Milli Bank Review 2023: A Must See for Savings

If you’re looking for a high-yield savings account with competitive interest rates, minimum opening deposit requirements and minimal fees, consider Millie, which has a high-yield savings account with a whopping 5.25% annual percentage yield (APY).

Millie is an online banking division of First National Bank of Omaha (FNBO). Founded in 1857, FNBO is headquartered in Nebraska. Currently, it offers savings and checking accounts but no money market accounts or certificates of deposit (CDs). Those who want a variety of account options and the ability to visit a physical branch should consider other banking partners.

All rates and fees are current as of August 31, 2023, and are subject to change.

Milly’s offering

Milli offers only two types of deposit accounts: a checking account and a high-yield savings account. Accounts at Milli are insured through the Federal Deposit Insurance Corporation (FDIC)-FNBO, up to $250,000 per depositor per account category in the extremely rare event of bank failure.

Checking and savings accounts

Cost calculation

  • API: None of them
  • Minimum opening deposit required: $0
  • Maintenance Fee: $0
  • Overdraft Fees: $0
  • Debit Card Replacement: $0
  • Research Fee: $0

Millie’s Spending Account is a non-interest-bearing checking account.

This account has only a few fees, so you can open an account with any amount of money without worrying about any monthly maintenance fees. Milli also doesn’t charge overdraft fees—if you can’t make a transaction, it’s automatically declined.

This account comes with a debit card instead of a check. To access your cash for free, you can use an Allpoint ATM, which has a network of 55,000 ATMs worldwide. Milli doesn’t offer ATM reimbursement, so you’ll be stuck with fees spent at ATMs outside the Allpoint network.

There are spending limits on card purchases and ATM withdrawals. Generally, you are limited to $5,000 worth of debit card purchases and $1,000 worth of daily ATM withdrawals.

High Yield Savings Account

While Millie’s checking account doesn’t pay interest, savers who put their money into Millie’s high-yield savings account can earn a generous 5.25% APY. There is also no required minimum opening deposit or fee.

  • API: 5.25%
  • Minimum opening deposit required: $0
  • Maintenance Fee: $0
  • Compounding Frequency: Interest is calculated daily and accrued monthly
  • Withdrawal limit: There is no monthly limit on the number of withdrawals

Millie’s high-yield savings account also has a unique feature: online savings jars that customers can use to set aside money for specific goals, such as saving for a vacation or a down payment. Jars are not treated as separate accounts; You can define up to five jars per account.

Savings rate per ml compared to current peak rate*

Milli Bank Platform and Customer Support

Milli customers can access their accounts online or through their app, available on the Apple App or Google Play stores.

If you need to contact customer support, Millie has two customer service options: chat and email Customer service is available Monday through Friday from 8:30 am to 5 pm CST and Sunday from 8 am to 4:30 pm CST.

Pros and cons of Milli Bank


  • No minimum deposit requirements or monthly maintenance fees
  • High APY on savings accounts


  • Limited account option
  • No interest in checking account
  • No physical location

Frequently Asked Questions

Is Milli Bank legal?

Milli Bank is a legal-online bank. It is a division of First National Bank of Omaha (FNBO) and is FDIC-insured.

What is Milli Bank?

Yes, Milli is an online bank that offers checking and high-yield savings accounts.

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