ZYNLO Bank

Deposits held and insured by PeoplesBank

Overview / Commentary
844-996-5622
330 Whitney Avenue
Holyoke, MA 01040
Deposits held and insured by PeoplesBank

Related Posts

Zynlo APY Dropping To 0.80% Effective On 11/1 - 9/28/2021

Just received this email from them: Hi Michael, This notice highlights important changes to your “More Money Account” that become effective on November 1, 2021. On and after that date, we will be closing the “More Money Market” product from ZYNLO, and will be transferring all existing balances into the “ZYNLO Money Market” product. The Truth-in Savings disclosures for the “ZYNLO Money Market Account” can be found here. As a result of the account transition, your Annual Percentage Yield (“APY”) on balances $250,000 or below will change from 1.00% APY to 0.80% APY. Rates on balances exceeding $250,000 will remain unchanged. If you continue to use your account(s) or continue to keep your account(s) open after November 1, 2021, this constitutes acceptance of and agreement to these changes. You can access our current rates here at any time.

Just Received - 9/27/2021

This notice highlights important changes to your “More Money Account” that become effective on November 1, 2021. On and after that date, we will be closing the “More Money Market” product from ZYNLO, and will be transferring all existing balances into the “ZYNLO Money Market” product. The Truth-in Savings disclosures for the “ZYNLO Money Market Account” can be found here. As a result of the account transition, your Annual Percentage Yield (“APY”) on balances $250,000 or below will change from 1.00% APY to 0.80% APY. Rates on balances exceeding $250,000 will remain unchanged. If you continue to use your account(s) or continue to keep your account(s) open after November 1, 2021, this constitutes acceptance of and agreement to these changes. You can access our current rates here at any time. We hope you have discovered that in addition to attractive Money Market rates, you can also enjoy other great benefits with ZYNLO, including our Early Payday and Zyng features. For more information o

Zynlo's More Money Market Promo From March Drops 24 Bps. - 8/3/2021

F.Y.I. - The More Money Market did indeed drop (as the other account had) but to 1.00% from 1.24% for the "grandfathered" customers; Effective August 1st, 2021. Boo-hoo...

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Reviews (7)

5 Star Bank !!

Posted by: |

I recently opened money market account due to one of the best APR .80%
There is no minimum to earn that APR and no fee, which already puts it on top choices if you want to park your savings. On top of that they have 24 hours US customer service, with literally no wait time! I am really impressed with their service. I would still keep my discover bank online saving( which is equally good with all these features, but half the interest rate) because Zynlo doesn't offer Zelle, which is a great way to transfer money to your other accounts in seconds. They have old school ACH transfer, but its OK as i am getting great interest rate. Will open checkings with them too!
Mobil app can be better, looks basic but it sure works!

LOVE THIS BANK ! ! !

Was really easy to get the 1.25% promo rate when offered by clicking on the provided icon and ach was five days till deposits posted so i was as happy as a little girl - just hope the rates keep going up - helpful phone reps answered the questions i asked with confidence and no guesswork - so stop with all the negativity ! ! !

SUPERB. 6 Stars!!

Posted by: |

Since I was the one who posted the message about Zynlo in the Bank Promotions forum a couple weeks ago, I guess that it's appropriate that I post the first review of this AWESOME bank. Opening an account took less than 5 minutes. I had 2 questions about the account during the onboarding process, and both queries were replied to IMMEDIATELY. Two business days after I opened the account, I verified 2 micro-deposits and transferred $50k into my Zynlo account. My funding bank account had a balance of about $120k, and since incoming external transfers are limited to $50k/month, it would have taken until May to transfer my entire balance. Not a problem - I called a very helpful rep at Zynlo, explained my situation, and a couple of hours later she called back and told me that the $50k monthly limit would be waived! 1.25% APY!! Zynlo ROCKS!!

Not Worth The Effort

Posted by: |

Well, I saw the fairly attractive rate for the money market account, as well as the fact that they charge no fees, so I decided to open an account. Went though the signup - easy peasy, no (apparent) problem. Then a while later, I get an e-mail that says "Thank you for applying for an account with ZYNLO. Unfortunately, we are unable to open your new account at this time." Mind you, my credit rating is well over 800 and I have never - NEVER - been turned down for a bank account before. I was tempted to just blow it off, but to be so summarily dismissed with no explanation at all bothered me enough that I called them to ask why. Turns out, the reason is because I do not have a land line and am apparently the only person in the world who does not have a cell phone. Even though I have had and happily used my VoIP phone for more than 10 years now - it's simply against their policy. And that's it. At no point either on their site or in the rejection e-mail was this requirement stated.

Huge Drop In Interest With No Notice

Posted by: |

I have a More money market acct which dropped from 2.25% to. 80% , but worse than that was my regular money market account that plummeted to. 50%.

Beware Of This Bank

Posted by: |

This entity doesnt have an online system of their own. It is outsourced to a company called Nymbus and all your personal data is held by them and I could not get them to delete my SSN, etc. Zynlo after researching more has a terrible reputation and they lure you in by offering higher rate but you will notice hardly anyone will bank with them. It is more like a shell company of Peoples Bank.

Adverse Experiences Are Discussed Elsewhere

This review section does not contain the discussions of adverse experiences because all of that dialog took place in response to the initial blog announcing this institution...and there are plenty of complaints.
On this page, look above the reviews to see the link
RELATED POSTS
https://www.depositaccounts.com/banks/zynlo-bank/offers/



Health
A

Data as of Q2 2021

Data displayed below is for insuring bank: PeoplesBank
Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #90213
Year Established1885
Employees315
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.67%
Return on Equity - YTD7.32%
Annual Interest Income$50.0MM
Assets and Liabilities
AssetsQ2 2021vs Q2 2020$3.58B$3.20B
LoansQ2 2021vs Q2 2020$2.32B$2.40B
DepositsQ2 2021vs Q2 2020$2.73B$2.27B
Equity CapitalQ2 2021vs Q2 2020$327.0MM$290.3MM
Loan Loss AllowanceQ2 2021vs Q2 2020$23.2MM$25.8MM
Unbacked Noncurrent LoansQ2 2021vs Q2 2020$15.4MM$13.5MM
Real Estate OwnedQ2 2021vs Q2 2020$0$192.00K
Rates
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

ZYNLO Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.40%--Tomorrow Savings

ZYNLO Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.80%*-$250kZynlo Money Market
OTHER TIERS: 0.10% $250k+
Locations

ZYNLO Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 330 Whitney Avenue - Holyoke, MA 01040

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.