Is Paypal Good For A Savings Account? Are There Any Dangers In Keeping A High Balance With Paypal?

Paypal’s moneymarket interest rate is around 5% right now, which is competitive, if not just better than, local savings and cd rates. My temptation is to use paypal as a place to store some savings, like up to $8000 over the next year or so. I’m curious if others are doing the same? Are there any reasons not to? It’s still relatively liquid, right?

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This entry was posted on Friday, September 4th, 2009 at 4:13 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

  1. Wes Martin says:
    September 4, 2009 at 5:09 am

    Absolutely not! Unless you wish for your money to disappear. Look at this site for the horror stories: http://www.paypalsucks.com .

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