Pay Pal Question
@3SnuggleBunnies (16374)
United States
January 8, 2011 8:56am CST
I was checking to see what my balance was in my account and noticed it said my account was earning .12% apy. Then when I clicked to see what it was about it said I did not have a Pay Pal money market account. Of course I don't have a money market account thru Pay Pal nor the funds required for such an account. But why would they put such a thing there? To me that would say no matter your account they are paying that interest rate if you keep your money in there. What is your thought on this? It would be nice if they would pay you some sort of interest if you keep a balance in there.
13 responses
@katsmeow1213 (28716)
• United States
8 Jan 11
You can sign up for the money market account, I did. You only need to have a balance of $1 to earn interest on your account, last I knew. I typically earned about a penny a month, but I always kept my balance low. I'm going to make sure I still have the money market account, because this year I plan on saving my Paypal earnings all year to use towards next Christmas!
1 person likes this
@3SnuggleBunnies (16374)
• United States
8 Jan 11
I dunno on what I'm going to use mine for. Probably just an emergency fund, not much of one but a lil something just in case we fall short on something. I'll have to look further into it as long as all you need to keep in there is a $1 that's doable. But you know as far as I know they are uninsured (ie FDIC or NCUA) so I wouldn't want to keep much money in there anyways.
@echomonster (2226)
• Greenwood, Mississippi
9 Jan 11
I'm not sure saving your money all year in PayPal is such a good idea. I've never had a problem with PP personally, but I've heard many horror stories about accounts being frozen and the like. If you do any selling on eBay, I strongly recommend that you withdraw your money regularly!
@sanjay91422 (2725)
• India
9 Jan 11
I know a little about the money market account with the PayPal, I think the rate of interest was about 5% a few years back but now it is very low.
I was searching to invest the PayPal money and some sites suggested this thing but it is risky because you can lose the money so I didn't invest there. I don't have the money market account but I was curious to know the way it is created.
@sanjay91422 (2725)
• India
13 Jan 11
I just came to know from a friend here that the money market account is not for
Indians and I am sad to know that. Just wanted to inform everyone.
@lingli_78 (12822)
• Australia
9 Jan 11
that's great... i never see that and this is the first time i heard about this... i would really like it as well if my money in paypal can earn some interest... that will be great... good on you for being able to earn some money there... take care and have a nice day...
@echomonster (2226)
• Greenwood, Mississippi
9 Jan 11
I've noticed that as well and frankly think the message is deceiving. After all, you don't really earn that rate unless you enroll in the PayPal money market fund. As far as I know, it's very easy to enroll, but PP shouldn't be implying you're already earning interest on your money if you aren't!
@Hatley (163776)
• Garden Grove, California
9 Jan 11
hi wow an account you do not even have is earning .12% interest
now thats really something. somebody must have hit some wrong buttons
or something, Yes I would love it but sadly I have to take what I earn out about two hours after mylot admins put it in my paypal account.
Yes I wish i had a lot of funds to open a money market account.
@dorannmwin (36392)
• United States
12 Jan 11
That actually reminds me that I need to switch my paypal account over to a paypal money market account since I am now carrying a small balance in my paypal account. I think that it would be wonderful if they would make it a default for someone to have their paypal money in paypal money market as long as they have the minimum amount of money to have a paypal money account. If they were to start doing that, I think that it would add more customer confidence.
@peavey (16936)
• United States
8 Jan 11
Paypal has a money market that you can sign up for that doesn't require any minimum to keep and it pays interest. At .12%, you won't make much, but a penny is a penny.
Their money market account works just like the regular Paypal account, but it's an incentive to keep some money in there for the interest. I don't know why it said your account was earning money. If I were you, I'd switch my Paypal account to the money market. I've had one for years and, like I said, a penny is a penny.
@dragon54u (31634)
• United States
8 Jan 11
I've never seen this--I'm usually in and out pretty quickly, transferring my money to my savings account where I make 1%. So it wouldn't pay me to keep it there. Besides, I like my funds in an account where I can access it immediately--PayPal is pretty quick but usually take 24 hours or more. In my savings account I can go to the bank and get what I need immediately.
@scheng1 (24649)
• Singapore
8 Jan 11
Hi 3SnuggleBunnies, I did not notice there is such thing as .12% apy.
Is it opened only to users from US or international users?
If open an account with Paypal money market account is enough to earn the interest, I would have opened one.
After all, I need to wait for the money to accumulate before I can transfer to my bank at no charge.
@hardworkinggurl (37063)
• United States
8 Jan 11
Hi Snuggle,
Thanks for pointing this out and I will have to look at it further. I do keep money their for some time and was not aware that any form of interest was offered. Mine is not a whole lot but I too keep it there so that it is some form of savings. Once it reaches a certain amount I do transfer to my checking.
But I still come some there so I will look into it further. Thanks
@aeiou78 (3445)
• Malaysia
9 Jan 11
I did check through the paypal website.
I couldn't find this type of accoount at all.
First of all, we should understand about the charges for this type of account.
Do we allow to convert from our existing personal account to thie money market account please?
I am sure this is a very attractive account for most of the paypal members.
@BTviewpoints (16)
• United States
9 Jan 11
I have a moneymarket account. The only problem is like you stated they are not fdic insured. I dont keep much in there because it is much too risky. better to invest in a real savings account like ing direct or something.
