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.
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:
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.
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.
High APY: Milli Savings accounts earn an annual percentage yield (APY) more than 10 times the national average savings rate.
Automated savings tools: Customers have access to automatic saving features and tools to track saving goals.
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 Checking Account
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
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.
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
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.
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 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.
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
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.
*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.