Milli (FNBO)
Milli (FNBO) Milli Savings
FNBO's app-only bank that paid 5.25% — and then vanished overnight in 2024
Insurance: Was FDIC insured through First National Bank of Omaha; remaining balances were returned to customers by check
Features
- ▸Mobile-only savings app from First National Bank of Omaha, launched 2021
- ▸Paid up to 5.25% APY at its peak — a genuine rate leader
- ▸Jars (sub-account goals), round-ups, and automatic savings tools
- ▸FNBO discontinued Milli effective November 15, 2024 with about two months' notice
- ▸Closing balances plus accrued interest were mailed to customers as checks
- ▸FNBO's own direct savings products remain available but at far lower rates
Pros
- +Historically one of the best rates ever offered by a traditional bank's digital arm
- +Customers were made whole at shutdown with balances plus interest
Cons
- −Shut down entirely — you cannot open or hold a Milli account
- −Abrupt wind-down stranded customers mid-rate-cycle and forced re-shopping
- −A cautionary tale about building a savings strategy on subsidized fintech side projects
Our Take
Milli is listed here as a tombstone: FNBO's experiment paid a market-leading 5.25% right up until the bank pulled the plug in November 2024. Nobody lost a dollar, but everyone lost the rate. The lesson for rate-chasers is to favor products tied to a bank's core funding strategy — Openbank, EverBank, Pibank — over side-project apps a parent bank can discontinue by memo.
Best for: No one — discontinued; see Pibank or EverBank for current rate leaders
Open at Milli (FNBO) →Last verified 2026-06-11
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