Savings Acct. With Pay Pal ?

Shelbelle · ‎03-09-2010

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.

CelticCrafter · ‎03-09-2010

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?

ellaphant · ‎12-13-2010

I never use Pay Pal.

beckyb1012 · ‎03-09-2010

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.

"Live frugally, but love extravagantly."

Snowpuppy · ‎03-09-2010

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.

Shelbelle · ‎03-09-2010

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.

Shelbelle · ‎03-09-2010

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

rockygems123 · ‎06-04-2012

@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.

JeanLouiseFinch · ‎10-03-2011

@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.