Lili is a free online business checking account geared towards freelancers and sole proprietors. It’s a bank account that I personally use for my own freelance and gig economy work – everything I earn from my side hustles goes directly into my Lili bank account. Even better, Lili is currently offering new users a $100 bonus if you open a free Lili account using a referral link. This makes Lili a no-brainer account to at least open and try out. Here are the steps to follow to earn your $100 Lili referral bonus:
- Open a free Lili business checking account using a referral link (here’s my referral link).
- Spend $250 on your Lili debit card within 45 days of opening your account.
- Lili will deposit $100 into your Lili business checking account after you meet the spending requirement.
There are a lot of reasons why I think Lili is an excellent business checking account. I’ve written a full, in-depth review of Lili in a previous post (Lili Bank Review: A Free Business Bank Account For Freelancers And Gig Workers). Briefly, here are some of the reasons why I think Lili is a good account to open (and an especially good one to open to at least earn the signup bonus).
- No Fees. The most important thing to know is that Lili has no account fees. This includes no minimum balance requirement, no monthly fees, no overdraft fees, and interestingly, no foreign transaction fees either. ATM withdrawals are also free if you use one of 38,000 ATMs they have around the country.
- An Excellent App. Lili is a mobile-first bank account, which means you do everything in the account using your phone. For some, this could be a downside. Personally, I use my phone for just about everything, and the Lili app is excellent.
- Automatic Tax Savings. Without a doubt, Lili’s best feature has to be its automatic tax savings feature. When you’re self-employed, you’re responsible for saving for and paying your own taxes. Most people often forget about this and then find themselves scrambling come tax time. Lili helps you avoid this problem by automatically setting aside a percentage of your income into a separate account. I have it set up so that whenever I get paid, 1/3 of my income automatically gets set aside. When tax time comes around, I’m never scrambling anymore.
- Easy Bonus To Earn. The Lili referral bonus is easy to earn. You don’t need to do a direct deposit or keep any money in the account. The only thing you have to do is spend $250 on your Lili debit card. Since you’ll earn $100, that comes out to a 40% return on your spending.
Lili Referral Bonus – Step By Step Directions
With that brief bit of background out of the way, let’s get into the step-by-step directions to earn your Lili referral bonus. Here’s what you need to do:
1. Open A Free Lili Account Using A Referral Link. The first thing you’ll need to do is open a free Lili bank account using a referral link. Here’s my Lili referral link if you’d like to support this blog. If you use my referral link, it should automatically input the referral code for you. Just in case though, make sure that during the signup process, my referral code is in the referral code section (my referral code is 505thY). The entire signup process should take you less than 5 minutes.
It’s important to note that since Lili is a business checking account, you’ll need to have some sort of business to be eligible to open an account. You don’t need to create a business entity, however – you can use Lili if you’re a sole proprietor. When you’re signing up, Lili will ask you what industry you’re in. Pick whatever is closest to your industry. In this case, I have a rental property, so I picked Real Estate.
If you don’t think you have a business, it’s worth thinking about that more carefully. More likely than not, you probably do have a business of some sort. If you earn any income outside of your W-2 job, you are a sole proprietor and do indeed have a business. Delivering for DoorDash, Uber Eats, or Grubhub, selling things on eBay or Facebook Marketplace. These are all businesses that make you a sole proprietor. It’s very likely anyone reading this would qualify or can qualify for a Lili business checking account.
The last thing you’ll need to do is pick which plan you want. Lili has both a free plan and a premium plan that comes with a monthly fee. I recommend you go with the free plan.
2. Spend $250 With Your Lili Debit Card Within 45 Days Of Opening Your Account. After you’ve opened your Lili account, the next thing you’ll need to do is spend $250 on your Lili debit card within 45 days of opening your account. You’ll receive your Lili debit card in the mail soon after opening your account.
The best way to meet this requirement is to fund your account with $250, then use your Lili debit card to pay $250 worth of bills or use it for your regular day-to-day spending for a little bit. The terms specifically state that P2P payments do not count, so using Venmo or Cash App won’t work.
3. Your Bonus Should Post After Meeting The Spending Requirement. Your bonus should post within 5 business days after you meet the $250 spending requirement. You have to wait for all your transactions to post, so it could be a few extra days depending on how long it takes for your transactions to post.
Stacking Your Lili Referral Bonus With Cashback Apps
Occasionally, you’ll find cashback apps that offer you a bonus if you open your Lili account through their app. Interestingly, you can stack these cashback bonuses with a referral bonus as well. In essence, this allows you to double-dip your bonuses, earning both a cashback and a referral bonus at the same time. Here’s how you do it
First, before opening your Lili account, check Swagbucks or Drop to see if they have a good cashback deal. For example, as I’m writing this, Drop is currently offering $90 if you open your Lili account through their app. To do this, download the Drop app, then search for Lili. You’ll then sign up for your Lili account by clicking the sign-up button in the Drop app.
Next, during the signup process, make sure to enter a referral code in the referral code box. For reference, my referral code is 505thY. You have to make sure you enter a referral code or else you’ll miss out on the referral bonus.
Finally, meet all the requirements to earn your bonus. With Drop, all you currently have to do is fund your account with $200 to earn the $90 cashback bonus. Then, to earn your $100 referral bonus, you need to spend $250 on your Lili debit card. Meet both requirements and you’ll earn both bonuses.
I’ve written a post on what I think are the best cashback apps. Definitely check that post out if you’re looking for more info about cashback apps.
Refer Friends And Family To Earn More Money
When you open your Lili account, you’ll also get a referral link that you can use to refer other people. The person you refer has to follow the same steps – open an account with a referral link and spend $250 or more on the Lili debit card.
You can find your Lili referral link in the Lili app, either on the main page of the app or in the menu section of the app.
The terms state that you can earn up to $500 in referral bonuses, so under the current promotion, you should be able to refer several people. I’m not sure whether Lili counts the referral bonus you earn for signing up as part of the $500 limit (I think they do count it as part of the $500).
Lili is a business checking account that I personally use for all of my gig economy and freelance work. It helps me keep my business finances organized.
The automatic tax-saving feature, in particular, is a game-changer for me. Before I had a Lili account, I had to manually set aside money towards taxes. As you can probably imagine, I often forgot to do this, which meant I sometimes had to scramble at the end of the year. Now I never have any problems.
I hope this post was helpful. Lili is an easy referral bonus that’s worth taking advantage of if you can, especially if you’re in the market for a new business checking account.
Feel free to shoot me a message or leave a comment if you have any questions.
More Recommended Referral Bonuses
Beyond Lili, there are also other easy referral bonuses that you may want to take advantage of. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.
Here are some of the other referral bonuses I recommend.
- Chime is a free bank account that offers a referral bonus if you use a referral link and make a direct deposit of $200 or more. You can sign up for a Chime account with my referral link. I also wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
- M1 Finance is my favorite brokerage account and they also offer a referral bonus if you open an account with a referral link. Here’s my M1 Finance referral link. I’ve also written an M1 Finance referral bonus guide that details how to earn your referral bonus.
- Webull is a free brokerage account that gives you free stocks if you open an account using a referral link. Here’s my Webull referral link. For more in-depth directions, check out my WeBull referral bonus guide.
- SoFi is giving away $10 if you open a free SoFi Money account and download the SoFi app through a referral. Here’s my SoFi referral link. This is a really easy bonus to earn and should only take you a few minutes to complete.
- Albert is one of my favorite fintech apps. It’s a great tool to help you monitor your finances and save more money. In addition, you’ll get $75 if you open a free Albert Cash account and complete a direct deposit of $200 or more within the first 30 days. Here’s my Albert referral link. I’ve also written an Albert referral bonus guide you should check out.