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Zions Bank Review

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by Nick Wallace Updated
Zions Bank

If you’re a westerner looking to open a new bank account, Zions Bank is worth your consideration. Based in Utah, Zions Bank has locations throughout the west, from the Pacific Northwest all the way down to Texas. 

Though interest rates on Zions Bank’s savings accounts are not particularly high, the savings account and checking account both have low fees and low minimum balances. You can open a checking account for just $50, with no minimum balance required. 

For those looking for a higher return on their deposits, a Zions Bank CD may do the trick. The interest rate on some longer-term CDs at Zions Bank is over 2%, well above the rates offered on comparable CDs by competitors like Wells Fargo.

Products Offered

Product Key Details
Savings Account
  • Waivable monthly fee
  • Free Young Savers account
Certificates of Deposit
  • Minimum deposit of $1,000.
  • No monthly fee
  • Terms from one month to five years
Money Market Accounts
  • No monthly fees
  • Minimum opening deposit of $500
  • Higher interest rates for larger balances
Checking Accounts
  • Four account options, including two interest-earning accounts
  • Waivable monthly fees
  • Premium Interest Checking enables access to higher-interest savings accounts and CDs

Zions Bank Interest Rate Comparison

Zions Bank Overview

Zions Bank was founded during the earliest years of Mormon settlement in Utah. Brigham Young himself opened it to help the new settlement grow, naming it Zion's Savings Bank and Trust Company.

Today the bank is one of the largest in the West. It has locations as far west as San Francisco and Los Angeles, and as far east as Houston, Texas. States in which it is currently operating are Arizona, California, Colorado, Idaho, Nevada, New Mexico, Texas, Utah and Wyoming. It provides all the standard personal banking services such as checking and savings accounts, in addition to consumer loans, and commercial banking, and other services.

Zions Bank Account Features

There are a few basic features included with all Zions Bank personal banking accounts. Online and mobile banking are free with all accounts, so you can access your account on the go. Likewise, all account holders have free access to Zions Bank’s ATM network, which includes over 600 ATMs across its footprint. 

Most accounts have a minimum deposit required to open the account. Some also have a minimum balance required to avoid a monthly service fee, though the basic checking account does not. Interest on savings and checking accounts is variable and compounds daily.

Key Features Details
Minimum Deposit $50
Access to Your Savings Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees
  • Standard Savings: $3 monthly fee, waivable with $200 minimum balance or a transfer of at least $25 from a Zions Bank checking account
  • Young Savers: No monthly fee
Current Terms and Rates
  • Standard Savings: 0.10% APY
  • Young Savers
    • Account balances below $10,000: 0.14% APY
    • Account balances of $10,000 and over: 0.16% APY

Looking to earn a little interest on your money? Zions Bank offers a basic low-fee savings account, as well as a Young Savers account for adolescents or parents setting aside some money for their children. None of these offerings comes with particularly high interest rates, but the fees and minimum balance requirements may make them an attractive option for people who are near a Zions Bank location or ATM.

The minimum opening deposit for a standard Zions Bank savings account is $50. That gets your foot in the door, but to truly take advantage of the account features, you’ll want to have at least $200 in your account at all times. That’s the minimum balance required to avoid the $3 monthly fee. 

That savings accounts come with free online and mobile banking, online bill pay and free access to Zions Bank’s ATMs. Withdrawing money from other ATMs will cost you $2, in addition to any fees charged by the ATM owner.

Interest rates on Zions Bank’s savings accounts are fairly low, at 0.10%, though we should note that is slightly higher than several national banks like Wells Fargo. However, if a return on your deposits is a priority, you may want to open a higher interest account, like a certificate of deposit (see below). 

For people under the age of 26, or parents who want to start a savings account for their kids, there is another option. The Young Savers account has no monthly fee, and higher slightly interest rates than a standard savings account.

Zions Bank Certificates of Deposit

Key Features Details
Minimum Deposit $1,000
Access to Your CD Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee, but penalties for early withdrawal may apply.
Current Terms and Rates
  • 1 - 2 Month: 0.05% APY
  • 3 - 5 Month: 0.20% APY
  • 6 - 8 Month: 0.50% APY
  • 9 - 11 Month: 0.65% APY
  • 12 - 17 Month: 2.10% APY
  • 18 - 23 Month: 1.06% APY
  • 24 - 35 Month: 1.16% APY
  • 36 - 47 Month: 1.31% APY
  • 48 - 59 Month: 1.41% APY
  • 60 Month: 1.66% APY

If you are willing to leave your money untouched for a set period of time, a certificate of deposit is a great way to earn a higher return than a standard savings account. CD rates at Zions Bank can be higher than 2% for certain term lengths, compared to rates of less than half a percent for a savings account. Interest rates on Zions Bank’s CDs are also significantly higher than the rates offered on CDs at large banks like Wells Fargo.

In order to open a CD, you need to deposit at least $1,000. While there are no service fees on a CD, there is a penalty for early withdrawals - that is, withdrawals made before the end of your term. The penalty is based on the length of your term and your interest rate. 

For all CDs of more than one year, the early withdrawal penalty is equal to 180 days of interest. So, for example, if you have a $10,000 two-year CD with a 1% interest rate (note, actual interest rates may be different), the early withdrawal penalty will be about $50. That’s 180 days of interest at 1%. 

Zions Bank also offers even higher interest rates to customers with a Premium Interest Checking account - read more about that below.

Zions Bank Money Market Savings and Online Money Market Accounts

Key Features Details
Minimum Deposit $500
Access to Your Money Market Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee
Current Terms and Rates
  • Money Market Savings
    • Account balances below $25,000: 0.15% APY
    • Account balances of $25,000 - $99,999.99: 0.20% APY
    • Account balances of $100,000 - $249,999.99: 0.30% APY
    • Account balances of $250,000 and over: 0.35% APY
  • Online Money Market: 0.90% APY

A money market account combines some of the features of a savings account with features of a checking account, while offering higher rates than either. The Zions Bank money market account has a slightly higher minimum deposit than the standard savings account - $500 - but has no monthly service fees.

The money market account includes check-writing and ATM access, with up to six withdrawals allowed per month. Beyond that limit, you may have to pay some fees on your withdrawals. 

If you don’t envision ever needing to visit a Zions Bank location, there’s another option that offers even higher interest rates: the Online Money Market account. Access to the online account is limited to checks and online or mobile banking, but interest rates are 0.90% at any deposit level. Like a standard money market account, the minimum deposit to open an online account is $500.

Zions Bank Anytime Checking Account

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee

Like the Zions Bank savings account, the standard Anytime Checking account is a low-fee affair. There is no monthly service fee, and the minimum balance to open an account is just $50. 

Even without a service fee, the Zions Bank Anytime Checking account includes many of the features offered by other banks’ checking accounts. It has standard overdraft protection transfers, which means if you make a withdrawal larger than the amount remaining in your account, Zions Bank can automatically transfer money from a linked deposit account such as a savings account. That will cover the overdraft so you don’t have to pay any overdraft fees. (There is a $5 transfer fee, however.)

You can access your money through the Zions Bank website or mobile app, or at a Zions Bank ATM. There are more than 600 Zions Bank ATMs across the seven states in which Zions Bank does business. 

Zions Bank Anytime Interest Checking and Premium Interest Checking Accounts

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees
  • Anytime Interest: $10 monthly fee, waivable with minimum balance of $1,500 or minimum combined balance of $10,000 among all Zions Bank accounts
  • Premium Interest Checking: $20 monthly fee, waivable with minimum balance of $10,000 or minimum combined balance of $25,000 among all Zions Bank accounts
Current Terms and Rates
  • Anytime Interest: 0.07% APY
  • Premium Interest
    • Account balances below $5,000: 0.08% APY
    • Account balances of $5,000 - $24,999.99: 0.10% APY
    • Account balances of $25,000 - $99,999.99: 0.12% APY
    • Account balances of $100,000 and over: 0.15% APY

In addition to its standard checking account, Zions Bank offers a few checking account options that also pay interest: Anytime Interest Checking and Premium Interest Checking.

Anytime Interest Checking has a lower interest rate but lower fees and deposit requirements. The minimum deposit required to avoid the $10 monthly fee on the Anytime Interest Checking account is $1,500. You can also avoid the fee with $10,000 in deposits among all Zions Bank accounts.

The fee for Premium Interest Checking is $20, and the balances to avoid that fee are likewise higher. Customers with a deposit of $10,000 in their Premium Interest Checking account or a combined deposit of $25,000 among all accounts do not have to pay the fee. Interest rates on Premium Interest Checking are tiered, with higher rates for larger deposits.

Premium Interest Checking customers are also eligible for some other perks. These include higher interest rates on some other Zions Bank savings accounts such as certificates of deposit, and three free non-Zions Bank ATM withdrawals per month.

Zions Bank Military Advantage Checking

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee

Zions Bank also offers a special Military Advantage Checking account for military members and select others. You qualify for this account if you are on active duty, Guard/Reserve personnel and their dependents, a veteran, retired military, an enlistee, an ROTC student or a Department of Defense civilian. 

This account includes one free out-of-network ATM use each month, a free or discounted safety deposit box and free or discounted checks. Plus, the account doesn’t charge a monthly fee, so you don’t have to worry about paying a fee while you’re away.

Where Can I Find Zions Bank?

Zions Bank is based in Salt Lake City, but has branches and ATMs across nine states in the west: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Texas, Utah and Wyoming. It has more than 600 ATMs and 500 financial centers.

What Can You Do Online With Zions Bank?

Zions Bank has a full-service website and mobile app. This means you can check account balances, make transfers and wire money. You can also make check deposits with the mobile app by taking an image of the check you wish to deposit. The mobile app is very highly rated, with 4.2 stars in the Apple app store.

How Do I Access My Money?

There are a number of ways to access your money with Zions Bank. As described above, you can check account balances and transfer money online and with the mobile app. If you want to withdraw cash, visit one of Zions Bank’s financial centers or ATMs - it has more than 600 ATMs across the west. 

How Can I Save More Money With Zions Bank?

For a higher return on your savings, try opening a certificate of deposit with Zions Bank. It offers very competitive rates on CDs, with rates as high as 2.1% for some CD term lengths. This is substantially higher than comparable offerings at most major banks. 

The minimum deposit for a CD with Zions Bank is $1,000. If you have even more money to put away, you could consider opening a Premium Interest Checking account. In addition to paying interest, these accounts give you access to higher rates in other account types. 

What’s the Process for Opening an Account With Zions Bank?

To open an account with Zions Bank online, visit its website and choose the type of account that you wish to open. From there, the process won’t take long. You will need your Social Security number, contact information and information for the account from which you will be transferring the opening deposit. Most Zions Bank personal accounts have a minimum deposit of $50, though for some the minimum is higher.

What’s the Catch?

Zions Bank is a western bank, so if you live in the Midwest, South or on the East Coast, it is probably not the bank for you. Likewise, its locations in the Pacific Northwest are fairly limited. So if you do expect to need services that can only be met in-person, or to make cash withdrawals, make sure there is a branch or ATM nearby before signing up for an account.

Bottom Line

With locations across the west, relatively low account minimums and fees and several account types that offer interest rates well above the market averages, Zions Bank offers a reasonably good option if you are looking to open a new bank account. Its CDs in particular offer high rates, while its savings and checking accounts have low minimum balance requirements and low fees.

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