Savers who are starving for greater returns will soon have the option to park their money in a high-yield PayPal savings account.
The project – PayPal Savings – will be part of the new PayPal app. Synchrony Bank will offer the savings account, which is initially scheduled to start at 0.40% annualized return (APY).
PayPal says there will be no minimum balance or monthly fees associated with the account. Customers can also set up automatic transfers to their PayPal Savings account to build savings, and the app will contain images of financial goals and progress.
The PayPal app, billed as an all-in-one digital wallet, will include many other new features, such as:
- Shopping tools to help you find exclusive deals
- A loyalty program that allows you to earn rewards redeemable for cash back and PayPal Shopping Credit on eligible purchases you complete using PayPal
PayPal says it will begin rolling out PayPal Savings to US customers “in the coming months.” The new PayPal app is out now, although new shopping tools and rewards are expected to roll out in the coming months.
Finding the best savings account rates
While the 0.40% return is much higher than what many banks offer—the average national rate for savings accounts is just 0.06%—you can do better. In fact, it is even possible to get more than twice the rate of PayPal.
To find such opportunities, visit the Money Talks News Solution Center and find great rates for a savings account. Currently, you will find plenty of accounts offering rates ranging from 0.50% to 1%.
There are also ways to increase your cash stock that go beyond stopping money in an online savings account. Stacey Johnson, founder of Money Talks News, discussed ways to boost revenue in a recent podcast. As he says:
Unfortunately, there is no free lunch. Only a liar or a fool will try to convince you that you can earn 1000 times more in interest without any additional risks. But, just maybe, you can earn 1,000 times the benefits without risking more than 1,000 times.”
For more, check out “10 Ways To Earn At Least 10% Of Your Savings.”
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