Zynlo Bank Money Market Account 2025 Review
Zynlo Bank, a division of PeoplesBank, offers an online money market account with a competitive rate and no monthly fees or penalties. There are no minimum balance requirements and you only need $10 to open this account.
The Zynlo Bank Money Market account features one of the best APYs of any online money market account. It's exceptionally fee-friendly and you don't need a lot of money to get started with saving or earning interest.
This money market account could be right for you if you:
- Already have a high-yield checking or savings account with Zynlo and want to keep your money in the same place
- Prefer a money market account with no monthly fees
- Would like to avoid minimum balance requirements
- Are comfortable with online-only banking
You can earn even more interest on your money when you open Zynlo More Spending and Tomorrow Savings accounts. Both offer competitive rates and you can grow your money automatically with round-up transfers from checking to savings.
Zynlo Bank Money Market Account Pros & Cons
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Compared to Other Online Savings Accounts
Redneck Bank Mega Money Market Account
The Redneck Bank Mega Money Market account offers an excellent APY on balances up to $100,000. There are no minimum balance requirements and you'll get a debit card that you can use to access your account at thousands of ATMs. The opening deposit requirement is $500 and you can make up to six withdrawals per month without a penalty.
Read our full editorial review of the Redneck Bank Mega Money Market account
Patriot Bank Money Market Account
Patriot Bank partners with Raisin to offer online money market accounts with rates well above the national average. You only need $1 to open your account and there are no monthly maintenance fees. You don't get an ATM/debit card or paper checks, so you'll need to be comfortable using ACH transfers to withdraw or deposit funds.
Read our full editorial review of the Patriot Bank Money Market Deposit account
Sallie Mae Money Market Account
Sallie Mae is best known for student loans but it also offers banking products, including money market accounts. The APY is good but not as high as what you could get with Zynlo or some other banks. There are no minimum balance requirements or monthly fees and you can write paper checks from your account if needed.
Read our full editorial review of the Sallie Mae Money Market account
Discover Bank Money Market Account
Discover Bank's money market account offers a tiered rate, with balances over $100,000 earning a little more interest than balances below that threshold. There are no monthly maintenance fees and you'll get a debit card that you can use to withdraw cash at more than 60,000 surcharge-free ATMs. There's no minimum deposit required to get started.
Read our full editorial review of the Discover Bank Money Market account
Interest Rates
Online money market accounts can pay top-tier rates and Zynlo Bank is in that category. The APY is far above what you could find with a traditional money market account and it even beats some online money market accounts.
Here's what to look for as you compare money market rates:
- Minimum balance requirements to earn interest
- Rate caps or thresholds that limit how much interest you can earn
- Activity requirements to earn interest
Zynlo doesn't require you to do anything special to earn interest; you just need a balance of $0.01. But other banks may expect you to do things like enrolling in direct deposit or depositing a minimum amount each month to earn the advertised APY.
While you're checking out rates, don't forget to peek at the fees.
Fees
Monthly maintenance fees and excess withdrawal fees can detract from the interest you earn with a money market account. Zynlo Bank boasts no monthly fees and more importantly, no excess withdrawal fees, which other banks may charge.
Other Service Fees - Zynlo Bank Money Market Account
| Type | Fee |
|---|---|
| Monthly maintenance fee | $0.00 |
| Return deposit item fee | $0.00 |
| Excess withdrawal fee | $0 |
| Non-sufficient funds fee | $0.00 |
| Stop payment fee | $0.00 |
| Overdraft fee | $0.00 |
| Dormant account fee | $0 |
| ACH transfer fee | $0 |
You won't see wire transfer fees listed here because Zynlo Bank doesn't allow them.
ATM Access
You won't get an ATM or debit card with your Zynlo Bank Money Market account. However, you would with a More Spending account.
You could transfer funds from your money market account to checking, then use your debit card to withdraw cash fee-free at 55,000+ Allpoint ATMs.
ATM access may or may not be important to you, depending on your financial needs and goals. If you prefer a money market account with an ATM or debit card, check to see if you'll pay a fee if you use another bank's machine. Also, consider whether your bank will refund fees other banks charge you.
Account Management
Zynlo Bank is an online bank, there are no branches. Account management is limited to online and mobile banking, plus Allpoint ATMs if you have an account with a debit card.
You can log in to:
- View account statements
- Review transaction history
- Transfer funds between linked accounts
- Open new Zynlo accounts
- Pay bills
You can also deposit checks through the Zynlo mobile app. The daily deposit limit is $10,000; the monthly limit is $50,000.
If you need to transfer funds out of Zynlo, the daily limit is $10,000. The monthly limit for external transfers is $25,000.
Zynlo is not a Zelle partner but you can link your account to the Zelle app for person-to-person transfers. Standard Zelle transfer limits apply.
FDIC Insurance
Zynlo is an FDIC-insured bank. FDIC insurance covers your deposits if a bank fails.
Should that happen, the FDIC steps in to help you get your money back. Your deposits at Zynlo are insured up to the standard FDIC coverage limit of $250,000.
If you plan to keep more than $250,000 in your Zynlo account you might consider spreading some of it around to another high-yield money market account at a different bank. That way, you're not leaving any of your savings unprotected.
What to Look for in a Savings Account
Money market accounts can offer flexibility, plus high interest on your savings depending on where you decide to bank. Here are a few things to consider as you shop for a new money market savings account.
- Online vs. traditional. The first thing you'll have to decide is whether you want to save at a traditional or online bank. If you don't need branch banking access, an online bank could offer better rates and lower fees.
- Deposit requirements. You need $10 to open a Zynlo Bank Money Market account but some banks may require $100, $500, or more. The opening deposit requirement should reflect what's realistic and reasonable for your situation.
- Interest rates. Money market rates can vary widely from one bank to another. Shop around and see which banks offer the best rates. Read the fine print to find out if there are any special restrictions or requirements to earn interest.
- Fees. Zynlo Bank is fee-friendly but other money market options may be less so. Check the fee schedule for monthly fees, excess withdrawal penalties, and other fees that could take away from your interest earnings.
- Service and access. How will you be able to access your money? Check out the bank's online and mobile banking experience, as well as its ATM network. Consider whether you'll get a debit card or ATM card, or paper checks that you can use to make withdrawals or pay bills.
You might start with your current bank to compare money market accounts. Or you might head straight to online banks to find out which ones offer the best money market savings options.
While you're searching, you might read some money market account reviews to see what other people have to say about a particular bank. Reviews can offer insight into what actual customers do or don't like.
Frequently Asked Questions
Is Zynlo Bank a legitimate bank?
Zynlo Bank is an FDIC-insured online bank that's a division of PeoplesBank. Zynlo offers a variety of banking products and services, including interest checking accounts, high-yield savings accounts, and money market accounts.
When is a money market account a good choice?
A money market account could be a good fit if you'd like to earn a solid rate on your money while potentially being able to make withdrawals using a debit or ATM card. Some money market accounts offer better features and benefits than others so it's important to compare what's available at different banks.
Are money market accounts safe?
A money market account is generally a safe place to keep your money if you keep your savings at an FDIC-insured bank. The risk of losing money is virtually zero since your money is kept at a bank, rather than being invested in the market. Keep in mind that's not the case with money market funds. Money market funds are investment products and carry the risk of loss.
