- Money market
Overall institution rating
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.
- No monthly fees on some savings and checking accounts.
- Competitive rate on some savings accounts.
- Large, free, nationwide ATM network.
- 24/7 customer service by phone.
- Expensive overdraft fee.
- No overdraft protection program.
- No branch access.
Deposits are FDIC Insured
4.5/5 NerdWallet rating
Zynlo’s More money market account offers a strong 2.25% on all balances up to $250,000. Higher balances earn just 0.10%. It requires only $10 to open and there are no monthly fees. Though this account is not factored into the overall rating for this bank, it is a strong option and worth a look if you want something other than a traditional savings account.
Deposits are FDIC Insured
3.5/5 NerdWallet rating
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.
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.