Paypal Money Market

[sdplusbeauty]

Hey, I just wanted to let you all know that Paypal has a Money Market account.. i'm really excited about it, basically if you have any money in you paypal account, every month paypal gives you money just for keeping a balance in there.. It's a little over 5%, and I think that's excellent. Anyways, thought i'd tell yall b/c i'm excited, has anyone used this? What do ya think?

[Playa]

thank god for this forum

[sdplusbeauty]

thank god for this forum
Is that good or bad?

[slydevl]

5.04 is a really good rate

[chipshot]

What do ya think?
I think they must be getting into the loan business.

[bkfountain]

Hey, I just wanted to let you all know that Paypal has a Money Market account.. i'm really excited about it, basically if you have any money in you paypal account, every month paypal gives you money just for keeping a balance in there.. It's a little over 5%, and I think that's excellent. Anyways, thought i'd tell yall b/c i'm excited, has anyone used this? What do ya think?

so how much will I have if I put $10 in there for 7.5 years?

[sdplusbeauty]

so how much will I have if I put $10 in there for 7.5 years?
$10 a month for 7.5 years, or leave $10 in for 7.5 years?

[LarryD]

Hey, I just wanted to let you all know that Paypal has a Money Market account.. i'm really excited about it, basically if you have any money in you paypal account, every month paypal gives you money just for keeping a balance in there.. It's a little over 5%, and I think that's excellent. Anyways, thought i'd tell yall b/c i'm excited, has anyone used this? What do ya think?


do you keep a large sum in your paypal acct? shouldn't it just be used as a holding bin for a "real" bank account? are your funds protected/insured in there?

[sdplusbeauty]

do you keep a large sum in your paypal acct? shouldn't it just be used as a holding bin for a "real" bank account? are your funds protected/insured in there?
They aren't FDIC insured, but from what i've done research on, they have a good record in this money market, however I have heard that if you get any negative feedback on paypal it might take you a while to get your money from them.

To answer your question however, no I don't keep a large sum in there. This is all new to me, and it's going on a month.. I have about $20 bucks in there now, and I just want to see how much I can save up.

[meatpile]

That's a great rate. Larry - I don't think any money market accts are FDIC.

[Freakshow]

Meat's correct. They are NOT FDIC insured...but show me a money market that's gone under...

I've been using ING Direct. It links to your checking. Check it out...

[chipshot]

Is money market mutual fund or money market deposit account. Money market deposit accounts are insured.

[chipshot]

It's the former

[kickazzz2000]

Citi currently has a 5.00 savings acct and a 5.5 6 month CD. I got the CD.

[Savio]

Meat's correct. They are NOT FDIC insured...but show me a money market that's gone under...

I've been using ING Direct. It links to your checking. Check it out...

I've been using ING for years also. It has one of the easiest to use interfaces.

Though, Immigrant Direct, HSBC, and Citi offers better rate, I like ING's ease of use and customer service.


:twocents:

[DaveW]

paypal is a license to steal. I wouldnt keep $1 in any paypal account. They will lock up and freeze your account in a heartbeat.


http://paypalsucks.com/

[meatpile]

I've been using ING for years also. It has one of the easiest to use interfaces.

Though, Immigrant Direct, HSBC, and Citi offers better rate, I like ING's ease of use and customer service.


:twocents:

Does your bank charge you for incoming transfers from ING?

[Savio]

Does your bank charge you for incoming transfers from ING?


nope...put in and take money out with no fees

[Freakshow]

Does your bank charge you for incoming transfers from ING?

Nothing.

Deposit $1000 into your checking. Log onto ING and add $1000. It's sucked right out. If you need the money...send it to checking...and there it is.

Usually DOES take a day for the money to move.

[bkfountain]

paypal is a license to steal. I wouldnt keep $1 in any paypal account. They will lock up and freeze your account in a heartbeat.


http://paypalsucks.com/

well they are owned by ebay, so the customer service sucks. I got sent an empty box after complaining about not receiving my item and they closed the dispute saying the seller sent me my item.

But you just have to make sure not to buy things from dipshits.

[sdplusbeauty]

paypal is a license to steal. I wouldnt keep $1 in any paypal account. They will lock up and freeze your account in a heartbeat.


http://paypalsucks.com/
Yea I looked at that site before too. I've heard a lot of positive feedback about paypal, and a lot of negative.. just like with any venture.. but like I stated before, I heard that it's mostly if you have negative ebay feedback, then they lock your account and it takes a lot to get your money.. which really does suck. However, I am very careful about the type of business I do on ebay.

[DaveW]

Go on the forum and read about the thousands of people that paypal has stolen money from and given no answer to why.

[VA49er]

They aren't FDIC insured

That should answer the question right there. There are plenty other internet banks paying over 5% that are insured. Me, I just keep money in a brick and morter bank account. It's paying 4.5%.