We all hustle in our daily lives, and who doesn’t love the idea of our hard-earned cash working a little overtime? PayPal Savings is here to give your savings account that boost it needs.
- Update 1/19/24: The offer is still 4.30% APY. Consider this one from CIT Bank, which has a much higher APY.
Instead of letting your money sit idle, why not get it to earn some interest?
About PayPal Savings
With PayPal Savings, you can set aside your money and earn a nice 4.30% APY (Annual Percentage Yield).
You should know that PayPal, in itself, isn’t a bank but a fintech company. The actual banking services are provided by the trusty Synchrony Bank, which is a Member FDIC.
To access PayPal Savings, you need a PayPal Balance account also.
READ MORE: SEE THE NATION’S BEST ONLINE SAVINGS RATES
Easy App Management
Not only does your money grow, but you also get to watch it happen in real-time. With the app, you can keep tabs on your savings 24/7. It lets you make money transfers, track your savings goals, and even gives you tips on saving.
Whether you’re saving for a sweet road trip, building a rainy-day fund, or anything in between, PayPal Savings makes it easy to set short-term or long-term financial goals.
Transfer money from your bank account or your PayPal balance and start earning interest. The app also allows you to set up auto-save, making the entire process much simpler.
You can securely manage all your transactions in one place. Just grab the app on your phone or sign up online.
No Hidden Fees
Let’s face it; no one likes hidden fees. With PayPal Savings, you don’t have to worry about that. There are no minimum account balances or fees to mess with.
Offer Details
- Interest Rate: 4.30% APY
- No Minimums or Fees: Keep all of your earnings without any hidden charges or minimum balances.
- Easy Management: Use the PayPal app for smooth sailing through money transfers and goal tracking.
- Flexible Goals: Easily set and modify short-term or long-term savings goals.
- Secure & Accessible: All in one place and as secure as a vault, available online or on your phone.
READ MORE: COMPARE WITH THE HIGH RATE FROM CIT BANK
Pros & Cons
Pros:
- High-interest rate that’s 10 times the national average.
- No minimum balance requirements or fees.
- User-friendly app for managing savings.
- Flexibility in setting and adjusting financial goals.
Cons:
- PayPal is not a bank; banking services are provided through Synchrony Bank.
READ MORE: GET THIS $500 OFFER FROM BMO BEFORE ITS GONE
Bottom Line
The interest rate is undoubtedly a nice one compared to traditional banks. You can still get slightly better rates with these nationwide options.
If you’re comfortable with your savings being handled by Synchrony Bank through PayPal, and you don’t mind setting up a PayPal Balance account, this could be a fantastic way to give your savings a significant boost.
READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.
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