BigTunaOnline Shutterstock Savers looking for a higher rate of return will soon be able to put their money in a high-yielding PayPal savings account.
PayPal Savings is a new venture that will be part of the new PayPal app.Synchrony Bank will offer a savings account, which is expected to begin with a 0 balance.Annual percentage yield (APY) of 40%
According to PayPal, 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 save money, and the app will display financial goals and progress visually.
The PayPal app, which is billed as an all-in-one digital wallet, will also include a number of new features, including
- Shopping tools to aid you in finding special deals
- On eligible purchases made with PayPal, you can earn rewards redeemable for cash back or PayPal shopping credit through a loyalty program.
PayPal has announced that it will begin offering PayPal Savings to U.S. customers in the near future.Scustomers in the months aheadThe new PayPal app is now available, but the new shopping tools and rewards will be available in the coming months.
Locating the most competitive savings account rates
A 0 is the opposite of a 1.The national average rate for savings accounts is 0 percent, so a 40% return is significantly higher than what many banks are offering.You can do better than 6%.It’s even possible to get a rate that’s more than double that of PayPal.
Stop by Daily Money Life Solutions Center and look for great savings account rates to find such opportunities.Right now, there are a lot of accounts that offer rates as low as 0 percent.1% to 50%
There are other ways to increase your cash stash besides putting it in an online savings account.In a recent podcast, Daily Money Life founder Stacy Johnson discussed ways to boost returns.As he puts it
Unfortunately, there is no such thing as a free lunch.Only a liar or a fool would try to persuade you that you could make 1000 times more money with no extra risk.However, you might be able to earn 1000 times more interest without taking 1000 times more risk.
Check out 10 Ways to Earn at Least 10% on Your Savings for more information.
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