Zions Bank is another one of those FDIC banks that offers a high yield online savings account. Based in Salt Lake City, Utah and a result of a merger in 1957, Zions Bank has been helping customers with banking needs for over half a century. Though their branches number in the triple digits, chances are good that you haven’t seen one in your area and since they now offer an online savings account, let’s take a look at what they offer.
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Why Zions Bank
Competitive but not the highest is about all I can say. For rate chasers, this bank is probably not for you but if you are looking for another bank because your deposits are large enough that the $250,000 guarantee becomes a concern, then you might want to look into this bank as yet another option for your money.
In addition, I notice that Zions Bank actually allow you to open an account under your trust, which for whatever reason isn’t available for every high yield savings account out there so that is also a plus.
What I’d Like to See from Zions Bank
The interfaces of practically all the online savings accounts available today are pretty basic, but that’s okay because they work just fine. So the differentiators really boils down to its customer service. If there are any requests for this bank, I’d have to ask them to give the customer service hours a look. I looked for a while but I cannot find the hours of its online chatting service; as to the phone hours, the website claims them to be 7am – 8pm MT, Monday to Saturday. This means that if you have a question that needs to be addressed on Sunday, then you are out of luck. For someone like me who works at home on his own business, these hours might be fine but if you work Monday to Friday from 9 to 5, then you might need to wait till Saturday and hope that you can get everything resolved.
Another issue that bugs me is with the deposit and transfer limits. As of writing, the bank limits your initial deposit to $10,000. Furthermore, they only allow you to move $10,000 per day in and out of your account from within their system. Though you can always setup electronic transfers from another bank to get your money, the lack of flexibility and low limits will make moving money cumbersome.
Is Zions Bank Right for You?
Like I said, if you want another solution because you are hitting the FDIC limits, then by all means. Another more subtle benefit that I like about Zions Bank is the fact that unlike some of their competitors, they haven’t been continually changing their interest rates to annoy their customers. Of course, this is more of an observation of recent events rather than an insight on its strategy, so it can change at any time.
- Zions Bank – Official Site
Zions Bank is just one of the online banks we reviewed on MoneyNing.com. Click here for the list of online savings accounts we have experience with.