Online account · FDIC insured through partner banks
PayPal
Your money is held at Synchrony Bank. Based in San Jose, CA. It opens accounts online nationwide.
Rates
No Carrot Score: scores compare banks and credit unions, and PayPal holds your money at Synchrony Bank. Its rates are below, with what each one takes.
- Savings—3.55%Needs another account or monthly activitySavings rates →
PayPal isn’t a bank. Deposits are FDIC-insured through Synchrony Bank up to $250,000 per depositor, as PayPal states; that covers a bank failing, not PayPal.
About PayPal
PayPal Savings is a savings deposit account you manage on PayPal's website or app, funded through your PayPal balance.
Synchrony Bank provides the account and holds the money; PayPal is a financial technology company, not a bank.
- Headquarters
- San Jose, CA
Eligibility
Who can open an account
From PayPal’s own terms and help pages. Check with PayPal before you apply.
- Must be a U.S. person for federal tax purposes with a valid Social Security number.
- Minimum age: 18.
- Need a valid U.S. phone number and a physical address in the 50 states, Washington, D.C., an inhabited U.S. territory, or an APO/DPO/FPO address; no P.O. boxes.
- Requires a PayPal personal account and a PayPal Balance account in good standing; business and non-U.S. PayPal accounts can't open it.
- No subscription; there's no minimum balance or monthly fee.