Milli Bank Review (original) (raw)
Digital banks have become increasingly popular as people seek ways to manage their money wherever they are. Milli is a mobile-only bank that offers modern banking tools with no fees or minimums in addition to a high-yield savings account with a competitive rate.
In our Milli bank review, we at the MarketWatch Guides team examine Milli’s account offerings and reputation to help you decide if it’s right for your financial goals.
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Our Milli Bank Ratings
We give Milli 4.3 out of 5 stars after looking into categories including its branch availability, account fees, interest rates and customer support. It scores highest for its savings account, while its checking account also earns high marks.
The bank doesn’t offer certificates of deposit (CDs) or a money market account, and its overall bank experience score is lower since it doesn’t have branch access.
Here’s how the company scores in each of our categories:
*Ratings are determined by our editorial review team. Learn more about our scoring methodology.
Our review team reached out to Milli for a comment on its score in our review’s banking experience and access category but did not receive a response.
Overview of Milli Bank: Pros and Cons
Milli is a division of the Nebraska-based First National Bank of Omaha, which has been around for over 150 years. It’s a mobile-only bank that’s accessible to anyone with an eligible iPhone or Android device. While some consumers may love its modern banking offerings and the earning power of its savings account, the bank has potential drawbacks to consider before you decide whether it’s a good fit for your needs.
Pros
High APY: Milli Savings accounts earn an annual percentage yield (APY) more than 10 times the national average savings rate.
No fees: Milli doesn’t charge monthly fees or overdraft fees, and checking account holders have fee-free access to more than 55,000 Allpoint ATMs.
No minimum requirements: Milli’s checking and savings accounts don’t have minimum deposit or balance requirements.
Automated savings tools: Customers have access to automatic saving features and tools to track saving goals.
Cons
Limited access: Unlike most digital banks, Milli accounts are only accessible through its mobile app, not online.
No branch access: As a digital bank, Milli doesn’t offer physical branch locations.
Missing common features: Milli doesn’t offer paper checks, mobile check deposit or bill payment services, and it doesn’t support cash deposits at ATMs or mailed check deposits.
Milli Bank: Who It’s Best For
As a mobile-only bank, Milli may only be a good fit for select customers, including:
People on the Go
Milli accounts are accessible 24/7 through its mobile app, which is available on both Apple and Android devices.
People Focused on Savings
Milli not only offers a high APY on all savings balances but also provides tools to automate your savings and set and track savings goals. It also lets you monitor your spending habits in real time.
People Who Don’t Need a Checkbook
Milli’s spending account doesn’t offer checkbooks, and there’s no option to write checks. There’s no way to pay your bills through the mobile app, but you can add your debit card to virtual wallets and payment apps.
Milli Bank Accounts
Milli has two main deposit accounts: a non-interest-bearing checking account and a high-yield savings account. It also offers a personalized savings account designed for short- and long-term savings goals. The mobile bank doesn’t offer CDs, money market accounts or other financial products.
| Milli Bank Account | APY* | Minimum Opening Deposit | Minimum Account Balance |
|---|---|---|---|
| Milli Spending account | N/A | 0∣0 | 0∣0 |
| Milli Savings account | 4.75% | 0∣0 | 0∣0 |
| Milli Jars account | 4.75% | 0∣0 | 0∣0 |
*APYs accurate as of November 14, 2024
Milli Checking Account
| Milli Checking Account | APY* | Minimum Opening Deposit | Minimum Account Balance | Monthly Service Fee | Overdraft Fee |
|---|---|---|---|---|---|
| Milli Spending account | N/A | 0∣0 | 0∣0 | 0∣0 | 0∣0 |
*APY accurate as of November 14, 2024
Milli Checking Account Overview
We rate Milli’s checking account, the Milli Spending account, 4.3 stars. The account has no fees and no minimum opening or ongoing balance requirements, making it accessible to most consumers. In addition to not having monthly service fees, Milli doesn’t charge other common bank fees, such as:
- Overdraft fees
- Returned-item fees
- Stop-payment fees
- Debit card replacement fees
Pros
No fees: Milli’s spending account doesn’t charge monthly fees, overdraft fees, returned-item fees, stop-payment fees or debit card replacement fees.
No minimums: There are no minimum deposit or balance requirements.
Free ATM access: Milli offers access to more than 55,000 ATMs without fees through the Allpoint ATM network.
Cons
Limited ways to add and withdraw funds: The only way to add funds is through an electronic transfer. Milli doesn’t support cash deposits at ATMs or check deposits of any kind.
Limited account access: You’ll only be able to manage your account through Milli’s mobile app since Milli doesn’t offer online banking or branch access.
Doesn’t earn interest: Unlike some other online checking accounts, this account doesn’t earn interest.
Milli Checking Account
Spending accounts come with both a physical and virtual debit card, which you can add to mobile wallets or payment apps. However, this account doesn’t come with paper checks, check-deposit support of any kind (including mobile check deposit) and bill-pay support.
The only way to add funds to Milli accounts is through electronic transfers via direct deposit, an automated clearing house (ACH) transfer or a linked external bank account.
Milli partners with the Allpoint ATM network, giving account holders fee-free access to over 55,000 ATMs for withdrawing cash. The mobile bank doesn’t charge a fee for out-of-network ATM use, but the ATM operator may charge you.
Milli Savings Accounts
| Milli Savings Account | APY* | Minimum Opening Deposit | Minimum Account Balance | Monthly Service Fee |
|---|---|---|---|---|
| Milli Savings account | 4.75% | 0∣0 | 0∣0 | $0 |
| Milli Jars account | 4.75% | 0∣0 | 0∣0 | $0 |
_*APYs accurate as of November 14, 2024
Milli Savings Account Overview
We rate Milli’s online savings accounts 4.6 stars. The bank offers the high-yield Milli Savings account and Milli Jars, which are personalized savings accounts for specific goals. Like the spending account, Milli’s savings accounts have no minimum balance requirements or monthly fees.
Both accounts earn a competitive APY on all balances. Interest for the accounts compounds daily and is credited monthly. Keep in mind that savings accounts earn variable rates, which banks can raise or lower at any time.
Pros
High APY: Milli’s savings accounts offer an APY that’s more than 10 times the national average savings rate.
No fees or minimums: There are no monthly fees or account minimums for either savings account.
No withdrawal limits: Unlike some banks that impose monthly withdrawal limits for savings accounts, Milli has no monthly withdrawal limits.
Cons
Limited ways to manage accounts: Milli doesn’t offer online banking or physical branch locations, so you’ll have to manage your account through the mobile app.
No ATM access: Milli’s spending account is the only Milli account with ATM access.
Milli Savings Account Options
Milli Savings Account
In addition to a high savings rate and no fees, the Milli Savings account has automatic savings tools to help account holders reach their savings goals. You can activate spending roundups, which automatically round up debit card purchases to the nearest dollar and transfer the change to your savings account.
There’s also a set-and-forget feature, which automatically moves money from your spending account to your savings account on a recurring basis.
Milli Jars Account
Milli Jars accounts are digital piggy banks designed for short- and long-term savings goals. You can create up to five jars for individual savings goals. Once you set a savings goal amount and end date, Milli automatically calculates daily, weekly and monthly savings targets to hit to stay on course.
Milli Bank Reputation and Customer Satisfaction
Milli is relatively new to the banking industry. As a result, Milli doesn’t have profiles or ratings with the Better Business Bureau (BBB) or Bauer Financial, an independent bank and credit union rating firm.
However, Milli’s parent company, FNBO, has been around for over a century. It has an A+ rating from the BBB and is BBB accredited. It also receives 5 out of 5 stars from Bauer Financial.
Trustpilot Reviews
Milli receives 1.9 out of 5 stars on Trustpilot, with many customer reviews citing issues with accessing their account or being declined for an account without explanation. However, there are only 32 reviews currently listed, so it’s unclear if the low rating is a true picture of Milli’s reputation among customers.
Mobile App Rating
The Milli app is available for iPhone and Android devices. It earns an average of 3.4 out of 5 stars in Apple’s App Store, based on more than 450 ratings. The app gets 3.6 out of 5 stars in the Google Play store, based on more than 740 ratings.
Positive customer reviews for the app tend to praise the app’s simplicity, while negative reviews tend to criticize the app’s limited features, clunky in-app chat feature and frequent technical difficulties. Customers also complain about the bank’s money-transfer hold times and customer service.
Milli Bank vs. Other Top Banks
Milli offers several positives that help it stand out among online and traditional banks. Milli Savings has among the best high-yield savings account rates available, earning a competitive rate with no minimums or fees.
Compared to some other top banks, Milli offers access to more ATMs, but it offers fewer deposit account options and features. It also lacks the in-person support offered by brick-and-mortar banks such as Chase, Wells Fargo and Bank of America.
| Milli Bank | Ally Bank | Chase | Wells Fargo | Bank of America | |
|---|---|---|---|---|---|
| Our rating | 4.3 | 4.5 | 4 | 3.8 | 4 |
| Number of branch locations | Online only | Online only | 4,700 | 4,600 | 3,800 |
| Number of ATM locations | 55,000 | 43,000 | 15,000 | 11,000 | 15,000 |
| Available deposit products | Checking, savings | Checking, savings, CDs, money market | Checking, savings, CDs | Checking, savings, CDs | Checking, savings, CDs |
| No-fee checking account option?* | Yes | Yes | Yes | Yes | Yes |
*The bank offers a low fee that is waivable if at least one requirement is met, such as a recurring direct deposit, a minimum monthly balance or a linked savings account. Requirements vary by bank.
The Bottom Line: Is Milli Bank Right for You?
Milli offers checking and savings accounts with no fees or minimum balances and a high APY for its savings accounts. However, you can only manage your accounts from your phone as there is no online banking or branch access.
Milli may be a good place to bank if you’re trying to maximize your savings or don’t need access to bank branches or checks. It can also be a great option if you want to automate your savings or track your spending to improve your finances. If you’re looking for a more comprehensive banking experience, other online banks offer comparable rates, more deposit accounts and traditional checking features.
FAQ: Milli Bank Review
Banking with Milli is considered to be safe since Milli is a division of First National Bank of Omaha. Milli accounts are FDIC-insured through FNBO up to $250,000 per depositor for each account ownership category. FDIC insurance limits apply to the combined total of deposits at both Milli and FNBO. However, because Milli operates exclusively through its mobile app, your account could be vulnerable if your phone is lost or stolen.
Milli is considered to be a reputable bank since it’s a mobile banking division of First National Bank of Omaha. Total deposits to Milli and FNBO accounts are FDIC-insured up to the legally allowed limits.
Milli Savings can be a good high-yield savings account if you’re looking for a savings account with a high APY. Its rate is favorable compared to market offerings, and it has no monthly fees or minimum deposit requirements. The account also comes with tools to automate savings and track savings goals.
Methodology
Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.
Savings and money market accounts
The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
Banking experience and access
Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.
35% Savings and money market accounts
30% Checking accounts
20% Certificates of deposit
15% Banking experience and access
Savings and money market accounts
The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
Checking accounts
High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
Certificates of deposit
Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
Banking experience and access
Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.
All America Bank, Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Airlines Credit Union, American Express National Bank, Apple Bank, Arvest Bank, Associated Bank, Axos Bank, Banesco Bank, Bank of America, Bank of Hope, Bank Purely, Bank5 Connect, Barclays, Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO, BMO Alto Bank, Bread Savings (formerly Comenity Direct), BrioDirect, Capital One Bank, CFG Bank, Charles Schwab, Charlie Financial, Chase Bank, Chime, CIBC USA, CIT Bank, Citibank, Citizens, Citizens Bank, Colorado Federal Savings Bank, Comerica Bank, Connexus Credit Union, Consumers Credit Union, Credit One Bank, Cross River Bank, Current, Customers Bank, Delta Community Credit Union, Discover Bank, East West Bank, Emigrant Direct, EverBank (formerly TIAA Bank), Federal Savings Bank, Fifth Third Bank, First Citizens Bank, First Internet Bank (of Indiana), First National Bank of America, First Tech Federal Credit Union, FNBO Direct, Frost Bank, Golden 1 Credit Union, Heritage Bank NA, HSBC, Huntington Bank, KeyBank, Lafayette Federal Credit Union, Lake Michigan Credit Union, LendingClub, Limelight Bank, Live Oak Bank, Lonestar Bank, M.Y. Safra Bank, M&T Bank, Marcus by Goldman Sachs, Mercury Bank, Merrick Bank, Michigan State University Federal Credit Union, Milli, Morgan Stanley Private Bank, Mountain America Credit Union, My eBanc, MySavingsDirect, National Bank of Kansas City, Navy Federal Credit Union, NBKC Bank, North American Savings Bank (NASB), Northpointe Bank, Patelco Credit Union, PenFed Credit Union (Pentagon Federal), PNC Bank, Popular Direct, Presidential Bank, Provident Bank, Quontic Bank, Quorum Federal Credit Union, Randolph-Brooks Federal Credit Union, Regions Bank, Ridgewood Savings Bank, Rising Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, SoFi Bank, South State Bank, Spectrum Credit Union, Spring Bank, Star One Credit Union, State Bank of Texas, State Department Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Sutton Bank, Synchrony Bank, Synovus Bank, TD Bank, Texas Capital Bank, Third Federal Savings & Loan, Transportation Alliance Bank (TAB Bank), Truist Bank, U.S. Bank, UFB Direct, Umpqua Bank, Upgrade, USAA Bank, USAlliance Financial, Valley National Bank, Varo Bank, Vio Bank, VyStar Credit Union, Webbank, Webster Bank, Wells Fargo, Western State Bank, Zions Bank, Zynlo Bank
_*Data accurate at time of publication
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.
If you have feedback or questions about this article, please email the MarketWatch Guides team at editors@marketwatchguides.com .