topic Re: Savings Acct. With Pay Pal ? in Community Chat

Savings Acct. With Pay Pal ?

Shelbelle — Fri, 12 Dec 2025 17:35:27 GMT

My DH wants to open a savings acct. with Pay Pal, the interest rate is very high. It is thru Synchrony Bank and it is FDIC insured. Before I give him the green light, just want to know if anyone has this and if you are pleased with their service, much appreciated.

Re: Savings Acct. With Pay Pal ?

CelticCrafter — Fri, 12 Dec 2025 17:45:15 GMT

Just my opinion, I wouldn't do it.

I would check around with local banks. I don't think the rates on those high yield savings accounts are guaranteed for any length of time and flucuate.

When you want your money, how do you get it?

Re: Savings Acct. With Pay Pal ?

ellaphant — Fri, 12 Dec 2025 17:46:48 GMT

I never use Pay Pal.

Re: Savings Acct. With Pay Pal ?

beckyb1012 — Fri, 12 Dec 2025 17:48:41 GMT

I use PayPal all the time for 20 years now and did not know they had started this. I checked Synchrony's website and yes they are offering the same rate just by going through the bank directly. The reviews for the bank on Trustpilot are pretty bad but they do get good reviews due to the rates they offer.

Re: Savings Acct. With Pay Pal ?

Snowpuppy — Fri, 12 Dec 2025 17:50:30 GMT

Reading their FAQ's, their APR is variable and can change daily.

My top concers would be Synchrony Bank and inability to access my cash in an emergency. Like running to an ATM.

Click around, still places to park cash with decent returns.

Re: Savings Acct. With Pay Pal ?

Shelbelle — Fri, 12 Dec 2025 17:54:04 GMT

We have a savings acct with Capital One Bank, also offer high rates and the rates reamain very high. No issues with them, and very easy to make a withdrawal. Local banks dont offer this high interest rate, have one with Bank of
America and the interest rate is pitiful. I use PP all the time for buying online and no issues for over 20 years.

Re: Savings Acct. With Pay Pal ?

Shelbelle — Fri, 12 Dec 2025 18:03:38 GMT

We read the reviews and decided not to do it, thanks for your input.

Re: Savings Acct. With Pay Pal ?

rockygems123 — Fri, 12 Dec 2025 18:07:06 GMT

@Shelbelle

If you want an online savings account I'd suggest American Express High Yield Interest Savings account.

High yield is relative it is currently 3.4% fairly competitive with other online savings accts.

Re: Savings Acct. With Pay Pal ?

JeanLouiseFinch — Fri, 12 Dec 2025 18:30:06 GMT

@Shelbelle wrote:
We have a savings acct with Capital One Bank, also offer high rates and the rates reamain very high. No issues with them, and very easy to make a withdrawal. Local banks dont offer this high interest rate, have one with Bank of
America and the interest rate is pitiful. I use PP all the time for buying online and no issues for over 20 years.

Same for us with Cap One. No issues. Honestly I'm not crazy about our local bank. They're fine and secure, but some of the limitations they set bug me. I use PayPal sometimes but I don't think I'd want to tie up any significant money with them if I could find an online bank that would give a high interest rate and deal with them directly.

Re: Savings Acct. With Pay Pal ?

I am still oxox — Fri, 12 Dec 2025 18:35:38 GMT

I am not even sure what Paypal has to do with the account since you mention a banks name

Re: Savings Acct. With Pay Pal ?

gidgetgh — Fri, 12 Dec 2025 18:39:57 GMT

@rockygems123 wrote:
@Shelbelle

If you want an online savings account I'd suggest American Express High Yield Interest Savings account.

High yield is relative it is currently 3.4% fairly competitive with other online savings accts.

@rockygems123 - absolutely. I've had my American Express savings for years. No issues at all. I expect another rate drop though since the Fed lowered the interest rate substantially a few days ago.

Re: Savings Acct. With Pay Pal ?

beckyb1012 — Fri, 12 Dec 2025 18:48:01 GMT

@rockygems123 wrote:
@Shelbelle

If you want an online savings account I'd suggest American Express High Yield Interest Savings account.

High yield is relative it is currently 3.4% fairly competitive with other online savings accts.

@Shelbelle I agree with @rockygems123 too. Besides being a card member with AX since 1985 in my early '20's I have their High Yield Interest Savings and CD's as well. Being with a company for over 40 years makes the trust strong.

@I am still oxox PayPal is most definitely involved with this for some reason. I logged into my account and found the information to sign up for the savings, but I did not.

Re: Savings Acct. With Pay Pal ?

sunshine45 — Fri, 12 Dec 2025 19:46:51 GMT

i have a general paypal savings account. it currently has a 3.65 apy.

it isnt a huge one (i do have several others through other banks), but i have not had any issues with it at all.

i have a savings account, a rewards mastercard account, a debit card account, and a pay later account all through paypal.

Re: Savings Acct. With Pay Pal ?

tansy — Fri, 12 Dec 2025 19:51:50 GMT

I would not deal with Synchrony Bank.

Re: Savings Acct. With Pay Pal ?

Laura14 — Fri, 12 Dec 2025 20:32:54 GMT

As long as the bank is FDIC insured, you're fine. All interest rates on savings accounts usually fluctuate unless you're locked into a CD.

The bigger issue is how the interest is calculated. Most savings accounts do a one time interest at the end of the month or statement date based on balance.

Look for daily compounding interest accounts. They pay interest daily which of course exponentially increases your money depending on how much you've got going.

I highly recommend Ally Bank for that type of account. Online banks are where the bulk of your savings should be. They can afford to pay the higher rates especially as the Fed keeps knocking them down.

I only keep a very small checking account and emergency fund in a local brick and mortar bank that I haven't stepped foot in in probably a decade.

You can get to your money very quickly with an online payment or transfer in this day and age, if you take the time to learn. And I have an Ally bank debit card that works in many local ATMs.

Re: Savings Acct. With Pay Pal ?

Tinkrbl44 — Fri, 12 Dec 2025 21:09:51 GMT

Here's a trip down Memory Lane ....

WHEN was the last time you bought and used ... American Express Traveler's Checks?

Re: Savings Acct. With Pay Pal ?

Shelbelle — Fri, 12 Dec 2025 21:59:39 GMT

@Tinkrbl44 wrote:
Here's a trip down Memory Lane ....

WHEN was the last time you bought and used ... American Express Traveler's Checks?

1991

Re: Savings Acct. With Pay Pal ?

SilleeMee — Fri, 12 Dec 2025 22:03:15 GMT

I have a PayPal Savings Account. When I first opened the account the interest rate was 4.1%. That was a few years ago. Now it's down to 3.65%. So as you can see it's not fixed. Withdrawing and adding money takes almost a week to get to and from your bank account. I don't recommend using the PP savings as a fast way to get funds. Find and use another account if you need emergency funds. PP savings is a slow-to-act account. I use it to save money and if I need to withdraw money from it then I won't be doing that if I need it quickly. I have other resources for fast cash in that case.

Re: Savings Acct. With Pay Pal ?

Mz iMac — Fri, 12 Dec 2025 22:47:25 GMT

@Tinkrbl44 2024

Re: Savings Acct. With Pay Pal ?

GingerHead — Sat, 13 Dec 2025 02:41:56 GMT

@rockygems123 wrote:
@Shelbelle

If you want an online savings account I'd suggest American Express High Yield Interest Savings account.

High yield is relative it is currently 3.4% fairly competitive with other online savings accts.

@rockygems123 @Shelbelle

Yes, Yes and yes. I was going to write this as well. We have some money in this and have made a lot in interest in less than a year...we made nothing when it was just sitting in our bank.

Great rate and secure....