Friday, 23 October 2020

Zions Bank Review: Checking, Savings, CD, Money Market, and IRA accounts

Zions Bank Review: Checking, Savings, CD, Money Market, and IRA accounts
01 Jul
4:39

Zions Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.16%

Savings

Zions Bank Ultimate Savings

2.10%

American Express National Bank High Yield Savings Account

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on American Express National Bank’s secure website

Member FDIC

1.41%

CD Rates

Zions Bank 12-17 Month CD

2.50%

Goldman Sachs Bank USA High-yield 12 Month CD

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on Goldman Sachs Bank USA’s secure website

Member FDIC

1.71%

CD Rates

Zions Bank 36-47 Month CD

2.80%

Goldman Sachs Bank USA High-yield 5 Year CD

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on Goldman Sachs Bank USA’s secure website

Member FDIC

Zions Bank’s checking account options

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How Zions Bank’s checking accounts compare

Overall, Zions Bank’s checking accounts don’t stand out on a national comparison basis. Although the basic Anytime Checking account provides some standard services for no fee, the bank’s other two checking accounts require maintaining balances to avoid fairly high fees. The payouts on the two interest-bearing accounts are below the national average, even at the highest tiers, and are not competitive at all when compared with the best rates for checking accounts available nationally.

Zions Bank’s savings account options

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How Zions Bank’s savings accounts compare

Zions Bank has limited options when it comes to savings accounts. The rates paid on both the standard Savings account and the Young Savers account are far below the national averages in their categories, and the accounts don’t come with any noteworthy additional features. The best available national savings rates are far better than those you can get at Zion.

Zions Bank’s CD account options

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How Zions Bank’s CD rates compare

Zions Bank’s CD rates are generally slightly below the national average CD rates across all maturities. The standout product is the special rate CD. Here, rates are far above average, and are even competitive with the best available national CD rates. Rates are subject to change at any time, but the current 12-month special is among the very best CDs you can find. You will, however, have to maintain a checking account relationship with the bank to earn this yield.

Zions Bank’s money market account options

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How Zions Bank’s money market accounts compare

Both of the Zions Bank money market accounts pay rates above the national average. Minimum deposit requirements are low, and there is no fee on either account. The standout account is the online money market, paying an APY about triple that of the regular money market account. However, even this account pays a rate well below the best available money market rates nationwide.

Zions Bank’s IRA account options

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How Zions Bank’s IRA accounts compare

Zions Bank IRA CDs pay rates that are just about the national average across the board. As with the bank’s non-IRA CDs, the highest available rate at Zions Bank is in the 12-month special IRA CD, which is competitive with the best available national IRA CD rates. For those that don’t want to commit money to a CD, the IRA Money Market is a viable option, paying decent rates and having no monthly maintenance fee.

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John Csiszar

John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

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Source: https://www.magnifymoney.com/blog/reviews/zions-bank/

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