PayPal Savings Account Review: Pros, Cons, and Key Features

The PayPal Savings Account is gaining popularity as a solid option for those comfortable with online-only banking. Managed primarily through the PayPal app, this account offers a competitive interest rate of 4.30% APY, with no monthly service fees or minimum balance requirements.

One of the key features of the PayPal Savings Account is the ability to set individual savings goals using the Goals feature. This allows users to track their progress towards specific financial targets. However, it’s important to note that PayPal is a fintech company, not a traditional bank, and banking services are provided by Synchrony Bank, an FDIC-insured institution.

While PayPal Savings offers convenience and a high interest rate, there are some limitations to be aware of. For example, depositing cash into the account may incur a fee of up to $3.95 per transaction, and there are no joint account options available.

Overall, the PayPal Savings Account is a good choice for those who frequently use the PayPal app and are looking for a high-yield savings account. However, individuals seeking a more traditional banking experience or additional account options may want to explore other institutions.

For more information and a detailed review of the PayPal Savings Account, visit the Business Insider website.