What is paypal savings?

PayPal does not offer traditional savings accounts, however, they do offer a Cash Account that comes with a savings feature. The PayPal Cash Account is a digital wallet that allows users to store, send and receive money, and make purchases. The savings feature of the account allows users to set up automatic transfers from their PayPal balance to a traditional savings account provided by their partner bank, Synchrony Bank. The savings account is FDIC-insured, and there are no fees for transfers or withdrawals. PayPal also offers a high-yield savings account through their partner, Marcus by Goldman Sachs, called PayPal's Money Market Fund. This account requires a minimum deposit of $5000, and there are no monthly fees or transaction fees. It currently earns around 0.4% APY as of August 2021.