Personal Finance Banking Savings
Written by Aly J. Yale; edited by Laura Grace Tarpley; reviewed by Evelyn He
- Overall Rating
- Pros and Cons
- Milli Savings Account Rates
- Milli Spending Account Overview
- About Milli Bank
- FAQs
- How Milli Bank Compares
- Why You Should Trust Us
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Compare Milli Bank accounts
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Milli Savings Account
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Milli Spending Account
Editor's Rating
4.25/5
Annual Percentage Yield (APY)
4.75%
Minimum Deposit
$0
Editor's Rating
4/5
Annual Percentage Yield (APY)
None
Minimum Deposit
$0
Start saving
Milli, FDIC Insured Account
Start banking
Milli, FDIC Insured Account
Milli Bank Overall Rating
| Feature | Personal Finance Insider Rating (out of 5) |
| Savings | 4.25 |
| Checking | 4 |
| Trustworthiness | 5 |
| Total | 4.5 |
Milli Bank Pros and Cons
| Pros | Cons |
|
|
Milli Savings Account Rates
Milli Savings Account
Start saving
Milli, FDIC Insured Account
Insider’s Rating
4.25/5
Perks
Earn 4.75% Annual Percentage Yield (APY). $0 minimum deposit. FDIC Insured.
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.75%
Minimum Opening Deposit
$0
Pros
- High APY on Savings Account and Jar Accounts
- No minimum opening deposit
- No monthly service fees
- No overdraft fees
- No ATM fees
Cons
- Does not reimburse out-of-network ATM Fees
- Does not accept cash deposits
- No weekend customer support
Insider’s Take
Milli is a solid choice if you're comfortable with a mobile-only banking experience and want to keep your checking and savings all in one place. Milli offers a Spending and Savings Account.
Milli Savings Account review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Mobile-only banking platform and division of National Bank of Omaha
- Earn 4.75% APY on Savings Account and Jar Account
- Access to over 55,000 ATMs through AllPoint network
- Interest compounded daily and credited monthly
- FDIC insured
The Milli Savings Account pays 4.75% APY. This is one of the best rates out there right now, and significantly higher than the national average of 0.45% APY. Interest is compounded daily and credited to your account monthly.
This is a great account to help you save for goals. It comes with several tools to help you save more, including spending round-ups, auto-savings, and "Jars." Jars allow you to create sub-accounts for designated savings goals — like vacations, college tuition, or buying a house.
Milli Spending Account Overview
Milli Spending Account
Start banking
Milli, FDIC Insured Account
Insider’s Rating
4/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$0
Pros
- No minimum opening deposit
- No monthly service fees
- Doesn’t charge out-of-network ATM fees
- No overdraft fees
Cons
- Doesn’t refund any fees charged by out-of-network ATM machines
- No overdraft protection; any transaction that would overdraw your account will be denied
- No mobile check deposit
- No way to deposit cash
- Spending limits: $5,000 per day in debit card purchases, $1,000 per day in ATM withdrawals
Insider’s Take
Milli is a solid choice if you're comfortable with a mobile-only banking experience and want to keep your checking and savings all in one place. Milli offers a Spending and Savings Account.
Milli Spending Account review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Mobile-only banking platform and division of National Bank of Omaha
- Access to over 55,000 ATMs through AllPoint network
- Deposit money through transferring from another account or receiving ACH/direct deposits
- FDIC insured
The Milli Spending Account is an online checking account that does not earn interest. It comes with both a physical debit card and a virtual one, and customers can withdraw cash at any Allpoint ATM (there are over 55,000 around the US).
You can only deposit money into your account via transfer from another account, direct deposits, or ACH deposits. Mobile check deposits are not possible through Milli's app, and you can't deposit cash. There are also spending limits on this account: $5,000 per day in debit card purchases and $1,000 per day in ATM withdrawals.
About Milli Bank
Milli Bank is an online-only bank and a division of First National Bank of Omaha. It has no physical branches and offers just two products: a savings account and a spending account.
The savings account's "Jars" feature is what sets it apart from more traditional savings accounts. These allow you to set up separate Jars — essentially goal-based sub-accounts — to save for different purposes.
Deposits in both Milli's savings and spending accounts are insured by the FDIC for up to $250,000, including the money in Jars.
The Milli mobile app has 3.5 out of 5 stars in the Google Play store and 3.1 out of 5 stars in the Apple store. To contact Milli Bank, you can use the chat feature in the mobile app or email support@milli.bank. Customer service is available from 8:30 a.m. to 5 p.m. Monday through Friday, and 8 a.m. to 4:30 p.m on Sunday.
Is Milli Bank Trustworthy?
Milli Bank isn't accredited by the Better Business Bureau directly, though its parent bank — First National Bank of Omaha — is. First National Bank of Omaha currently has an A+ rating with the BBB, indicating the company responds to customer complaints effectively and is transparent about its business practices.
Neither Milli Bank nor First National Bank of Omaha has had any recent public controversies.
Milli Bank FAQs
What is Milli Bank?
Milli Bank is an online bank. It's a division of First National Bank of Omaha and offers both a high-yield savings account and a spending account.
Is Milli Bank legit?
Milli Bank is a legitimate banking institution that offers a savings account and a checking account. Its parent company is First National Bank of Omaha, which has been around since 1857.
What is the Milli app?
The Milli app is the mobile application for Milli Bank, an online-only banking institution. The app is available on the Apple and Google Play stores, where it currently has ratings of 4 out of 5 stars.
Is Milli Bank FDIC-insured?
Yes, Milli Bank is insured by the FDIC. Consumers are protected on up to $250,000 in accounts with Milli Bank and its parent company, First National Bank of Omaha.
How Milli Bank Compares
Milli Bank vs. Betterment Cash Reserve
Milli Bank and Betterment both offer checking and high-yield savings accounts, but Betterment's savings account — called the Betterment Cash Reserve Account — comes with a higher interest rate. The bank is currently offering 5.50% APY for new customers' first three months, then 5.00% APY. It also allows account holders to create goal-based savings buckets — much like Milli's Jars feature.
Neither Milli's nor Betterment's checking accounts pay interest, though Betterment's debit card does come with the potential to earn cash-back rewards. Betterment also has higher ratings on its app and offers additional products and services, including retirement accounts, investment portfolios, and financial planning.
Milli Bank vs. Popular Direct
Both Milli Bank and Popular Direct offer high-yield savings accounts with very high rates. Milli's savings rate is slightly higher, though. Currently, Popular Direct Savings offers 5.20% APY. Popular Direct also requires at least a $100 minimum deposit, while Milli has a $0 minimum deposit.
Popular Direct doesn't offer checking accounts, so if you're in need of an online checking account, Milli is the better option. However, if you're interested in CDs, Popular Direct is worth consideration. The bank pays some of the best CD rates out there.
Why You Should Trust Us: How We Reviewed Milli Bank
To review Milli Bank, we rated its savings and spending accounts using Personal Finance Insider's bank account methodology. In general, we look at ethics, customer support, and mobile apps when rating an institution. Other factors we consider depend on which type of account we're reviewing. For example, we look at overdraft protection for checking accounts and interest rates for savings accounts. Each account receives a rating between 0 and 5.
Aly J. Yale is a writer and editor with more than 10 years of experience covering personal finance topics including mortgages and real estate. She contributes to Personal Finance Insider’s mortgages and loans coverage.ExperienceAly began her journalism career as reporter, and later an editor, for several neighborhood sections of the Dallas Morning News.Her work has been published in several national publications, including Bankrate, CBS, Forbes, Fortune, Money, Newsweek, US News and World Report, the Wall Street Journal, and Yahoo Finance. She’s also contributed to a variety of mortgage and real-estate publications, such as The Balance, Builder Magazine, Housingwire, MReport, and The Mortgage Reports.Her favorite personal finance tip is to schedule regular check-ins to make sure your credit cards, savings accounts, and other financial vehicles still align with your budget and financial goals. She is a member of the National Association of Real Estate Editors (NAREE).ExpertiseAly’s areas of personal finance expertise include:
- Mortgages
- Loans
- Real estate
- Insurance
EducationAly is a graduate of Texas Christian University, where she received a bachelor’s degree in radio/TV/film and news-editorial journalism.
Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
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