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Has anyone used the PayPal money market fund? |
I've had a paypal account for years and have never had any trouble, so I just recently started using it as a savings account. I put quite a bit in the account. I started reading the prospectus for the money market fund but I honestly don't have a clue as to what any of it means. I do know that they are supposed to deposit your gains into your account on the last day of each month. However, I would like to talk with someone who has or is currently using the fund. Please share any results or experiences. Money market funds are not FDIC insured, meaning that you can lose your money. I would recommend an online savings account such as hsbcdirect.com. Your money is FDIC insured and you are guaranteed to receive a rate of return that is higher than PayPal's money market fund. HSBC's current intrest rate on your savings is 5.05% I've been in it for about 3 months. I haven't had any problems with it. I'm just a little disappointed with the paltry amount that it has accumulated. They advertise 5.03%, but so far the gains have been around 1%. Report It samp- its not 5% per month... its 5% per year! That means you earn: Amount Invested x .053 / 12. They also take off a quarter of a percent a year in management fees. Anyways, you should earn about .416% per month which, as you noted, comes out to about 1.25% return in 3 months. Report It |
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Yes there is an alternative: Read stories from reporters that actually do research before they print garbage. You have to call TD to change your MM choice - see the link below for alternative... If your BANK is insured by the FDIC (up to $100,000 per person, per bank), then your money is covered, regardless of what account it is in - including money market accounts. The only exception to ... it doesn't sweep anything - just having a balance in your paypal acct, you earn interest, I would imagine until you see the transfer transaction say complete ...A savings account is with a bank, and is insured by the FDIC. A money market fund is a mutual fund that buys very short term debt securities in the markets. Technically, you can lose money in a m... Its an investment account at you can draw from like a checking account... ...Check out Bank Rate www.bankrate.com ...There may be no difference. However, a money market fund typically invests in fixed income securities like government bonds, mortgages, CDs, and corporate bonds in this country. An internatioal fun... If you don't have a good idea of where the market is going, then sitting on the sidelines is a good answer. I prefer to see a market direction to invest in. Capitol preservation is key. N... |
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