Since 2021, PayPal Savings accounts have been giving PayPal users a chance to earn high interest on their account balances, plus cash-back rewards. Today, this FDIC-insured account earns 3.5% APY — nearly nine times the current national average of just 0.39%. What's the catch? You'll have limited access to your PayPal Savings, making it a less attractive option than most high-yield savings accounts (HYSAs). Here’s a closer look at the PayPal Savings account and how it works. What is the PayPal Savings ...