Are you looking for a new checking account? Zynlo Bank is a digital-only bank that offers all the features of a modern checking account, but with no fees and easy access to your money.
You can open a Zynlo Bank account if you are a resident of the United States, except for residents of New York. With Zynlo Bank, you have three options for your banking needs- Checking (Spending), Savings, and Money Market.
Zynlo Bank is a digital-only bank that is backed by Massachusetts-based PeoplesBank. Along with modern banking features that help you maximize your savings and manage your money better, Zynlo also has one of the best money market accounts on the market.
About ZYNLO: ZYNLO is an innovative digital-only bank that offers banking services in the palm of your hand 24/7 with security and peace of mind. ZYNLO is backed by PeoplesBank.
With over 135 years of experience creating satisfied customers, Zynlobank believes they have created a perfect combination between convenience as well as protection for all deposits insured through our relationships at The Federal Deposit Insurance Corporation (FDIC) & Department Of Interactive Finance(DIF).
They offer you more than just convenient mobile app payments – they provide safe storage accounts available on any device; talk about personalization!
About PeoplesBank: PeoplesBank is a great bank that is known for its innovation, environmental sustainability, and employee engagement. For example, the bank has financed more than $188 million in wind, hydroelectric, and solar energy projects. PeoplesBank is also the largest community bank in the market with a unique ability to help communities it serves through volunteer efforts and donations.
This review will cover all of Zynlo Bank’s checking account, savings account, and money market accounts so that you can decide if this is the banking service for you.
- Zynlo Savings Accounts
- Zynlo-Money Market Account
- What’s makes Zynlo Bank different from others.
- Pros and cons of using Zynlo Bank.
- Competitor of Zynlo Bank.
- How to open a Zynlo Bank account?
Here are the product offered by the Zynlo Bank.
Zynlo checking accounts have Zero monthly maintenance fees, Zero minimum balance requirements. Zynlo also provides you with unlimited domestic ATM withdrawals (free of charge), online bill payments, mobile check deposits, and all standard features you would expect from a modern checking account.
The checking account known as the spending account on the Zynlo website does not offer interest, but you can increase your savings by using your Zynlo debit card for transactions.
For every purchase you make, the total is rounded up to the nearest dollar and spare change is automatically deposited into your Zyng round-up savings account.
$5.25 purchase = $0.75 round-up deposited into your Zynlo’s savings account
$7.99 purchase = $.01 round-up deposited into your Zynlo’s savings account
If you spend more than $500 a month on your debit card, you will have an average of $1-6 extra every month being saved from the change from purchases!
Match Savings Bonus: This Interesting thing start here. Zynlo offers a 100% match on all round-up funds during the first 100 days from account opening.
This means that if you save regularly, you could see your savings balance grow even more quickly!
If your checking (spending) account maintains a $3,000 or higher average daily balance, you will get the full 100% match even after the expiry of 100 days, However, if your average balance decrease to less then this amount will earn a 25% match.
For Example, if you save $6.30, Zynlo will match it with an additional $6.30 and the total balance of $12.60 will be automatically deposited into your savings account.
So instead of getting a bonus based on purchases, you get a bonus based on savings. This can be seen as an incentive for building up an emergency fund or preparing yourself for future expenses.
Benefits of Zynlo Checking Account:
- Zyng Roundup savings: Zynlo offers a 100% match on the first 100 days from account opening. The Round-Up savings means that if you spend $500 or more a month with your debit card, then you automatically get an additional 1-2 dollars every month going directly into your savings account without extra effort on your part!
- No Monthly Maintenance Fees: Zynlo is the checking account that offers unlimited ATM withdrawals (free of charge), online bill payments, mobile check deposits, and all standard features you would expect from a modern checking account without any monthly maintenance fees.
- Anywhere banking: With Zynlo, you can manage your money anywhere with an internet connection and any device!
- Fully Insured: Zynlo is FDIC-insured, so your money is safe with Zynlo.
- 55,000 free nationwide ATMs: Zynlo will not charge you any fees when using an ATM, even for balance inquiries!
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2. Zynlo Savings Accounts
The Zynlo Saving account is linked to its checking account. All the rounded-off saving is deposited into this savings account automatically.
Zynga’s savings account is also known as “Tomorrow Savings Account”. Zynlo Savings Account comes with no minimum balance, no monthly maintenance fees, and offers an interest rate of 0.40% APY on any amount over $0.01.
You need to deposit at least $10 to open an account. You can check the latest interest rate of the Zynlo Savings account on the people’s bank website.
3. Zynlo Money Market Account
Zynlo Money Market Account is also free and has no monthly statement fees or maintenance fees. You can open an account with a minimum deposit of $10 with Zynlo Money Market Account and earn an interest rate of 0.8% APY, which is currently one of the best rates you will find for this type of high-interest money market account.
However, if your money market balance is above $250,000, you will only earn 0.10% APY.
The Zynlo checking account and money market account do not provide paper checks, but if you want to purchase them elsewhere, the accounts will accept payment by check.
With no fees and a competitive interest rate, Zynlo is a great choice for anyone that wants to easily manage their money and save more.
What’s makes Zynlo Bank different from others.
Zynlo Bank is FDIC insured, which means your money is protected up to $250,000 per depositor, for each account ownership category. This federal insurance coverage protects your money in the event of a bank failure.
In addition to FDIC insurance, Zynlo Bank has insurance that covers all deposits over $250,000. The Massachusetts-based Depositors Insurance Fund (DIF) is an industry-sponsored insurance fund that insures deposits at member banks.
With the DIF coverage on top of the FDIC coverage, all funds deposited with Zynlo are insured in the event of a bank failure.
Pros and cons of using Zynlo Bank.
- Checking and savings have no monthly charge: Zynlo offers a checking account and a savings account that have no monthly maintenance fees or other fees. This can save you a significant amount of money over time, depending on how much you typically spend on these types of bank accounts each month.
- No minimum balance requirement: Zynlo does not require you to keep any minimum balance in your accounts.
- High-Interest rates for savings accounts: The Zynlo savings account comes with a rate of 0.40% APY, one of the highest rates available for high-interest savings accounts.
- Easy to use online and mobile apps: Zynlo has an easy-to-use app with quick access to your funds from almost anywhere in the United States that you can download from Google Play or iTunes.
- You can contact customer service at any hour of the day or night by phone: Zynlo bank offers 24/7 customer service through phone and online messaging.
- 55,000 surcharge-free ATMs within the Allpoint network: Zynlo has access to Allpoint’s network of 55,000 ATMs nationwide if you need access to more bank machines.
- Zynlo Bank is FDIC insured: All the Zynlo Bank Accounts are insured for up to $ 250,000 and over.
- Round-up savings is the “Tomorrow Savings Account”: The Zynlo round-up savings account can also be very helpful for anyone who wants to save money, but has trouble keeping track of how much they’re spending each month.
- Zynlo is not available in California, Connecticut, Massachusetts, and New York: Zynlo only has branches in North Carolina. You can open a checking or savings account if you live outside of the branch area. However, you will need to use one of Zynlo’s digital banks to open a money market or certificate of deposit account.
- No printed checks: The Zynlo checking and savings accounts do not provide paper checks, but you can use them to pay for items by check at other financial institutions.
- Zynlo does not offer CDs: You cannot open a CD with Zynlo.
- There are no certificates of deposit available: Zynlo does not offer certificates of deposit.
- No overdraft protection: The Zynlo checking account does not have overdraft protection. You will have to opt for a savings account if you want the ability to overdraw your bank accounts for short periods.
Competitor of Zynlo Bank.
There are many competitors of Zynlo bank. Here are some of them.
Aspiration Spend & Save Account: If you’re looking for a versatile cash management account with a large ATM network and almost no fees, Aspiration is a great option. It earns a great APY on balances up to $10,000 if you spend at least $1,000 each month, and it comes with a socially-conscious commitment: 10% of earnings are donated to charity.
Douugh banking: Looking for an account that meets all three key features — spend, save and invest? Check out accounts like Robinhood Cash Management. It offers to spend, save, and invest while earning 0.3% APY on your uninvested funds. But you’ll need to open the brokerage account with Robinhood first before depositing cash in its cash management account.
Chase First Banking: Chase First Banking is best for kids aged 6 to 17. The account is powered by Greenlight, which is a kids debit card platform that’s known for its ease of use and flexible parental controls. With Chase First, parents can help their children learn about money management safely and securely.
Chase First Banking helps parents create chores, pay allowances and closely monitor their child’s spending. Kids can earn money by completing chores, setting savings goals, and spending their money using their Chase First Banking debit card. This account doesn’t have any monthly fees, which is rare for a kids debit card.
Eligibility criteria for Zynlo Bank.
Below are the eligibility criteria set by Zynlo bank.
- You need to be a resident of the United States except for California, Connecticut, Massachusetts, and New York.
- You can not be a minor under 18 years old.
- You must have a valid Social Security number
- A driver’s license or state-issued ID is needed.
How to open a Zynlo Bank account?
Opening an account with Zynlo bank is very easy. Below are the steps on how to open a Zynlo Bank account.
Step 1: Visit Zynlo Bank Personal Account homepage at https://www.zynlabank.com/
Step 2: Click on the “Open Account” button to begin opening an account with Zynlo bank.
Step 3: Click on the “Checking, Savings or Money Market” option that best meets your requirements.
Step 4: Click on the “Open An Account” button to open an account with Zynlo bank.
These steps are very easy, so be patient and follow the steps outlined.
Zynlo bank customer service.
There are three ways you can contact us for support:
- Email email@example.com
- Call 844-996-5622 at any time of day
- Reach out to Zynlo through Facebook, Instagram, Twitter, or LinkedIn
Zynlo Bank 2022 Review
Zynlo Bank is a great choice for those who don't need overdraft protection and like to bank online. With no monthly fees, competitive rates, and the best money market account in the industry it's hard not to love this new banking option.
The Zynlo Bank is one of the few banks in the country that offers an automatic savings function on debit card transactions, allowing customers who are comfortable banking online to take advantage of it.
If you’re still looking for full-service or in-person banking services such as ATMs or tellers then we can help you find an alternative that better suits your needs.
Let us know if there are any other questions about what makes Zynlo Bank so different from traditional banks!
- Shivani is a personal finance expert who covers topics from credit cards to travel rewards. She's featured in Prestige Magazine and passionate about helping readers make responsible financial decisions. Based in New Delhi, she travels as a digital nomad, sharing her knowledge worldwide.