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…