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.
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.
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
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What is the Finder Score?
The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
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, X (formerlyTwitter) 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.
All Zynlo accounts are insured by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF).
Zynlo uses PeoplesBank’s routing number: 011875428. Although we have received comments from readers stating that this number is incorrect, we spoke with two different Zynlo support specialists on two separate occasions, and they each confirmed this number is correct.
Michael Benninger is lead editor of banking at Forbes Advisor and a former writer at Finder, specializing in banking. His work and analysis has been featured in Business Insider, Yahoo Finance, GoBankingRates and the Los Angeles Times, among other top media. He holds a B.A. in business administration and marketing from Rowan University in New Jersey. See full bio
Michael's expertise
Michael has written 39 Finder guides across topics including:
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