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9 Best Small Business Banks in Hawaii Ranked for 2024 – NetWorth |

Lili is an excellent banking choice for small businesses in Hawaii, especially those that need flexible financing solutions such as loans and lines of credit. If your company needs continuous access to funds to continue operations, Lili could be your ideal partner.

This digital bank targets freelancers, remote workers, and startups, providing the crucial financial support needed for success. In addition to offering loans, Lili facilitates manageable repayment plans, making it easier for businesses to meet their financial obligations without strain.

Why we chose it: Lili stands out for its minimal costs and innovative tax optimization software, which helps companies maximize their revenue retention. Lili offers an attractive solution for those looking for an online business checking account without the hassle of credit checks.

Positives

  • No fees, minimum balance requirements or initial deposits
  • Unlimited transactions without any fees
  • Access to the MoneyPass ATM network for free withdrawals and the Green Dot network for cash deposits
  • Integrated tools for easy expense management and tax planning
  • Experience the convenience of receiving money up to two days early with the early payment feature via direct deposit

Cons

  • Cash deposits at Green Dot locations are subject to a fee of up to $4.95 each
  • No option to issue or receive checks and bank transfers
  • Business functions are limited

Cost

Lili stands out for its free tax software, but business owners will also appreciate the absence of account and overdraft fees. There are no fees for foreign transactions or for using any of the 38,000 ATMs in the network in the United States. However, if you use an out-of-network ATM, you will be charged fees ranging from $2.50 to $5.

Interest rates

Lili’s Business Checking account offers no interest. For those who opt for a savings account, an APY of 1.5% is available, although maintaining a minimum balance of $34,000 is necessary to offset the monthly fees associated with this account.

Minimum balance

Lili Bank does not require a minimum balance for its checking account, eliminating the need to maintain a specific amount to avoid monthly fees. This feature is beneficial for those just starting out or with variable income streams.

Access to Mobile Banking

Lili Bank mobile app is tailor-made for freelancers and small business owners. It offers comprehensive financial management capabilities, including cost control, tax savings and payment processing, all from your mobile device.

The app also features instant payment notifications, budgeting tools and the ability to deposit checks via mobile, improving the banking experience for users on the go.

>> View Lili >>