Update 12/20/22: Rate now 4.03
Offer at a glance
- Interest Rate: 2.87%, increased to 3.57% on 11/3
- Minimum Balance: None
- Maximum Balance: None
- Availability: Nationwide
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: None
- Monthly fees: None
- Insured: FDIC
The Offer
- Enzo is a fintech that offers high APY account. Currently that rate is 2.87% APY but that will be increased to 3.56% on 11/3
Avoiding Fees
This account has no monthly fees to worry about.
Our Verdict
This account also earns 1% cash back on debit card purchases. Enzo used to offer a rewards program for rent purchases as well, but that was discontinued for new card members on 10/14/22. We’ve made a new post to make it clearer that the focus on the high yield account and will add this to our list of the best saving accounts.
I opened my account last year in Oct and just totaled the interest and it was more than $10. but I did not get any 1099 in the mail. App doesnt seem to have any electronic copies either.
Does anyone know if the 1099 comes form Blueridge directly. I guess worst case, I will just total it myself and self report it? Any advice?
thanks
Yes. It was sent by mail from Blueridge. You can self report under 1099INT.
Thank you. So I will add the interest up manually from the statements and report that. Do you know if I need their TIIN number too and do you have it please? thanks again
Betelgeuse ㊙️
Their TIN is 54-0132740. I didn’t include their TIN. My accountant just submits one total 1099int amount for me.
Thank you, much appreciated
Betelgeuse ㊙️
After asking you for TIN, I tried searching here on DoC thread and someone had mentioned that as below
BLUE RIDGE BANK N A
54-0132730
That definitely looks incorrect to me because when I google that , it shows me some Virgina Commonwealth bank.
Glad that i asked you and got the correct one, thanks!
You are welcome!
Virginia Commonwealth got bought by Blue Ridge Bank, that’s why their name comes up.
https://www.virginiabusiness.com/article/blue-ridge-bank-bay-banks-complete-merger/
54-0132730 is the one I received on my 1099-INT from Blue Ridge Bank NA this year for 2022.
I have no idea where 54-0132740 comes from.
@fdic Sorry I checked my 1099 again and Otto is correct. It’s 54-0132730.
Thanks, I am still trying to find a few more 1099’s so havent submitted yet.
Otto thanks for the correction
Enzo is donezo.
Yes, Enzo is terminating and referring some clients to Zurp (more of a fintech) and others to Styl if wanted. And of course you can opt to withdraw all your funds to another bank.
I got a different email:
Dear Enzo Customer,
We appreciate the trust and support you have given Enzo and the opportunity to be a part of your financial strategy over the past few years. However, Enzo will be terminating its Deposit Account Program on 4/22/23.
We’ve finalized our partnership with another fintech, Zurp, who has agreed to offer legacy Enzo customers nearly all the same features you’ve enjoyed with Enzo. Zurp has even offered a promotional 5% APY for former Enzo customers for the first three months, then dropping to what is our current rate, 4.27% APY. Zurp is backed by folks like Scott Belsky, Gary Vaynerchuk, Baron Davis, and many others. Don’t forget to re-link your direct deposit when you switch over!
In order to capture this offer, please download Zurp on the App Store or learn more here: http://www.zurp.com/enzo. Once you’ve successfully created your account, don’t forget to re-link your direct deposit!
If you are not switching to Zurp, we request that you promptly transfer out any remaining funds in your accounts and adjust any recurring payments you have scheduled into or out of your accounts to alternative bank accounts.
Please email customer support with any questions.
Best,
Enzo Customer Care
All of Enzo is shutting down
Dear Enzo Customer,
We appreciate the trust and support you have given Enzo and the opportunity to be a part of your financial strategy over the past few years. However, Enzo will be terminating its Deposit Account Program on 4/22/23.
As a result, Enzo has been searching for a viable alternative for our clients interested in a high yield account. We have made the decision to refer clients to Styl Bank, a Division of New Horizon Bank.
Styl Bank, a Division of New Horizon Bank is pleased to offer you a high-yield savings account with a 4.27% APY on any balance. This will ensure you can continue to enjoy high-yield savings and great service. Please follow the link here to complete the account transfer process: Stylbank.com The process will take less than 2 minutes.
If you are not switching to Styl Bank, we request that you promptly transfer out any remaining funds in your accounts and adjust any recurring payments you have scheduled into or out of your accounts to alternative bank accounts.
If you have questions or concerns you may contact us at [email protected]
We thank you for giving us the opportunity to serve you.
Best,
Enzo Customer Care
Just saw the same email and came here to see what others were saying. I’m debating leaving my funds in there until the next interest payment (April 1st), but worried if that is even a guarantee that they will pay it
Enzo hadn’t raised rates so I’ve been looking for a new place for funds. I’ve been withdrawing to other bank account but I think I will soon lock in a CD after a potential final rate hike today.
How about UFB 5.02 would that not be as good as Enzo without the CB of course.
Was thinking the same thing actually.
Interesting – I got the same email, but it says they’ve partnered with “Zurp”. And there doesn’t seem to be a link to transition, just a link to sign up for Zurp.
Very strange. I got a different email about transitioning to Zurp (Fintech behind the credit card we all made fun of here).
Dear Enzo Customer,
We appreciate the trust and support you have given Enzo and the opportunity to be a part of your financial strategy over the past few years. However, Enzo will be terminating its Deposit Account Program on 4/22/23.
We’ve finalized our partnership with another fintech, Zurp, who has agreed to offer legacy Enzo customers nearly all the same features you’ve enjoyed with Enzo. Zurp has even offered a promotional 5% APY for former Enzo customers for the first three months, then dropping to what is our current rate, 4.27% APY. Zurp is backed by folks like Scott Belsky, Gary Vaynerchuk, Baron Davis, and many others. Don’t forget to re-link your direct deposit when you switch over!
In order to capture this offer, please download Zurp on the App Store or learn more here: http://www.zurp.com/enzo. Once you’ve successfully created your account, don’t forget to re-link your direct deposit!
If you are not switching to Zurp, we request that you promptly transfer out any remaining funds in your accounts and adjust any recurring payments you have scheduled into or out of your accounts to alternative bank accounts.
Please email customer support with any questions.
Best,
Enzo Customer Care
Interesting. Hadn’t heard of Zurp. I think that is the better option.
Zurp only offers the 3 months of 5% on up to 2k with 4.27% on all other money. I also can’t install the app on my Android
This is the one I got too.
Interesting. My email says:
We’ve finalized our partnership with another fintech, Zurp, who has agreed to offer legacy Enzo customers nearly all the same features you’ve enjoyed with Enzo. Zurp has even offered a promotional 5% APY for former Enzo customers for the first three months, then dropping to what is our current rate, 4.27% APY. Zurp is backed by folks like Scott Belsky, Gary Vaynerchuk, Baron Davis, and many others
So… anyone actually tried Zurp for it’s supposed rent credit?
It’s not clear what a Zurp point is even worth or what redemption options are available. Also they were initially supposed to be a crypto thing but pivoted after the crash. Imma pass I’ll just use SoFi or Fidelity for now.
I am looking at their site now. It looks like you earn points that you redeem for “experiences” and not cash back like Enzo was.
Weird, I got a different email:
Dear Enzo Customer,
We appreciate the trust and support you have given Enzo and the opportunity to be a part of your financial strategy over the past few years. However, Enzo will be terminating its Deposit Account Program on 4/22/23.
We’ve finalized our partnership with another fintech, Zurp, who has agreed to offer legacy Enzo customers nearly all the same features you’ve enjoyed with Enzo. Zurp has even offered a promotional 5% APY for former Enzo customers for the first three months, then dropping to what is our current rate, 4.27% APY. Zurp is backed by folks like Scott Belsky, Gary Vaynerchuk, Baron Davis, and many others. Don’t forget to re-link your direct deposit when you switch over!
In order to capture this offer, please download Zurp on the App Store or learn more here: http://www.zurp.com/enzo. Once you’ve successfully created your account, don’t forget to re-link your direct deposit!
If you are not switching to Zurp, we request that you promptly transfer out any remaining funds in your accounts and adjust any recurring payments you have scheduled into or out of your accounts to alternative bank accounts.
Please email customer support with any questions.
Best,
Enzo Customer Care
I even checked out stylbank.com and their APY is 4.36%, not 4.27%. I checked out Zurp and it looks like they’re offering 1x points on rent, 8x points on food, gas, travel, rideshare and entertainment, 3x points on everything else and 10k sign up bonus points. I don’t even think they’re on the Apple or Google Play app store yet.
Not sure how much their points are worth, though, and if you should sign up for Zurp before the transition to get the 10k sign up bonus in case you forfeit that when your account automatically switches over. Looks like it’s a secured credit card, and I don’t know if you can redeem for any rewards other than “experiences” with content creators. I saw that they offer gift cards somewhere, but for what retailers, I don’t know.
I paid my rent with Enzo this month even after the cashback program shutdown notice since I already completed my direct deposit for the month. We’ll see if we get another cashback payment next month or not, not too confident in that.
They also refused to give me cashback on my payments from last month for US bank (via PayPal) and Citi (via phone), even though the transactions show “qualifying as cashback”, saying as of it no longer qualifies as of two months ago, and they are still working to update the in-app messaging.
Do we need to maintain any minimum balance in the account?. I tried to move all the funds and got “Transfer delayed” email due to account balance was determined to be zero or negative.
Awaiting reply from Support.
you can use another bank to pull money from Enzo, especially one with Plaid instant verification. I did with mine first thing today and it withdrew.
I initiated transfer from Enzo to another bank. The status was Pending then to Processed state and Balance is $0. Still, I got this email.
I am wondering whether the delay is on Astra(Fast transfer) and one off instance or this is a concern.
I meant, Initiated transfer from Enzo to another bank. I believe you are referring to Initiate the transfer from another bank.
I will update here on the response from Enzo.
The fast transfer seems buggy. I always transfer from other side.
CS mentioned transfer was delayed by Astra as part of fraud prevention technique.
pulled all the money down to cents on friday from external bank. Transfer complete today.
Dang, the writing is on the wall. Hopefully the ghost cards stay and we don’t get ghosted if you know what I mean.
We have some sad news to share. Unfortunately, we’re terminating our cashback rewards. Cashback rewards for the month of February will be paid out in the coming days. Rewards accrued through March 10th will be paid out at a later date. All other cashback rewards earned after March 10th that have not been paid out will be forfeited as a result of the termination of the program.
Just got that e-mail as well. So they’re either out of money or this is the purge of us bill pay/credit card maximin folks in light of the new “money ring” thing.
Guess it wasn’t too good to be true, but it was too good to last, eh?
Thanks for the ride.
Any other alternatives for cash back on mortgage payments?
You can try Bilt Rewards. If you do a lot of travel, it’s pretty good. It’s not as great if you just want your rewards in cash form though.
I thought Bilt only worked for rent not mortgage?
yup indeed that is true. they don’t give rewards on mortgage https://biltrewards.zendesk.com/hc/en-us/articles/5536514588173-Can-I-earn-points-on-my-mortgage-payments-
Well I got a full year out of it. Early adopters might’ve gotten a few more months. Longer than I would’ve guessed.
SVB
Dear Enzo Customer,
We have some sad news to share. Unfortunately, we’re terminating our cashback rewards. Cashback rewards for the month of February will be paid out in the coming days. Rewards accrued through March 10th will be paid out at a later date. All other cashback rewards earned after March 10th that have not been paid out will be forfeited as a result of the termination of the program. Please see the terms and conditions for our rewards program for further details: https://www.joinenzo.com/terms-of-service. Please scroll down to view the rewards terms.
Please note that this rewards program is the sole responsibility of Enzo and not of our banking partner. If you have questions or concerns related to the termination of this program, you may contact us at [email protected]
We understand these rewards were important to you and we have a potential partnership in the works that would offer Enzo users most of the same perks you’ve enjoyed. More details will be coming soon.
Best,
Enzo Customer Care