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- Auto tax set-aside from every deposit
- Free tier is genuinely feature-rich
- Built specifically for gig workers
- Expense categorization included free
- No minimum balance, no monthly fees (free tier)
- FDIC insured via partner bank
- Not a full business bank account
- Limited cash deposit options
- No physical branches
- Some advanced features require Pro ($17/mo)
- Real-time quarterly tax estimate is exceptional
- Auto quarterly payment (Plus) removes all tax stress
- Strong bookkeeping for multi-platform gig workers
- Schedule C export saves time at filing
- No minimum balance or monthly fee (free tier)
- Auto quarterly payments require Plus ($19.99/mo)
- Not a traditional business bank account
- No physical branch access
- Customer support primarily via app/email
- Multi-bucket system is best-in-class
- Paycheck smoothing solves irregular income stress
- Sophisticated cash flow tools
- Strong fit for $50k+ earners
- Overkill for casual gig workers
- More complex to set up than Lili/Found
- Best features require paid plan
- Smaller user base = less community support
- Full business bank account (not a fintech app)
- Multiple accounts for different buckets
- QuickBooks + Xero integration
- Good for LLCs and S-Corps
- Free tier available
- No gig-specific features (no auto tax set-aside)
- Not optimized for 1099 workers
- Requires separate expense tracking tool
- More setup work than Lili or Found
Side-by-Side Comparison
| Feature | Lili | Found | Lance | Relay |
|---|---|---|---|---|
| Free plan available | ✓ | ✓ | ✓ | ✓ |
| Auto tax set-aside | ✓ | ✓ | ✓ | ✗ |
| Real-time tax estimate | Partial | ✓ | ✓ | ✗ |
| Auto quarterly tax payment | ✗ | Plus plan | ✓ | ✗ |
| Expense categorization | ✓ | ✓ | ✓ | With QuickBooks |
| Schedule C export | Pro plan | ✓ | ✓ | Via QuickBooks |
| Paycheck smoothing | ✗ | ✗ | ✓ | ✗ |
| Multi-platform gig tracking | ✓ | ✓ | ✓ | Limited |
| Full business banking | ✗ | ✗ | ✗ | ✓ |
| GigToolkit overall score | 9.4 / 10 | 9.0 / 10 | 8.5 / 10 | 7.8 / 10 |
Why Regular Banks Fail Gig Workers
Traditional bank accounts were designed for salaried employees receiving consistent paychecks. They have no concept of self-employment tax, no way to separate business from personal income, and nothing to help you understand what you actually owe the IRS on any given Tuesday in March.
Gig workers have three problems a regular bank doesn't solve: irregular income that makes budgeting difficult, self-employment taxes that need to be set aside from every payment, and the need to track business expenses separately from personal spending. The accounts reviewed here were built specifically to address all three.
The Tax Set-Aside Feature That Changes Everything
The most important feature to look for is automatic tax set-aside — the ability to have a percentage of every incoming payment automatically moved to a separate tax reserve before it hits your spending balance. Both Lili and Found do this automatically. It removes willpower from the equation entirely: you can't accidentally spend money you never saw in your main balance.
Do You Need a Separate Business Account at All?
Strictly speaking, sole proprietors aren't legally required to have a separate business account. But there are two strong practical reasons to have one: it makes tracking business expenses dramatically easier, and it reduces your audit risk by keeping business and personal finances cleanly separated. For any gig worker earning more than $15,000/year from 1099 work, a dedicated gig account is worth having.
Free vs. Paid Plans: When Is the Upgrade Worth It?
- Lili Free: Worth it for most gig workers. The auto tax set-aside alone justifies the account.
- Lili Pro ($17/mo): Worth it if you want tax filing integration and a higher-yield savings account for your tax reserve.
- Found Free: Great for multi-platform gig workers who want real-time tax estimates.
- Found Plus ($19.99/mo): Worth it specifically for the auto quarterly tax payment feature — if this eliminates one April surprise, it pays for itself many times over.
- Lance: Only worth considering at $50k+ in self-employment income where the cash flow management tools provide real value.
Frequently Asked Questions
Yes — Lili, Found, and Lance hold customer funds at FDIC-insured partner banks, so your deposits are protected up to $250,000 per depositor, same as a traditional bank. Relay is also FDIC insured via Thread Bank. Always verify the current FDIC status on each provider's website, as banking partnerships can change.
If you're a sole proprietor (most gig workers are), a gig-focused account like Lili or Found will serve you better than a traditional business account — they have gig-specific features at zero or low cost. If you've formed an LLC or S-Corp, consider Relay or a traditional business bank alongside one of these apps for the tax and expense tracking features. They can be used together.
You can, but it's better not to. These accounts are designed to be your gig work account — keep gig income in and gig expenses out of it, and use a separate personal account for personal spending. The cleaner the separation, the easier your taxes will be, and the less likely you are to accidentally spend money you've mentally earmarked for taxes.
The most common recommendation for gig workers is 25–30% of gross income. This covers SE tax (15.3% on net income × 92.35%) plus federal income tax at a typical bracket. If you have significant deductions (large mileage, home office, health insurance), your effective rate may be lower. Use our Quarterly Tax Calculator for a precise number based on your actual income and deductions.