Bank with ZYNLO and automatically save up to 4.11% or more
Zynlo Bank, sometimes stylized as ZYNLO, is an online-only bank founded in 2020. As a division of PeoplesBank in Massachusetts, Zynlo Bank offers high-yield savings, checking, and money market accounts (MMAs).
All deposits are insured by the Federal Deposit Insurance Corp. (FDIC) for up to $250,000, but the bank also carries additional Depositors Insurance Fund (DIF) coverage to protect deposits higher than that amount. Learn more about what Zynlo Bank has to offer in this review.
All rates and fees are current as of March 20, 2024, and are subject to change.
Zynlo
| Checking accounts: | Enjoy a 100% ZYNG Match Reward |
| Savings accounts: | Open with as little as $10 |
| MMAs: | Earn up to 5.00% annual percentage yield |
Pros
- 100% match on roundup savings in first 100 days
- 100% deposit insurance (even over $250,000)
- No minimum balance requirements
Cons
- 100% match requires $5,000 average daily balance
- No checks provided
- Not transparent about fees or account limitations
For consumers looking to earn the highest possible APYs on their money, Zynlo Bank is a good pick. The rates it’s offering are far above average for all three of its account types so, by choosing Zynlo for all of your banking, you can simplify your finances without losing out.
Zynlo is also rare in that it offers 100% deposit insurance. Most banks only cover up to $250,000 in deposits. If you have a lot of money in your savings, you don’t have to worry about spreading it out across multiple banks. Also, if you prefer accounts that offer you a welcome bonus, the 100% ZYNG Match Reward for the first 100 days can earn you an average 4.11% return on your money.
Zynlo Bank doesn’t have in-person locations, so if you prefer brick-and-mortar banking, this isn’t the institution for you. However, Zynlo does offer 24/7 customer support via email and phone, so there’s always someone to help if you have questions.
Zynlo doesn’t offer certificates of deposit (CDs) or any other type of investing. If you’re looking for these types of products, you’ll need to find another bank. One other factor that might be a deterrent is the maximum limit on money market accounts. If you have more than $250,000 saved, your APY will drop to 0.10% for the amount over that balance.
Zynlo Bank rates and products
Zynlo offers three accounts: a checking account, savings account, and MMA. All three offer higher-than-average APYs, so they can be a lucrative way to store your money. They all also only have a $10 minimum opening deposit, which should be easy for most to manage.
| Zynlo Bank product | APY |
| More Spending checking account | 2.00% |
| Tomorrow Savings account | 5.00% |
| Zynlo Money Market account | 5.00% |
Checking accounts
| Zynlo Bank checking account features | |
| Account opening bonus | 100% ZYNG Match Reward for the first 100 days |
| Minimum opening deposit | $10 |
| Minimum balance to earn APY | 1 cent |
| Monthly fees | $0 |
| Top APY | 2.00% |
| ATM access | 55,000 free Allpoint ATMs |
| Mobile payment options | Apple Pay, Google Pay, and Samsung Pay |
| Direct deposit access | Two days early |
| Daily spending limit | $2,000 |
| Overdraft protection | Not available |
The Zynlo Bank More Spending checking account is one of the top free checking accounts on the market with no monthly or maintenance fees. You only need $10 to open the account, and there’s no minimum balance requirement to keep it open. While you won’t get free checks with your account, Zynlo does support check writing if you have your own made up. You’ll also get a debit card you can use at over 55,000 free ATMs.
The More Spending checking account doesn’t have a checking welcome bonus in the traditional sense. Instead, it pays you a match reward for the spending you do during your first 100 days of having the account.
Every time you use your ZYNLO debit card, transactions are rounded up to the nearest dollar, and this extra money is moved from your checking account to your savings account. Zynlo matches this roundup amount as long as you maintain an average daily balance of $5,000. If you drop below that, you’ll get a 25% match instead.
Savings accounts
| Zynlo Bank savings account features | |
| Minimum opening deposit | $10 |
| Minimum balance to earn APY | 1 cent |
| Monthly fees | $0 |
| Top APY | 5.00% |
| Direct deposit access | Two days early |
| Deposit insurance | 100% coverage |
| Incoming transfer limit | Varies; commonly $50,000 |
| Outgoing transfer limit | Varies; commonly $5,000 |
As far as current high-yield savings accounts go, Zynlo Bank is near the top when it comes to APY. Its 5.00% APY has no minimum balance requirements, and you only need $10 to open the account. Learn more about the other benefits of a high-yield savings account.
Whether you’ve got $25 or $500,000, your deposits will be insured at 100% thanks to Zynlo’s additional deposit protection. Moving around that money is easy enough with Zynlo’s generous transfer limits. Although they vary between users, Zynlo confirmed that it typically allows you to transfer in up to $50,000 and transfer out up to $5,000 a day.
Another appealing feature of the account is the ability to get your paycheck two days in advance. You can also create custom savings folders to help you save up toward specific goals—all without creating a new account.
Zynlo Bank savings rates compared to current top rates*
While Zynlo Bank is a great option, there are some institutions that offer higher interest rates. Compare the rates above to this list of competitors:
Money market accounts
| Zynlo Bank money market account features | |
| Minimum opening deposit | $10 |
| Minimum balance to earn APY | 1 cent |
| Monthly fees | $0 |
| Top APY | 5.00% |
| APY for balances over $250,000 | 0.10% |
| Direct deposit access | Two days early |
| Deposit insurance | 100% coverage |
| Transaction limits | None |
Some of the best MMAs offer APYs over 5.00%, so Zynlo Bank fits right in. An MMA is slightly different from a savings account in that it typically allows more withdrawals through debit or check-writing access. Zynlo Bank allows unlimited transactions without penalty, meaning you can use this account just like you would a checking account.
You get all the same benefits with this account as you do with Zynlo’s other accounts, including 100% deposit insurance and early direct deposit access. One thing to be wary of, however, is the maximum limit for earning the 5.00% APY. Zynlo cuts this off at $250,000, and balances above that only earn 0.10%.
Compare Zynlo Bank alternatives
Is ZYNLO right for you?
For a no-fee way to store your money at market-high APYs, consider Zynlo Bank. Its easy-to-meet opening deposit requirements allow you to join even if you don’t have a savings surplus. If you plan on spending a lot with the debit card, you can’t beat the extra earnings you’ll get from the 100% match reward.
We might recommend another bank if you don’t like the idea of online-only access. Also, if you want to diversify your holdings with CDs, you’ll have to look elsewhere.
Frequently asked questions
Is ZYNLO a real bank?
Yes, Zynlo is a real bank that has been in business since 2020. It’s an online division of PeoplesBank, which is the largest community bank in Western Massachusetts.
Who owns Zynlo Bank?
Zynlo Bank is owned and operated by PeoplesBank. PeoplesBank is a mutual bank, meaning it’s owned by its depositors.
What is the transfer limit for ZYNLO Bank?
Zynlo Bank does not have a standard transfer limit. Rather, its limits vary depending on your account history. However, a customer service representative confirmed the common new account transfer limit is $50,000 incoming and $5,000 outgoing per day.
