If you are looking for a high-yield savings account product to park your money and earn good passive income, look up Milli.

It’s a digital-native savings account owned by First National Bank of Omaha, FNBO. I don’t think they do a lot of marketing because even in Omaha, a lot of people I talked to didn’t know about Milli. But it’s one of the best savings account options out there. Here is why:

• APY is 5.25%, among the highest yield on the market
• No minimum
• No fees
• You can withdraw anytime as there is no lockup period
• No gotchas, to the best of my knowledge
• Your money is FDIC insured as long as it’s below the $250,000 limit

Milli has this Jar feature that I really like. Essentially, a Jar is a savings account created for a specific purpose. Each has its own account number and earns the same APY% as the general savings product. Instead of having one big savings account for everything, if you want to be meticulous about your savings and need a dedicated “jar/pot” for an individual, Jar is a great tool to have.

Nonetheless, Milli has several shortcomings that, if fixed, would dramatically increase the customer experience:

• Clunky onboarding process: the only way to use Milli is to download the mobile app and get on the waiting list. It can take a few days for a prospect to gain access. If you have a thin credit history like my wife does, it can take a bit longer.
• Inaccessibility: if there is a technical process, the only way to reach Milli staff is through the chat feature inside the app. If you have trouble even at the waiting list step, good luck contacting them.
• Difficulty in setting up recurring deposits to Jars: Right now, the only way to fund recurring transactions to Jar is through the Spending Account inside Milli. The problem is that the Spending Account doesn’t earn 5.25% APY. As a consequence, I have to manually make deposits every paycheck. I wish they would prioritize that feature

Despite these shortcomings, I really like Milli as a savings account. For the first time ever, I can actually buy something with interest on my savings. And I don’t have to lift a finger or I am not at risk of losing my money. I love that part.