Lili, a New York-based SMB banking platform, has significantly expanded its financial protections and savings options for business customers by increasing its FDIC insurance coverage to $3 million through its partner bank, Sunrise Bank, while also introducing a new tiered high-yield structure that boosts the APY on higher balances to 4.00%. The upgraded insurance level represents a significant jump from its previous $250,000 offering and provides business owners with twelve times the national standard coverage.
Under the enhanced savings structure, business savings balances over $500,000 will now earn 4.00% APY, up from 2.5%, while balances below that threshold will continue to earn 2.50% APY. The company notes that even the lower tier remains more than nine times higher than the national average rate. Lili said these improvements are designed to give SMBs greater confidence, security, and growth potential without requiring additional administrative effort from business owners.
The platform previously capped customer coverage at standard levels aligned with the FDIC’s guidance of $250,000 per depositor, per insured institution, for each account category. With its new structure, Lili is providing significantly expanded protection at a time when many small businesses are seeking stability and higher-yield opportunities for their working capital.
Lili emphasized that its banking environment is intentionally designed for transparency and ease of use. The offering has no minimum balance requirements, no hidden fees, no overdraft charges, and no in-network ATM fees. Beyond savings, the platform provides streamlined payment capabilities that enable SMBs to accelerate transfers from ecommerce and merchant platforms, send and receive funds through Express ACH and wires, and issue expedited same-day checks.
The company has also invested heavily in international functionality. Lili customers can now send and receive payments in more than 32 countries across North America, Europe, and Asia, operating in over 130 global currencies. International wires can arrive in as little as 24 hours, enabling businesses to support cross-border operations with greater efficiency.
Founded in 2019 by Lilac Bar David and Liran Zelkha, Lili has grown into a national SMB financial platform offering business banking, integrated accounting, and credit-building solutions. The company is backed by investors, including Group 11, Foundation Capital, AltaIR Capital, Primary Venture Partners, Torch Capital, Target Global, and Zeev Ventures, and serves customers in all 50 states.
KEY QUOTES:
“By extending FDIC insurance up to $3M and offering one of the highest APY rates on the market, we are ensuring that entrepreneurs can confidently safeguard and grow their hard-earned money, no matter the size of their business. This is about more than protection – it’s about empowering our customers to grow without limits.”
Lilac Bar David, Co-Founder And CEO Of Lili
“The standard maximum deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.”
FDIC Statement
