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Zions Bank

Zions Bank's Deseret Money Market Account at 5.30%


[Update 5/11/07: New info on Zions' Deseret Money Market Account is available at this post.]

Zions Bank is offering a 5.30% APY on its Dereset Money Market Account for balances between $1K and $50K. This is up from 5.24% since my I last reported on November 3rd. Balances over $50K earn 5.34% APY. It looks like this Deseret MMA is replacing the Internet MMA for people in most states. If you select "learn more" link at for the Internet Money Market Account on this Zions Bank page, it'll take you to the Deseret page for those in most states. The only state I found in which you go to the Internet MMA page is Utah.

The advantage of this Deseret MMA over the Internet MMA is that it offers limited check writing (up to 3 per month). In addition, the standard checks are free. Below is a list of features of this account:
  • 5.34% APY for balances over $50k
  • 5.30% APY for balances over $1k
  • No monthly fees, but no interest for balances under $1k
  • Minimum opening deposit is $1k
  • Offers check writing with free checks (you can order 20 at a time)
  • One free incoming or outgoing wire transfer per month
  • After the free wire transfer, there's a $15 fee for outgoing, $10 for incoming
  • No ACH transfer system. You're allowed to push/pull funds from another bank's ACH system

Note, the Deseret rate table which shows 5.30% APY earned on balances down to $0 is wrong. The CSR specifically said that there is no interest earned for balances under $1,000.

For those who don't like pure online banks, Zions might be a good choice. Their customer service is available 12 hours a day from Monday to Saturday. It's a solid bank that has been FDIC insured since the FDIC program started in 1934. It has 152 branches in Utah and Idaho with over 2,500 employees. Bankrate.com rates the financial strength of Zions as 4 out of 5 stars (sound).

[Edit 2/18/07: updated link to the Deseret MMA page.]

Related Pages: Zions Bank, Salt Lake City, savings account

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Bill in California
Bill in California (anonymous)   |     |   Comment #1
Ok, I did the initial online application and mailed in the signature card with opening deposit on 13Jan07. I will keep you posted on how long the process takes. One note, I did have a question for their CSR, I called on a Saturday, they picked up on second ring and were very friendly and knowledgeable, a good sign so far.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #2
Thanks Bill for the info. Zions does seem like a solid bank with good customer service. Please keep us updated.
Bill in California
Bill in California (anonymous)   |     |   Comment #3
I noticed the initial deposit check to Zions was posted this morning in my Western Financial Bank MM account. This took 10 days from the time I mailed it, but only 5 working days considering MLK Holiday. I called the Zions CSR to see if I could access the account online without waiting for the mail, no problem, he gave me a temporary passwork and I logged on to set it up. I will let everyone know how long it takes to get the checks and atm cards. Once again, the csr picked up within 3 rings and was very pleasant.
Wachovia bought out my bank, Western Financial Bank early last year and the changes are starting in February. I decided to bail rather then wait to see if they cut the interest rate on my MM account, which is only 4.6% anyway.
Zions looks like a step up for me as long as they hold the rate above 5% that is.
Bill in California
Bill in California (anonymous)   |     |   Comment #4
I received a note in the mail today from Zions that there is a nine business day hold on my check until funds will be available. This is standard for a new account they say. So, funds wont be available until 02feb07. A new account is anything that hasn't been open over 60 days. No checks or atm cards yet. So, things are moving along, at a very slow pace though.
Bill in California
Bill in California (anonymous)   |     |   Comment #5
Welcome kit arrived today. Five checks and six deposit slips. You can buy more checks online from Clarke American, a brochure of check designs is included. Also a card with all the banks department phone numbers is included. The letter said ATM cards should arrive shortly. Also, there are two coupons included for a $30 sign up bonus if you get a friend or family member to open an account. You get the money after new account is open for 60 days.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #6
Bill, thanks for providing all the details. So it looks like checks are not free. Did you apply for the Dereset MMA?
Bill in California
Bill in California (anonymous)   |     |   Comment #7
Your welcome Banking Guy, thanks for all your hard work on this blog.

Yes, it is the Deseret account. The CSR said I could just call and they would send 10 free checks when these ran out. So I guess it depends on how many you want to have on hand as to whether or not you want to buy additional.
Also, the atm cards arrived today.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #8
Thanks for the info and your support. Glad to read the checks are free.
Logue (anonymous)   |     |   Comment #9
Bill, did they do a credit inquiry on yours?
Bill in California
Bill in California (anonymous)   |     |   Comment #10
I checked all three credit reports, no hard or soft pull from Zions on them.
ProfessorB (anonymous)   |     |   Comment #11
The first link in your post is broken. It should be http://www.zionsbank.com/mm_selection.jsp .
Banking Guy
Banking Guy (anonymous)   |     |   Comment #12
Thanks! I've updated the link.
Bill in California
Bill in California (anonymous)   |     |   Comment #13
You can link an external account to the Deseret account to push or pull funds. Only catch is you have to go to a branch to set up overdraft protection or have a Zions MC or Visa card. You can apply online for the credit card on the Deseret site. Once you have the card you can fill out the online form to link an account and mail it in. Right now I push funds into the account via my Capital One High yield savings account and if I need funds out I can write a check or use the Zions ATM card. But, if you like the account and can use another credit card, it might be worth the trouble to set up a link.
gary (anonymous)   |     |   Comment #14
Had this account for some time now. Like it a lot. Did have some trouble with ACH push/pull from Cap1 (had been doing that via the free checking account, so that was always an option). I got a thank you PR letter (by snail mail) a while back asking how their service was and if there was anything else they could do. I thought it was just another form letter. But there was an email address of an officer. I wrote saying I liked the bank and the account, but couldn't do ACH on the Deseret. Thought that was the end of that communication. Got an email back almost immediately, saying they woudl have someone get in touch. Someone did! I conveyed the problem. They checked and pointed out that I had coded the account wrong for the ACH trial deposits (I think you have to say checking, and I said savings). Fixed the Cap1 issue instantly.

I am impressed with this bank, and the people there!
Banking Guy
Banking Guy (anonymous)   |     |   Comment #15
Thanks for the info. Glad to read Zions has good customer service.
Stu (anonymous)   |     |   Comment #16
Just an fyi, if you live in Utah you are not going to get the 5.30% APY rate. The highest you can get is 5.18%, and that's for balances over $250k. The rate for balances between $1k and $50k is 4.97% APY; not that great. Not really sure why Zions would do that to customers in its own state.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #17
Thanks for the info. That is unfair for Utah residents. They probably want to keep their Utah customers in their low-rate brick-and-mortar rates. The high rate is probably only being used to build deposits outside of their Utah base.
Bill in California
Bill in California (anonymous)   |     |   Comment #18
I noticed the Deseret website is gone today. Also when you go to Zions Bank home page and search for a money market, it no longer asks what state you live in. It takes you to the lower rate internet money market account. I wonder if they have closed the Deseret account to new sign-ups?
I will let you all know if the rate on existing Deseret accounts change. I have a feeling it will go lower.
Anonymous   |     |   Comment #19

Try this link. I have been with Zions bank for awhile and have been very, very pleased with the bank. I recommend saving with them.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #20
Thanks for the link and the info on Zions. They seem to be one of the best at customer service.

Sorry I forgot to include a link to my new Zions post. I was able to confirm that the Deseret is still going strong.
BJP in FLA (anonymous)   |     |   Comment #21
Thanks for all the comments and feedback about Zions Bank Deseret MM account. It helps to hear the negatives and positives experiences everyone has had with the bank. I am considering opening an Deseret MM account. Does anyone know if we can link more than 1 ACH account to it? If so, what is the max number of ACH accounts we can link to it?
lucky4babs (anonymous)   |     |   Comment #22
Have GMAC now and am thinking of switching based on my rate having gone down with the recent Fed rate changes. Am confused by ACH? What is that? I need to write 1-2 checks a month and be able to transfer funds 1-2x/month. Don't want to pay extra. Have about 40k to put in.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #23
You probably notice in your GMAC account that there's a page where you can initiate transfers to and from your accounts at other banks. You first have to give GMAC your other bank's routing and account number and do the trial deposit verification to set up the link. Then you can initiate the transfers. This is what I mean by ACH transfers. From what I've been told, Zions ACH transfer system is very restrictive. But you can continue to use GMAC Bank to transfer money into Zions. I have more info on Zions at this post.
Mann in NJ
Mann in NJ (anonymous)   |     |   Comment #24
I just got the first statement for my Zions Deseret account and it looked like they didn't pay me enough interest. I called customer service, who said they don't pay interest from the day a check is deposited, but rather from a date 3 or 4 business days after that, when they figure they've gotten the proceeds of the check from the paying bank. AFAIK, none of my other banks do that. The rep said a way to avoid the delay is by doing an ACH or wire transfer into the account. To make matters worse, my sending bank has a long time delay, low monthly cap and a charge for ACH transfers.

It took over two weeks to receive account materials from Zions after I mailed in the initial deposit and paperwork, which made me feel uncomfortable.

Their interest rate has dropped three times since I signed up and now is barely above the rest of the pack.

I'm not happy about all this and am rethinking my relationship with Zions.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #25
Thanks for the info. I had the same issue with Cap One on a check that I deposited. It didn't start earning interest until about 3 days after the deposit. I'll have to start noting this on my account reviews.
Anonymous   |     |   Comment #26
If you go to the Zions home page, then MM accounts, they give you a page with their different MM accounts.
The Deseret isn't there. They hide it! The MM page makes it seem like the Internet MM is the highest yield. You do get a link to Deseret when you go to Bankrate and probably other similar sites, I guess because Zions knows you are shopping around. When I figured out that I wasn't getting their best rate, I had to re-apply for a Deseret, move the funds, and --my choice--close the Internet MM account (this can only be done by letter or fax, for some reason). So all of this irked me a bit. But the Deseret has a good rate from a bank with solid finances.
Hans (anonymous)   |     |   Comment #27
Mid-February APY is 3.87% for $1K~50K balances. My latest monthly statement says that on 4/7/08 the minimum balance to earn any interest will jump to $2500. I'm pulling out.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #28
Thanks for the updates. Sorry to see them raise the minimum to earn interest. That's a sizable jump.

I've updated my new Zions review post.