Is Paypal Good For A Savings Account? Are There Any Dangers In Keeping A High Balance With Paypal?

Paypal’s moneymarket interest rate is around 5% right now, which is competitive, if not just better than, local savings and cd rates. My temptation is to use paypal as a place to store some savings, like up to $8000 over the next year or so. I’m curious if others are doing the same? Are there any reasons not to? It’s still relatively liquid, right?

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"Is Paypal Good For A Savings Account? Are There Any Dangers In Keeping A High Balance With Paypal?" was posted on Friday, June 26th, 2009 at 1:49 pm.