There's not much to it...You apply and you earn roughly 5% interest, paid monthly. It's not FDIC insured, so I wouldn't use it as your primary investment/savings, but it is good to leave money in there because you're earning interest on what is basically liquid cash. You can get similar, sometimes better, interest rates at other online savings banks. PM me, and I can get you signed up with a FDIC insured online bank that pays 4.5% and you'll get $25 for signing up If you really want to get some return on your money, though, you need to look into stocks/bonds/funds
Don't mention stocks right now... I took a pummeling in the recent weeks... as far as the money market, definitely go for it... 5% is better then nothing... Make sure the money is still readily available for when you need it though; some places take up to 10 days to transfer out of the money market account...
Don't worry, mine did too I think they're turning now though...This week was better, particularly today. These are just your typical ups and downs. PayPal doesn't hold any of your money. You can have all of your $$ in the PayPal money market and pull it out immediately...Now, if you want to transfer it to another bank account or something, there's a 3-4 day delay, but that has nothing to do with PayPal's money market.
I've been using it for a few months now. I also have another online savings account with a 5.06 return that is FDIC insured, so I split between the two.
Yes it is. 5% applied to to your end of the month balance. I also use my paypal credit card to make purchases. Even at the grocery store. I let the clerk know cc and not debit. And I get a cash back bones applied to the amount of the purchase price. Its pennies to like .xx cents or more. It all adds up eventually. It reminds me sort of what the Discover card has and does. But I am sure their program is much better. But nonetheless, what paypal is pretty decient.
I agree with an earlier poster that the Paypal money market account is a good way to make some extra money if you are always leaving money in there. It definitely shouldn't be your primary source of investing but as a way to earn a couple of bucks a month for money that would otherwise be doing nothing it's great.
I usually keep a little in my PayPal account, so it's nice to make a little extra change every month on what I keep sitting in there. Tuleja.
pays decent, around 4-5%, not FDIC, but it shoudl not go anywhere. you must give SS# or TAXID. dont know if you can use it if you dont live in US