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  1. #1
    SitePoint Evangelist
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    Paypal Money Market Fund

    What is it, and should I do it? And how much should I put into it? And has anyone used it and what was the result?
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  2. #2
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    not one penny, go indirect instead paypal ...well lets just say they can do bad things

  3. #3
    SitePoint Wizard Lil_Red's Avatar
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    We've been using it for awhile now and it has a very nice interest rate.

  4. #4
    King of Paralysis by Analysis bronze trophy
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    If you trust Paypal then you may want to do it but there have been way too many horror stories about them closing accounts and freezing funds to take that chance IMHO.

    Just withdraw the money to your bank account and put it in your bank money market fund.

  5. #5
    Word Painter silver trophy Shyflower's Avatar
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    I've used PayPal for over 6 years and never had a problem.

    Yes, their money market does have a very attractive interest rate. To get a money market account all you need do is sign up, add money to your PayPal account (or wait for sales to add money for you! ) and sign up for the money market. However, you do have to be a US member.
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  6. #6
    SitePoint Zealot chihpih's Avatar
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    Emigrant Direct & ING have better rates
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  7. #7
    SitePoint Evangelist
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    yea, it's supposedly the highest in the nation. You know people and their stories. I get a little itchy when I hear stuff about freezing accounts and such. I even read an article about it on forbes.com. But I'm glad to hear that you been a member for 6 months and everything is good.
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  8. #8
    SitePoint Member arcooke's Avatar
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    I'm currently using PayPal's money market. The interest rate is GREAT. Right now it's at 4.30%, and it's done nothing but grow since I started using it about 3 months ago. It's gone up over .5% in that short period of time.

    They do not lock your money, you can use it just as you would if you were not investing. Just keep in mind it doesn't do much good unless you have a substantial amount of money in your account.

    I usually have a small balance in there of around $200 or so, and my monthly interest is generally only about $0.50-$0.75 .. but hey, that's money I didn't have to begin with.

    My suggestion: If you're able to keep at least $500 or more in your account for an extended period of time, go for it. Otherwise it's not really worth it.
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  9. #9
    Non-Member demosfen's Avatar
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    4% is not even enough to cover inflation, and that's even before we are taking taxes into consideration

  10. #10
    Word Painter silver trophy Shyflower's Avatar
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    Quote Originally Posted by azn_romeo_4u
    yea, it's supposedly the highest in the nation. You know people and their stories. I get a little itchy when I hear stuff about freezing accounts and such. I even read an article about it on forbes.com. But I'm glad to hear that you been a member for 6 months and everything is good.
    If you're replying to me, that was 6 YEARS, not six months.

    I've heard the horror stories too. My point isn't to pat PayPal on the back. However every business has some dissatifsifed customers. If PayPal's membership was 100 and I heard a dozen horror stories about them, you can bet I'd steer clear.

    Although they probably aren't faultless in every instance, I would be willing to bet that in some of these tales, the customers either knowingly or unknowingly violated the terms of service and I would also bet that PayPal's ratio of satisfied customers far outweighs their list of complainants.

    Quote Originally Posted by demosfen
    4% is not even enough to cover inflation, and that's even before we are taking taxes into consideration
    Yes 4% is small potatoes, but what does your passbook savings account pay these days? My bank charges a $3.00 a month maintenance fee on them.

    What other money market can you invest in and still keep ready, immediate access to your funds with no minimum balance required?
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  11. #11
    Non-Member demosfen's Avatar
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    Quote Originally Posted by Shyflower
    Yes 4% is small potatoes, but what does your passbook savings account pay these days? My bank charges a $3.00 a month maintenance fee on them.

    What other money market can you invest in and still keep ready, immediate access to your funds with no minimum balance required?
    For keeping the money that you need immediate access to it's good (I believe you can have access to this money from ATM?), but if it's an investment, it's not - with inflation closer to 10% you are getting negative return. If it's not the money you need immediate access to, I would pass

  12. #12
    SitePoint Wizard Lil_Red's Avatar
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    Quote Originally Posted by chihpih
    Emigrant Direct & ING have better rates
    No, they do not. Our money market in Paypal is higher than both of them.

  13. #13
    SitePoint Wizard Lil_Red's Avatar
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    Quote Originally Posted by demosfen
    4% is not even enough to cover inflation, and that's even before we are taking taxes into consideration
    Last years inflation rate averaged 3.89. If it weren't for Katrina, the average would have been around 3%.

  14. #14
    Non-Member demosfen's Avatar
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    I guess it depends on how you define 'inflation'. Let's put it this way, the average cost of living is up close to 10% in the last year - real estate, gasoline, stamps, gold, etc.
    Even if 3.9% was true, 4% minus taxes investment isn't a good deal, is it?

  15. #15
    King of Paralysis by Analysis bronze trophy
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    Quote Originally Posted by demosfen
    I guess it depends on how you define 'inflation'. Let's put it this way, the average cost of living is up close to 10% in the last year - real estate, gasoline, stamps, gold, etc.
    Even if 3.9% was true, 4% minus taxes investment isn't a good deal, is it?
    It's better than the 0.5% that most accounts pay minus service charges, etc...

    And inflation is defined as the average cost of living, it takes into account real estate, gasoline, stamps put probably not gold as that has no effect on your average household.

    If you have an investment that pays better than 4% a year, is completely liquid, risk free, and you can invest small amounts of money in (please tell me no one is keeping more than a hundred bucks in their paypal accounts) please let the world know.

  16. #16
    Non-Member demosfen's Avatar
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    Actually I do. Gold bullion. Liquid because you can sell it to any coin dealer (or ebay or apmex.com), can invest small amount of money by buying fractional coins and fairly risk free because it's been going up in price for 150+ years now. Performance varies year by year of course, but on average much higher than 4%.
    Oh yeah, pay cash and you won't have to pay taxes either

  17. #17
    Serial Publisher silver trophy aspen's Avatar
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    PayPal is not a bank. They are not regulated like a bank, they are not insured like a bank, and they have a history of freezing assets or even making withdrawals from your checking account without your permission (admittedly they stopped that a couple years ago).

    If paypal screws with your money you have much less recourse.

    I would (and do) use ING or Emigrant.
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  18. #18
    SitePoint Enthusiast Webmaster7's Avatar
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    Have you seen this?
    Paypal cuts yield
    They will deduct 0.25% for management.

  19. #19
    SitePoint Enthusiast
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    Just a heads up. If you look at thier fine print, by using that part of thier service, you agree that they can share it all, without notification, with homeland security, and homeland security can share it with anybody they want.


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