Is paypal good for a savings account?

The 5% interest is good. But i think the problem is you can't get your money soon when you need it in most. If you save your money on your local bank, you could withdraw it anytime with the atm. But if in paypal, it needs more time to process. And of course it costs some fees. The higher interest but has more fee to pay. However if you think it's a good investment instrument, you can try it for one or two month. Based on my experiences, an investment instrument which offering higher interest than bank saving account interest is only good for short term investment. Good luck and have a nice day. Happy mylotting.

Hi. I personally won't do it and will advice you too not to attempt the same. I have heard a few complains about paypal for seizing the accounts for some unthinkable reasons. I won't bug around with that kind of a sum.

Do not mistake the moneymarket for a saving account. A moneymarket fund is an investment. Your money is safer in a bank, where it is ensured by the government. You get interest from a saving account. If things are normal, you get a dividend from a moneymarket; if you are unlucky, you lose money. I am not sure where you got your information from, but it is wrong. The current expected yield for paypal moneymarket is .16% for this month. I am currently getting 1/5 of what I was earning at the first of the year, and 1/9 of what I was getting back in November. And that is why I would suggest you think twice about it. Yeah, my money is movable to my bank account with a few keystrokes. I only keep a certain amount in mine; it is mainly for online business expenses. I keep more in my saving account than I do in my paypal account, especially with the way the economy currently is.

According to the interest rate its looks great.But i can't trust on them in this case.Because i heard many complain about their freezing account.And they have bad customer care service,i am experience with.So it better to keep the money in local bank.At least its not virtual.If anything wrong happens then at least you can track them,just because its in you local area not online.

Hey didn't know that we get interest for storing our money on paypal......and 5% interest sounds quite good......i have heard many good things about paypal from several people so don't think it should be a problem even if you decide to keep some money in it.......

THis is probably what I am going to do, or I would just put the money in my Paypal, to put in my actual bank Ssavings Account... But using Paypal is the best! =)

I didnt' know about the interest rate which it seems interesting. But If I were you I wouldn't fell very safe to keep a big amount of money on a virtual account such paypal. I say this because I had a bad experience..some years ago an hacker stole me money on paypal account. Fortunately after making a claim to paypal they investigated and refounded in lot of months.

I love paypal, but I don't know if I would keep a high balance in it. I usually will transfer the money to my online savings account I have through HSBC only because that is considered a bank and has more security when signing in and whatnot. But if you want to use paypal as a savings account with that interest rate, I would say go for it just be careful and make sure that they are FDIC insured. I don't know if they are or aren't.

Paypal is not good for savings account. Paypal is a company that could easily lock you out of your account for what ever reason they want. It is more safe to bury your money in a box then it is to leave it in paypal for long periods of time. Paypal could take your money away and with the lawyer fees in getting it back it may cost you more then the money you lost in your paypal account. If you doubt me then type paypal horror stories at yahoo. Paypal could easily take advantage of you.

Right now the money market is only .16% (the 5% has been gone for months)at paypal. Yes there is danger, They froze my account with $3,000 in it for almost 3 months and you could not even get on the phone to discuss it with anyone. I still do business with them because they are so popular. I was offered the paypal debit card and love this because I earn 1% cash back on everything

hiii dear friend..happy to meet you here..As my view paypal is the good and also secure place to save the money...I am also now saving my money in my paypal acout..But maintain a secure password to protect your account from the hackers..Maintain a different password to your paypal account that is different from the other passwords which your using for the other sites..As my view it is the good place to save money..And also you can buy some stuff from tha ebay by using the paypal money..happy mylotting dear friend..hava a nice day..keep smiling..happy earning..

I don't really save money on paypal for very long, just to get about 20 dollars and then I switch it over to my account now card. I don't know if paypal is good for savings, but I do know that I need money badly a lot. And about the time I hit 20 dollars is when I can't take being so broke any longer and transfer it to my card. Haha. I hope this helps. It's not advice at all, just my experiances.

I think paypal is great for a savings account, not just because of the interest but because if you are someone like me (shops online for just about everything) you always have readily available money that you can use to purchase products online almost instantly!

it is really great to save money, just dont apply for there card or you will be spending like crazy.

I have also account in paypal. It is good.

Hi, actually i've just come across all these things about online earning and online bank last month when i first get into online jobs. PayPal, as far as i know, is like an online bank which can help us dealing with all the transactions online, with many countries around the world. I can see that PayPal is really a legit and trusted one (so many people have been using it for online transactions), although there're some bad comments about it which saying they have bad service. Me myself have been dealing with PayPal using email for some times, asking them a few questions regarding money withdrawal procedures. I think they're quite polite and response fast to my enquiries, which is not as said by some people in their complaints. However, it's still some risk of it since it is a virtual one. For me, i'll prefer not to put so many money there, just in caes anything can happen. Just some amount will do, but not that much, $8000 wow...

As i know,there were many people's account had been hacked,and their money were stolen,and i also heard that ,paypal always freezed members' account,so i don't dare to leave much money in my paypal account.I think the best place to save our money is the local bank.Paypal is so unreal for me,i couldn't trust it totally.