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Tired of traditional bank accounts with low interest rates and high fees? You may want to consider Milli Bank, an online bank offering strong rates and no minimum balance requirements or monthly fees. We dove into the key features of Milli Bank, including its pros and cons and who it’s right for.
| Key takeaway: Milli Bank is best for consumers comfortable managing their finances entirely through their phone, and those who want competitive interest rates, no fees, and innovative features over traditional banking services like branches and 24/7 customer support. |
What is Milli Bank?
Milli Bank is the online division of First National Bank of Omaha, an institution that’s been around since 1857.
Milli Bank is worth considering if you’re in the market for a high-yield online savings account with no fees or minimum balance requirements. Milli Bank’s standout feature is the “Jars” system. It allows you to create separate savings buckets for different goals, making it easier to track your progress.
But keep in mind that Milli Bank has a limited product lineup. Apart from its high-yield savings account, it only offers a basic checking account that doesn’t earn interest. Milli Bank might not be the best fit for your needs if you’re looking for a full-service online bank with a wide array of products and features.
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Milli Bank accounts
Milli Savings Account
- Minimum deposit: None
- Monthly fees: None
- Interest rates: 4.75% APY
Milli Bank’s Savings Account has no minimum deposit requirements or monthly fees to worry about. You’ll earn a competitive rate – 4.75% – on par with some of the best high-yield savings accounts on the market. Interest is paid monthly, and you can make unlimited withdrawals.
Where the Milli Savings Account shines is its savings tools. For example, you can separate your savings into five “jars” that act as digital piggy banks. If you have multiple savings goals, you can use this feature to keep your savings separate.
Other tools include a round-ups feature that allows you to automatically save money whenever you use your Milli debit card. You can also set up automatic transfers to and from your accounts.
Milli Spending Account
- Minimum deposit: None
- Monthly fees: None
- Interest rates: N/a
Milli Bank’s Spending Account is the bank’s checking offering. There aren’t any monthly fees, overdraft fees, or minimum deposit requirements. This card comes with a debit card, and there aren’t fees for ATM withdrawals within the Allpoint ATM network.
Unfortunately, this account doesn’t offer the ability to write checks or send money via Zelle. You’ll also be limited in the amount of debit card transactions you can make each day. You also won’t be able to make cash deposits.
Benefits of banking with Milli Bank
- Competitive savings rate: Milli Bank offers some of the highest interest rates in the market, making it an excellent choice for those looking to grow their savings.
- No minimum balance requirements: Unlike many traditional banks, Milli Bank doesn’t require you to maintain a minimum balance.
- No worries about fees: You’ll see a lot of zeros when looking at Milli Bank’s fee structure – zero monthly maintenance fees, zero overdraft fees, and zero in-network ATM fees (though you may face fees when using an out-of-network ATM).
- User-friendly mobile app: Milli Bank’s mobile app is intuitive and easy to use, allowing you to manage your accounts, transfer funds, and deposit checks from your phone.
- Savings tools: This is where Milli really shines. To encourage more savings, you can opt into a round-up feature or automatic transfers. As you work toward multiple savings goals like buying a car or taking a vacation, the bank’s “Jars” tool allows you to separate those objectives into different buckets.
Milli Bank online experience
You won’t get a typical “online” experience with Milli Bank. You’ll only be able to view your account balances, transfer money, and get spending insights from your phone. You won’t be able to do that via a web browser on your computer.
Keep in mind your smartphone needs to be an iPhone with iOS 15.0 or later or an Android with Android 8.0 or later. The mobile app also has mediocre reviews — 3.4/5 stars in the Apple Store and 3.4/5 stars on Google Play.
While the reviews aren’t all that great, you can feel confident knowing the bank’s security protocols will protect your finances.
All bank accounts are FDIC insured up to $250,000 per person, per account. Milli follows the same security standards as the First National Bank of Omaha, which include firewalls, data encryption, and password verification.
Customer service
If you need assistance with your Milli account, you have two options: Use a chat feature in the app or send an email to [email protected]. The bank’s customer service representatives are available from 8:00 a.m. to 8:00 p.m. CT every day.
Alternatives to Milli Bank
Milli Bank isn’t the only option if you’re looking for a digital banking experience. And while Milli’s savings account offers some of the best rates available today, there are plenty of other places to store your money without paying any fees. If you’re thinking about switching banks, consider these other online-first banks.
- Capital One 360: Capital One 360 is another online bank that offers high-yield savings accounts and no-fee checking accounts. It also provides access to Capital One’s network.
- Ally Bank: Like Milli Bank, Ally Bank is an online bank that offers competitive interest rates and no minimum balance requirements. However, Ally Bank offers a wider range of account options, including business accounts.
- Chime Bank: Chime is a mobile-first financial technology company offering fee-free checking and savings accounts. While it doesn’t offer the same high interest rates as Milli Bank, it’s a good option for those who want simplicity and automation. Read our full review.
- SoFi: If you have a larger amount of money to deposit, SoFi’s current bonus structure will get you off to a good start. SoFi offers similar budgeting tools, such as a Vaults feature that lets you divvy up savings goals and a round-up option. Additionally, SoFi pays a 0.50% APY on checking account balances, while Milli’s Spending Account doesn’t pay interest.
Is Milli Bank right for you?
Are you comfortable doing everything with your savings and checking account on your phone? If yes, compare how Milli stacks up against the best online banks to ensure you’re getting the best features and interest rates possible.
Milli is best for those who want competitive interest rates, no minimum balance requirements, and a user-friendly mobile banking experience.
But if you’re looking for a bank with a wide range of products, Milli Bank is not for you. The bank’s limited account list only includes two options. There aren’t any physical branches or the ability to manage your account via computer. And if you want the reassurance of 24/7 customer service, you’ll want to look elsewhere.
The bottom line
Your smartphone has already replaced the need for many old-school items – a watch, a GPS, a landline — you name it. If you’re comfortable managing your money from your phone, too, Milli Bank is worth a look.
You won’t have some features of a traditional bank, like branches and phone-based customer support. But you’ll score a savings rate that’s higher than the national average and some extra features to help you focus on saving more.
Opinions expressed are author’s alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.