Using Paypal account to save money?

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BlancoNino

Diamond Member
Oct 31, 2005
5,695
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Right now I'm currently earning 5.03% in my paypal account. I only have a few dollars in there, because I don't like keeping money in there...but that's a really high interest rate. Would it be a bad idea to move half of my savings account money there?
 
jlee

jlee

Lifer
Sep 12, 2001
48,518
223
106
Paypal is not FDIC insured. I wouldn't but that's really your call. Too many people have had problems with Paypal for me to trust them with much of anything.

I'm earning 5.01% in my checking account..:p
 
jlee

jlee

Lifer
Sep 12, 2001
48,518
223
106
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chuckywang

Lifer
Jan 12, 2004
20,133
1
0
For people who recommend HSBC and emigrant direct.....those are savings accounts. Paypal is not. You're comparing apples and oranges.
 
MikeyIs4Dcats

MikeyIs4Dcats

Lifer
Nov 5, 2001
18,366
3
0
Originally posted by: chuckywang
For people who recommend HSBC and emigrant direct.....those are savings accounts. Paypal is not. You're comparing apples and oranges.
Click to expand...

but the OP is asking about an account to SAVE money.
 
mugs

mugs

Lifer
Apr 29, 2003
48,920
46
91
Originally posted by: chuckywang
For people who recommend HSBC and emigrant direct.....those are savings accounts. Paypal is not. You're comparing apples and oranges.
Click to expand...

Considering he wants to use an apple to make orange juice, is that such a bad thing? ;)
 
aerofan897

aerofan897

Member
Dec 24, 2006
30
0
0
www.techerator.com
From hearing so many people's bad experiences, I've always heard that you should only have money in your Paypal when you absolutely need it, then get it out. There's a lot of discussion on the matter.
Text
 
shilala

shilala

Lifer
Oct 5, 2004
11,437
1
76
I've been using Paypal since day one.
I do not leave any money in there. I transfer it out every time I accrue more than $1000. They are not trustworthy and they've been sued time and again over their business practices. I'm not getting drilled for any more than I can afford when the wheels finally come off.
 
J

JS80

Lifer
Oct 24, 2005
26,271
7
81
ignore these fools that give the reason for not keeping money in there is that they are not FDIC insured. you shouldn't leave money in there because of scammers.
 
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BlancoNino

Diamond Member
Oct 31, 2005
5,695
0
0
Originally posted by: JS80
ignore these fools that give the reason for not keeping money in there is that they are not FDIC insured. you shouldn't leave money in there because of scammers.
Click to expand...

This is what I was scared of.
 
I

Ionizer86

Diamond Member
Jun 20, 2001
5,292
0
76
Fidelity's FSLXX money market gives 5.12% right now. If you have 10k I think there's a $100 opening bonus or something.
 
M

Minjin

Platinum Member
Jan 18, 2003
2,208
1
81
I use Presidential Bank. Unlike many others, they have a PROVEN track record of keeping up with interest rates rather than just giving good rates once in a while.

Savings - 5.25%
Checking - 4.5%

Checking offers free billpay and free ACH inbound transfers.

There's no excuse to be drawing less than 4.5% for your money nowadays, no matter what kind of account its in.
 
C

chuckywang

Lifer
Jan 12, 2004
20,133
1
0
Originally posted by: Minjin
I use Presidential Bank. Unlike many others, they have a PROVEN track record of keeping up with interest rates rather than just giving good rates once in a while.

Savings - 5.25%
Checking - 4.5%

Checking offers free billpay and free ACH inbound transfers.

There's no excuse to be drawing less than 4.5% for your money nowadays, no matter what kind of account its in.
Click to expand...

WTF...I get 0% on my checking account. I thought that was the norm, since it's a CHECKING account.
 
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