Leave a Review Milli
Nice features, but they don’t inspire confidence.
The app seems simple and straightforward enough to use, but the way Milli operates just doesn’t inspire much confidence as a place to park large sums of money.
This isn’t a deal breaker, but the “up to 5 business days” transfer time realistically means that your funds will not show up until 11:59pm on the 5th business day. I wish they’d just say that it will take 5 business days, but again not a dealbreaker.
When I opened my account, the rate was advertised at 5.5%. Apparently they had already announced a rate drop to 4.75% to existing customers, but nobody felt the need to share that information with me as I was opening my account. My rate dropped before my first deposit had even cleared with no warning or communication at all.
The in-app chat function is really clunky. I’m constantly typing and sending messages only to see that the second half of what I typed is cut off and just didn’t send.
I’ll continue using Milli for now - I like the Jars feature, and 4.75% isn’t a bad rate by any means…but unless they make some changes to how they communicate and they fix the bugs with their app (which is the only way to access your account or the customer service chat so it’s pretty essential it functions well), I won’t have much hesitation withdrawing everything to a competing platform if I stumble across a good one.Show lessTylerKcornelius
Developer Response
We appreciate you taking the time to share your honest experience with Milli. We rely on feedback like this to improve the Milli app and our customer experience. We have shared your feedback with our team, thank you.I do not recommend this bank
Editing my previous review:
Milli gave all users only 1 week notice that they would be dropping their APY from 5.5% to 4.75%. This is quite a jump, considering most people (like me) only joined for the high APY. I am closing my account with them.
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I signed up for this account because of the great rate - obviously! There isn’t really another reason to sign up. They deliver on the rate, and even have a daily interest tracker. It’s paid out monthly and compounds daily. They also automatically upgraded me to 5.5% APY which was a nice surprise. The most annoying thing I have run into so far is that it takes 10 business days for external transfers to go through - this is for money both into and out of the account. It’s easy enough to get around this by initiating transfers into the account through your own bank, but I did not know this the first time around and my 2k initial transfer was in the metaverse for a bit which stressed me out. When you sign up for Milli you automatically get a spending account and a debit card so I assume if you desperately needed access to your money quickly you could put it on the card and take out cash, but a 10 day wait for your own money is excessive. If you are looking for high consistent interest and to watch your savings grow, I would recommend this bank. If you want to easily move your money or to be liquid, this probably isn’t it for you.Show lesssick of shopping
Developer Response
We appreciate you taking the time to share your feedback and we're happy to hear you're enjoying our rate! We understand the temporary transfer hold timeframe has been a cause for inconvenience, and for that we apologize. We wanted to let you know, we recently reduced our temporary hold time frame to up-to 5 days. We rely on reviews like this to improve our customer experience and value your feedback, thank you.Disappointing Experience
Despite the other negative reviews left, I decided to try out Milli. Although I wish I’d have been able to create an account, after entering my information truly and accurately, it says they are “unable to approve my request for an account” due to various “requirements.”
I had thought other people who experienced this were doing something sketchy. But I was legitimate in my application and was not submitting fake information.
Thinking this must have been an error, I even reached out to support and received an opaque, cut-paste answer. I was again told, the requirements were “including but not limited to” identity verification. I don’t know how my identity couldn’t be verified using the information provided? I can’t help but feel a bit wrongly accused.
In sum: feel free to try out Milli. Maybe you won’t get through the account creation process, maybe you will. If you don’t, support certainly won’t even look in to it for you—they side with the algorithms I guess. This is a review of the experience I had, and it was bad. Perhaps if you could create an account, it would be a good way to save.Show lessHenry Richhart
Developer Response
Oh, no! This is certainly not the experience we strive for at Milli and we appreciate you taking the time to share your honest feedback. We're sorry to hear you were unable to open an account with Milli. However, if you'd like the opportunity to have your application reviewed, please send an email to support@milli.bank so a member of our team can assist!