Paypal Money Market Fund??

411guru · #1 09-29-2008

Has anyone signed up with paypal money market fund? They advertise 2.23% ROI from your paypal balance each 7 days or something. I constantly have 4 figures in there and needless to say that 2.23 percent would be a chunk of return. What do you think or your experiences with this? Thanks.

JamesYaBaoy · #2 09-29-2008

Of course if your collecting intrest they send you a 1099 which you have to reort to the irs.

If you account isnt 100% Legit then I would stay away from it.Personally I would'nt keep over a few thousand in PayPal, too many ways to get screwed.

Exeneva · #3 09-29-2008

However, if you are not using that PP account for eBay, and merely for private matters, it is usually fine to leave a couple thousand in Paypal.

Quasi_Mojo · #4 09-29-2008

Why don't you have Paypal do an auto sweep and put your money to work for you in your own bank.
Any money you keep in your Paypal account is making them money. Why would anyone want to do that? Of course, I'm not very money-smart.

411guru · #5 09-29-2008

Hmm,

I must look into this auto-sweep thing. Well I don't sell on ebay anymore since they banned digital items. I still use my paypal account tho. My account is 6 years old and personally I've never had problems with it. Knock on wood. I'd figure if I have a few thousand in there, might as well put it to work. Has anyone enrolled?

Jonas · #6 09-30-2008

PayPal is not FDIC insured.

Quasi_Mojo · #7 09-30-2008

Jonas, you make a very good point! Especially in these trying times, one should make sure their money is protected. With Paypal, it isn't.
Kudos!

imjustme · #8 09-30-2008

With today's financial market situation, I am not putting my money in any money market fund for sure...

411guru · #9 10-01-2008

justme, you got a point there. I am however, still curious to ask someone who has/had enrolled.

JamesYaBaoy · #10 10-01-2008

What is the APY on it now days?I havent checked it in a while

411guru · #11 10-01-2008

2.29%

It used to be around 5%. Here:

https://www.paypal.com/us/cgi-bin/we...rcom&outside=1

Jonas · #12 10-01-2008

The trillion dollar "bailout" is going purely to the salaries of George W. Bush's billionaire friends and not to help the economy.

JamesYaBaoy · #13 10-01-2008

At that low of a rate , I wouldnt bother.

You can find saving accounts around 3.0 - 3.5. which OF COURSE are FDIC insured.

**aspkin** · #14 10-01-2008

ING is at 3% right now..

411guru · #15 10-02-2008

ING's rate is based off of $20,000 for 1 year. Thats $600 in interest profit a year...

JamesYaBaoy, what savings account do you speak of? I bank with bank of america and with 10k in savings, my interest yield is less then 5 bucks a month.

JamesYaBaoy · #16 10-05-2008

Quote:

Originally Posted by 411guru

ING's rate is based off of $20,000 for 1 year. Thats $600 in interest profit a year...

JamesYaBaoy, what savings account do you speak of? I bank with bank of america and with 10k in savings, my interest yield is less then 5 bucks a month.

HSBCDirect
Emigrant Direct
FNBODirect

all are 3.0 or higher

411guru · #17 10-05-2008

Ahh much better and I see the min. to open an account is $1.00.