earn 1.45% on whatever you keep in your paypal accounts

[FOBioPatel]

hey guys,

paypal now offers you interest on your balance, threw a $100 in there and at 1.45% i'll be earning back all the money i waste on rebate stamps every month.

:Q

 

[fr]

They have been doing this for a while.

 

[Dedicated]

Wouldn't you earn more if you transferred your balance to your savings account instead?

 

[Smitty094]

I read somewhere it was a bad idea to keep anything over $50 in your paypal account...

Don't remember why, but just FYI

 

[Gnurb]

You should ask Lucky about this

 

[ReiAyanami]

and suppose they freeze your account.

well nonetheless u have to hand over your SSN to sign up for money market interest, and they of course report that interest earned to the IRS as well as your account balance.

 

[Hawk]

Savings accounts will give you less.

But I don't trust paypal, someone could hack in or they can just put a "hold" on it and you can't use the money you have, I wouldn't suggest leaving more than 50 bucks (even though you do get 1.5% cash back for using their debit card).

 

[Ness]

Then you can have the hassle of adding another form to your taxes, too :-\

more info, please... when is it compounded? 1.45% monthly.. ... yearly?


IMHO, 1.45% isn't enough reason to risk the money, when you could find a local bank that offers better if you search.

 

[mechsiah]

I believe this is a variable rate in a money market fund- but it has been a while since I looked into this. As far as adding another line to your taxes, I think you have to make over $400 in interest. At 1.45%, you probably have more lines on your taxes than most of us.

 

[boi]

I don't want my account to get locked and my earnings all lost. I would rather keep the money in my bank account.

 

[FOBioPatel]

hmm... well i'm leaving that denomination in paypal until i figure out how to bounce it to netbank for my $50. it's 1.45% compounded monthly....

 

[EvilHomer]

I hate F--n paypal ...they have had my money for about 2 weeks now and will not release it ...they restricted my account and could not give me a reason. they said it may be because I logged into my account from a different comp or a VPN or out of country... well anyway you cannot get any answers but ..I need to fax them my bank account statements, credit card statements, utility bill, license or passport and a urine and blood specemin.. and then when they review them it takes 4-5 business days to un - restrict your account .... and I have no option if I do not fax everything over I will never have access to my money .......they can keep there 1.75%

AL

 

[Dedicated]

Originally posted by: Hawk
Savings accounts will give you less.

But I don't trust paypal, someone could hack in or they can just put a "hold" on it and you can't use the money you have, I wouldn't suggest leaving more than 50 bucks (even though you do get 1.5% cash back for using their debit card).

I guess depending on the bank you use, your interest rates would be different. Personally I hate BofA, which gave me the worst rates ever, and high fees for trivial services. My local bank pays 2.273% APY on savings right now. Guess I'm lucky I don't have to count on PayPal or BofA for interest.

Also have some friends who got their accounts frozen. I'm sure you've all heard PayPal horror stories, and most of them are true. My friend tried to no avail to get his account activated. What can you do when they don't even respond to you?

 

[deramon]

Why bother letting them hold your money? Most ppl take visa, m/c through paypal ...

 

[Johneverd]

Originally posted by: Dedicated

Originally posted by: Hawk
Savings accounts will give you less.

But I don't trust paypal, someone could hack in or they can just put a "hold" on it and you can't use the money you have, I wouldn't suggest leaving more than 50 bucks (even though you do get 1.5% cash back for using their debit card).

I guess depending on the bank you use, your interest rates would be different. Personally I hate BofA, which gave me the worst rates ever, and high fees for trivial services. My local bank pays 2.273% APY on savings right now. Guess I'm lucky I don't have to count on PayPal or BofA for interest.

Also have some friends who got their accounts frozen. I'm sure you've all heard PayPal horror stories, and most of them are true. My friend tried to no avail to get his account activated. What can you do when they don't even respond to you?

They froze my account, and I lost money. Plus they are not FDIC issured, as far as I can tell. Paypal is great for buyers, but dangerous for sellers IMHO.

 

[RobCur]

I had as much as 7k and all I got was 9.55, and that's with 3% interest. So 1.45% is more like .725 percentage. Why do they lie to us? a scam? anyone with a calculator would quickly figure it out that you're getting much less then that...

 

[GoatHerderEd]

Originally posted by: RobCur
I had as much as 7k and all I got was 9.55, and that's with 3% interest. So 1.45% is more like .725 percentage. Why do they lie to us? a scam? anyone with a calculator would quickly figure it out that you're getting much less then that...

Was that for a year, or a month? that % they tell you is for a year, not a month.

As for the other people. I dont know why everyone is crapping on paypal. Without it, we would be using money transfers with Western Union. I have het to have any problems, and if they were so bad, why would ebay buy them. They dont have 20 million users for nothing.

 

[Hawk]

As for the other people. I dont know why everyone is crapping on paypal. Without it, we would be using money transfers with Western Union. I have het to have any problems, and if they were so bad, why would ebay buy them. They dont have 20 million users for nothing.

That's not entirely true. If we didn't have e-payments, we would all probably be doing what we use to do a couple years ago, MOs and checks and such.

And just because Ebay uses it doesn't mean it's good. Ebay didn't get all its users BECAUSE it accquired Paypal, Ebay had that many people even before they got Paypal.


And yes, BoA gives like .05% interest or something, it's so sad.

 

[pspada]

I'm so much more comfortable with my money invested in computer components that quickly lose their value in just a few months.......:|