Related Posts
7/16 - Zynlo Finally Raises Rates... 1.25% APY
9/27 - Just Received
8/3 - Zynlo's More Money Market Promo From March Drops 24 Bps.
6/30 - Zynlo MM Acct 36% Rate Cut To 0.80% Eff. 8/02
6/30 - Zynlo Money Market Account Dropping From 1.25% (promo rate) To 0.80% On Aug. 2, 2021
3/19 - New All-Digital ZYNLO Bank Offers Top Money Market Rate
SUPERB. 6 Stars!!
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!!
Trouble Linking From Customers Bank
Given Zynlo's tiny internal ACH limits, I tried to setup an external link from Customer's Bank to do initiate externally. Customer's setup tries to login to Zynlo, but fails probably because they are using the old Zynlo online link rather than the new one.
I also tried one of my other banks that uses a popular transfer service (forget the name) that also couldn't do zynlo.
A little frustrating given Zynlos low limits.
Stuck At ,80
Zynlo use to have one of the best money market rate. Rates are going up at most banks but not this one.
Avoid! Delayed Interest Rate Increases, Withheld Interest If Close Before End Of Month.
Avoid if you would like to be treated fairly. Rather than increase your interest rate for existing accounts to match the new account rate they advertise, they leave existing accounts at lower interest rates.
When you close your account, be sure to wait until the last day of the month. Otherwise, they keep all interest that accrued during the month.
Recently closed accounts and they kept over $200 interest that had accrued in the time between 10/1 and 10/20.
Also, they will NOT allow wire transfers of your funds. They require 10 days to "process" and then snail mail you a cashier's check. Pathetic way to hold on to your assets and not pay you for the interest that is accruing during that time.
This bank functions to steal your money!!
Data as of Q2 2022
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 90213 |
| Year Established | 1885 |
| Employees | 314 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.81% |
| Return on Equity - YTD | 8.62% |
| Annual Interest Income | $54.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $3.51B$3.58B |
| Loans | Q2 2022vs Q2 2021 | $2.66B$2.32B |
| Deposits | Q2 2022vs Q2 2021 | $3.04B$2.73B |
| Equity Capital | Q2 2022vs Q2 2021 | $331.1MM$327.0MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $25.9MM$23.2MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $15.2MM$15.4MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$0 |