Mobile Banking

Level Bank Review: A Fintech With An Ideal High-Yield Bank Account

If you are focused on finding a mobile banking service provider that provides a high-yield bank account, then, you got to check this Level Bank review to see if this meets exactly what you are looking for.

Level Bank Review: A Fintech With An Ideal High-Yield Bank Account

Mobile banking is not new. In fact, it has been there for quite a while now.

However, back then, it was mostly the younger generations who get into online banking. Adults prefer traditional or convention banks. This is not surprising though because younger people are more explorative and they’re into anything digital, while the older ones are okay with what they are used to.

But things changed last year when the worldwide pandemic hit the country. A lot of people of all ages get into mobile banking since outside activities were limited.

Since then until now, and in the coming years, experts believe that online banking or the fintech industry will continue to grow.

According to Statista, as of February 2021, there is 10,605 financial technology (Fintech) startups in the United States. With such a number, it has made the region the most Fintech startups across the world.

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If the current trend will continue, and we mean people clamoring over online or mobile banking, there would be even greater opportunities for fintech companies.

Now, if you think about it, there are lots of options available. So, the question now would be, how to choose the best one for you.

Well, it will boil down to what your banking needs and preferences are. Knowing your needs and preferences will help trim down your options to make it easier to choose the one that’s for you.

As mentioned, there are a lot of mobile-centric service providers out there. But today, we are going to particularly focus on what Level Bank is and what it has to offer.

Level Bank is a fintech company that is known for providing a high-yield checking account.

In the next few sections, this Level Bank review will focus on providing answers to the following questions:

  • What is Level Bank?
  • Who is Level Bank best for?
  • What are the products offered by Level Bank?
  • How to bank with Level Bank?
  • Is Level Bank safe?
  • What to like about Level Bank?
  • What not to like about Level Bank?


When choosing a bank, in this case, a mobile banking solution, it is important to look into its history first.

This way, you get to see how credible and trustworthy the bank is, and of course, how stable it.

So, with that said, before we even talk about the technical stuff, here’s a quick backgrounder about Level Bank —

According to the founder of Zero Financial, the firm that owns Level Bank, Bryce Galen, “Level was built to challenge the status quo in banking and put an end to the era of big banks holding people’s money while giving them no interest, a clunky app experience, and frustrating customer service.”

Level Bank aims instead “to give customers dramatically better rewards and interest, a design-forward app, and superior customer support.” The company’s goal is to “revolutionize the way people engage with their finances on a daily basis.

With Level Bank, all account holders are able to enjoy earning interest on their money, at the same time, are ensured that their deposits are safe because their money is insured by the Federal Deposit Insurance Corporation (FDIC) through its partnership with the Evolve Bank & Trust, which is a member of FDIC.

Furthermore, Level Bank offers “unlimited cash back on qualified purchases with your Plus or Premium membership, no overdraft fees or minimum balance requirements, and access to interest-free cash advances up to $500.

In addition to that, customers can also “take advantage of ATM operator fee reimbursements worldwide (up to $4 per reimbursement), and the ability to get paid up to two days early.”

Level Bank is based in Walnut Creek, California.

If you are interested to know more about what Level Bank is all about, what to expect from it, and why it’s one of the bests, we recommend you watch the video below by Magnified Money:


Now that you already know what Level Bank is all about, it’s time to look into who would benefit from it the most.

Generally speaking, Level Bank should be great for people who are open to adapting to new financial technology tools and services.

It would appeal to individuals who want debit card access, at the same time, earn cashback on purchases. Of course, it would also be appealing to those looking for a high-interest rate in a liquid account.

Additionally, Level Bank is ideal for people who want mobile banking, 24/5 customer support, as well as those who want to get away from banking fees.


Now, we get into the most exciting part.

In the previous sections of our Level Bank review, we talked about what this fintech company is all about, and of course, who would benefit the most from it.

This time around, we are going to talk about one of the most important details you need to know – the products that the bank offers.

Level Bank is an online bank that provides customers with “cash management” services.

Although it may look the same as traditional checking accounts, its features are different.

With Level Bank, customers get to enjoy unlimited cash back on purchases, as well as a 0.50% annual percentage yield (APY) on deposits.

Unlike most credit cards that restrict cashback rewards to certain categories, Level Bank has no restrictions. Furthermore, the bank offers a no-fee service, which is definitely rewarding for customers.

For your information, Level Bank does not charge the following fees:

  • Minimum balance fees
  • Overdraft fees
  • Non-sufficient funds fees
  • Foreign transaction fees
  • Add-on ATM fees

Level Bank offers cashback rewards, and it is made available every after a transaction is completed. Thus, you get to enjoy your rewards as soon as you can.

Apart from that, Level Bank also lets you cash out your balance through Lyft and DoorDash.

The amazing thing is, all of these are doable by simply using the Level Bank mobile app.

Now, to be able to qualify for cashback rewards, it is important to note that purchases must be signature-based “credit,” which basically means they can’t be used for buying other debit cards, ATMs, or ACH transfers.

The Level Bank account comes in three different options. These are:

  • Level Standard
  • Level Plus
  • Level Premium

Now, let dig deeper into each of these to get to know them better —

Level Standard

The Level Standard account is basically the base level plan. It offers solid options at no cost at all.

With the Level Standard account, customers get to enjoy a 1.0% unlimited cash back on all qualified purchases using your Level Debit Card with qualifying direct deposits in the account every 31 days.

Also, customers who opt for this option get one ATM fee reimbursement, a $300 ATM withdrawal limit, as well as a 0.50% APY on deposits

Level Plus

If you want to enjoy better features, you may opt for the Level Plus option, which is the cheapest paid plan that Level Bank offers.

This account comes with benefits that slightly improve the Level Standard option.

All Level Plus account holders pay a monthly fee of $5, which when compared to other mobile banks out there is still lower.

Also, account holders get to enjoy 1.0% unlimited cash back, free cash advance of up to $150, three ATM fee reimbursements, as well as a $500 ATM withdrawal limit, limited merchant perks, message-based support, and of course, a 0.50% APY on deposits.

This plan is definitely a great option if you want to enjoy better features without having to spend so much on monthly fees.

Level Premium

The last but certainly not the least option of all is the Level Premium. Obviously, by the name itself, it means it provides customers the best features of all the three Level plans.

By opting for Level Premium, which entitles you to a $15 monthly fee, you get to enjoy several perks like a 1.5% unlimited cash back, a free cash advance of up to $150, five ATM fee reimbursements, $1,000 ATM withdrawal limit, as well as exclusive merchant perks, phone and message-based support, and of course, a 0.50% APY on deposits.

Customers get to enjoy discounts from exclusive merchants like Postmates, Lululemon, Spotify, Starbucks, and Sukoshi. Discounts are up to $25 for every merchant.

Meanwhile, for both Level Plus and Level Premium, ATM reimbursements are up to $4 per incident for the number of times listed.

By the way, all Level cards can be used at any ATM that accepts Visa cards.


So, in the previous section of our Level Bank review, you already found out the products that this mobile banking service provider offers.

This time, we are going to talk about how to actually bank with Level Bank.

To open a Level Bank account, all you need to do is to visit the Level Bank website or download the mobile app, which is available for both Android and Apple device users.

Ultimately, though, you need to have a mobile device to use the services offered by Level Bank.

Anyway, when opening an account, similar to other banks, you will be asked to provide basic personal information including your name, address, mobile number, as well as your Social Security number. You should also have with you a government-issued identification like a driver’s license or passport for verification purposes.

Please note that the bank does not require any minimum deposit to be able to open an account, which means you can have an account with as little as $1.

It is also important to note that Level Bank customers can set up direct deposits for their paychecks into their Level Bank account. Generally, Level Bank posts the deposit on the same day the money is received, which means it could be up to two days earlier than the scheduled payment.


As mentioned in the previous section, for Level Standard, the bank does not charge any monthly fees. However, for Level Plus and Level Premium, the bank charges $5 and $15, respectively.

Meanwhile, for all three plans, customers are not charged overdraft fees, non-sufficient funds fees, low balance fees, as well as foreign transaction fees.

To be honest, this feature is great given the fact that a lot of mobile banks charge certain fees way more than what their competitors charge.


The safety and security of both your personal data and your money are important to Level Bank.

So, to ensure all your data is protected, Level Bank uses bank-grade encryption. More so, the bank is PCI-DSS v3.1 compliant, and also applies PCI standards when dealing with any sensitive information.

With regards to the Visa debit card, it comes with Visa protection, which means all protection that comes with using a Visa card — it’s called the Visa Zero Liability — applies to it. The card comes with built-in protection so you won’t be responsible should there be any unauthorized charges.

With Level Bank’s partnership with Evolve Bank and Trust, which is an FDIC member, all deposits are insured by the FDIC. This means FDIC insurance of up to $250,000 is provided per depositor, per account category in the event of a bank failure.

So, yeah, ultimately, Level Bank is very safe to use and to bank with.


Now that we have already discussed all the important details about Level Bank – from what the bank is about to the products it offers and how to bank with them, it’s time to come up with a list of summary of the things that we like about Level Bank.

Some of the things that we particularly like about the bank are as follows:

  • Plan Options – We like the fact that customers are provided with three different plan options starting with a no monthly fee plan to the premium one. This helps reach out to more classes of people.
  • No Overdraft and Insufficient Funds Fees – Level Bank does not charge overdraft fees as well as insufficient funds fees, which makes it even more appealing for people who want to get away with these types of fees.
  • No Foreign Transaction Fees – Another plus for Level Bank is the fact that it does not charge customers for foreign transaction fees, making it a good choice for constant travelers.
  • Free Cash Advance of Up To $150 – This perk is another one that makes Level Bank stand. It’s nice knowing that the bank is able to provide a cash advance of up to this much.
  • Up To 1.5% Unlimited Cash Back on Debit Card Purchases – The percentage of cashback on debit card purchases is also something that makes Level Bank worth it. This perk, however, is only available for the Level Premium option.
  • Accessibility – Level Bank is a mobile bank, which means you can easily access your account anytime and anywhere you want for as long as there is an internet connection near you. Also, while it does have a website, you can only enjoy the services offered by the bank through its mobile application, which is available for both Apple and Android devices.
  • FDIC-Insured – Thanks to the bank’s partnership with Evolve Bank and Trust, which is a member of the FDIC, all deposits are insured up to $250,000 in case of a bank failure.
  • Bank-Level Security – Another thing that we like is that Level Bank uses bank-level security to ensure that all accounts are safe and secured from fraudulent acts as well as identity theft.


Of course, this Level Bank review will not be complete without sharing with you the downsides of this mobile banking platform.

Some of the things to not like (but hopefully can be improved on) about Level Bank are as follows:

  • No Physical Branches – As mentioned, Level Bank is a mobile bank, which means it does not have any physical branches. If you are the type who would want to avail the benefit of having mobile bank access as well as conventional or in-person bank access, then, this is not for you.
  • Does Not Allow Cash or Check Deposits – Unfortunately, Level Bank does not support cash or check deposits. But, who knows? Maybe the company is already working on it.
  • Limited Products – Apart from the Level Bank Account that comes with three different plans, Level Bank does not offer any other product or services. With very limited options, this trims down to a very specific customer base. But then again, we do not know anything. Maybe the bank will eventually offer a few more in the coming years?


Level Bank is a fintech company that offers high-yield bank account. Although the products are limited to just one compared to other financial institutions of similar type, Level Bank makes sure customers are given options – from a free plan to paid ones.

Overall, do you think this is the kind of bank that suits your needs and preferences?

With this Level Bank review, we hope we are able to provide the information you need to see if it is indeed the kind of bank that you are looking for.

Mobile Banking

Lili Review: An Ideal Digital Checking Account For Freelancers

This Lili review will focus on essential details that make this banking fintech ideal for freelancers. Needless to say, how it helps make costs low for work from home workers.

Lili Review: An Ideal Digital Checking Account For Freelancers

According to the Freelancing in America Survey, which was conducted by one of the most popular freelancing platforms, Upwork together with the Freelancers Union, as of 2019, 35% of workers in the United States are now freelancing. The total number of freelancers in the country increased, and at that time, was already 57 million.

The rising number of freelancers is not surprising, though, given the fact that many employers are hiring freelance workers. Needless to say, online platforms make it easier for people to find freelance gigs.

Also, freelance work entices a lot of people because most of the freelancing gigs allow you to work anytime, and anywhere. It’s very convenient and cheaper.

Although technically speaking, freelance work allows you to save extra cash because you do not spend money on transportation and food (you don’t buy from restaurants or canteen, rather, cook your own meals), overhead costs particularly on electricity, internet connection, and maintenance of the equipment you use for work has to be considered still.

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Thus, most freelancers make sure to still manage to keep their costs low by making smart choices.

By the way, given the nature of a freelance job, the income is usually inconsistent as it depends on the project or work you do – unless of course, you work on a full-time freelance job.

Now, one of the things that could help you save is choosing the right financial platform. Fortunately, there are financial institutions that focus on the need for freelancers, and Lili is one of them.

Lili is a free digital checking account that was specifically designed to cater to the needs of freelancers as well as small business owners.

In the next few sections, we are going to do a review on Lili. We are going to look into the most important aspects of this digital banking platform, and see if it is indeed the right financial tool for freelancers.

In particular, this Lili review will focus on proving answers to the following very important questions:

  • What is Lili?
  • Who is Lili best for?
  • What are the products offered by Lili?
  • How to do banking with Lili?
  • Is Lili safe?
  • What to like about Lili?
  • What not to like about Lili?


Knowing what the bank or a financial platform is all about is important for you to be able to gain confidence and trust in the institution. Having that is key to a long-lasting relationship, and you know, being satisfied with your chosen banking platform.

So, before we even talk about the more technical stuff, let us talk about what Lili is all about first.

As mentioned earlier, Lili is a free digital checking account that was particularly designed to cater to the needs of freelancers and small business owners.

Based in New York City, Lili was established in November 2018 by Lilac Bar David and Liran Zelkha.

Lili believes that freelancers are redefining work, thus, they, in return are redesigning banking to help work from home workers thrive.

Lili’s mission statement is to “empower freelancers with tools and services designed to improve their work, their life, and their balance.

Since its inception, Lili has already raised $25 million and has a variety of customers who do freelancing jobs — from artists and designers, chefs and caterers, to fitness instructors, writers, as well as video editors.

According to its founder, Bar David, Lili has seen exponential growth in demand in the past few months. She believed that the reason behind that is that more freelance workers are looking for banking solutions that fit them.

As mentioned, Lili is a free online banking solution, which means, account holders need not worry about monthly fees, ATM fees (as long as you use a partner ATM), overdraft fees, foreign transaction fees, as well as minimum balance requirements.

Since Lili is a digital banking platform, you do all banking through the Lili mobile app. All accounts under Lili are FDIC-insured up to $250,000 through its partner bank, Choice Financial Group.

To know more about the Lili app, we recommend you check out this very informative video by Money at 30:


Lili is a digital banking solution that was specifically created for freelancers, and small business owners. So, obviously, these sectors will benefit from it the most.

Lili should be appealing to those freelancers and small business owners who want to maintain a digital checking account that is free from charges such as monthly fees, ATM fees (as long as you use a partner ATM), overdraft fees, and foreign transaction fees.

It will also appeal to those who want to stay away from maintaining a minimum balance requirement.

Additionally, Lili also appeals to those who are using their Social Security numbers for tax purposes, deposit below $6,000 in checks on a monthly basis; send less than $1,000 to external bank accounts on a monthly basis, as well as those who want unified tools to help them sort their expenses and save for taxes.

Of course, since it is a digital platform, it’s a great option for those who prefer online banking and does not mind not having a physical branch for in-person transactions.


In the previous sections, we talked about what Lili is all about, and would benefit the most from it.

This time, in this part of our Lili review, we are going to look into what it has to offer.

As mentioned earlier, Lili is an online checking account, which means it does not offer other products but a checking account. The account, by the way, does not require a minimum balance or a minimum initial deposit.

Each Lili checking account comes with a Visa business debit card, which can be added to Apple Pay or other mobile wallets for ease of use.

Using the debit card, you can make purchases anywhere Visa is accepted, and you can also pull cash from your account through ATMs in the MoneyPass network. MoneyPass currently offers more than 32,000 ATMs across the country. Keep in mind though that ATM transactions made on ATMs outside the MoneyPass may result in a fee of $2.50. Needless to say, the out-of-network ATM provider may also charge a fee.

Unfortunately, unlike other online checking accounts, the Lili checking account does not earn interest.

However, it offers a lot of other interesting features like direct deposits of up to two days earlier, which is definitely something traditional banks do not offer. Lili also offers cash deposits through retailers (approximately 90,000 locations).

In addition, users can also connect their existing payment apps such as PayPal, Venmo, and CashApp, as well as other online platforms like Upwork and Fiverr to their Lili account to be able to receive payment directly into their bank account.

Lili app also allows you to do mobile check deposits, however, it requires at least $200 coming into your account per month to be able to enjoy this feature.

Another feature that will benefit freelancers the most is that Lili comes with reporting and tools that make it ideal for business budgeting.

Every time you use your Lili debit card, the transaction will appear in the app. By simply swiping either right or left, you get to categorize every expense as personal or business.

Lili offers reporting for expenses, taxes, as well as financial insights. All these are absolutely more than what is available in a typical checking account.

Beyond the reporting is that Lili also comes with a great tax-saving tool. It allows the user to automatically set money aside for taxes on every income received. Not only that, but you can also set aside an Emergency Bucket, which, obviously is allowing users to save money for emergencies with daily deposits of small amounts.

All of these features are available in the Lili mobile app, which is available for both Android and iOS users.


In this part of our Lili review, we are going to talk about how to actually bank with Lili.

Lili is an online checking account that is available for anyone for free.

To open an account, first of all, you have to download the Lili app. Once you have downloaded, you can immediately open an account in as fast as three minutes!

The account application process starts by entering your email address. You will then be asked to provide and verify your mobile phone number, which will also be used for the two-factor authentication.

Furthermore, similar to other banks, you will also be asked to provide your other personal information like your name, address, birth date, and Social Security number. Once done, you will have to agree to the terms and conditions.

Immediately after opening an account, you get to track the status of your Lili business debit card through the embossing, shipping, as well as activation process. The Lili business debit card should arrive at you within ten business days.

Once the card is with you, you can activate it in the app, and then, set your PIN to keep it safe. By the way, you can freeze and unfreeze your card through the app in case something untoward happens.

Your card may also be added to Apple Pay or other mobile wallets for easy use.

Deposits and Withdrawals

Now, to fund your account, there are a few options available.

The first is through Plaid. Plaid allows you to choose from a long list of institutions, and then log in to an account, and make a transfer. This option is a bit slow, but not outrageously long.

The second option is by setting up a direct deposit. Customers can use a provided form that comes with their Lili account and routing numbers that can be emailed using the “Send” button. What’s nice about this is that funds can be available up to two days early.

Third, you can fund your account through the Instant Debit Transfer option. All you need is to choose a transfer amount and enter your debit card details to make a fund transfer with zero clearance time. However, the downside of it is that you can only use this option once every month, and more importantly, a maximum of three times per account.

The fourth option is through mobile check deposit, however, as mentioned earlier you can only use this option if you are receiving at least $200 per month. This would be a great option if you receive at least that amount on a regular basis. Otherwise, you can’t access this feature.

Lastly, you can fund your account through cash deposits. To do a cash deposit, all you have to do is visit one of 90,000 participating locations like 7-Eleven, Walmart, Dollar Tree, CVS, Walgreens, and a lot more. For this option, though, it is important to take note that it comes with a service fee that is less than $4.95. This is not charged by Lili, though, but the retailers themselves.

Also, there is a limit for this type of transaction. Users are only allowed to add up to $1,000 per 24-hour period, and a maximum of $9,000 per month.

Now, unlike other checking accounts, the card that comes with it can also be used to withdraw cash apart from using it to purchase stuff. You may withdraw cash from over 32,000 ATMs under the MoneyPass network across the country. You may also use the Lili app to find the nearest MoneyPass ATM.

Payment Request

Another interesting and helpful feature that Lili offers is the ability to generate payment requests, which is definitely important among freelancers. This is similar to invoices, it’s just that it has a look of its own.

Users can enter the amount a client owes, as well as the reason for that payment. Then, Lili will create a document that comes with your banking information. It can be sent to the client either through text or email.


Of course, we have to also talk about the fees. Lili does not charge for any of the following:

  • Monthly maintenance
  • Overdraft
  • Funds transfer
  • Stop payment
  • Returned item
  • Deposit item returned
  • Inactive account

However, it does charge a $2.50 out-of-network ATM fee per transaction, as well as a $5.00 out-of-U.S. fee per transaction.


Safety and security are one of the major concerns of customers when it comes to digital banking platforms.

So, in this Lili review, we are also going to look into how safe and secured the mobile banking platform is.

Similar to almost all mobile banking platforms out there, Lili follows standard safety and security measures such as two-factor authentication to ensure that all accounts are free from possible fraud or identity theft threats.

Lili uses bank-level encryption so you get to have peace of mind. Also, as mentioned earlier, you can also freeze and unfreeze your debit card anytime you want for added security. A real-time transaction notification is also provided to ensure you are updated on what’s happening with your account.

Also, all deposits are FDIC-insured for up to $250,000 for every depositor through Choice Financial Group, Lili’s bank partner.


This section will provide you with a summary of the things that makes Lili worth it.

Some of the highlights of the Lili mobile banking app include:

  • No Monthly and Other Fees – Lili is an almost no-fee mobile banking app. It does not charge monthly maintenance, overdraft, fund transfer, returned item, inactive account, stop payment, and deposit item returned fees.
  • Direct Deposit (Up to Two Days Early) – With Lili, direct deposits are received up to two days early.
  • Tax Planning Tools – Lili comes with tax planning tools, which could greatly help freelancers and small business owners. One of the tools includes being able to save for your taxes every time you receive payment.
  • Business Debit Card – Lili checking account comes with a business debit card that can be used to make a purchase and to access cash through ATMs.
  • Free ATM Use – Lili offers free ATM use to over 32,000 MonayPass ATM networks.
  • Multiple Options for Deposits – Unlike other mobile checking accounts, Lili provides different ways to deposit funds into your account. It could be through Plaid, direct deposit, Instant Debit Transfer, mobile check deposit (at least $200 per month), or through cash deposits (through 90,000 participating locations).
  • FDIC-Insured – All Lili deposits are FDIC-insured for up to $250,000 for every depositor through its bank partner, Choice Financial Group.


To complete our Lili review, below are some of the things to not like about Lili:

  • Manageable through App Only – Although Lili does have a website, you can only open an account, and manage your account through the Lili app.
  • No Interest or Rewards – Unlike other online checking accounts, Lili checking account does not earn interest or pay rewards.
  • No Physical Branches – Lili is a mobile-only banking solution, which means there is no access to a physical branch location.


Lili is a free digital checking account that was designed to cater to the needs of freelancers as well as small business owners. It comes with notable and helpful features that freelancers and small business owners would surely love.

Although it has its share of limitations like it does not earn interest nor pay rewards, overall, Lili is still a great mobile banking solution that freelancers, as well as small business owners, can benefit a lot from. Do you agree?

We do hope that this Lili review was able to provide you all the things you need to know to see if this mobile banking app is right for your needs and preferences as a freelancer.