Deposits held and insured by PeoplesBank

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

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New All-Digital ZYNLO Bank Offers Top Money Market Rate - 3/19/2021

PeoplesBank has a digital bank called ZYNLO Bank that offers checking, savings and money market accounts. The money market account offers a very competitive rate.

Reviews (4)


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!!

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


Data as of Q4 2020

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

Health Grade Components

FDIC Certificate #90213
Year Established1885
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.7%
Return on Equity - YTD7.39%
Annual Interest Income$104.5MM
Assets and Liabilities
AssetsQ4 2020vs Q4 2019$3.35B$2.94B
LoansQ4 2020vs Q4 2019$2.36B$2.25B
DepositsQ4 2020vs Q4 2019$2.44B$1.94B
Equity CapitalQ4 2020vs Q4 2019$311.3MM$297.2MM
Loan Loss AllowanceQ4 2020vs Q4 2019$23.9MM$15.3MM
Unbacked Noncurrent LoansQ4 2020vs Q4 2019$14.3MM$8.5MM
Real Estate OwnedQ4 2020vs Q4 2019$98.00K$0
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ZYNLO Bank Savings Account Rates

0.40%--Tomorrow Savings

ZYNLO Bank Money Market Rates

0.80%--Zynlo Money Market

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

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