Zions Bank Review – Checking, Savings, Money Markets, & CDs

I recently began looking for another bank for my small business, and one of the criteria I am using in my search is finding a bank that not only offers a solid business account, but a top tier personal savings account and a free online checking account as well. Managing fewer accounts is a priority…
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I recently began looking for another bank for my small business, and one of the criteria I am using in my search is finding a bank that not only offers a solid business account, but a top tier personal savings account and a free online checking account as well.

Managing fewer accounts is a priority for me, as is being able to transfer money quickly and easily through one interface. I think I’ve found my match with Zions Bank.

While this is the best match for me at the time, there are many others out there to look into that could be best for your current needs, such as Discoverbank to name one. Make sure you look into all of your options before making your final decision.

Zions Bank (ZION) has a long-standing tradition and history – they have been in business for over 135 years(since 1873). They are FDIC insured and have over 125 brick and mortar branches, which makes banking easy and convenient when you receive multiple checks or need to interface with a teller more often than a computer screen.

But don’t let that make you think they aren’t progressive either – they’ve got a great mobile app as well, which works with the iPhone, the Blackberry, and many other smartphones.

In 1873, the Zion’s Savings Bank and Trust Company was incorporated in the Utah Territory by Brigham Young, and they were the first bank and trust company in Utah. In 1957, Zion’s Savings Bank and Trust Company, Utah Savings and Trust Company, and First National Bank of Salt Lake City all combined to create Zions First Nation Bank. Today, the bank has full-service offices in 10 different states in the Southwest.

To top it off, Zions Bank has won several awards for online security and offers some of the top interest rates in the nation.

Check out these other great features, and then decide if they can meet your banking needs. If you have a business, then you may be hard pressed to find this nice of a package under one roof.

Zions Bank Review – Full Service Banking

Personal Banking

Zions Bank offers a wide array of personal banking accounts and other products that will meet the needs of most individuals, as well as many people with businesses large or small.

Here is a list of their most popular personal banking accounts:

  • Zions Bank Savings
  • Zions Bank Checking
  • Zions Bank Money Market Account
  • Certificate of Deposits (rates vary based on CD term)

The minimum to open a savings account is $100, and you need to maintain a minimum balance of $1,000 to receive the maximum interest rate, which is currently 1.06% APY – easily among the top interest rates in the nation.

With the Money Market Account, it’s going to be very similar to their online savings account. With most banks, the money market is going to give you a better APY, but Zions is going to give you the same rate.

There are a few details about the money market account that you should be aware of before applying. There is a $3 fee for a withdrawal at a tell, and you can make 6 transfers every 30 days.

Business Banking

Several business banking packages offering coverage for almost any type of business. Business banking also offers the ability to link personal accounts, which is a big step up from many other banks that offer both options (I am not able to link my personal and business accounts with the bank I currently use for my business checking).

Other business banking features include multiple user access, payment processing, business bill pay, employee direct deposit, electronic tax payments, the ability to download your transactions to software solutions such as QuickBooks, and more.

Loans and Mortgages

One of the unique advantages of Zions bank is that you can even get a loan or mortgage through the bank. They are one of the few online banks that will allow you to get a mortgage or loan, and they also have very competitive rates compared to other banks on the market.

They have several different types of mortgages that you can choose from and they help you compare the pros and cons of each of them to decide which one is best for you.

Business solutions: SBA-approved loans, international banking, E-Commerce solutions, retails solutions, merchant account setup, financing tools, business retirement plans, and more.

Investing Services

Zions Bank not only helps you save money, but they also help you invest your money as well. They are concerned with assisting you in planning your future and investing your wealth.

Their investment management is assisted by one of the largest independent research teams and controlled by experienced investment committees. The more that you invest, and as your life and goals change, the committee is going to change your investments and continue to adjust your portfolio to ensure that you’re going to reach your financial goals.

If you decide that you want to utilize Zion’s investment tools, they will connect you with a personal investment manager and they will assess where you are and help outline some of your goals. After that, they will do portfolio construction, allocate assets, and customize a strategy based on your financial goals.

Zions Bank iPhone and Smart Phone Apps

Mobile banking is one of the hottest trends in the banking industry, and Zions offers a full suite to help you better manage your money on the go. The Zions Bank mobile app works on a host of platforms, including the iPhone and the iPod Touch, the Blackberry, Palm Treo, and phones by LG, Motorola, Nokia, Pantech, Samsung, LG, Sanyo, Sony Ericsson, and more.

With the Zions Bank mobile banking app, you can see a list of all Zions Bank accounts, view recent transaction history, search for specific transactions, transfer money between accounts, and more.

Other Zions Bank Features

Zions Bank offers a wide range of other features found at many large banks, including loans and mortgages, credit cards, investing products and services, a brokerage account, international financial products, and many other financial products and services.

They even offer free webcasts to spread financial information and tutorials. Overall, Zions Bank offers a product or service for just about any need.

When you log onto their website (ZionsBank.com), you’ll see that they have a resource tab at the top of the site. Under the resource section, there are dozens of different options that you can use. They have a Personal Finance Center, is a whole site full of tips, tricks, and advice from financial experts.

Some of their other helpful services are foreign exchange services, currency converters and rates. If you do a lot of traveling overseas, or you plan on taking a vacation, these can be extremely helpful to plan out your trip.

If you’re looking for a bank that has good interest rates on their savings accounts and has a wide array of products, then Zions can be an excellent option for you. Regardless of which state that you live in, you can open up an online savings account and start enjoying their great returns.

When you’re looking for a bank, there are dozens and dozens of different factors that you’ll need to review to ensure that you’re getting the best plan possible.

You’ll need to consider fees, rates, account types, customer service, and much more. It can be a frustrating process trying to decide which bank is going to be the best fit for you.


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About Ryan Guina

Ryan Guina is The Military Wallet's founder. He is a writer, small business owner, and entrepreneur. He served over six years on active duty in the USAF and is a current member of the Illinois Air National Guard.

Ryan started The Military Wallet in 2007 after separating from active duty military service and has been writing about financial, small business, and military benefits topics since then. He also writes about personal finance and investing at Cash Money Life.

Ryan uses Personal Capital to track and manage his finances. Personal Capital is a free software program that allows him to track his net worth, balance his investment portfolio, track his income and expenses, and much more. You can open a free Personal Capital account here.

Featured In: Ryan's writing has been featured in the following publications: Forbes, Military.com, US News & World Report, Yahoo Finance, Reserve & National Guard Magazine (print and online editions), Military Influencer Magazine, Cash Money Life, The Military Guide, USAA, Go Banking Rates, and many other publications.

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