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Using Paypal account to save money?

B

BlancoNino

Diamond Member
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?
 
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..😛
 
For people who recommend HSBC and emigrant direct.....those are savings accounts. Paypal is not. You're comparing apples and oranges.
 
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.
 
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? 😉
 
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.
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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.
 
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.
 
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.
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This is what I was scared of.
 
Fidelity's FSLXX money market gives 5.12% right now. If you have 10k I think there's a $100 opening bonus or something.
 
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.
 
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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