Zions Bank is a traditional brick-and-mortar bank that also offers customers the benefits and convenience of online banking. If online banking appeals to you, Zions Bank offers higher savings account interest rates on its online saving accounts than on savings accounts opened through its financial centers. The higher interest rates come with some of the same must must-have features associated with traditional banking.
Zions Bank Online Savings Account Review
A savings account provides an easy way to save and keeps your money readily accessible. Average national interest rates on savings accounts are only 0.06% APY as of Sept. 13, 2017, according to the FDIC. For customers who don’t need face-to-face banking service, Zions Bank offers an interest rate of up to 0.50% APY in its an online savings account.
You can open a savings account online quickly through the Zions Bank website or over the phone. A minimum of $100 is required to open the savings account, via electronic transfer from other deposit accounts, mailing a check or wire transfer.
Find Out: Pros and Cons of Online Savings Accounts
Zions Bank Products and Services
Although opening a Zions Bank online account is easy, there are additional requirements to get the maximum interest rates on savings accounts. To earn any interest, the account balance must be at least $1,000. The rate — for either non-relationship or relationship accounts — is determined by how you bank with them and doesn’t increase as your balance grows.
As of Sept. 13, 2017, the Non-Relationship Interest Rate is 0.45% APY and the Relationship Interest Rate is 0.50% APY. The lower rate will apply if you do not have a qualifying relationship. The Relationship Interest Rate will apply to your savings account if you satisfy at least one of the following qualifications:
- Use a credit card issued by Zions Bank at least once during the statement period.
- Have one of Zions Bank’s Gold checking products.
- Maintain a Zions Direct brokerage account and do not opt out of sharing your personal information with affiliates of Zions Direct.
Learn: How to Deposit Cash to an Online Bank Account
Pros and Cons of Zions Bank
In addition to higher interest rates and no maintenance fees, a Zions Bank online savings account offers the most essential benefit of online banking: 24/7 access to your account, as well as mobile banking. Zions Bank accounts are covered by FDIC insurance of up to $250,000 per depositor. You also have access to over 100 brick-and-mortar locations in Utah and Idaho plus over 500 ATMs in various Western states.
The main downside of an online savings account is the federal limit of six electronic transfers per 30-day period. The limit applies to all savings accounts and includes all electronic methods, such as pre-authorized or automatic transfers, telephone transfers, or transfers using computers or any other electronic devices. Because Zions Bank’s physical presence is limited to the Western states, online savings account holders in other states might find the limit a drawback. You can make unlimited ATM or in-person withdrawals, although withdrawals from a teller have a $3 fee.
See: Online Banks vs. Traditional Banks — Where to Get the Best Interest Rates
If you’re looking for the best savings account rates, an online savings account might be the way to go. Whether Zions Bank offers the best online saving account for you depends on not only the rate but also the qualifications and limitations of the account. Carefully review the terms and conditions of any online savings account before determining if it is the best choice for your needs.