- Joined
- Dec 3, 2006
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On a savings account, what does a bank pay?If Paypal is a serious alternative for you as a savings account, then I would hate to see your bank fees.
With my bank (checkings and savings; have to have a local branch for direct deposit from work):
Regular savings: 0.30%
Premium Money Market: 3.70% (minimum balance $100K)
And PayPal is paying 5.04%: No minimum balance, paid monthly.
I am not endorsing this practice for everyone nor am I endorsing PayPal as a savings institution. But the money is there when I need it rather than funding it through my checking account which pays even less of an APR.
Nothing wrong with leaving a couple G's in there.