I had been banking with Bank of the West(BotW), which recently was bought by / changed to BMO. Like most banks, BotW/BMO had poor interest rates for saving and even less on checking accounts. Earlier this year not really being satisfied with my local BMO branch which had changed managers several times in the past few years, I started looking around. On Nerd Wallet (I think) I found Zynlo which offers 5% APY on savings and money market accounts and 2% on checking. A country wide no-fee ATM network.
Today, I couldn't recall if I had set up beneficiaries for my accounts, so I messaged Zynlo's customer service asking for forms. The response was " ZYNLO does NOT allow POD or beneficiaries to be added to an account". Isn't that a bit odd??? This is the first time I've had an institution that doesn't allow either. Just that is enough to prompt me to look for another bank. The only work around I can think of is having my adult children as co-owners, which I'm not found of or....probate.
The rates are great, I'm making more with Zynlo in one month than a decade with BMO ha. FWIW, Zynlo's parent company is Peoples Bank in MA.
Today, I couldn't recall if I had set up beneficiaries for my accounts, so I messaged Zynlo's customer service asking for forms. The response was " ZYNLO does NOT allow POD or beneficiaries to be added to an account". Isn't that a bit odd??? This is the first time I've had an institution that doesn't allow either. Just that is enough to prompt me to look for another bank. The only work around I can think of is having my adult children as co-owners, which I'm not found of or....probate.
The rates are great, I'm making more with Zynlo in one month than a decade with BMO ha. FWIW, Zynlo's parent company is Peoples Bank in MA.
Statistics: Posted by PizzaGrease — Sun Oct 13, 2024 4:23 pm — Replies 0 — Views 139