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

7 min Read

Milli Bank Review: A Mobile-Only Bank With a Generous APY (1) Written by Kellan Jansen

Milli Bank Review: A Mobile-Only Bank With a Generous APY (2) Edited by Melanie Grafil

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

Milli Bank Review: A Mobile-Only Bank With a Generous APY (3)

20 Years
Helping You Live Richer

Milli Bank Review: A Mobile-Only Bank With a Generous APY (4)

Reviewed
by Experts

Milli Bank Review: A Mobile-Only Bank With a Generous APY (5)

Trusted by
Millions of Readers

GOBankingRates Score

Milli Bank

4.3

SCORE

GOBankingRates Best Banks 2023 scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks.

Quick Take: Milli is a mobile-only bank under FNBO that offers a Savings with a highly competitive APY and a Spending account. The bank also features "Milli's Jars," that you can name and use to save money on anything you need. The best part? There are no required fees or minimums.

  • Checking Account

    4.5

  • Savings Accounts

    4.5

  • Banking Experience

    3.9

How did we calculate this?

Pros

  • No fees or account minimums
  • Currently offers 4.75% APY
  • Offers savings "jars," making it easier to save for more than one goal at a time

Cons

  • has a mobile app so you can't access your account online
  • Reviews for the company's mobile apps lower than competitors
  • Doesn't offer CDs, money market accounts or retirement accounts

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.

Make your money work for you

Get the latest news on investing, money, and more with our free newsletter.

By subscribing, you agree to our Terms of Use and Privacy Policy. Unsubscribe at any time.

Milli Bank Review: A Mobile-Only Bank With a Generous APY (7)
Milli Bank Review: A Mobile-Only Bank With a Generous APY (8)

Thanks!

You're now subscribed to our newsletter. Check your inbox for more details.

Milli Bank Review: A Mobile-Only Bank With a Generous APY (9)

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.

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.

Milli Bank Review: A Mobile-Only Bank With a Generous APY (10)

See All Best Banks

FAQ

Here are answers to some of the most common questions about Milli Bank.

  • Is Milli Bank legitimate?
    • Yes, Milli is a legitimate bank that's part of the FDIC, so any accounts you open will have up to $250,000 of deposit insurance. The company is also a division of the First National Bank of Omaha, which was founded in the 1850s.
  • What are the disadvantages of Milli Bank?
    • The main disadvantage of Milli Bank is that it's a mobile-only institution with only two major account offerings--checking and savings. It may not be a fit for you if you want physical branches, an online account dashboard, or access to alternative savings options like CDs and money market accounts.
  • Who owns Milli Bank?
    • Milli Bank is a division of the First National Bank of Omaha, which was founded in 1857 and is based out of Omaha, Nebraska.
  • What's similar to Milli Bank?
    • Milli Bank offers a mobile-only account experience that's similar to competitors like Revolut, Chimeand Ally. You can also consider Bask Bank and Betterment.

More From GOBankingRates

  • 9 Bills You Should Never Put on Autopay
  • 10 Ways To Build Wealth Fast
  • 22 Side Gigs That Can Make You Richer Than a Full-Time Job
  • 6 Top Tips for How To Turn $1,000 Into $10,000

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%.

Is this your bank?

Thank You For Signing Up!

Get ready to receive top financial tips from the experts at GOBankingRates.

Take Advantage of our Best Offer(s)

Milli Bank Review: A Mobile-Only Bank With a Generous APY (2024)
Top Articles
Latest Posts
Recommended Articles
Article information

Author: Jerrold Considine

Last Updated:

Views: 5701

Rating: 4.8 / 5 (78 voted)

Reviews: 93% of readers found this page helpful

Author information

Name: Jerrold Considine

Birthday: 1993-11-03

Address: Suite 447 3463 Marybelle Circles, New Marlin, AL 20765

Phone: +5816749283868

Job: Sales Executive

Hobby: Air sports, Sand art, Electronics, LARPing, Baseball, Book restoration, Puzzles

Introduction: My name is Jerrold Considine, I am a combative, cheerful, encouraging, happy, enthusiastic, funny, kind person who loves writing and wants to share my knowledge and understanding with you.