Milli Bank Review August 2024: Stellar high-yield savings account but few account options

Milli is an online banking division of First National Bank of Omaha (FNBO). Founded in 1857, FNBO is headquartered in Nebraska. Currently, it offers savings and checking accounts but no money market accounts or certificates of deposit (CDs). Those who want various account options and the ability to visit a physical branch should consider other banking partners. 

All rates and fees are current as of July 1, 2024, and are subject to change. 

Milli rates and products

Milli provides just two types of deposit accounts: a checking account and a high-yield savings account. Accounts at Milli are Federal Deposit Insurance Corporation (FDIC)-insured through FNBO, up to $250,000 per depositor, per account category, in the rare case of bank failure.

Checking accounts 

Milli calls its checking account a Spending account and, strangely enough, it doesn’t let you write checks from it. Instead, you’ll be limited to debit card transactions. If you want physical checks, consider one of our picks for the best free checking accounts. The good news is that, despite its flaws, the Milli Spending account is totally free. You won’t pay a monthly fee or fees for overdrafts, ATM withdrawals, stop payments, or a replacement debit card. 

Milli provides you with both a physical and virtual card so you can make purchases in person or online. You can use your card internationally anywhere Visa is accepted. The bank also partners with the Allpoint ATM network, so you’ll have access to thousands of fee-free ATMs across the country. You can make withdrawals at these ATMs, but you can’t deposit cash into your account. To fund your account, you’ll need to transfer money from your Milli Savings account or an external account.

Unfortunately, Milli does not offer a bonus for opening a checking account. Browse our list of the best checking account bonuses to find another bank that will pay you to open an account.

Savings accounts

Milli’s savings account offers a 4.75% APY, making it one of the best current high-yield savings accounts available. Learn more about the advantages of a high-interest savings account to see if one is the right pick for your financial needs.

Another bonus of the Milli savings account is that it also doesn’t charge fees. There’s no monthly fee, minimum balance to maintain, or fees for receiving statements. Plus, you’ll get access to several help features, such as spending round-ups, automated set-and-forget money transfers, and “Jars.” Jars in particular are a helpful feature as they let you create up to five different buckets for saving money―all without opening a new account.

For example, if you wanted to start saving up for a new car, you could create a Jar and start contributing to it. You can choose your goal amount as well as your goal end date to know exactly how much you should be contributing to stay on target. This makes it easy to save up for house renovations, vacations, college, and more.

Milli savings rates compared to current top rates*

While Milli is a strong option with great features, there may be some institutions that offer higher interest rates. Compare the rates above to this list of competitors:

Other services Milli offers

Unfortunately, Milli doesn’t offer any services other than deposit accounts. It only offers its Spending and Savings accounts, along with the Jars functionality. You can’t open a credit card, take out a loan, or open a money market or CD account.

Online banking

Milli operates solely online—it doesn’t have any physical locations. Surprisingly, however, Milli is only available through its mobile app. There are versions available for both iPhones (iOS 15.0 or later) and Android devices (Android OS 8.0 or later). You can’t log in to the website to check your account balances or make transfers—you’ll have to do that all on your phone. If that doesn’t sound like something you’d be interested in, consider another online bank or credit union with more robust online support instead.

The Milli platform and customer support

Currently, the Milli app has 3.4 stars on Google Play and 3.1 stars on Apple’s App Store. In the app, you can track your real-time spending based on what you’ve spent so far in the month or what categories you’ve spent the most in. You can also sort transactions based on what merchant they were at or if they were under $10 or not.

The app comes with additional budgeting and saving tools as well. You can create a personalized spending challenge to try and limit spending in certain categories. You can also set automated transfers from your Spending account into your Savings account to help you build up money over time. Spending round-ups work by rounding up the total whenever you pay for something with your Milli card. Finally, you can also create Jars by pulling money from your Savings and putting it into a dedicated fund.

Getting in touch with Milli is simple. Its customer service team is available via live chat in the app between 8 a.m. and 8 p.m. Central time every day of the week. You can also send an email to support@milli.bank. Milli doesn’t have a robust knowledge center or FAQ library, so if you have a question, you’ll likely need to reach out to support for help.

Is Milli secure?

So far, Milli hasn’t had any public data breaches or security concerns, but its parent bank has been in the spotlight for data breaches several times. The most recent incident happened in December 2023, when Russian cybercriminals hacked a MOVEit Transfer server to access customer addresses, telephone numbers, and email addresses.

Milli uses the same security protocols as FNBO, including ISO27001 and the Payment Card Industry Data Security Standard (PCI DSS). It also uses multiple layers of protection to keep your money safe. For example, when connecting an external account, Milli uses Plaid to keep your account information safe. If you ever lose your card or phone, Milli can lock your card for you so thieves don’t spend your money. 

Milli user reviews

Milli has mostly poor to average reviews from users. It currently has a 1.6-star rating on Trustpilot. On this review site, many users complain that they were denied an account for seemingly no reason at all. Others have issues with the long holds on transfers. Milli states in its deposit agreement that automated clearing house (ACH) transfers can have a hold period of up to 10 business days.

There are some positive reviews on the app, mostly surrounding the high APY and ease of use. Many appreciate its minimalistic feel. However, others noted technical difficulties in creating an account or getting in touch with support.

Compare Milli alternatives

Milli	Chime	SoFi
Savings APY	Savings APY	Savings APY
4.75%	2%	Up to 4.60%*
Checking APY	Checking APY	Checking APY
0%	0%	0.50%
Savings account monthly fee	Savings account monthly fee	Savings account monthly fee
$0	$0	$0
Checking account monthly fee	Checking account monthly fee	Checking account monthly fee
$0	$0	$0
Learn more	Learn more	Learn more
View offer at MoneyLion	View offer at Chime	View offer at SoFi

*SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

Is Milli right for you?

Milli Bank could be a good choice for a tech-savvy individual looking to get the most out of a high APY. Milli doesn’t have a lot of bells and whistles, but it more than makes up for it with one of the highest interest yields on the market. As long as you’re comfortable navigating the app and potentially waiting two weeks for your money to transfer, it’s a good pick. But for consumers who value the security of in-person branches or even a website for banking, Milli isn’t a good pick. It also won’t work for you if you want to deposit or write checks.

Frequently asked questions

Is Milli a real bank?

Yes, Milli is a real bank. It’s an online-only division of the First National Bank of Omaha.

Does Milli accept mobile deposits?

No, Milli does not accept mobile deposits. You can’t upload checks by using the app. Currently, the only way to transfer money into your Milli account is via ACH transfer from another account.

How much can you withdraw from Milli?

You can withdraw up to $1,000 a day from an ATM using your Mili card. However, there are no daily limits on the number of transactions you make. There is also a $5,000 daily purchase limit using the Milli card.