Milli Bank Review: Great for Saving; Not So Great for Spending
Review
Updated
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Milli Bank closed in November 2024. Its products are no longer available from the issuer, and all information about it was gathered independently and has not been reviewed by the issuer.
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.
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.
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.
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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.
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.
Milli Savings Account
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.
Milli Bank closed in November 2024. This product is no longer available from the issuer, and all information about it was gathered independently and has not been reviewed by the issuer.
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.
Milli™ Bank Spending 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.
Milli Bank closed in November 2024. This product is no longer available from the issuer, and all information about it was gathered independently and has not been reviewed by the issuer.
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.
If Milli Bank does not feel quite right for you, here are a couple of others that might be a better fit.
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.
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
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.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
