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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
$0
Minimum deposit to open
Review by
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.
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.
Once you activate your PayPal Prepaid Mastercard, follow these steps to open your savings account:
You’re eligible for a PayPal Prepaid Card Savings account if you meet these requirements:
Have the following information ready when you open your savings account:
The PayPal Prepaid Card Savings account is offered through the Bancorp Bank, insures deposits up to $250,000 and comes with attractive perks like:
The PayPal Prepaid Card Savings account has a few drawbacks you should watch out for:
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: