What is Milli banking app? Can you really get 5.25% APY?

The Milli banking app has been gaining a lot of attention lately, especially on platforms like TikTok. This app offers the unique feature of earning interest instantly, with no minimum balance requirement. Creating an account with Milli is a simple process that can be completed in just 5 minutes. However, there is a downside - you must have a social security number (SSN) and be a US resident to register. Milli is exclusively a mobile app, designed to provide a new and innovative digital banking experience. It can be accessed 24/7, right from the convenience of your mobile phone.

Milli offers both savings accounts and spending accounts. While the savings accounts and saving charts earn interest, the spending accounts do not. If you need more information about the app or its features, you can visit the Milli app website. Despite some early positive buzz, Milli has not received many favorable reviews just yet. Some users have reported that their accounts were restricted, with money being held in pending status for up to 7 days before becoming available. Others have noted that the app crashed upon opening and had to be reinstalled multiple times.

While Milli claims to offer an impressive 5.25% annual percentage yield (APY) with their savings accounts and jars, it's important to approach such claims with caution. It appears that the app still has some stability and user experience issues to work out. Despite the potential for attractive yields, user reviews suggest that many are dissatisfied with the current state of the app.

It's worth noting that opinions about Milli vary, and some users appreciate the unique features and the attractive APY offered. However, others have concerns about the safety and reliability of the app. It seems that the onboarding process needs improvement in order to provide a more seamless and enjoyable user experience.

If you are interested in trying out the Milli banking app for yourself, understand the benefits and risks associated with it. Stay informed and keep an eye out for updates and improvements as the app evolves.