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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So Far So Good

Posted by: |

I opened a money market last week. Everything went perfect. It took several days but I think that is normal. No glitches.

Stuck At ,80

Posted by: |

Zynlo use to have one of the best money market rate. Rates are going up at most banks but not this one.

Good Luck Withdrawing Your Funds!

Posted by: |

Zynlo does not provide wire transfers! Instead, I was offered two options for withdrawing my funds: 1) An ACH transfer with a limit of $100,000 per month. It would take me 3 months to withdraw my funds. 2) Withdraw the funds using another bank to initiate the withdrawal. Beside the fact that wouldn't work either why should I have to rely on another bank to withdraw my funds?
When I asked that a check be mailed to me, I was told, "I will request a check and we'll see if it gets approved."
Don't waste your time with Zynlo.

DON't WASTE YOUR TIME!

Let me start out by saying I never take the time to write online views. But my experience with applying for Zynlo's online money market account was so flat out weird, I thought I'd alert others not to waste their time. There are plenty of other online banks out there.

After applying with Zynlo, I submitted the requested documents (driver's license, social security card, utility bill) and was informed by them to wait while they reviewed my application. Two days later, I received a 3 sentence Dear John email stating my account couldn't be opened and for more information. to contact them at anytime.

I then emailed their support team looking for more information and quickly received another Dear John response...."I'd be happy to help you. Due to the information you provided on your application, we were unable to move forward with your account." So since I was still in the dark, I called and spoke to a rep who all had all the super sweet canned responses...."thanks for applying, we take security and fraud very seriously, etc", but she couldn't tell me anything other than they couldn't verify my identity. I inquired as to why they couldn't, and she said I'd have to speak with the compliance team. She kept me on the line while she attempted to reach them, and said someone could call me back if she wasn't able to reach them. After waiting a minute, she then informed me that she had heard back from the compliance team, and parroted back they couldn't verify my identity and couldn't tell me anything more.

All the more ridiculous, with all their concern about identity verification, my email address was the thing they asked me for to look up my application over the phone! I've opened up at least 5-6 online savings accounts successfully in the past 3-4 years, and have never had this type of experience. Don't bother wasting your time with the Zynlo application process, unless you enjoy banging your head against the wall.

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Health
A

Data as of Q1 2022

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

Health Grade Components

Overall
FDIC Certificate #90213
Year Established1885
Employees295
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.79%
Return on Equity - YTD8.48%
Annual Interest Income$26.8MM
Assets and Liabilities
AssetsQ1 2022vs Q1 2021$3.75B$3.47B
LoansQ1 2022vs Q1 2021$2.54B$2.33B
DepositsQ1 2022vs Q1 2021$3.30B$2.61B
Equity CapitalQ1 2022vs Q1 2021$340.1MM$318.5MM
Loan Loss AllowanceQ1 2022vs Q1 2021$24.0MM$24.3MM
Unbacked Noncurrent LoansQ1 2022vs Q1 2021$14.9MM$11.2MM
Real Estate OwnedQ1 2022vs Q1 2021$0$98.00K
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.