Update 10/14/22:
We have made the difficult decision to focus more on our high-yield checking offering and sunset the rent rewards component of Enzo effective 6/30/23. We recognize this will be disappointing to many of you so as a thank you for being an early adopter, all current Enzo customers will continue to receive rent cashback until 6/30/23, but new customers who join after 10/14 will no longer be eligible for the rent cashback program. All customers will continue to earn 1% on all qualifying Enzo Debit Card purchases
We have a new post that focus on the high yield account that you can follow along with here.
Update 9/21/22: Enzo has increased the APY to 2.87%
Update 7/14/22: Enzo have announced some PayPal changes:
- Unfortunately due to changes in how PayPal / the card networks process PayPal Billpay transactions, many of these transactions (>75%) of them no longer count as purchases; what this means is these transactions are still being processed normally, but the majority of them now do not earn cashback. We are working to add the functionality on the app so you can see which ones qualify as purchases, but we wanted to make customers aware of this. We apologize for any inconvenience this may cause.
- In our effort to continually make enhancements and respond to customer feedback, we have modified our cashback program to make all merchants eligible for 1% cashback up to $2500 per year of total cashback. This applies to both premium and non-premium customers.
Update 6/16/22: Enzo has increased the interest rate to 1.49% APY which is at/near the top for all high yield accounts. Interestingly, they promise to track the feds rates going forward (ht Anton):
Taking the upper bound of the federal funds rate target range as established by the Federal Open Market Committee of the Federal Reserve, subtracting one-tenth (.1) of a percentage point from the applicable rate given as a percent, and then multiplying the result by 0.9.
Update 5/5/22: They are now offering 1% back on PayPal purchases.
- Good news! All Enzo Deposit Account members can now earn 1% cashback for qualifying PayPal purchases up to a maximum of $2,500 per calendar year.
- 1% PayPal cashback is retroactive as of May 1, 2022
- Qualifying PayPal purchases are purchases using the Enzo virtual or physical debit card.
- All members are eligible for 1% PayPal cashback and only subject to the annual $2,500 cashback maximum.
Update 3/31/22: They’ve now capped the 2% cashback on rent payments to $20/month and $150/year (in addition to minimum balance requirement).
1/25/22: looks like the $50 bonus ends today.
Members who sign up for an account by January 25, 2022 are eligible to receive a $50 Sign Up Bonus. All sign up bonuses will be credited by January 31, 2022.
The Sign Up Bonus program will be paused as of January 26, 2022.
Update 1/19/22: Rent payments have been increased from 1.5% to 2%.
Enzo is a new fintech that is in Beta offers an interesting rewards program, they have raised $3 million according to Crunchbase.
Rewards Program
They offer the following rewards:
- 10% cashback on Uber
- 5% on DoorDash,
- 1.5% on rent, limited to $65 per calendar month and $500 per calendar year.
- Earn unlimited 1.25% cashback on everything else.
Once the monthly and/or annual limits have been reached, you will continue to earn 1.25% on everything (excluding rent). Cashback on rent is limited to one transaction per month.
Sign Up Bonus
Some people are being offered $50 when signing up for the Android app. Looks like you need to have be part of the wait list to get this bonus.
High Yield Account
This account currently earns 0.5% APY, which is competitive for a basic high yield savings account.
Our Verdict
The main appeal of this account is the 1.5% cash back on rent payments. That is capped unfortunately, your rent would need to be $33,350 annually to hit that cap. I suspect we will see some more sign up bonuses for this account, but I don’t expect the rent bonus to last too long as that doesn’t seem sustainable.
Hat tip to fearthez
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
Rec’d this email today:
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
wait this is so interesting, I got the same email today but instead of Zurp they’re pushing Styl Bank:
“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.”
And it ends officially:
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.
Brought it down to $0.01
It was great memory. Though it ended earlier than I thought, thank you Jeremy.
So they now have zero competitive advantage… bold move
I’m still a fan of a transparent interest rate
Brutal change. Not sure competitive interest alone is going to be enough to deal with the quirks/outages etc for many people. And now most likely massive deposit outflow in the coming weeks. Thanks for the efforts Jeremy.
Just tried to transfer my money out via the app and got an error message. Initiated an ACH pull from Ally instead. Super glad I got a link established both ways, so I don’t have to rely on the app to move my money. Hopefully it goes through before the bank goes the way of SVB…
Is the rent Cashback also ending today?
Cashback on rent is part of the Cashback Rewards program.
🙂
About vague wording in the email, Just One Quick Question for
Jeremy S 
Jeremy
“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”
Question: Whatever is currently shown ‘Pending’ in the App now ( On/Before March 10th) will be paid out, right? I am seeing amount pending corresponding to rent payment for March 1st ($20) and a big debit card transaction on March 2nd.
I am hoping this will be paid out.