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Paypal Money Market

Discussion in 'Money & Finance Forum' started by sdplusbeauty, Aug 28, 2006.

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  1. Aug 28, 2006 at 10:48 PM #1
    sdplusbeauty

    sdplusbeauty An angel over my shoulder

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    Hey, I just wanted to let you all know that Paypal has a Money Market account.. i'm really excited about it, basically if you have any money in you paypal account, every month paypal gives you money just for keeping a balance in there.. It's a little over 5%, and I think that's excellent. Anyways, thought i'd tell yall b/c i'm excited, has anyone used this? What do ya think?
     
  2. Aug 28, 2006 at 10:57 PM #2
    Playa

    Playa The coach is a near

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    thank god for this forum
     
  3. Aug 28, 2006 at 11:02 PM #3
    sdplusbeauty

    sdplusbeauty An angel over my shoulder

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    Is that good or bad?
     
  4. Aug 28, 2006 at 11:17 PM #4
    slydevl

    slydevl Asshole for the People!

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    5.04 is a really good rate
     
  5. Aug 28, 2006 at 11:27 PM #5
    chipshot

    chipshot Full Access Member

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    I think they must be getting into the loan business.
     
  6. Aug 28, 2006 at 11:53 PM #6
    bkfountain

    bkfountain Full Access Member

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    so how much will I have if I put $10 in there for 7.5 years?
     
  7. Aug 28, 2006 at 11:55 PM #7
    sdplusbeauty

    sdplusbeauty An angel over my shoulder

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    $10 a month for 7.5 years, or leave $10 in for 7.5 years?
     
  8. Aug 29, 2006 at 12:20 AM #8
    LarryD

    LarryD autodidact polymath

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    do you keep a large sum in your paypal acct? shouldn't it just be used as a holding bin for a "real" bank account? are your funds protected/insured in there?
     
  9. Aug 29, 2006 at 1:33 AM #9
    sdplusbeauty

    sdplusbeauty An angel over my shoulder

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    They aren't FDIC insured, but from what i've done research on, they have a good record in this money market, however I have heard that if you get any negative feedback on paypal it might take you a while to get your money from them.

    To answer your question however, no I don't keep a large sum in there. This is all new to me, and it's going on a month.. I have about $20 bucks in there now, and I just want to see how much I can save up.
     
  10. Aug 29, 2006 at 6:41 AM #10
    meatpile

    meatpile 7-9

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    That's a great rate. Larry - I don't think any money market accts are FDIC.
     
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