Zynlo Bank (2022) Review: Checking, Savings and Money Market Accounts

Are you looking for a new checking account? Zynlo Bank is a digital-only bank that provides the features of a contemporary checking account without any fees or complicated access to

your money. Plus, the customer care staff is accessible at any time to assist with anything you require.

If you’re a resident of the United States except for California, Connecticut, Massachusetts, and New York. Zynlo Bank may be the perfect place for you to open an account.

With three options to choose from- Checking (Spending), Savings, and Money Market- you’re sure to find the right account for your needs. Plus, with Zynlo Bank, you have 24/7 access to your account information and customer service.

Something About ZYNLO Bank: ZYNLO is a digital-only bank that provides banking services right in your hand at any time of day or night, with security and comfort. PeoplesBank endorses ZYNLO.

Zynlobank believes they have created the ideal balance of convenience and protection for all FDIC-insured deposits, combining decades of expertise building pleased consumers with The Federal Deposit Insurance Corporation’s (FDIC) & Department Of Interactive Finance’s (DIF) relationships.

They give you more than simply mobile app payments; how about personalization on demand? They provide secure storage accounts that can be used on any device, which is fantastic.

PeoplesBank: Peoples Bank is a terrific company that has shown innovation, environmental responsibility, and employee involvement. Peoples Bank, for example, has invested more than $188 million in the wind, hydroelectric, and solar energy projects. Peoples Bank is also the biggest community bank in the region by assisting the communities it serves through volunteer efforts and donations.

This Zynlo Bank review will go through all of the bank’s checking, savings, and money market accounts so you can see if they’re right for you.

Here are the product offered by the Zynlo Bank. 

What’s Ahead

Zynlo Bank (2022) Review: Checking, Savings and Money Market Accounts
Zynlo Bank (2022) Review: Checking, Savings and Money Market Accounts

1. Checking(Spending).

Zynlo checking accounts have no monthly maintenance fees, no minimum balance requirements, and no other hidden costs. Zynlo also gives you unlimited domestic ATM withdrawals (for free), internet bill payments, mobile check deposits, and all the features of a contemporary checking account.

The Zynlo spending account referred to on the Zynlo website does not offer interest, but you may boost your savings by utilizing your Zynlo debit card for purchases.

Every purchase you make is rounded up to the nearest dollar, and spare change is immediately credited to your Zyng round-up savings account.

For Example: 

$5.25 invested in a Zynlo savings account yields a $0.75 round-up, which is deposited into your Zynlo savings account.

A $7.99 transaction resulted in a $.01 round-up credited to your Zynlo’s savings account.

If you spend more than $500 per month on your debit card, you’ll save an average of $1-6 each month in change from purchases!

Match Savings Bonus: This is where things get interesting. During the first 100 days from account opening, Zynlo will give you a 100% refund on all round-up (Match) funds if you open an account with Zynlo.

That is, if you save frequently, your savings balance may grow even faster!

Even after the 100-day expiration, if your checking (spending) account has a $3,000 or higher average daily balance, you will receive the entire 100% match. If your average balance drops to less than this, you will get a 25% bonus.

For example, if you save $6.30 and Zynlo matches it with an extra $6.30, your savings account will be credited with a total of $12.60—all automatically.

Instead of receiving a bonus for making purchases, you may earn one based on savings. This may be interpreted as a motivator for building up an emergency fund or preparing for future costs.

Zynlo Checking Account Offers Several Benefits:

Zyng Roundup savings: Zynlo provides a 100 percent match on the first 100 days of your account’s life. The Round-Up savings benefit allows you to earn an extra 1-2 dollars each month simply by spending $500 or more using your debit card each month!

No Monthly Maintenance Fees: Zynlo is a free checking account with unlimited ATM withdrawals, internet bill payments, mobile check deposits, and all of the features you would expect from a contemporary bank account.

Anywhere banking: With Zynlo, you may keep track of your money from anywhere with an internet connection and any device!

Fully Insured: Zynlo is FDIC-insured, so you can rest easy knowing that your funds will be protected.

55,000 free nationwide ATMs: Zynlo will not charge you any fees if you use an ATM, even for balance inquiries!

2. Zynlo Savings Accounts

The Zynlo Saving account is linked to the user’s checking account. All the rounded-off savings are automatically placed in this account.

Zynga’s account is also known as “Tomorrow Savings Account.” Zynlo Savings Account has no minimum balance requirement, no monthly service charges, and a 0.40% APY on all balances over $0.01.

To start an account, you must deposit at least $10. The Zynlo Savings account’s most recent interest rate may be found on the bank’s website.

3. Zynlo Money Market Account

Zynlo Money Market Account is a free, no-fee money market account with no monthly statement or maintenance charges. Zynlo Money Market Account offers an interest rate of 0.8 percent APY for accounts with a minimum deposit of $10, which is one of the highest rates available for this type of high-interest money market account.

However, if your money market balance is less than $250,000, you will just get 0.10% APY.

Zynlo checking and money market accounts do not give out paper checks, but they may be paid with a check.

Zynlo is a fantastic option for anybody wanting to easily manage their money and save more because it has no fees or a reasonable interest rate.

What is it about Zynlo Bank that sets it apart from the competition?

Zynlo Bank is FDIC-insured, which implies your funds are protected up to $250,000 per depositor regardless of account ownership category. This federal insurance coverage protects your money in the event of a bank failure.

Zynlo Bank offers FDIC insurance in addition to deposit insurance that covers all deposits up to $250,000. The Depositors Insurance Fund (DIF) is a member bank-sponsored insurance fund that protects deposits at member banks.

Zynlo protects any funds entrusted to it with the DIF coverage, in addition to FDIC insurance.

Pros and cons of using Zynlo Bank.

Pros

  • Checking and savings have no monthly charge: Zynlo has no monthly fees or other checking or savings account costs. Depending on how much you spend each month on similar bank accounts, this might save you a lot of money over time.
  • No minimum balance requirement: Zynlo does not ask you to maintain a minimum balance in your accounts.
  • High-Interest rates for savings accounts:  The Zynlo savings account has a 0.40% APY, one of the highest interest rates available for high-interest savings accounts.
  • Easy to use online and mobile apps: Zynlo’s app is easy to use and has fast access to your money through almost any location in the United States, which you may get from Google Play or iTunes.
  • You can contact customer service at any hour of the day or night by phone: Zynlo Bank provides customer support by phone and online messaging 24 hours a day, 7 days a week.
  • 55,000 surcharge-free ATMs within the Allpoint network:  If you want to use all of Allpoint’s 55,000 ATMs across the country, Zynlo has access.
  • Zynlo Bank is FDIC insured: All Zynlo Bank Accounts are covered by insurance for a maximum of $ 250,000.
  • Round-up savings is the “Tomorrow Savings Account”: The Zynlo round-up savings account may also be useful for people who want to save money but have difficulty tracking their expenditures every month.

Cons

  • Not Available to All US States: Zynlo is not accessible in California, Connecticut, Massachusetts, or New York: If you live outside of the Zynlo branch region, you may open a checking or savings account. You must use one of Zynlo’s digital banks to create a money market or certificate of deposit account with one of their digital banks.
  • No printed checks: The Zynlo checking and savings accounts do not include paper checks, but they may be used to pay for goods by check at other banks.
  • Zynlo does not offer CDs: You cannot open a CD with Zynlo.
  • There are no certificates of deposit available: Zynlo does not provide certificates of deposit.
  • No overdraft protection: The Zynlo checking account does not include overdraft protection. If you want to overdraft your bank accounts for brief periods, you’ll need a savings account.

Competitor of Zynlo Bank.

Zynlo bank has several rivals. The following are some examples of them.

Aspiration Spend & Save Account: Aspiration is a fantastic cash management account if you’re searching for one that has a wide ATM network and virtually no expenses. It offers an excellent APY on balances up to $10,000 if you spend at least $1,000 each month, and it comes with a socially beneficial commitment: 10% of profits are donated to charity.

Douugh banking: Do you want to invest in a bank account with all three essential characteristics – spending, saving, and investing? Robinhood Cash Management is a great place to start. It allows you to spend, save, and invest while earning 0.3 percent APY on your un-invested funds. 

Chase First Banking: Chase is the preferred bank for children from 6 to 17. Greenlight, a kids debit card platform known for its simplicity and parental controls, runs Chase First Banking. Parents may use Chase First to teach their children money management securely and responsibly.

Chase First Bank allows parents to create duties, pay allowances, and closely supervise their child’s spending. Children may make money by doing chores, establishing savings goals, and spending cash on their Chase First Banking debit card. This account has no monthly fees, which is unusual for a children’s debit card.

Zynlo Bank’s requirements for eligibility.

Zynlo bank has established the following requirements for applicants.

  • Except for California, Connecticut, Massachusetts, and New York, you must be a resident of the United States.
  • You must be at least 18 years old to open this Bank Account.
  • You must have a valid Social Security number.
  • A driver’s license or state-issued identification is required.

Zynlo bank customer support.

There are three ways to get in touch for assistance:

  • Email support@zynlobank.com
  • Call 844-996-5622 at any time of day
  • Reach out to Zynlo through Facebook, Instagram, Twitter, or LinkedIn

Final Thought: 

I hope you enjoyed my review of Zynlo Bank. If you’re looking for a bank account that offers competitive rates, is simple to use and provides great customer service, then this might be the right choice for your savings needs. 

It’s important to consider everything about an institution before opening up any kind of financial product or making an investment, so please read our full review on Zynlo Bank before deciding if it’s right for you.

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