PayPal · PACKERSHOME

Zero2Cool
Elite Member Topic Starter

13 years ago

Many people have a PayPal account, right? No? I dunno.

I do, I put a few hundred in there so I wouldn't spend it. I just remembered it today and noticed it gained some interest.

My question is, how legit of a use is it to use PayPal as a savings account?

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zombieslayer
Registered

13 years ago

Check what they're giving you.

Right now, American Express is offering 1.30%. If PayPal is offering more, take it.

Oh, is PayPal FDIC insured? You might want to check that first.

My man Donald Driver

(thanks to Pack93z for the pic)
2010 will be seen as the beginning of the new Packers dynasty. 🇹🇹 🇲🇲 🇦🇷

Zero2Cool
Elite Member Topic Starter

13 years ago

I don't think American Express would touch me.

zombieslayer
Registered

13 years ago

I don't think American Express would touch me.

"Zero2Cool" wrote:

Why? They need your money. I don't think anyone is going to say no to someone who has money and wants to open up a savings account.

You might want to check out this site:
http://www.paypalsucks.com/

I have heard a lot of people who hate PayPal. Never knew why, but never did business with them either.

Or if you want to support those weird Dutch people, you know, the guys with the wooden shoes and the windmills, ING Direct is pretty good for online savings. Their rates are usually neck and neck with American Express and I've had them for years and like them.

My man Donald Driver

(thanks to Pack93z for the pic)
2010 will be seen as the beginning of the new Packers dynasty. 🇹🇹 🇲🇲 🇦🇷

Formo
Veteran Member

13 years ago

As a savings account? I wouldn't. But I've had an account with PayPal for like 8+ years now and never had a problem. Use it very frequently as a way to make money transactions to/from my dad and uncle whom we just don't have the opportunity to meet in person to make said transactions.

Also, I'll use it to buy cheapo jerseys from China. They are basically your insurance on the product.

Thanks to TheViking88 for the sig!!

Nonstopdrivel
Preferred Member

13 years ago

Your PayPal account is a money market account. It earns interest because PayPal, Inc. engages in overnight trading. At one time, my PayPal was earning in excess of 5% interest, which is phenomenal for a money market, particularly considering they don't charge fees. Ever since the market went south, however, the interest rate plummeted, so I keep my money in an enhanced checking account now, which earns 3%.

Zero2Cool
Elite Member Topic Starter

13 years ago

Not so much a "savings" account, but a safe place to hide money.

Porforis
Veteran Member

13 years ago

"Zero2Cool" wrote:

Back in the day, I was getting something like 5% by opting in on their money market account and actually getting returns that was worth the illiquidity. Nowadays? Meh. Biggest problem I had at that time was the maximum withdrawl amount, I think it was $500 per week or something... Made things inconvenient. No idea what they do now.

As far as real savings accounts go (You CAN lose money with a money market account), there's really no point in even bothering... Rates are going to be so terrible you're better off raiding the give a penny take a penny tray. If you've got a few grand that you don't mind locking up for anywhere from 3 months or a year plus, CDs may be a better idea... Still, interest rates are absolutely terrible right now.

If you're just trying to lock up money so you don't spend it, and get some interest in the process, something like a CD might do the trick. But you're not going to make much.

Porforis
Veteran Member

13 years ago

"Nonstopdrivel" wrote:

Define "enhanced checking account", and who with? That would have been awesome to have back before my 2-3 grand in emergency funds got nuked, rather than making $0.84 in interest last year.

zombieslayer
Registered

13 years ago

#10

"Nonstopdrivel" wrote:

Where the hell are you getting 3%?

I usually keep very little in savings (six months reserves - that may seem like a lot but when you're in software in San Francisco, if you don't keep 6 months, you're an idiot because your job will go overseas without warning). Everything else is invested and/or locked up.

I wouldn't mind my 6 months getting 3% instead of the measly 1.25% those damn wooden shoes bankers are giving me right now.

My man Donald Driver

(thanks to Pack93z for the pic)
2010 will be seen as the beginning of the new Packers dynasty. 🇹🇹 🇲🇲 🇦🇷

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