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Milli Savings Account -
Milli Spending Account
Milli Bank Overall Rating
| Feature | Insider Rating (out of 5) |
| Savings | 4.25 |
| Checking | 4 |
| Trustworthiness | 5 |
| Total | 4.5 |
Milli Bank Pros and Cons
| Pros | Cons |
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Milli Savings Account Rates
The Milli Savings Account pays 5.25% APY. This is one of the best rates out there right now, and significantly higher than the national average of 0.43% 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
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.
Milli's mobile app is available in both the Apple and Google Play stores, where it is rated 4 out of 5 stars. 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.
Keep in mind: A good BBB score doesn't guarantee you'll have a smooth relationship with a company, though it is generally a good sign of trustworthy 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. 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.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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