PeoplesBank-backed digital-only startup ZYNLO Bank has launched in Madison, a city in Wisconsin and Anchorage, a city in Alaska.

ZYNLO Bank provides a suite of online and mobile banking, P2P, and mobile payment service, as well as a 24-hour call centre for customer support.

The bank provides the fee-free account with security as all deposits are insured by Federal Deposit Insurance Corporation (FDIC) and Depositors Insurance Fund (DIF).

It features Zyng, a benefit that rounds up debit card purchases to the nearest dollar and deposits the difference amount into the customer’s savings account.

ZYNLO also comes with an Early Pay feature, which can be used to access direct deposit funds up to two days in advance of the deposit.

Customers can use the alert feature offered on ZYNLO accounts to check daily balance information and upcoming scheduled payments notifications.

Moreover, ZYNLO also provides free ATM transactions across 55,000 Allpoint locations.

PeoplesBank president and CEO Tom Senecal said: “Our assessments indicated that a digital bank offering, backed by the security of a community bank, would be an advantage to consumers in Madison and Anchorage.

“For those with busy lifestyles looking for a way to manage their finances with ease, we feel that ZYNLO is the answer.”