Zynlo Bank Review 2025: High-Rate Online Banking with No Fees

Zynlo Bank is the online division of Massachusetts-based PeoplesBank, offering high rates and no fees on deposits, including a checking account with 2% APY, savings account with 4.35% APY, and money market account with 4.4% APY. There are no monthly fees or minimum balance requirements, and purchases are rounded up to the nearest dollar and matched. However, Zynlo does not offer CDs or branch access.

Zynlo Bank, the online division of Massachusetts-based PeoplesBank, has been gaining attention for its high-yield accounts and no-fee structure. The bank offers a range of products designed to maximize savings, including a checking account with a 2% APY, a savings account with a 4.35% APY, and a money market account with a 4.4% APY [1]. These rates are significantly higher than the average money market rate, which is typically less than 1% [1].

One of the standout features of Zynlo Bank is its absence of monthly fees and minimum balance requirements. This makes it an attractive option for those looking to save money without incurring additional costs. Additionally, Zynlo Bank offers a unique rounding-up feature on purchases, where the amount spent is rounded up to the nearest dollar and matched by the bank. This feature can help users increase their savings without any extra effort [1].

However, Zynlo Bank does not offer CDs or branch access, which may be a drawback for some potential customers who prefer traditional banking services. Despite this, the bank's online platform provides 24/7 customer service, ensuring that customers can get help whenever they need it [1].

In conclusion, Zynlo Bank presents a compelling option for those seeking high-yield accounts with no fees or minimum balance requirements. Its competitive rates and unique features make it a strong contender in the online banking landscape. However, the lack of CD options and branch access may be a consideration for some.

References:

[1] NerdWallet. (2025, March 20). Best Money Market Accounts of 2025. Retrieved from https://www.nerdwallet.com/best/banking/money-market-accounts