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Compare Milli Bank accounts
Milli Savings Account
Milli Spending Account
Editor's Rating
4.25/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed starEditor's Rating
4/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed starThe bottom line: Milli Bank is a good option if you're looking for an online high-yield savings account with a great interest rate and no fees or account minimums. The "Jars" feature on its savings account is particularly notable and can help you establish savings buckets for different goals. The bank's main downsides are that it offers very few products. In addition to its savings account, Milli only offers a checking account — one that does not earn interest or allow for mobile check deposits.
Milli Bank Overall Rating
Milli Bank Pros and Cons
Milli Savings Account Rates
Milli Savings Account
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. PerksFees
no monthly service fee
Annual Percentage Yield (APY)
5.50%
Minimum Deposit Amount
$0
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. High APY on Savings Account and Jar Accounts
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No overdraft fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No ATM fees
- con icon Two crossed lines that form an 'X'. Does not reimburse out-of-network ATM Fees
- con icon Two crossed lines that form an 'X'. Does not accept cash deposits
- con icon Two crossed lines that form an 'X'. No weekend customer support
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.
Product Details- Mobile-only banking platform and division of National Bank of Omaha
- Earn 5.50% 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 5.50% APY. This is one of the best rates out there right now, and significantly higher than the national average of 0.46% 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
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Doesn’t charge out-of-network ATM fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No overdraft fees
- con icon Two crossed lines that form an 'X'. Doesn’t refund any fees charged by out-of-network ATM machines
- con icon Two crossed lines that form an 'X'. No overdraft protection; any transaction that would overdraw your account will be denied
- con icon Two crossed lines that form an 'X'. No mobile check deposit
- con icon Two crossed lines that form an 'X'. No way to deposit cash
- con icon Two crossed lines that form an 'X'. Spending limits: $5,000 per day in debit card purchases, $1,000 per day in ATM withdrawals
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.
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
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.
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.
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.
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 4.75% APY APY for new customers. 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
Aly J. Yale is a freelance writer, specializing in real estate, mortgage, and the housing market. Her work has been published in Forbes, Money Magazine, Bankrate, The Motley Fool, The Balance, Money Under 30, and more. Prior to freelancing, she served as an editor and reporter for The Dallas Morning News. She graduated from TCU's Bob Schieffer College of Communication with a focus on radio-TV-film and news-editorial journalism. Connect with her on Twitter or LinkedIn. Read more Read lessEvelyn He
Compliance Associate
Evelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
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