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PayPal Debit Card account review

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PayPal Debit Card
Finder score
On PayPal's secure site
Up to 5.00%
$4.95 per month
Minimum deposit to open

Our verdict

Earn a 5% APY on the first $1K in your account — if you're a PayPal Prepaid Mastercard customer.

The PayPal Debit Card account is a great option if you want to make PayPal your one stop for shopping, saving and sending money to friends and family. It works best if you already use the Prepaid Mastercard or if you regularly send money to friends and family within the US.

PayPal charges fees for sending money to friends and family, unless you use your PayPal account balance or bank. To avoid transaction fees or delayed payments, use the savings account to keep your PayPal balance topped up and earn a steep 5% APY on the first $1,000 stashed in the account. Simply transfer money from your savings to your Prepaid Mastercard account when you need the funds.

However, if you’re not a regular PayPal user, you can find savings accounts with easier access to your money and higher rewards applied to all of your dollars. Plus, the prepaid card’s $4.95 monthly fee eats into your interest earned.


  • Earn cash back at participating retailers
  • Large ATM network through MoneyPass
  • Pass-through FDIC insurance for $250,000


  • Only connects to your PayPal account
  • No check-writing abilities
  • No overdraft without a linked bank account or debit card

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How do I open a PayPal Debit Card account?

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

  1. Select Apply now.
  2. Log in to your prepaid card account on Paypal’s website and open the optional savings account.
  3. Consent to receiving electronic communications from PayPal.
  4. Verify your identity and fund your account. It takes around 10 business days to get your prepaid card in the mail.


You’re eligible for a PayPal Debit Card 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 Debit Card account is offered through the Bancorp Bank, insures deposits up to $250,000 and comes with attractive perks like:

  • 5% APY on the first $1,000. Earn high interest on the first $1,000. The APY then drops to 0.50% for amounts above $1,000 — which is still 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 specific amount of money in your PayPal Debit Card account.
  • Early direct deposits. Receive direct deposits up to two days faster than you would with a traditional savings account.

How much interest you can earn

Let’s say that you keep $5,000 in your PayPal Prepaid Savings account. You’ll earn the highest rewards on the first $1,000 in the account, but the APY is still competitive for the rest of your savings. What you’ll earn:

Qualifying APYAmount in savingsInterest earned in 12 months
5.00% on first $1K$1,000$50.95
0.50% on amounts above $1K$4,000$20.04

What should I look out for?

The PayPal Debit Card 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

Earn a similarly high APY on more of your savings by going with Aspiration, as long as you spend $1,000 monthly in debit card purchases. Or try Quontic Bank’s High Yield account to gain a competitive interest rate without committing to spending or saving a specific monthly amount.

Check the Compare box to see different savings accounts and their features side by side.

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1 - 6 of 30
Name Product Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
SoFi Checking and Savings
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Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until December 31, 2024.
Barclays Online Savings
Finder Score: 4.3 / 5: ★★★★★
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Up to $250,000
Primis Savings account
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Primis Savings account
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Up to $2 million
Step Black Card
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Step Black Card
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Bask Bank Interest Savings Account
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Bask Bank Interest Savings Account
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Up to $250,000
Cash App Savings
Finder Score: 4.4 / 5: ★★★★★
Cash App Savings
Savings app



Up to $250,000
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 Debit Card account is used in conjunction with the prepaid card that comes with it. Ways to fund or use the money in your account:


You need to transfer money from your bank or prepaid card account to your PayPal savings account. However, you have many ways of adding money to your Prepaid Mastercard, including direct deposits, mobile check deposits or cash reloads at a Netspend Reload location.

  • Transfer from your PayPal account
  • Transfer from your PayPal Prepaid Mastercard


Again, transferring between your bank and prepaid card accounts are the main ways to use your savings.

  • Transfer to your PayPal account
  • Transfer to your PayPal Prepaid Mastercard

    How to contact PayPal about my savings account

    Get in touch with PayPal‘s Prepaid Mastercard customer service team one of these three ways:

    1. Email
    2. Call 866-753-6440 on weekdays from 8 a.m. to 10 p.m. CT or on weekends from 8 a.m. to 8 p.m. CT.
    3. Send mail to:PayPal Prepaid
      PO Box 2136
      Austin, TX 78768-2136

      Savings account ratings

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      ★★★★★ — Poor

      We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

      Read the full methodology of how we rate savings accounts.

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