About the new PayPal Mobile program is a new bank for PayPal

PayPal wants to become your new bank through its new mobile application

PayPal will launch a savings account with Synchrony Bank, which will have no minimum balance or monthly fees.

Currently there are a large number of online banks in which we do not need to go through a physical office to carry out our operations, since we do them all from the mobile application of each entity.

As a result, one of the safest applications for making online purchases is PayPal, the latter wants to take another step to compete head-to-head with other banks and become your new bank with its renewed mobile application.

PayPal itself has published a press release detailing all the features of its new mobile app, but one of the most notable is the launch of a savings account.

The first change that PayPal made to its mobile app is aesthetic, as this new version has a completely revamped design.

When we open the new PayPal app for the first time, we will find a new dashboard that will show us our balance in both traditional money and cryptocurrency and our frequent contacts.

In this new interface we will find several tabs in which we can perform all kinds of actions:

  1. Wallet: Here we can check the debit and credit card information we have linked with PayPal, deposited or received two days in advance.
  2. Payment Center: From this tab we can send money, pay bills, donations and access application messages.
  3. Purchases: From here we can track coupons.
  4. Funding: This tab is for cryptocurrency and PayPal High Yield Savings Account.

The most notable development in the management level within the application is the direct deposit functionality that also allows us to receive payments up to two days before reaching the bill payment, which will allow us to configure automatic payments to service providers such as electricity, water or telephone.

But, without a doubt, the most remarkable feature of this new version of the PayPal app is the launch of a high-performance savings account.

This savings account, which is certified as PayPal Savings, is provided by Synchrony Bank, offers us an annual return of 0.40% and has no minimum balance or monthly fees.

In addition, the new PayPal app introduces new purchasing tools, under the Purchases tab, which will allow us to make purchases, discover exclusive offers, and earn in-app rewards. The latter will be redeemable for cash or a PayPal credit, which we can use on any purchase we make with the app.

This new PayPal app for Android and iOS devices is now available to everyone, but high-yield savings accounts won’t arrive until the end of the year.