Milli Bank Review 2024: No Frills, Fee Free Mobile Banking

A few decades ago, brick-and-mortar banking was pretty much your only option. Then, online banking made it easier to choose a bank based on your needs rather than its physical location. And now, you don’t even need a computer to bank since most transactions can be completed from your mobile device.

Milli Bank takes full advantage of mobile banking’s popularity—in fact, the app is the only way to bank with Milli. Think this might be an option for you? Learn more about Milli Bank to see whether it’s a good fit.

Who is Milli Bank for?

Milli Bank is ideal for customers who want to bank from their mobile device. As an app-only bank, Milli is best for those who rely on their phones to organize themselves. Milli only offers checking and savings accounts, so it’s probably not the best choice if you also want to open a certificate of deposit (CD) or get an auto loan. But for those who want a no-frills banking experience, Milli could be a great fit.

Checking

Why we recommend it: Milli Spending is a good option for mobile-only banking with no hidden fees.

Milli has a single checking account option, which is called Spending. This account has no monthly maintenance fee and no minimum deposit requirement. You’ll get access to fee-free ATMs through the Allpoint network, which is over 50,000 strong. Unfortunately, there is no way to deposit cash to your account through an ATM, and Milli doesn’t have the ability to accept mobile check deposits. You’ll need to fund your account by transferring money from your Milli Savings Account or an external bank account.

Milli Spending doesn’t come with checks, either, so you won’t have the option to pay via check. This may not be an issue for many, as checks are increasingly becoming obsolete and some retailers no longer accept personal checks as payment. But if you need or prefer using checks to pay certain bills, Milli isn’t your best option. Milli also doesn’t offer overdraft protection. If you make a transaction without sufficient funds, it’ll either be declined or returned as unpaid, which could lead to third-party or merchant fees.

When you sign up for a Milli Spending account, you’ll receive both a physical and a virtual debit card for added payment flexibility. You can also add your Milli Spending card to a virtual wallet like Apple Wallet and Samsung Pay, allowing you to use it even if you don’t have it.

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Savings

Why we recommend it: The Milli Savings Account has a high APY of 4.75%.

Milli’s Savings is a high-yield account with an annual percentage yield (APY) of 4.75%. Like the Spending account, it has no hidden fees or minimum balance requirements. Deposits are Federal Deposit Insurance Corporation (FDIC) insured up to $250,000 per depositor. However, Milli doesn’t offer other types of savings accounts, such as CDs or money market accounts.

Milli offers two notable automated savings tools: Set and Forget and Spending Round-ups. With Set and Forget, you can automatically move money from your Spending to your Savings account regularly. Spending Round-ups takes extra change from your purchases and deposits it into your Savings account to help your money grow faster.

You can also set up a maximum of five digital “Jars” to help you save for specific goals. For example, you could set up a Jar to save for a car down payment and another for an upcoming vacation. Saving money this way can be motivating as you can see your progress toward each goal in real time.

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Review of overall features

Want to know more about Milli Bank? Learn about its ATM network, potential fees, security, customer service, and technology.

ATM network

Milli customers can access a fee-free network of more than 55,000 ATMs through the Allpoint network. You may be charged a fee if you withdraw from an out-of-network ATM.

Fees

Milli prides itself on offering no-fee banking. There are no monthly maintenance fees for Spending or Savings accounts and no minimum balance requirement. There are also no fees for stop payments, overdrafts, returned items, or transfers.

Security

Milli is a division of First National Bank of Omaha (FNBO). The parent company uses various tools and protocols to keep your data safe while banking with Milli.

For example, data transmission is protected by encryption, so it cannot be read if intercepted by a criminal. FNBO also uses firewalls to prevent unauthorized access to its systems, keeping your information secure. After 10 minutes of inactivity, you’ll be signed out of the app. Each time you log in, you’ll see information about your last session so you can quickly identify any unauthorized activity.

Customer service

Milli customer service is primarily available through the app chat function. You can also contact Milli via email. Customer service is available from 9 a.m. to 6 p.m. CT Monday through Friday, but not over the weekend.

Technology

Since Milli is a mobile-only bank, the mobile app needs to be easy to use and secure—and luckily, it checks both boxes. The app lets you track your spending in real-time, check your balances, set up Jars and savings rules, and access your virtual card. Customer reviews of the app are generally positive, with users claiming the app is simple to use.

Who owns Milli Bank?

As noted above, Milli Bank is owned by First National Bank of Omaha (FNBO), which has been in business for more than 165 years. FNBO provides security and FDIC insurance for funds in all Milli accounts, including checking and savings.

How does Milli Bank compare?

Milli Bank has a lot to offer those looking for no-frills mobile banking. But how does it compare to some of the top online banks out there?

Milli Bank vs. Chime

Milli Bank and Chime are both online-only banks with no monthly maintenance fees. While Chime does offer more products (including a secured credit card), Milli’s APY on savings is more than double what Chime offers. If you’re looking for a high-yield online savings account, Milli may be the better option.

Milli Bank vs. SoFi

SoFi is another online bank that has more products than Milli, including credit cards, loans, and insurance. SoFi also offers 0.50% APY on its checking account, whereas Milli’s checking account doesn’t earn interest. However, Milli’s APY on savings is higher than SoFi’s.

Milli Bank vs. Ally Bank

Ally Bank is also an online-only bank with no monthly maintenance fees. Ally offers checking, savings, credit cards, investments, and loans, while Milli only has checking and savings accounts. Like SoFi, Ally Bank pays interest on checking account balances, though the APY is lower than SoFi’s at 0.25%. Also like SoFi, Ally’s APY on savings is lower than Milli Bank’s.

TIME Stamp: Milli Bank is ideal for mobile users who want simple checking and savings accounts

Milli Bank doesn’t have the bells and whistles that some other banks have. But for some customers, that can be a huge benefit. Since Milli only offers checking and savings, it can focus on perfecting those accounts to meet customers’ needs. But if you want additional products like CDs, money market accounts, credit cards, and loans, you may want to look elsewhere.

Frequently asked questions (FAQs)

Is Milli Bank FDIC insured?

Yes. Deposits at Milli Bank are FDIC insured through its parent, First National Bank of Omaha (FNBO).

Is Milli Bank legit?

Milli is a legitimate financial institution offering mobile banking under the ownership of First National Bank of Omaha (FNBO).

What are the Milli Bank locations?

Milli Bank does not have any physical branches or locations. You can bank via its mobile app and withdraw money fee-free from any Allpoint ATM.