Zynlo

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Explore Zynlo’s suite of bank accounts

This digital bank offers spending, saving and money market accounts, but it’s yet to prove itself.

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Zynlo is a new, online-only bank backed by PeoplesBank, a 135-year-old chartered bank based in Holyoke, Massachusetts. Zynlo offers spending, savings and money market accounts, but it’s a brand new service that has yet to prove itself.

Am I eligible?

To open a Zynlo account, you must meet the following criteria:

  • US citizen
  • At least 18 years of age
  • Valid Social Security number
  • Driver’s license or state-issued ID
  • Live in any state except Massachusetts or Connecticut

What banking products does ZYNLO offer?

ZYNLO accounts have a few standout benefits — and drawbacks — compared to other banks.

  • Today Spending account. Similar to a standard checking account, this account includes a debit card you can use with a mobile app.
  • Tomorrow Savings account with Zyng. Purchases with your debit card round up to the nearest dollar and the difference — which is matched by Zynlo on the first 100 days — is deposited into this account.
  • Zynlo money market account. This traditional money market account earns 0.8% APY, which is higher than the national average.

How does ZYNLO compare to other banks?

ZYNLO accounts have a few standout benefits — and drawbacks — compared to other banks.

Checking accounts

Pros

  • No fees. You won’t pay a monthly fee, regardless of your account balance.
  • Large ATM network. You can withdraw funds at 55,000 surcharge-free ATMs in the Allpoint network.
  • Early payday. Get paid up to two days early if your employer uses a participating direct deposit service.

Cons

  • Limited options. Zynlo only offers one checking account option, which is its Today Spending account.
  • No check-writing. The Today Spending account doesn’t include check-writing capabilities.
  • No cash deposits. There’s no way to deposit cash with Zynlo.

Savings accounts

Pros

  • Zyng round-ups. This feature rounds up debit card purchases to the next dollar and deposits the difference in your Tomorrow Savings account.
  • Matching deposits. Zynlo matches 100% of your Zyng deposits for the first 100 days and 10% of the deposits after that.
  • Competitive interest rate. Zynlo‘s money market account earns a competitive 0.8% interest rate.

Cons

  • Limited savings options. Zynlo only offers two savings products: Tomorrow Savings and its money market account.
  • Low savings APY. Although the money market account earns a high interest rate, Zynlo‘s savings account only earns 0.04% APY, which is lower than the national average.
  • No CDs. Zynlos doesn’t offer any certificates of deposit options.

Overall banking

Pros

  • Attractive features. You’ll get matched round-ups and early access to your paycheck.
  • Ecological ethics. Zynlo and its parent company, PeoplesBank, value environmental sustainability and have financed more than $188 million in wind, solar and hydroelectric energy projects.
  • 24/7 call center. You can speak to a live representative at any hour of the day.

Cons

  • Vague website. Zynlo‘s website is light on details and you must apply for an account to access all pertinent account information.
  • Few reviews. Zynlo bank has no reviews online, so it’s difficult to determine if existing customers are satisfied with its services.
  • Not available nationwide. Zynlo accounts are available in most states, but you can’t open an account if you live in Massachusetts or Connecticut.

Compare Zynlo with other bank accounts

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00% on balances of $0 to $10,000
$10
55,000 free in-network ATMs
$0
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Chase Secure Banking℠
Chase Secure Banking℠
N/A
$0
Access to 16,000 ATMs and more than 4,700 branches nationwide
$2.50
Chase Secure Banking offers no overdraft services
Douugh
Finder Rating: 4 / 5: ★★★★★
Douugh
N/A
$0
more than 38,000 ATMs in the MoneyPass ATM network
The Douugh app is an AI assistant focused on your finances.
OnJuno
Finder Rating: 4.8 / 5: ★★★★★
OnJuno
1.20% on balances of $0 to $50,000
0.25% on balances of $50,000.01+
$0
more than 85,000 ATMs nationwide
$0
OnJuno embraces an open banking system for everyone, regardless of their age, location, or income.
Lili
Finder Rating: 4.7 / 5: ★★★★★
Lili
1.00%
$0
32,000 fee-free ATMs nationwide
$2.50
Freelancers get paid up to two days early and can automatically set aside money for taxes with the Lili digital bank account. Get up to 10 referral rewards, or $1000.
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Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00%
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
$10
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC and a $100 bonus when you spend $1,000 in your first 60 days.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
0.61%
0.25%
0.15%
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
BlockFi Interest Account
BlockFi Interest Account
Up to 8.25%
$0
$0
Score up to 8.25% APY with this free crypto-interest account. Not available in New York and not FDIC insured.
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
0.40%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Gemini Earn
Gemini Earn
Up to 8.05%
$0
$0
Watch your cryptocurrency earn up to 8.05% APY with this nationwide account. Not FDIC insured.
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Zynlo customer service

There are three ways you can contact Zynlo for support:

  • Email support@zynlobank.com
  • Call 844-996-5622 at any time of day
  • Reach out to Zynlo through Facebook, Instagram, Twitter or LinkedIn

Bottom line

Zynlo Bank offers some attractive features, including the ability to get paid two days early and have 100% of your round-ups matched for the first 100 days. However, the bank offers fewer options than its competitors and the jury’s still out when it comes to customer reviews.

If you want to open an account with a more established bank, compare other accounts offered by other banks.

Frequently asked questions

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