PayPal 3%: Highest interest account with ATM/debit card?

Is there another account that offers no-fee interest as high as 3% and also provides ATM/Debit card access like PayPal?

I know about ING, ED, Cap1, and others but those accounts do not have ATM access.

I don't like doing business with PayPal if I can.

3.3% and a real bank

mapen said: Is there another account that offers no-fee interest as high as 3% and also provides ATM/Debit card access like PayPal?



Somebody correct me if I am wrong, but the paypal account is a money market account. It is similar to the ford money market account where they are invested in their own bonds (aka some are classified junk bonds)


Ford article

Keep in mind that PayPal isn't FDIC insured. Also, if you do transactions with it (like eBay) and
there's any claim of fraud, they will just freeze the account, sometimes for 12+ months while they "investigate". You can be completely SOL. You can't go to civil court either because their terms require arbitration in their own mickey-mouse system.

Absolutely NOT a place to park money.

vampyr said: Keep in mind that PayPal isn't FDIC insured. Also, if you do transactions with it (like eBay) and
there's any claim of fraud, they will just freeze the account, sometimes for 12+ months while they "investigate". You can be completely SOL. You can't go to civil court either because their terms require arbitration in their own mickey-mouse system.

Absolutely NOT a place to park money.

Agreed. Not to mention the horrible customer service they have. I am not sure if they have a separate department that deals with the customer service issues of their Money Market Fund. If they do, I sure as hell hope that they are more responsive to customer needs.

Lots of good info here. Thanks everyone!

I'll be looking into Capital One Money Market, HSBC, and GMAC Bank.

Although the high 3.3% rate is tempting, UFB Direct doesn't have seamless ATM card access like the others -- it still requires the extra step of making an instant transfer from the account to an ATM accessible checking account.

As for Google, I use their search engine and I think their Gmail is a very good service. I will be looking forward to their financial product.

Thanks for the correction! I got some bad info from somewhere. Sounds like the one to choose then since the other savings account offer a slightly lower rate of 3.1%.

How about presidential bank checking account?
APY is 3.25%, and it has ATM access.

Does Paypal have our SSN? I don't remember they asked for it when I signed up. I am sure they won't give you a 1099 form every year. If so, how do you report the interest or is it tax-free?

Paypal is a joke. Did you guys know they have a rule where you can only open one complaint with them per transaction. This is how i got scammed and i talked to 2 managers and they basically just said sorry but we have to stick to our rules.

I bought my wife a pair of 80 dollar jeans off eBay and paid with my paypal account. Well 2 weeks goes by and they still havent sent me anything. So i file a complaint, stating that the seller never sent me my merchandise ect ect. Well they send him some emails and he agrees to send the pants. Well about a week later the pants arrive and i find out they are 5 dollar WalMart jeans and not what was advertised. I go to file another complaint and paypal will not allow me to do this. They say you can only file one complaint per transaction and they are sorry. I ask to speak to a manager and he tells me the same thing and even acknowledges the problem but says there is nothing he can do. So I ask to speak to his boss. I speak with his boss and he even states its a known problem that they are working on but that there is nothing they can or will do for me. So basically paypal sucks. Dont use um.

Even though you pay by credit card thru Paypal, you can still dispute the charge with your credit card company directly? This is cool. The credit card company are ususlly very easy on chargeback. Good for the buyer and bad for the seller.

xoneinax said: call your CC company and dispute it.

xoneinax said: call your CC company and dispute it.
Agree.

But another situation. I had 50c on my Paypal account. It said I could not send to my bank because it was less than $1. But for my purchase, it used these 50c first and a credit card for the remainder. I could not force it to use the credit card only. As I understand, I missed the theoretical credit card dispute chance because I did not pay 100% by the card. Correct? What would you do in such situation?

GeoPhun said: Paypal is a joke. Did you guys know they have a rule where you can only open one complaint with them per transaction. This is how i got scammed and i talked to 2 managers and they basically just said sorry but we have to stick to our rules.

I bought my wife a pair of 80 dollar jeans off eBay and paid with my paypal account. Well 2 weeks goes by and they still havent sent me anything. So i file a complaint, stating that the seller never sent me my merchandise ect ect. Well they send him some emails and he agrees to send the pants. Well about a week later the pants arrive and i find out they are 5 dollar WalMart jeans and not what was advertised. I go to file another complaint and paypal will not allow me to do this. They say you can only file one complaint per transaction and they are sorry. I ask to speak to a manager and he tells me the same thing and even acknowledges the problem but says there is nothing he can do. So I ask to speak to his boss. I speak with his boss and he even states its a known problem that they are working on but that there is nothing they can or will do for me. So basically paypal sucks. Dont use um.

They wouldn't refund you anyways because they don't offer refunds if you recieve an item that isn't as advertised.

ccrzhh said: xoneinax said: call your CC company and dispute it.
Agree.

But another situation. I had 50c on my Paypal account. It said I could not send to my bank because it was less than $1. But for my purchase, it used these 50c first and a credit card for the remainder. I could not force it to use the credit card only. As I understand, I missed the theoretical credit card dispute chance because I did not pay 100% by the card. Correct? What would you do in such situation?

Setup seperate Paypal accounts for sending and receiving payments.

There is an even easier solution to "I had 50c on my Paypal account, It said I could not send to my bank because it was less than $1."

- Send it my way, then you can pay 100% by credit card.