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Milli Bank Review: Great for Saving; Not So Great for Spending

Review Updated
Dana George
By: Dana George
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Dana George has a BA in Management and Organization Development from Spring Arbor University. For more than 25 years, she has written and reported on business and finance, and she's still passionate about her work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. And though she finds the color orange unflattering on most people, she thinks they'll enjoy Champaign tremendously.

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Our Banking Expert

Ashley Maready
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Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

Milli is a mobile-only bank, meaning it pays far less for overhead than a brick-and-mortar bank. As a division of the First National Bank of Omaha (FNBO), Milli offers many of the same features as a large bank.

If you're looking for a bank where your money is FDIC insured, our full Milli Bank expert review can help you decide if it's a good fit for you.

Offer image for
Member FDIC.

Milli Bank

Bottom Line

If you've never heard of Milli Bank, don't let that bother you. FNBO, its parent company, has been doing business since 1857. To put that timeline into perspective, that was the same year James Buchanan was sworn in as the 15th president of the United States. In other words, it's been doing this for a while. Milli currently only offers two accounts (Spending and Savings), but each account type includes perks.

Pros
  • Excellent APY on savings account balances
  • An "intelligent" debit card that provides real-time notifications
  • A customizable budgeting program built into the mobile app
  • No fees
  • No account minimums
  • Member FDIC
  • Milli "Jars" allow account holders to create up to five digital jars, each designed to save for something different
Cons
  • Account holders must look elsewhere if they want to open CDs, an MMA, or have access to a safe deposit box
  • Accounts can only be accessed via the mobile app
  • Customer service can only be contacted through the mobile app or via email. There is no phone support.
  • Does not currently offer overdraft protection

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how The Motley Fool Ascent rates bank accounts.

Is Milli Bank right for you?

If you're looking for a traditional checking account, Milli Bank's spending account may be a poor substitute. Still, it's difficult to find fault with the current APY on Milli savings accounts.

Your best bet is to decide what's most important to you and then choose a bank that meets your requirements (and comes with FDIC insurance). For example, if customer service is the first thing you look for in a financial institution, you'll probably want to steer clear of Milli -- at least until the bank figures out the customer service piece of banking.

If all you're looking for is a strong APY and don't mind reaching customer service via a mobile app or email, it's possible you've found your new banking home.

Savings account

Milli only offers one savings account option at this time, but it's a good one.

Milli's savings account is where the bank shines. In addition to paying a highly competitive annual percentage yield (APY), Milli makes it easy to save.

Ratings Methodology
Rates as of Jun 28, 2024

Milli Savings Account

Member FDIC.
APY
5.50%
Min. To Earn APY
$0.01
  • Competitive APY
  • No account minimums
  • Thoughtful features like "Set and Forget" and "Spending Round-Up"
  • Digital jars that make it easy to keep track of savings goals
  • Available only via mobile app
  • Daily ATM withdrawal limit of $1,000

Potential customers are likely to be drawn to the thought and detail that has gone into the Milli Savings Account, including "Set and Forget" and "Spending Round-Up" features that make saving easier.

Checking account

Milli rightfully refers to this account as a "spending account" rather than a checking account because customers can't write checks on this account. Instead, they must use their debit card to make purchases.

While Milli's spending account is serviceable, there's nothing particularly outstanding about it. Here's a quick overview, including pros and cons.

Ratings Methodology
Rates as of Jun 28, 2024

Milli™ Bank Spending account

Member FDIC.
APY
N/A
Min. To Earn APY
N/A
  • No monthly fees or minimum balance is required
  • Ability to round up debit purchases, sending the change to savings
  • Real-time notifications
  • Large network of available, fee-free ATMs
  • Not interest bearing
  • No promotional bonus
  • $5,000 daily purchase limit
  • No overdraft protection
  • Must set up direct deposit or transfer money from an external bank to fund the account

For a bank with such an excellent savings account, Milli Bank's spending account is nothing to write home about. There's no doubt that its savings account is the star of the show.

Customer experience

Milli Bank customers who've posted online do not tend to be complimentary. The primary complaints tend to involve frustration in reaching (or hearing back from) customer service. In addition, there are customers who claim their accounts have been frozen due to suspected fraud. There are also complaints regarding how long deposits take to be credited to accounts.

The Android mobile app has received a 3.7 out of 5-star rating, and the iOS app has earned 3 out of 5 stars to date -- neither of which is particularly great.

How does Milli Bank compare?

If Milli Bank does not feel quite right for you, here are a couple of others that might be a better fit.

Milli Bank vs Bank of America

With nearly 6,100 Bank of America locations in the U.S., it's the kind of bank you can walk into and make a deposit, apply for a loan, or ask a question. It also offers a full menu of banking services, from checking to CDs and credit cards. While Bank of America's APYs won't blow your hair back, the convenience of a brick-and-mortar location just might. However, if you're really into online or mobile banking, Bank of America makes that possible, too with a highly rated mobile app.

Milli Bank vs Chase Bank

Chase Bank is another huge name in the world of finance. Like Bank of America, Chase offers a wide range of banking services. It also provides one of the largest networks of brick-and-mortar branches in the U.S. (more than 4,700). With nine different checking accounts from which to choose, Chase does not appear to believe in one-size-fits-all banking

FAQs

  • If two consecutive statements are returned to the bank due to an invalid mailing or e-mail address, and there is no activity on your account, the bank may consider the account dormant and stop sending statements.

  • Milli Bank may apply any deposits made to your account to repay existing overdrafts. Let's say you have an overdraft of $100, but your paycheck is automatically deposited at the end of the week. Milli will use $100 of that deposit to cover the overdraft, leaving you with a deposit of $900.