Zynlo Bank Review 2024: Checking, savings, and money market accounts

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.

All rates and fees are current as of July 2, 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

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Pros and Cons

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

Who is Zynlo good for?

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.

Who shouldn’t use Zynlo Bank?

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.

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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.

Checking accounts 

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

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

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

Zynlo Bank	Bank5 Connect	Quontic Bank
Savings APY	Savings APY	Savings APY
5.00%	5.10%	4.50%
Checking APY	Checking APY	Checking APY
2.00%	2.70%	1.10%
Savings account monthly fee	Savings account monthly fee	Savings account monthly fee
$0	$0	$0
Checking account monthly fee	Checking account monthly fee	Checking account monthly fee
$0	$0	$0
View offer at Fiona	View offer at Fiona	View offer at Quontic

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