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NY Post
New York Post
30 Apr 2024


NextImg:Milli Bank Review: Mobile-first banking with sky-high savings rates

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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.

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.

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 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. 

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. 

If you need assistance with your Milli account, you have two options: Use a chat feature in the app or send an email to support@milli.bank. The bank’s customer service representatives are available from 8:00 a.m. to 8:00 p.m. CT every day. 

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. 

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. 

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.