Related Posts
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
5 Star Bank !!
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!!
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
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
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
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/
Data as of Q2 2021
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 90213 |
| Year Established | 1885 |
| Employees | 315 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.67% |
| Return on Equity - YTD | 7.32% |
| Annual Interest Income | $50.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2021vs Q2 2020 | $3.58B$3.20B |
| Loans | Q2 2021vs Q2 2020 | $2.32B$2.40B |
| Deposits | Q2 2021vs Q2 2020 | $2.73B$2.27B |
| Equity Capital | Q2 2021vs Q2 2020 | $327.0MM$290.3MM |
| Loan Loss Allowance | Q2 2021vs Q2 2020 | $23.2MM$25.8MM |
| Unbacked Noncurrent Loans | Q2 2021vs Q2 2020 | $15.4MM$13.5MM |
| Real Estate Owned | Q2 2021vs Q2 2020 | $0$192.00K |