Milli Bank Review: A Mobile-Only Bank With a Generous APY (2024)

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Milli Bank Overview

Milli Bank is a division of First National Bank of Omaha. It’s mobile-only, which means you can only access your account through the Milli Bank app. That also means the company doesn’t have any physical banking branches.

Milli currently only offers spending–like a traditional checking account–and savings accounts. But these come with some nice features that could make it easier to reach your financial goals.

Milli Bank is a relative newcomer to the market, but its parent bank, FNBO, was founded in 1857. It’s a member of the FDIC, which means any money you put into the bank will have federal deposit insurance up to $250,000.

GOBankingRates named Milli Bank as having one of the Best High-Yield Savings Accounts of 2024.

Milli Bank Review: Key Features

We take a deeper look at Milli’s checking and savings options below, while also investigating the overall banking experience you can expect from the company. Keep reading to learn more.

Checking Account

Milli Bank calls its checking option a Spending account. This comes with a virtual debit card that you can use to pay for everyday purchases. The mobile app also offers some useful spending insights you can use to track your purchase habits over time.

Milli sorts your purchases into spending categories. These let you quickly sort your recent purchases by merchant, amount or category. You can use this feature to get further insight into your spending habits. It can be especially helpful for finding those pesky subscriptions you thought you canceled but are actually still paying for.

One of the more interesting features Milli Bank has is its spending “challenges.” These let you set different monthly challenges for each spending category you have, such as dining out, entertainment and groceries. The so-called challenge is simply trying to remain under the budget that you’ve set for yourself. But gamifying your finances in this way could help you stay on track with your budget.

Savings Accounts

Milli Bank also offers a savings account, which currently offers a competitive APY. This compares favorably to many competitors, so if your main goal is getting the highest APY possible on your cash savings, Milli could be a good fit for you.

When you open a savings account, you also get access to savings jars. These are like virtual piggy banks that you designate for a specific saving goal. For example, you might start one jar for your next family vacation and another to save for a down payment on a new car.

These jars can make it easier to quickly see how you’re progressing towards your most important financial goals. Just like the spending challenges for everyday shopping, Milli’s jars bring a pinch of gamification to the savings process. This could help motivate you to work toward your financial goals with more diligence.

Banking Experience

When it comes to banking experience, Milli’s simplicity can be an advantage and a drawback. The mobile app interface is simple and intuitive. Plus, the company gives you a lot of good insight into your spending and savings habits through features like spending challenges and savings jars.

However, that’s about where the positives end. Reviews for Milli’s mobile apps are not as good as you would hope for a mobile-only bank. It received 3 stars out of 5 on iOS and 3.2 stars out of 5 on Google Play. Users complain about complicated account funding requirements and long timelines for bank transfers, among other issues.

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It’s also important to keep in mind this is a mobile-only institution. You’re probably not going to be happy with your banking experience if you enjoy going into physical bank branches or like to access your account online.

When it comes to customer service, you can either access a representative via live chat through the Milli mobile app or email the company at support@milli.bank. Agents are available from 8 a.m. to 8 p.m. CST seven days a week.

Comparable Banking Options

Milli is worth considering if you want to maximize the APY you get on your savings and are okay with a mobile-only banking experience. But there are other options you may want to compare it to. The following two banks also took home some of GOBankingRates’ top awards for high-yield savings accounts in 2024.

Bask Bank

Bask Bank is currently paying on its Bask Interest Savings Accounts, which have no monthly fees. It also offers a unique mileage savings account, which gives you 2.5 American Airlines AAdvantage miles for every $1 you have in your account. The company also has a variety of CDs available, unlike Milli, so it could be a better option if you’re looking for CD investments as well.

Betterment

Betterment is currently only paying APY on its high-yield savings product. But, the company offers investing services alongside checking and savings. You can use Betterment to start an IRA or 401(k), and it even offers crypto-investing services. Given all this, Betterment may be a better fit for you than Milli if you want to keep your savings, investing, and spending accounts at a single institution.

Final Take

Milli’s generous APY and gamified account features make it a compelling option for users who are okay with a mobile-only banking experience. However, reviews from verified users suggest that the company’s mobile apps still need some work to reach their full potential.

You should also note Milli’s limited account offerings. If you want CDs, money market accounts, or even investing services bundled with your savings and checking accounts, then another institution may be a better fit.

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Melanie Grafil contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 19, 2023.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

To determine rankings for the Best High-Yield Savings Accounts, GOBankingRates looked at the following factors from all banks: (1) minimum deposit to open an account; (2) monthly savings fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (3) minimum needed to earn APY; (4) savings APY; and (5) the average mobile app rating between the Google Play (Android) and Apple app stores. All factors were then scored and combined, with the lowest score being the best. Factors (2) and (3) were weighted 1.5 times; factor (4) was weighted 4 times; and factor (5) was weighted 0.5 times. To be considered for the high-yield savings account, the product offered had to have an APY above 0.45%.