PayPal’s updated app helps it act more like your bank account

From The Verrge: PayPal is updating its mobile app with a new visual design, support for a high-yield savings account, and a way to find coupons in-app. In the past, the company prioritized sending and receiving money and cryptocurrencies, but its new app is trying to be a little bit of everything to everyone, and it’s available today.

The immediately noticeable change is a visual one. The old payment-focused PayPal app put sending and receiving money at the forefront, with your account balance the first thing you see when you open the app. The PayPal app’s new “homepage” is a dashboard of sorts with quick access to your balance, the amount of crypto you own, and your frequent contacts. It sorts other options under dedicated tabs and hubs.

Direct deposit and features like PayPal’s credit and debit cards are under the wallet tab. The payments hub where you’ll find peer-to-peer payments, bill pay, charitable donations, and messaging. The shopping tab keeps track of coupons and loyalty programs. And finally, the finance tab features cryptocurrencies and the new high-yield savings account.

In terms of new features, rolling out a savings account is a notable one. The automatic money-saving app Digit added banking in beta earlier this year, but PayPal has even more reach. This new PayPal app supports direct deposit — with the option to receive deposits two days early — and save the money you add to a PayPal Savings account provided by Synchrony Bank. PayPal says its accounts will come with an annual percentage yield (APY) of 0.40 percent and no minimum balance or monthly fees. PayPal is also adding access to bill pay, so you can set up automatic payments to service providers and use “eligible funding sources” from your PayPal wallet to pay them. PayPal hasn’t shared what steps you need to take to open a savings account, and when asked, referred us to the features listed above.

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