If you have been searching for the Milli savings account, here is the most important update first: Milli shut down and is no longer available as of May 2026. You can no longer open a new Milli account, so if you landed here hoping to sign up, this review will save you some time and point you toward what to consider instead.
Below is a look at what Milli was, what it offered before it closed, and how to think about a replacement.
Milli Savings Account: The Most Important Update
Milli has closed. Reporting from mid-2026 confirms the app-only savings service shut down and stopped accepting customers around May 21, 2026. If you had an account, your funds remained FDIC-insured through the bank behind Milli during the wind-down, but the product itself is no longer offered.
So the practical takeaway is simple. You cannot open a Milli account today, and current or former customers should move their money to another savings home.
What Was Milli?
Milli was a mobile-first savings brand and a division of First National Bank of Omaha, often shortened to FNBO. Rather than being a standalone bank, Milli operated under FNBO's banking charter, which is how its deposits qualified for FDIC insurance.
Everything happened in the app. There were no branches, and the experience was built for people comfortable managing their savings entirely from a phone.
What Milli Offered Before It Closed
| Feature | Detail (before closure) |
|---|---|
| APY | Competitive, variable rate that changed over time |
| Monthly fee | 0 dollars |
| Minimum balance | None |
| Access | App only, no branches |
| ATM network | 55,000-plus surcharge-free Allpoint ATMs |
| Savings tools | Named savings jars for individual goals |
| FDIC insured | Through First National Bank of Omaha, up to the applicable limits |
Source: Milli and third-party reviews, reviewed July 2026. Milli is no longer accepting new accounts.
A competitive but moving rate
Milli built its reputation on a high APY. Like all savings rates, it was variable and shifted over time, moving down from its earlier highs before the account closed. That is a useful reminder that no advertised savings rate is locked in.
Tools that made saving easier
Milli let you create named jars to organize money toward specific goals, and it offered automated saving features. Interest compounded daily and was credited monthly, and you could reach cash through a large surcharge-free ATM network.
Why the Closure Matters for You
If you were a Milli customer, the closure means you need to move your money rather than lose it. Deposits at Milli were FDIC-insured through First National Bank of Omaha up to the applicable limits, so the funds themselves were protected during the transition, though a closure like this is still a hassle.
If you were only researching Milli to open an account, treat this as a redirect. The features people liked, an app-first experience, a strong rate, and no fees, are available from other providers.
What to Look For in a Milli Alternative
An app-first experience
Milli fans generally wanted to manage everything from their phone. Look for a provider with a well-reviewed app, easy transfers, and useful saving tools like goals or round-ups.
A competitive rate and low fees
Milli paired a high APY with no monthly fees and no minimum balance. Aim to match that: a competitive rate, a clear fee schedule, and no surprise charges. Remember that any rate you see today can change later.
Strong Alternatives to Consider
Several app-based providers cover the same ground Milli did. Current Banking offers a mobile-first spending account with built-in savings features, which suits people who liked managing money from an app.
Current Banking
Current Banking
Current is a mobile-first banking app with no monthly fee and no minimum balance. Members can earn up to 4.00% APY with a qualifying direct deposit of $200, receive direct-deposit paychecks up to 2 days early, and overdraft up to $200 fee-free.
Standout feature
4.00% APY on Savings Pods (with a $200+ qualifying direct deposit) plus paycheck up to 2 days early — both included on the standard account for free
Fees
Free
Pros
$0 monthly fee; up to 4.00% APY on Savings Pods with qualifying direct deposit; paycheck up to 2 days early;
Cons
No physical branches
Chime is another widely used option that pairs a spending account with automatic savings tools, including round-ups that move spare change into savings for you.
Chime
Chime
- Fee-free banking plus early pay access (up to 2 days early with direct deposit)¹ - Overdraft up to $200 without fees for eligible members¹ - 5% cash back on category of choice (with qualifying direct deposit)¹ - 3.75% APY on your savings¹
Standout feature
No credit check, no interest, no annual fee, and no minimum deposit required.
Fees
$0
Pros
Fee-Free Banking and Get paid up to 2 days early
Cons
App/online-only support, no branches
Because Milli is gone, it is worth comparing a few of these on current rate, fees, FDIC coverage, and app quality before you pick one. Offers change, and terms and conditions apply.
Pros and Cons of Milli, in Hindsight
- Pros: A competitive APY, no monthly fees, no minimum balance, handy savings jars, and a large surcharge-free ATM network.
- Cons: App-only with no branches, a variable rate that fell over time, and ultimately a full shutdown that forced customers to move their money.
Frequently Asked Questions
Is Milli still open in 2026?
No. Milli shut down and is no longer available as of May 2026. You cannot open a new Milli savings account, and existing customers were directed to move their funds elsewhere.
Was Milli FDIC insured?
Yes. Milli was a division of First National Bank of Omaha, so deposits were FDIC-insured through that bank up to the applicable limits, currently 250,000 dollars per depositor, per ownership category. That coverage helped protect customer funds during the closure.
What happened to my money when Milli closed?
Customer deposits remained FDIC-insured through First National Bank of Omaha during the wind-down, so the money was not lost. Affected customers needed to withdraw or transfer their balances to another account following the closure instructions they received.
What is a good alternative to Milli?
Look for an app-first account with a competitive rate, no monthly fees, and FDIC coverage. App-based providers such as Current Banking and Chime cover similar ground, but compare current rates, fees, and terms before choosing, since offers change.
Next Steps
Since Milli is no longer available, focus on finding a replacement that fits how you like to save. Shortlist a couple of app-first accounts, compare them on current APY, fees, and FDIC coverage, and move your money into the one that matches your goals. If you were a former Milli customer, do not leave your balance idle while you decide.
