[Important Update] Lili Bank $300 Business Checking Bonus

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

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

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