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Savings vs. Checking: Why you need both
Banking Basics
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Savings vs. Checking: Why you need both

By Greg Palmer

Content: When it comes to managing your money, having both a checking account and a savings account isn’t just smart—it’s essential. Each account serves a different purpose, and together, they help you stay financially organized, prepared, and on track toward your goals.

What’s the Difference?

Checking accounts are designed for everyday spending. Think direct deposits, paying bills, buying groceries, or transferring money to friends. They’re built for frequent transactions and easy access.

Savings accounts, on the other hand, are meant for storing money you don’t plan to spend right away. They typically earn interest, helping your balance grow over time.

Why You Need Both

Here’s why having both accounts is a smart move:

1. Separation of Spending and Saving

Keeping your spending money in checking and your savings in a separate account helps prevent accidental overspending. It creates a natural barrier between what you can spend and what you’re saving.

2. Emergency Preparedness

Life happens. A savings account gives you a cushion for unexpected expenses—car repairs, medical bills, or job changes—without disrupting your day-to-day finances.

3. Interest Earnings

Savings accounts often earn interest, especially high-yield options like ZYNLO’s. That means your money grows just by sitting there—something checking accounts typically don’t offer.

4. Unlock Smart Features at ZYNLO

When you pair a ZYNLO More Spending Account* with a ZYNLO Tomorrow Savings+ Account, you get access to ZYNG Round-Up & Match—a feature that helps you save effortlessly. Every time you make a purchase with your ZYNLO debit card, we round up to the nearest dollar and transfer the difference to your savings. Then we match that round-up—doubling your savings boost.

Pro Tip: Automate Your Savings

Set up automatic transfers from checking to savings—weekly, biweekly, or monthly. It’s a simple way to build your savings without thinking about it. You can do this easily in the ZYNLO App!

Bottom Line: A checking account keeps your money moving. A savings account helps it grow. Together, they’re the foundation of a healthy financial life.


*More Spending Account: The minimum balance needed to obtain the Annual Percentage Yield (APY) is $0.01. APY is valid as of 10/09/2025 and is subject to change without notice. Competitive rates are reviewed periodically.

+Tomorrow Savings Account: The minimum balance needed to obtain the Annual Percentage Yield (APY) is $0.01. APY is valid as of 10/09/2025 and is subject to change without notice. Competitive rates are reviewed periodically.

ZYNG automatically rounds up debit card purchases to the nearest dollar and transfers that amount from your ZYNLO More Spending Account into your ZYNLO Tomorrow Savings Account. ZYNG will match roundups at 100% for the first 100 days. After the first 100 days, ZYNG will match roundups at 100% if your More Spending Account had an average daily balance (ADB) of at least $3,000 in the previous statement cycle. If your ADB was below $3,000 in the previous statement cycle, roundups will be matched at 25% for the current statement cycle. After not qualifying, you can return to the 100% match if the minimum ADB is met. Matches are applied in real time, and your match percentage is recalculated each month based on the ADB from the prior statement cycle. ZYNLO More Spending with ZYNG Round Up and Match return is estimated using $3,000 average daily balance, 20 monthly transactions, an average of $0.44 per roundup, and 100% match. ZYNLO reserves the right to monitor and assess ZYNG Match transactions for unusual and unnatural use of this benefit. At our sole discretion, ZYNLO may determine that an account has displayed unusual or unnatural use of the ZYNG benefit. Once an account has been identified for using ZYNG in an unnatural manner based on typical customer behavior, ZYNLO reserves the right to (1) remove the account from any and all promotions and campaigns, (2) implement a pause, or pursue closure of the account, and (3) reclaim any ZYNLO Match contributions associated with transactions deemed unnatural or in violation of the ZYNG program.

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