PayPal Plans to Open Industrial Bank to Serve Small US Businesses

PayPal also plans to offer interest-bearing savings accounts to its customers.A sign in front of PayPal headquarters in San Jose, Calif., on Feb. 2, 2023. Justin Sullivan/Getty Images12/17/2025|Updated: 12/17/2025PayPal Holdings Inc. recently announced plans to open a bank that would serve small businesses nationwide.A global online payment system, PayPal has already submitted applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation (FDIC) to set up PayPal Bank, a proposed Utah-chartered industrial loan firm.Mary PrenonFreelance ReporterMary T. Prenon covers real estate and business. She has been a writer and reporter for over 25 years with various print and broadcast media in New York.Author’s Selected Articles