Zynlo Bank Review: Checking, Savings and Money Market Accounts

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Overall bank rating

ZYNLO Bank
  • Savings

4.0

NerdWallet rating 

The bottom line:

Zynlo Bank’s checking account rounds up every debit card purchase to the nearest dollar and puts the difference in a companion savings account. At the end of each statement period, the bank matches the transferred amount at either 100% (for average daily balances of $3,000 or more) or 25% (for average daily balances below $3,000). The online bank’s savings account has a competitive rate.

 

Its mobile app doesn’t get top reviews, however, particularly the Android version. Many reviewers note an inability to open new accounts in the app.

 

Best for: Customers who are fine with banking online, who could benefit from an automatic savings feature on debit card purchases and who don't need overdraft protection.

 

» Want more options? See NerdWallet’s analysis of the best savings accounts and the best checking accounts

Pros

  • No monthly maintenance fee on checking and savings.
  • Strong rates for savings accounts.
  • Customer service available 24 hours a day, seven days a week by phone.
  • Access to 55,000 surcharge-free ATMs within the Allpoint network.
  • Offers checking with automatic round-up savings feature.

Cons

  • Can’t open an account in California, Connecticut, Massachusetts or New York.
  • No bank branches.
  • Doesn’t offer certificates of deposit.
  • No ability to have a backup account for overdraft protection.
  • Low app ratings.

Full review

Zynlo Tomorrow Savings Account

Zynlo Tomorrow Savings Account

4.5

NerdWallet rating 
APY

0.40%

With $0.01 minimum balance

Zynlo's savings account comes with a solid interest rate and a matching program tied to checking. There are no monthly fees and the minimum to open is $10. Deposits are insured by the Federal Deposit Insurance Corp. and the Depositors Insurance Fund, which keeps balances safe even if they’re above the FDIC limit of $250,000.

» Ready to compare? See NerdWallet’s best high-yield savings accounts

The matching program can bolster savings for people who use the Zynlo debit card. Each card purchase gets rounded up to the nearest dollar, and the difference gets transferred from checking to savings. You’ll get a 100% match during your first 100 days with Zynlo. Then, it will match 100% of the transferred amount for customers with daily balances of at least $3,000; balances below that receive a 25% match.

Zynlo Tomorrow Savings Account

Zynlo Tomorrow Savings Account

4.5

NerdWallet rating 
APY

0.40%

With $0.01 minimum balance

Zynlo's savings account comes with a solid interest rate and a matching program tied to checking. There are no monthly fees and the minimum to open is $10. Deposits are insured by the Federal Deposit Insurance Corp. and the Depositors Insurance Fund, which keeps balances safe even if they’re above the FDIC limit of $250,000.

» Ready to compare? See NerdWallet’s best high-yield savings accounts

The matching program can bolster savings for people who use the Zynlo debit card. Each card purchase gets rounded up to the nearest dollar, and the difference gets transferred from checking to savings. You’ll get a 100% match during your first 100 days with Zynlo. Then, it will match 100% of the transferred amount for customers with daily balances of at least $3,000; balances below that receive a 25% match.

RATING METHODOLOGY

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.