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Old 06-09-2006, 08:32 AM   #1 (permalink)
Junkie
 
Paypal Investing

I have thinking about putting some money in a paypal account for a while now and I am wondering if anyone else has done this and what their experiences are.

The reasons i'm thinking about doing this is the money is easily liquidatable. I can transfer it to my bank account within 3 days with no fees, spend it on ebay, or use their debit card. The debit card is nice because it has 1% cash back. In addition money sitting in your account is placed into their money market account which is currently getting around 4.75%. As far as I can tell there is no minimum balance and there is no fee's whatsoever.

Has anyone else looked into this?
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Old 06-09-2006, 08:42 AM   #2 (permalink)
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Location: Seattle, WA
I'd be wary, simply because they can freeze your account at will, with little justification, and just as little in way of customer support.

Check out http://paypalsucks.com/
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Last edited by Jinn; 06-09-2006 at 08:46 AM.. Reason: Automerged Doublepost
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Old 06-09-2006, 10:12 AM   #3 (permalink)
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Location: Somewhere
I've kept some money in my PayPal account for 3 years, and I haven't run into any problems at all. The rate on their money market fund has been consistently high throughout the entire time, and there's no minimum balance or fees. I also have the debit card which is nice because you get the 1% back right away.
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Old 06-09-2006, 10:16 AM   #4 (permalink)
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Location: Raleigh, NC / Atlanta, GA
Have you looked at emigrantdirect? Savings account with a 4.25% return. Might not be quite as high as paypal and you can't use it on eBay, but probably a little more secure.

http://www.emigrantdirect.com
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