Before you, your parents or your grandparents were born, a small bank opened their doors in the Utah Territory called Zion’s Savings Bank and Trust Company. The date was July 10, 1873 and even though the name was new, Zions secured more than $5,000 in deposits during day one. In the 138 years that have followed, Zions has gone through its ups and downs, its mergers and acquisitions and in 2011, stands as one of the most respected and trusted banking institutions.
Zion’s Bank currently offers full service banking options in ten states and has more than 125 branches in Idaho and Utah. Recently, Zions expanded their service online, creating savings, checking and many other deposit accounts available to consumers. Employing more than 2,700, Zions Bank continues to have competitive interest rates, which keeps them in the good graces of all their customers.
Zions Bank Product Line
Internet Savings Account – The Zions Bank Online Savings Account currently sports an interest rate of 1.11% (as of 2.10.11). This online savings account has similar features to any that you’ll find elsewhere and you can withdraw your money anytime, whether online or at a Zions Bank branch. The minimum amount needed to open an online savings account with Zions is $100, and in order to receive the current interest rate, you must maintain a balance of at least $1,000.
Internet Checking Account – The Zions Bank Internet Checking Account comes in a variety of products. Whether you need a checking account with great perks, a good interest rate or no fees, Zions has you covered. Their three most popular checking account options are:
- Gold Account Checking – The Gold Account has over two dozen services, including unlimited check writing, free personalized checks and better rates on a variety of savings accounts. You even get a discount on most consumer loans if you are already a Gold Account Checking customer. $10 month fee / $100 minimum deposit
- Free Checking – Write as many checks as you want each month and no matter how often you use your account, you’ll never be charged a monthly fee. $100 minimum deposit.
- Free Interest Checking – Earn interest while using your free checking account but understand you sacrifice some of the gold benefits found in other products. Direct deposit is required. $100 minimum deposit.
Internet MMA – The Zions money market account is slightly different than a savings account, in that it has a few regulations you need to abide by. Sometimes, an MMA offers a higher interest rate than a savings account, because of the regulations but in Zions case, they’re both 1.11% APY. Zions Bank money market accounts currently have the following rules:
- You can make an unlimited number of withdrawals from your account in person, by mail or messenger or by ATM.
- $3 fee for withdrawals at a teller window.
- You can make up to six transfers within a 30-day period via internet transfer, check, pre-authorized transfer, automatic transfer or telephone transfer.
Internet Certificates of Deposit – Certificates of deposit are a great way to tuck money away without the lure of being able to spend it. CD’s cannot be touch during their maturity, otherwise a certain amount of interest is forfeited as a penalty. Zions offers a variety of CD’s for consumers, with competitive (albeit low) interest rates. Their current line of CD’s looks a little something like this:
Zions Bank Credit Cards -Zions Bank offers a variety of credit cards in both Visa and MasterCard form. Five total products offer a variety of benefits for users including the following:
- No annual fee
- 1% cash back savings (optional)
- Visa payWave Contactless Card
- Zions Cash Rewards Program
- AmaZing Rewards ($25 fee)
Zions Bank Loans & Mortgages – Zions is one of the few online banks that will be able to provide you all of your banking needs from top to bottom, and the most important product they offer are their loans and mortgages. Zions offers competitive mortgage interest rates and free pre-qualifications so you don’t have to risk an inquiry against your credit score. Loan applications can be handled and processed in a matter of minutes, making Zions a trusted source for your mortgage needs.
One cool feature that Zions offers its online banking customers is a mobile application. The iPhone application is able to track all of your banking transaction, and provide specific details on the status of your account.
Zions bank is an excellent option for the banking needs of any consumer, and with their current savings and MMA interest rate, I think I’ll be signing up for an account before the week is out. To learn more information on Zions Bank or to sign-up for an account, visit www.ZionsBank.com.
Published or updated August 8, 2011.