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  #1  
Old 09-29-2008
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Default Paypal Money Market Fund??

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.
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Old 09-29-2008
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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.
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Old 09-29-2008
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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.
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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.
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Old 09-29-2008
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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?
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Old 09-30-2008
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PayPal is not FDIC insured.
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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!
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Old 09-30-2008
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With today's financial market situation, I am not putting my money in any money market fund for sure...
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Old 10-01-2008
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justme, you got a point there. I am however, still curious to ask someone who has/had enrolled.
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Old 10-01-2008
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What is the APY on it now days?I havent checked it in a while
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Old 10-01-2008
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2.29%

It used to be around 5%. Here:

https://www.paypal.com/us/cgi-bin/we...rcom&outside=1
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Old 10-01-2008
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The trillion dollar "bailout" is going purely to the salaries of George W. Bush's billionaire friends and not to help the economy.
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Old 10-01-2008
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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.
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Old 10-01-2008
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ING is at 3% right now..
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Old 10-02-2008
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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.
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Old 10-05-2008
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Quote:
Originally Posted by 411guru View Post
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
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Ahh much better and I see the min. to open an account is $1.00.
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