Milli Bank Review 2024 (2024)

Personal Finance Banking Savings

Written by Aly J. Yale; edited by Laura Grace Tarpley; reviewed by Evelyn He

  • Overall Rating
  • Pros and Cons
  • Milli Savings Account Rates
  • Milli Spending Account Overview
  • About Milli Bank
  • FAQs
  • How Milli Bank Compares
  • Why You Should Trust Us

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Compare Milli Bank accounts

  • Milli Bank Review 2024 (1)

    Milli Savings Account

  • Milli Bank Review 2024 (2)

    Milli Spending Account

Editor's Rating


Annual Percentage Yield (APY)


Minimum Deposit


Editor's Rating


Annual Percentage Yield (APY)


Minimum Deposit


Start saving

Milli, FDIC Insured Account

Start banking

Milli, FDIC Insured Account

Milli Bank Overall Rating

FeaturePersonal Finance Insider Rating (out of 5)

Milli Bank Pros and Cons

  • High savings rate

  • Offers round-up, auto-save, and spending tracker tools

  • No monthly service fees

  • No account minimums

  • Nationwide network of 55,000+ ATMs

  • No physical locations
  • No overdraft protection
  • No mobile check or cash deposits
  • Only mobile chat and email support are available (no phone support)
  • Some spending and withdrawal limits on the Spending Account

Milli Savings Account Rates

Milli Savings Account

Start saving

Milli, FDIC Insured Account

Insider’s Rating



Earn 4.75% Annual Percentage Yield (APY). $0 minimum deposit. FDIC Insured.


no monthly service fee

Annual Percentage Yield (APY)


Minimum Opening Deposit



  • High APY on Savings Account and Jar Accounts
  • No minimum opening deposit
  • No monthly service fees
  • No overdraft fees
  • No ATM fees


  • Does not reimburse out-of-network ATM Fees
  • Does not accept cash deposits
  • No weekend customer support

Insider’s Take

Milli is a solid choice if you're comfortable with a mobile-only banking experience and want to keep your checking and savings all in one place. Milli offers a Spending and Savings Account.

Product Details

  • Mobile-only banking platform and division of National Bank of Omaha
  • Earn 4.75% APY on Savings Account and Jar Account
  • Access to over 55,000 ATMs through AllPoint network
  • Interest compounded daily and credited monthly
  • FDIC insured

The Milli Savings Account pays 4.75% APY. This is one of the best rates out there right now, and significantly higher than the national average of 0.45% 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

Milli Spending Account

Start banking

Milli, FDIC Insured Account

Insider’s Rating



no monthly service fee

Annual Percentage Yield (APY)


Minimum Opening Deposit



  • No minimum opening deposit
  • No monthly service fees
  • Doesn’t charge out-of-network ATM fees
  • No overdraft fees


  • Doesn’t refund any fees charged by out-of-network ATM machines
  • No overdraft protection; any transaction that would overdraw your account will be denied
  • No mobile check deposit
  • No way to deposit cash
  • Spending limits: $5,000 per day in debit card purchases, $1,000 per day in ATM withdrawals

Insider’s Take

Milli is a solid choice if you're comfortable with a mobile-only banking experience and want to keep your checking and savings all in one place. Milli offers a Spending and Savings Account.

Product Details

  • Mobile-only banking platform and division of National Bank of Omaha
  • Access to over 55,000 ATMs through AllPoint network
  • Deposit money through transferring from another account or receiving ACH/direct deposits
  • FDIC insured

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.

The Milli mobile app has 3.5 out of 5 stars in the Google Play store and 3.1 out of 5 stars in the Apple store. To contact Milli Bank, you can use the chat feature in the mobile app or email 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.

Neither Milli Bank nor First National Bank of Omaha has had any recent public controversies.

Milli Bank FAQs

What is Milli Bank?

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.

Is Milli Bank legit?

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.

What is the Milli app?

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.

Is Milli Bank FDIC-insured?

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' first three months, then 5.00% APY. 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 5.05% 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.

Aly J. Yale

Aly J. Yale is a writer and editor with more than 10 years of experience covering personal finance topics including mortgages and real estate. She contributes to Personal Finance Insider’s mortgages and loans coverage.ExperienceAly began her journalism career as reporter, and later an editor, for several neighborhood sections of the Dallas Morning News.Her work has been published in several national publications, including Bankrate, CBS, Forbes, Fortune, Money, Newsweek, US News and World Report, the Wall Street Journal, and Yahoo Finance. She’s also contributed to a variety of mortgage and real-estate publications, such as The Balance, Builder Magazine, Housingwire, MReport, and The Mortgage Reports.Her favorite personal finance tip is to schedule regular check-ins to make sure your credit cards, savings accounts, and other financial vehicles still align with your budget and financial goals. She is a member of the National Association of Real Estate Editors (NAREE).ExpertiseAly’s areas of personal finance expertise include:

  • Mortgages
  • Loans
  • Real estate
  • Insurance

EducationAly is a graduate of Texas Christian University, where she received a bachelor’s degree in radio/TV/film and news-editorial journalism.

Evelyn He

Compliance and Operations Associate

Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.

Top Offers From Our Partners

Milli Bank Review 2024 (7)

SoFi Checking and Savings Earn up to 4.60% APY on savings balances and up to a $300 bonus with qualifying direct deposit. FDIC Insured.

There is no minimum direct deposit amount required to qualify for the 4.60% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at To earn the $300 bonus, the customer must complete a direct deposit with a minimum initial deposit of $250 in a new SoFi Checking and Savings account within 45 days of clicking to qualify (offer expires 12/31/24).

Milli Bank Review 2024 (8)

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Milli Bank Review 2024? ›

Milli Savings Account Overview

Can I trust Milli bank? ›

Milli uses the same security protocols as FNBO, including ISO27001 and the Payment Card Industry Data Security Standard (PCI DSS). It also uses multiple layers of protection to keep your money safe. For example, when connecting an external account, Milli uses Plaid to keep your account information safe.

Who owns Milli bank? ›

Milli Bank is a division of First National Bank of Omaha (FNBO).

How to withdraw money from Milli? ›

You can take cash out with the Milli card from any ATM in the Allpoint ATM network. We currently don't support deposits at ATMs.

Is Western Alliance Bank safe? ›

Yes, Western Alliance is safe. The bank uses encryption technology, advanced firewalls, and other security measures, such as secured access and password lockout, to keep your personal and account information private. It's also Federal Deposit Insurance Corp.

Who is the safest online bank? ›

Our top three picks for the best online banks are SoFi Bank, Discover Bank and Ally Bank. To help you choose, we at the MarketWatch Guides team reviewed 154 banks and credit unions, 43 of which are online financial institutions.

What is the best high interest savings account? ›

Best High-Yield Online Savings Accounts of July 2024
  • BrioDirect High Yield Savings Account: 5.30% APY.
  • Ivy Bank High-Yield Savings Account: 5.30% APY.
  • TAB Bank High Yield Savings: 5.27% APY.
  • UFB Secure Savings: Up to 5.25% APY.
  • Laurel Road High Yield Savings®: 5.15% APY.
  • Bask Interest Savings Account: 5.10% APY.

What is the largest private bank in the US? ›

MidFirst Bank is the largest privately owned bank in the United States with $36.9 billion in assets. We offer our customers personal, commercial, trust, private banking, wealth management and mortgage products backed by $3.6 billion in capital and reserves, and more than $16 billion in available liquidity.

What is the CD rate for MidFirst Bank? ›

Oklahoma Relationship CD and IRA Rates
Balance TierMinimum BalanceAPY*
12 Month$1,0004.90%
18 Month$1,0004.60%
24 Month$1,0000.95%
30 Month$5,0000.95%
7 more rows

How many states is MidFirst in? ›

As a private business ourselves, we understand the unique needs of each business community we serve at each of our locations in Arizona (Phoenix), California (Southern California), Colorado (Boulder, Denver, Edwards, Fort Collins), Nevada (Las Vegas), Oklahoma (Oklahoma City, Tulsa, Western), Texas (Dallas, Houston, ...

What is the transfer limit for Milli bank? ›

Outgoing transfers from your Milli account to a linked account: Outgoing transfers to external bank accounts have a limit of $10,000. For example, if you wanted to transfer $30,000 from your Milli account to your external linked account, you'd need to complete three $10,000 transfers from your Milli account.

How to transfer money to Milli bank? ›

You can do this by logging into your external bank account and transferring money to Milli using your Milli account number and routing number. No matter which account you set to deposit into, be sure to specify your Milli account is a Checking account to prevent ACH errors from occurring.

How much can you withdraw from Milli bank ATM? ›

You may withdraw up to $1,000 each day with your Visa Debit Card. Amounts authorized will not, however, exceed your available balance.

How stable is Western Alliance Bank? ›

Western Alliance Bank is stable overall. It is a Member FDIC bank, and a Q4 2023 report shows that deposits have steadily increased year-over-year.

Is Western Alliance Bank still in business? ›

Serving clients across the country wherever business happens, Western Alliance Bank operates individual, full-service banking and financial brands with offices in key markets nationwide.

How do you check if a bank is legitimate? ›

To help you determine if a website belongs to an FDIC-insured bank, check the FDIC BankFind, a data resource on the FDIC website. You can look up banks by name or website address to verify whether they are a real FDIC-insured bank. Compare the bank name with the web address or URL.

Can MetaBank be trusted? ›

At a SmartAsset rating of 4.3 out of 5 stars, MetaBank should be solidly in contention for your choice of bank.

Is infinite banking good or bad? ›

Infinite banking comes with several advantages, including easy access to funds for emergencies, flexible loan terms and potential tax savings. However, it's a long-term strategy that requires careful planning to reap the benefits.

Which bank is trustworthy? ›

Summary: Safest Banks In The U.S. Of July 2024
BankForbes Advisor RatingProducts
Bank of America4.2Checking, Savings, CDs
Wells Fargo Bank4.0Savings, checking, money market accounts, CDs
Citi®4.0Checking, savings, CDs
Barclays3.4Savings, CDs
1 more row
Jun 5, 2024

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