Zolve Review: Checking
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
Zolve is an online-only financial technology company which works with a partner bank to provide FDIC insurance for customer funds. The company has an international presence, with the mission of providing financial tools to people who may be new to the U.S. financial system.
The Zolve Checking Account has stellar interest rates that are easy to obtain for different rate tiers, as well as a well-above-average baseline rate with no requirements.
Many other checking account providers offer no interest rate or have rigorous requirements for obtaining the highest rates, such as making a certain number of debit transactions or a high amount of direct deposits each month. Zolve’s high rates should be relatively easy for most people to qualify for. A downside of Zolve’s customer service is that there isn’t dedicated phone support. There is, however, 24/7 human chat support through the Zolve app for current customers.
No monthly fees.
Large, free, nationwide ATM network for withdrawals.
No minimum opening deposits on checking account.
Competitive rewards checking account.
No overdraft protection program.
No cash deposit.
Must already have another bank account or use a wire transfer to fund your account.
Very limited customer phone support.
Low-rated mobile apps.
Product reviews
Checking
Free account. Zolve doesn’t have monthly maintenance fees or minimum balance requirements.
Easy-to-obtain tiered interest rates. The Zolve Checking Account has a baseline interest rate of 2.02% APY, which is much higher than average for interest checking accounts.
If a customer also has an active Zolve credit card in good standing, the interest rate increases to 3.05% APY.
If a customer has one or more direct deposits of at least $250 per statement cycle, they can earn 4.08% APY.
To get the highest rate, you must have a Zolve credit card in good standing and at least $250 in monthly direct deposits, after which you can earn a rate of 5.13% APY.
Broad nationwide ATM network. Zolve is part of the Allpoint network, and it gives customers access to more than 60,000 fee-free ATMs to make cash withdrawals.
Limited ways to add money to your account. The only ways to fund your account are to make a wire transfer or an online transfer from another bank. You can’t deposit physical cash to your account, and there is no mobile check deposit. The ability to deposit checks through a financial institution’s mobile app is usually a standard feature, so Zolve’s lack of mobile check deposit is notable.
No early direct deposit or same-day money transfer. Many accounts now offer early direct deposit for paychecks and/or money transfer services like Zelle. Zolve offers neither.
» Looking for more checking account options? Check out NerdWallet's best online checking accounts
Zolve Checking Account
Customer experience & overdraft fees
Customer experience
What to know about neobanks: Nonbanks such as neobanks can be solid options for consumers who prefer managing money online and don’t mind having a nontraditional place to bank. But neobanks do have differences from banks that can pose risks, particularly in the way deposits are insured:
A neobank such as Zolve is a third-party banking technology platform that partners with a bank (or banks) to provide accounts to customers. Funds deposited at a neobank are ultimately held at the partner banks. The funds are FDIC insured in the event of a partner bank’s failure and only if the neobank maintained accurate deposit records. (Learn more about how neobanks work.)
If a neobank goes bankrupt, there is no FDIC insurance involved. It’s up to the neobank to ensure customers get their money back, which may involve delays and potential loss of account access. Banks, in contrast, receive prompt assistance from the FDIC if they fail. (Learn about what can happen if a neobank closes.)
Neobank accounts often have low monthly fees and earn strong rates. However, they may lack traditional banking features, including in-person customer service, wire transfers and access to personal or cashier’s checks (often required for large purchases, such as buying a home). Consider these details before opening an account.
Very limited phone support. Zolve customers who are used to having access to human phone support may take issue with the online-only assistance that this fintech provides. Phone support is mostly automated, with live customer support only available in case of emergencies. Customers are directed to use the live chat feature in the Zolve mobile app if they need help. This is a rare customer service hurdle among the financial institutions that NerdWallet reviews.
In-app live chat support available 24/7. Customers who need assistance can get live chat support once they’ve logged into their account via the Zolve app.
Below-average mobile app ratings. Zolve’s mobile app doesn’t receive strong scores from users in the Android app store, and there aren’t enough reviews for a rating in the Apple app store. Since Zolve is an online-only service provider, a poor mobile app experience could be a source of frustration for prospective customers.
Overdraft fees
No overdraft program or protection. Zolve doesn’t allow its customers to overdraw their checking accounts. A transaction that would result in an overdraft will be declined instead, which means you won’t be charged a fee. You also won’t be able to overdraft, even in the event of an emergency, which could be a problem.
If you’re looking for accounts that offer flexible overdraft coverage options, check out the best banks for overdrafts.
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.