-store purchases with pin.
How long did it take you guys to receive the debit card? I opened the account two weeks ago and still haven’t received the debit card.
Opened 08/30. App says should receive card by 09/13. Haven’t received the card yet.
Thanks. I’ll go to check my app to see what it says.
App says now 09/18…
Where did you find the expected receiving date of the lili card in the app? I logged into my app on the computer, only saw “card details”, “active physical card” “freeze card” and “order new card”
It’s in my mobile app on the cell phone. It’s on the main screen just after login in.
Thank you! It looks like it is exclusive to the phone app, the web app doesn’t have it. I just downloaded the app to my phone and saw it said the card should come by 16th.
Opened 8/29/24 and did not get shutdown yet. Have NOT received the debit card or deposited money into the acct yet. Waiting for the 30 day mark
You don’t have to max out the 30 days necessarily as the 60 days holding is from when the $5k is funded. But getting the card first would be good, hopefully this week.
Opened on 2024/08/29 as sole prop with SSN via the original (non-Nerdwallet, non-BestMoney) link. I was able to open the account successfully, but did not notice any bonus language in my welcome email.
I messaged customer service that I didn’t see any confirmation of my enrollment in the bonus in the welcome email and provided them with both the screenshot of my welcome email as well as the Nerdwallet link. Shortly after doing so, I received the following message:
“Thank you for signing up for a Lili account through Nerdwallet! We’re excited to let you know that the promotion associated with your new Lili account is active. To ensure that you qualify for the $300 Welcome Bonus, please keep in mind the promotion terms and conditions for eligibility requirements.”
My account is still open, and I’ve linked the account from where the $5000 will come from. I’m wary of making the transfer given others’ experiences, and will probably wait until after I receive the debit card to do so.
Opened 08/30 as sole prop, no DBA. Got bank letter today: “This letter confirms that the below details are associated with a Checking Account and that the account is active and in good standing.”
did you use an ein or just ssn?
Just SSN.
I was able to open an account after submitting documents for my business–articles of incorporation, EIN, and driver’s license. Not sure if I will get shut down like so many others. My wife applied as a sole prop and was shut down.
Risk Apetite:
Anyway or shape you wanted to interpret. What kind of risk new account holder poses? He/She is not seeking a loan/mortgage/home equity approval! Give me a f**king break! Unless of course account holder/prospective account holder is having derogatory remarks like bounce checks, no payment made, etc.
Can any expert weigh in here?
Risk of having to pay out a $300 bonus.
LOL…. Love your sense of humor! Everyone of the new account holder who will meet the criteria is eligible for $300….Unless you mean Risk in this case is: Propsective Account holder will meet the criteria? LOL
Good thing I waited it a bit out first. Was going to apply today but looks like there are some issues with this bank…
I would say don’t apply based on mass “negative” remarks in this forum!
True, I could have worded it better. There’s always a risk vs rewards when you apply. You never know when the bank will pull the promo offer so it may be better to apply early but if it is a bank that is not well known around here, there are lots of uncertainties until DPs arrive.
I think this bank is collecting people’s personal info with this bonus bait.
That is illegal….
Banks do plenty of illegal stuff. Hasn’t stopped them before. It would be hard to prove too.
Might be Chex sensitive. I got approved online but the next day I received the following.
After carefully reviewing your account, we have made the difficult decision to close your Lili Account, including your Lili Savings Account if applicable, and revoke your access to any Lili services in accordance with the Lili User Agreement.
The reason for the decision is that your account is beyond our risk appetite. Unfortunately, this decision cannot be appealed.
P1 has S-Corp. received immediate approval.
Applied for P2 using SP option, was denied immediately w/ basically “we can’t approve you and no one can tell you why”