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. 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 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%. 

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