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 Offer
Axos Bank Rewards Checking
Finder Rating: 4.2 / 5: ★★★★★
Axos Bank Rewards Checking
1.25% on balances of $0 to $50,000
$50
ATM fees reimbursed at any ATM nationwide
$0
Earn up to 1.25% APY while enjoying a suite of digital tools for smarter money management.
HSBC Premier Checking
Finder Rating: 2.7 / 5: ★★★★★
Bonus
HSBC Premier Checking
0.01% on balances of $5+
$0
Free to use at all ATMs in the US
$0
Get a $500 welcome bonus when you open your account with qualifying activities. Must open HSBC Premier checking account through offer page by February 15, 2023, and set up qualifying direct deposits into the new account totalling at least $10,000 per month for three consecutive months. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.

HSBC Premier Checking offers free global transfers and 24/7 customer support.
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00% on balances of $0 to $10,000
3.00% on balances of $0 to $10,000
$10
55,000+ free Allpoint ATMs worldwide
$0
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards.
Chime Checking account
Finder Rating: 4.7 / 5: ★★★★★
Chime Checking account
N/A
$0
60,000+ fee-free ATMs
$2.50
Get rid of fees with this financial app offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
Bonus
BMO Harris Smart Money™ Account
N/A
$25
Unlimited transactions at 40,000+ ATMs nationwide
$3
Get a $300 cash bonus when you open a new account and have a total of at least $4,000 in qualifying deposits within the first 90 days. See terms and conditions
You’ll pay no monthly maintenance fee if you are under 25. It also offers no overdraft charges and no non-sufficient fund (NSF) fees.
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Name Product Annual Percentage Yield (APY) Fee Minimum deposit to open Interest compounding Offer
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
Up to 5.00%
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
$10
Monthly
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC.
CIT Savings Connect
Finder Rating: 5 / 5: ★★★★★
CIT Savings Connect
2.40%
$0
$100
Daily
Earn an impressive APY on your entire balance. This straightforward online savings account has no monthly service or account opening fees.
Bread Savings™ High-Yield Savings
Finder Rating: 4.3 / 5: ★★★★★
Bread Savings™ High-Yield Savings
2.15%
$0
$100
Daily
Earn competitive interest rates with this high-yield savings account you can open in just minutes. Member FDIC.
Axiom Bank high-yield savings account
Axiom Bank high-yield savings account
2.75%
$0
$1
Daily
UFB Elite Savings
Finder Rating: 5 / 5: ★★★★★
UFB Elite Savings
2.85%
$0
$0
Daily
Earn a 2.85% APY with no minimum deposit or balance amount with this no-monthly-fee savings account.
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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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