How to Use the Paypal Money Market Feature
One feature which many paypal users may not know of though is the money market account feature. If you scroll down to the bottom of the paypal website, you will notice where it says "money market." If you decide to set up a money market account with paypal, you are setting up your own bank account with paypal in which paypal gets to borrow your money and invest it; just like your own bank does. You can still withdraw, transfer or send money from your paypal account whenever you want.
In the money market account, your money accumulates interest throughout the year as long as you have money in your paypal account and as long as you have set up the money market account. If you don't set up the money market account, you can't accumulate interest on your money lying in the paypal account. Currently, the paypal money market account is at about 4.5% on your investment. Whenever you withdraw your money from your paypal account and transfer it to your bank account, paypal will transfer money into your bank account or directly into your paypal money market account with the amount of money that you have made on your investment. 4.5% is a pretty good rate for a return on your investment and there is little risk of you losing your money or the money market account fund going broke. I suggest you read all of the terms and conditions of the money market account before you set it up first.
The Paypal money market account is a great way to see a return on your investment and it is a way of Paypal thanking you for trusting them with your money. Unlike a stock, the money market account cannot lose your money.
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2 Comments
Post a CommentI love this feature and even get cash back for using my paypal card as a credit card, this is free advertisement for paypal. The money market account has dropped in the past few weeks but I still earn more than what I would have with a regular savings account and I get to use it as a regular bank account. Loved the article.
I joined up with Paypal because of this site, so this is quite useful to me.