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New User, But Perfectly Happy
Milli is a great option for competitive Savings accounts. There is an option for moving money over to a spending account, but since that doesn't give you any interest, it's not the reason I would recommend joining Milli as a customer. You can set aside your savings into what they call "Jars" and they accrue the same interest, but you are just splitting your savings into different goal oriented mini-accounts with the option for target amounts and dates and contribution reminders to give you incentive to save. It's a simple and neat concept. The regular savings account can be linked to other accounts via Plaid and I've had no delays in getting money transferred in a timely manner into or out of the Milli account. I would take the extremely critical reviews with a pinch of salt since the reviewers tend to throw their whole life story into it and it detracts from the bank's capabilities and service.
Overall, I've got no complaints and I'm happy to be earning over 5% APY.
My Experience With Milli Bank
Milli Bank’s accounts are solely accessible through a smartphone app. It currently requires at a minimum an iPhone iOS 15.0 or later, or Android devices OS 8.0 or later. There are no fees and no minimum balance requirements. There is no monthly cap on the number of withdrawals. Funds are FDIC insured through First National Bank of Omaha, FNBO.
Customer Service is carried out either through the in-app chat or email. When I used the chat feature there was never an immediate exchange with a representative. I would leave a message, and anywhere from a half-an-hour to an hour later I’d find a reply. This worked for me because I didn’t need an instant answer. Emails sent after business hours would be responded to the next morning.
The application went quickly, but was puzzling at times. The process involved jumping from the app to the web and back, with minor inaccurate directions. It did not involve asking me questions drawn on personal information from credit reports, nor documents such as a driver’s license or a utility bill to verify my identity. I don’t know, but maybe my identity verification was expedited because previously I had an account with FNBO (the custodian bank) even though it was closed years ago.
With my application approved, I automatically had three separate accounts: savings, spending (a debit card), and jars (“Organize your savings into personalized Jars.”). Checking and check deposits are unavailable.
The savings and jars accounts earn 5.25% interest. The spending account earns absolutely zero interest. The debit card linked to the spending account may be used anywhere Visa is accepted, and it enables you to withdraw, without a fee, cash from any ATM in a network. There is no overdraft protection. If necessary, you can lock your debit card in the app.
Beneficiaries? “We don't limit the number of POD beneficiaries you can designate on your Milli account(s). Upon your passing, the surviving POD beneficiaries will receive an equal share of the remaining funds… Any living person can be a POD beneficiary.”
Mili Bank’s ACH transfer platform is slow. On a Wednesday morning, from my Milli savings account, I scheduled an ACH pull (deposit) from a linked external bank. That sum was deducted from the external bank account on Thursday, and then it disappeared into the netherworld. The money popped up and posted to my Milli account the following Tuesday. Conversely, I ACH pushed money into my Milli account from external banks that arrived the same day, or next. So, I’ll be using the ACH platforms of other banks for speedier deposits and withdrawals of funds with Milli Bank.
If you do use Milli Banks’s sluggish ACH system, here are the limits: “Milli doesn't have any daily limits on the amount of money you can transfer, but it does have limits per single transfer… For transfers from external accounts: all incoming transfers from external bank accounts have a limit of $100,000. For example, if you wanted to add $200,000 to a Milli account, you'd need to complete two $100,000 transfers from your linked account. Outgoing transfers to external bank accounts have a limit of $10,000.”
Account Restriction Resolution Is Slow
i got my account restriction resolution after 45 days
Might As Well Buy Bitcoin And Loose Your Digital Wallet
I think it would be better to store your money outside your house in a cardboard box. At least then there is a chance you could have access to it. I opened my account and funded it- I transfer money into it from another checking account. After seeing many issues with customer support I decided that I probably shouldn’t use the bank. I then I tried to transfer my money back into the same account it came from. At which point they restricted my account. Basically couldn’t use the debit card or transfer any money out. They would not respond- I could not speak to anyone. The customer service just kept saying the same thing over with canned response. We may reach out to. No time frame. I couldn’t escalate the issue, I couldn’t call the fraud department and couldn’t call anyone or email anyone else. The insanity is there is literally nothing you can do. You might as well have flushed down the toilet
Data as of Q2 2023
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 5452 |
| Year Established | 1857 |
| Employees | 4847 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.03% |
| Return on Equity - YTD | 11.54% |
| Annual Interest Income | $1.09B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $29.42B$25.84B |
| Loans | Q2 2023vs Q2 2022 | $20.15B$17.86B |
| Deposits | Q2 2023vs Q2 2022 | $25.17B$22.48B |
| Equity Capital | Q2 2023vs Q2 2022 | $2.48B$2.73B |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $895.2MM$311.0MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $128.2MM$88.5MM |
| Real Estate Owned | Q2 2023vs Q2 2022 | $1.3MM$1.1MM |