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PayPal Prepaid Card Savings account review

Cassidy Horton

Last updated: Apr 27, 2020

Earns a 5% APY — but it’s only for PayPal Prepaid Mastercard customers.

The PayPal Prepaid Card Savings account is an optional account available to current PayPal Prepaid Mastercard customers. It earns a whopping 5% APY, but interest drops to 0.5% on balances over $1,000.

Up to 5.00%

APY

$4.95

Fee

Minimum deposit to open

Details

Features

APY	5.00% on balances of to $1,000 0.50% on balances of $1,000+
Fee	$4.95
Minimum deposit to open	$0
Minimum balance to earn interest	$0.01
Interest compounding	Quarterly
	More Info

Expert review

Review by

Cassidy Horton

cassidy.horton@findercrew.com

Cassidy Horton is a writer for Finder, specializing in banking and investments. She has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. Cassidy enjoys educating people about financial services, exploring the Pacific Northwest and watching endless reruns of The Office.

Expert review

The PayPal Prepaid Card Savings account is a great option if you’re looking for a prepaid card and savings account rolled into one. It offers a 5% APY and no minimum balance requirements.

But if you plan to keep more than $1,000 in the account, you’ll only earn 0.5% APY. There are also limited ways to access your money and the prepaid card’s $4.95 monthly fee eats into the interest earned on your savings account.

How do I open a PayPal Prepaid Card Savings account?

Once you activate your PayPal Prepaid Mastercard, follow these steps to open your savings account:

Go to the provider’s site and follow the steps to apply.
From Paypal’s website, log in to your prepaid card account and click to open the optional savings account.
Consent to receiving electronic communications from PayPal.
Verify your identity and fund your account.

Eligibility

You’re eligible for a PayPal Prepaid Card Savings account if you meet these requirements:

At least 18 years old
US citizen or permanent resident
Valid Social Security number
Valid government-issued ID
Active PayPal account
Active PayPal Prepaid Mastercard
Consent to receiving PayPal electronic communications

Required information

Have the following information ready when you open your savings account:

Social Security number
Government-issued ID number
US residential address
PayPal username and password
PayPal Prepaid Mastercard card number

What are the benefits of a savings account with PayPal?

The PayPal Prepaid Card Savings account is offered through the Bancorp Bank, insures deposits up to $250,000 and comes with attractive perks like:

High APY. Earn 5% APY — which is higher than the national average for savings accounts.
Quick access to funds. Withdraw money from your savings account at any time by transferring money to your PayPal Prepaid Mastercard.
No minimum balance. You’re not required to keep a certain amount of money in your PayPal Prepaid Card Savings account.
Early direct deposits. Receive direct deposits up to two days faster than you would with a traditional savings account.

What should I look out for?

The PayPal Prepaid Card Savings account has a few drawbacks you should watch out for:

Monthly fee. While the savings account is technically free, the prepaid card has a $4.95 monthly fee that can’t be waived.
Cap on APY. You earn 5% APY on the first $1,000 in your account and 0.5% on all balances after that.
Must have the prepaid card. Only current PayPal Prepaid Mastercard customers can open this savings account.
Interest paid quarterly. Unlike most savings accounts that pay monthly interest, this account pays interest once every three months.

Compare with other savings accounts

Name	Interest rates (APY)	Fee	Minimum deposit to open
American Express® High Yield Savings	0.60%	$0	$0	Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.	Go to site More Info	Compare	loading Fetching your data...
Axos Bank High Yield Savings	0.61%	$0	$250	No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.	Go to site More Info	Compare	loading Fetching your data...
Aspiration Spend & Save Account	1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month	$0 per month or $7 per month for Aspiration Plus ($5.75 per month if you pay annually)	$10	Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.	Go to site More Info	Compare	loading Fetching your data...
CIT Bank Money Market	0.55%	$0	$100	A savings account with a higher-than-average rate and minimal fees.	Go to site More Info	Compare	loading Fetching your data...
SoFi Money	0.25%	$0	$0	SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.	Go to site More Info	Compare	loading Fetching your data...
Chase Savings	0.01%	$5 per month (can be waived)	$0	A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.	Go to site More Info	Compare	loading Fetching your data...
CIT Bank Savings Builder High Yield Savings Account	0.50% on $25,000+ or set up a direct deposit of $100+ each month 0.30% on $0 to $24,999	$0	$100	No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates	Go to site More Info	Compare	loading Fetching your data...
Discover Online Savings Account	0.60%	$0	$0	Take advantage of a high-interest online savings account with no fees, no minimums and more.	Go to site More Info	Compare	loading Fetching your data...
BBVA Money Market	0.21% on $1,000,000+ for 3 months (0.20% after) 0.13% on $10,000 to $999,999.99 for 3 months (0.10% after) 0.05% on $0 to $10,000	$15 per month (can be waived)	$25	Earn a promotional APY for your first 3 months and access your money by ATM, check or bill pay.	Go to site More Info	Compare	loading Fetching your data...
Discover Money Market	0.50% on $100,000+ 0.45% on $1 to $99,999	$0	$2,500	This money market account offers a competitive APY.	Go to site More Info	Compare	loading Fetching your data...
UFB Direct High Yield Savings	0.40%	$0	$100	Earn an APY when your balance is higher than $10,000 with this no-monthly-fee savings account.	Go to site More Info	Compare	loading Fetching your data...
Betterment Everyday Cash Reserve	0.40%	$0	$10	This savings account has no account and overdraft fees, plus it requires no minimum balance.	Go to site More Info	Compare	loading Fetching your data...
Synchrony High Yield Savings	0.65%	$0	$0	Earn one of the highest interest rates without the fees.	Go to site More Info	Compare	loading Fetching your data...
UFB Direct Premium Money Market Account	0.40% on $25,000+ 0.10% on $0 to $24,999.99	$10 per month (can be waived)	$5,000	Enjoy the security and earning potential of a savings account while maintaining the flexibility to write checks.	Go to site More Info	Compare	loading Fetching your data...
Radius Bank High-Yield Savings	0.25% on $25,000+ 0.15% on $2,500 to $24,999.99 0.05% on $10 to $2,499.99	$0	$100	A free high-interest savings account with a $100 minimum deposit to open	Go to site More Info	Compare	loading Fetching your data...

Compare up to 4 providers

If you want a high-yield savings account that pays interest on a monthly basis and doesn’t put a cap on the APY, you’ll want to keep looking. As always, compare your options when considering a savings account.

How do I deposit or withdraw my money?

The PayPal Prepaid Card Savings account is used in conjunction with the prepaid card that comes with it, so there are limited ways to deposit and withdraw funds:

Deposits

Transfer from your PayPal account
Transfer from your PayPal Prepaid Mastercard

Withdrawals

Transfer to your PayPal account
Transfer to your PayPal Prepaid Mastercard

Frequently asked questions

Request your prepaid card by following these steps:
1. Visit the PayPal Prepaid Mastercard website and click Order Your Card.
2. Complete the application with information like your name, address and contact information. Then click Get My Card to submit your application.
It takes around 10 business days to get your prepaid card in the mail.
Get in touch with PayPal’s Prepaid Mastercard customer service team one of these three ways:
- Email prepaid@paypal.com
- Call 866-753-6440 weekdays from 8 a.m. to 10 p.m. CT and weekends from 8 a.m. to 8 p.m. CT.
- Mail

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PayPal Prepaid Card Savings account review