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

March 1st, 2010

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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  1. Wes Martin March 1st, 2010

    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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