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Updated: Feb 04, 2024

Zynlo Bank Tomorrow Savings Account 2024 Review

Our review of the Zynlo Bank Tomorrow Savings account looks at the account fees, interest rates, and interesting features that help you grow your savings.
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The Zynlo Bank Tomorrow Savings Account offers a great incentive to save in the form of a round-up and matching bonus. That's on top of the already impressive APY you could earn.

Our Verdict

Zynlo Bank's Tomorrow Savings account is designed to help you grow your money faster. Not only can you earn a competitive APY, but you'll also have a chance to get a savings match when you open a More Spending account. 

Saving with Zynlo Bank could make sense for people who:

  • Are looking for both a checking and savings account
  • Want to get a great rate on savings balances
  • Would like to be able to split savings into different buckets
  • Need or want to avoid monthly fees

You can open a Tomorrow Savings account online in minutes. Note that you'll need a More Spending Account to get the round-up match. The minimum opening deposit for both accounts is just $10.

Compare Savings Options

Be sure to check out these savings accounts worth considering:

Savings
Checking
CDs

Compared to Other Online Savings Accounts

TAB Bank High Yield Savings Account

TAB Bank's high-yield savings account may be ideal for people who are just getting started with saving. There's no minimum deposit requirement and you can earn a solid APY, with no monthly fees. If you need other banking services, TAB also offers checking accounts, money market accounts and CDs. 

Read our review

Laurel Road High Yield Savings Account

Laurel Road offers a savings account with no minimum deposit requirements and no monthly fees. The APY is similar to what you could get with other top high-yield savings accounts. You might consider saving here versus another bank if you already have student loans or personal loans through Laurel Road. 

Read our review

Lending Club High Yield Savings Account

Lending Club is another option for online saving with no monthly fees. You'll need $100 to open an account but there are no minimum balance requirements after that. The rate is a bit lower than what some online savings accounts offer but you can get an ATM card, which is a plus if you'd like to be able to withdraw cash. 

Read our review

Varo High Yield Savings Account 

Varo allows you to earn a competitive rate on up to $5,000 in savings. Once you hit the $5,000 mark, you'll earn a slightly lower APY though it's still well above what you could get at a traditional bank. There are no monthly fees and no minimum balance requirements to worry about.  

Read our review

Interest Rates

Zynlo Bank applies a flat APY to Tomorrow Savings account balances. But you can earn more interest when you open a More Spending account. 

Here's how it works:

  • You open a Tomorrow Savings and More Spending account, with at least a $10 minimum deposit. 
  • When you spend with your More Spending debit card, Zynlo rounds up the transaction and adds the spare change to savings.
  • Zynlo matches those round-ups and adds that to your savings balance too. 

How much does Zynlo Bank match? All customers get a 100% match for the first 100 days. 

After that, you'll get the same 100% match when you maintain an average daily balance of $5,000 or more. If your average daily balance falls below that, you'll get a 25% match instead. 

What all of that means is that a Tomorrow Savings account has the potential to offer a much higher APY combined versus other high-yield savings accounts

Still, it pays to shop around and compare rates. You can start with your current bank first, then check out what other banks offer. 

Here are a few tips to keep in mind as you look for a savings account: 

  • Check to see how rates are applied and whether all balances earn the same APY. 
  • Consider banks that offer round-ups or other benefits that can help you save a little extra.
  • Remember that savings account rates aren't set in stone and they can go up or down over time. 

After you've compared rates, you can look at other savings account features, starting with the fees you might pay. 

Fees

Banking fees can be a hassle if they're costing you interest earnings each month. 

Zynlo Bank is fee-friendly, with no monthly fees or hidden fees.

Paying fewer fees is a good thing if you want to keep more of the interest earned. 

Keep in mind that if you use an out-of-network ATM, the machine's owner may charge a fee. Zynlo Bank does not offer any foreign ATM fee reimbursements. 

ATM Access

You can use your More Spending debit card fee-free at more than 55,000 Allpoint ATMs. 

That's great if you value convenience in a checking account. You can check your balance or withdraw cash on the go, with no added cost. 

If you want to withdraw cash from savings, you'll need to transfer funds to your More Spending account first. Just keep in mind that your savings account is meant for just that--saving.

Dipping into savings too often could make it harder to reach your goals. And the less money you have in savings, the less interest you'll earn.  

Account Management

Zynlo Bank offers online and mobile banking access for savers. You can use either one to:

  • Review transaction history
  • Check balances
  • Transfer funds between accounts
  • Find an ATM near you
  • Review monthly statements
  • Pay bills

You can also deposit checks through the mobile banking app. Zynlo Bank offers direct deposit, which can help you get paid up to two days faster. 

With the Tomorrow Savings account, you can set up folders for different money goals. You can then decide how much to save in each one. 

FDIC Insurance

Zynlo Bank accounts are covered by FDIC insurance. This coverage protects you in the unlikely event of a bank failure.

The current FDIC limit is $250,000 per depositor, per account ownership type, per financial institution. 

What to Look for in a Savings Account

It's easy to get overwhelmed when shopping for a savings account. Knowing what to look for can make the task easier. 

You can use this checklist to compare different savings options. 

  • Consider the interest rate and APY
  • Look at how rates are applied (i.e., tiered or across all balances)
  • Review the minimum opening deposit and minimum balance requirements
  • Check the fees, including maintenance fees or excess withdrawal fees
  • Ask about online and mobile banking features, or ATM or debit card access
  • Check the number of branch locations, if applicable
  • Consider any savings features and money management tools, such as round-ups or savings buckets
  • Review deposit and withdrawal limits, as well as overdraft protection
  • Factor in customer service and what other people have to say about the bank's reputation

You can easily compare savings accounts at online banks and traditional banks to see who has the best rates. From there, you can begin working your way down the list to find the right account for your needs. 

Frequently Asked Questions

Is Zynlo a real bank?

Zynlo is a division of PeoplesBank and is a legitimate financial institution. Deposits are FDIC-insured and Zynlo uses the same security measures as other banks to protect customers' information. 

How much do you need to open a savings account?

Banks can decide how much savers need to open a new account. At some banks, like Zynlo, the deposit is as low as $10. Other banks, however, may require $100, $500 or more to open a new savings account. 

Which bank offers the best savings account rates?

Online banks tend to give you the best savings rate since they have lower overhead costs. Traditional banks, meanwhile, are usually at the lower end of the scale for savings account rates. Comparing different savings accounts can help you find the best one for your money.