Is paypal good for a savings account? Are there any dangers in keeping a high balance with paypal?

October 8, 2008 by · 1 Comment
Filed under: Blog 

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?

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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