Author Topic: UPDATE: Interest rate no longer worth it - Pal Prepaid Card Savings Account  (Read 33668 times)

missj

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Re: Went for it: PayPal Prepaid Card Savings Account (5% on $5k)
« Reply #50 on: July 15, 2015, 11:27:42 PM »
I haven't done the paypal thing yet because I've been very happy with the fee-free credit union 3% account, and since they pay 3% up to $10,000 I have my entire emergency fund in this account....hence I don't need the paypal account.

it's easy.  the money is there.  I can access it from any ATM $300 at a time and they refund the ATM charges at the end of the month.

I'm sure paypal is fine....but if you have access to a credit union that offers 3% with no fees....I think it is pretty easy and a  sweet deal....and the "confidence" of a brick and mortar institution.

Col Mustard

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Re: Went for it: PayPal Prepaid Card Savings Account (5% on $5k)
« Reply #51 on: June 13, 2016, 08:10:17 AM »
Apologies for resurrecting a zombie thread as my first post, but this is the reason I created an account: to update this topic for anyone else who is looking into the Paypal Prepaid card for that nifty 5% APY. As of July 1, 2016 they are reducing the 5% max balance from $5,000 to $1,000 which, in my calculations, makes the $4.95/mo fee cost more than the interest you would earn on that $1,000.

I closed my savings (which is the one that earns the interest) and card account today, before I could be charged another $4.95 on June 21st. They of course charged me $5.95 to send a check for my money. Anyway, I had the account for almost a year and earned a nice $100 or so after all the fees were deducted, but there's no longer any reason to keep this account open, in my opinion.

May take a second look at Mango, but they had a complicated requirement for a certain number of ATM withdrawals or deposits or something, if I recall. For whatever reason I picked Paypal Prepaid over Mango when i was researching, and now I may just have to find a nice money market or something for this $5,000. Thanks and sorry again for replying to a long-dormant thread, but it seemed prudent as opposed to opening up a new topic.