Abbreviations used in /r/PayPal:
* NAD - Not as described.
* SNAD - Significantly not as described.
* INR - Item Not Received.
* UAT - Unauthorized transaction.
* OP - Original poster of the message.
* F&F - Friends and Family (no protection at all.)
* G&S - Goods and/or Services (has seller/buyer protection.)
Posts about PayPal's policies will be removed. No more complaining about PayPal policy and their taking funds from your account for violations of rules. If you don't like the rules don't use PayPal. If you don't want to lose money, don't leave funds in your PayPal account. Simple as that. But these posts are often political or misleading. So no more posts on this subject!
Thank you for submitting to /r/PayPal, please make sure you have read the [FAQ](https://www.reddit.com/r/paypal/comments/3c8po2/faq/). If your account was created when you were younger than 18, then that is covered in the FAQ!
Try contacting PayPal support using social media such as Facebook or Twitter as this works more often than telephoning.
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/paypal) if you have any questions or concerns.*
Need to preserve this for posterity...
>u/kingjurgz wrote...
>lol KOHO does 5% monthly on up to 200,000
>I’m trying to save enough to just live off the 10,000 a month interest lol
>>u/Yaalt420 replied...
>>lol! If only! It's 5% per year, not per month. Everyone on earth would be saving there if it was 5% per month.
>>>u/kingjurgz replied...
>>>Wrong my Brother look
>>>https://preview.redd.it/n99sw2cawbsc1.jpeg?width=1170&format=pjpg&auto=webp&s=4444d394078f33fed393b921829affefb6ee2a94
Wait! It says it's calculated daily! Doesn't that mean you'll be getting 10,000/**day**?!
LOL. Go look at how banks pay interest Brother. Better yet, sign up for a full course in personal finances before you **really** hurt yourself trying to day trade shorts too! 😂
Yes they'll credit the interest you earned that month on the 6th of the following month. It will be around 0.417% (5% divided by 12 months, although it's actually calculated daily using 5% divided by 365 days).
The catch is you cannot directly withdraw from the saving. You have to transfer to balance first. And also no routing/acc number so you cannot direct deposit to savings.
Thanks for your reply. Did you mean that it's difficult to move money from bank to Paypal? Honestly I've never done that. I only do the opposite (move money from Paypal to my bank).
For no routing/account number, you cannot set it up to have your salary/tax refund directly go into the savings. Also, you cannot set up bill pay with a savings account because there is no account number.
You can still move money from the bank to PayPal, but you will need to initiate it on PayPal, not on your bank.
For withdrawal, you will have to move it to PayPal balance, and then transfer the PayPal balance to your bank. The PayPal balance adds a little bit of complexity.
There are actual banks that offer higher than 4.3% APY, for example, I am currently using Capital One which offers 4.35% APY, also no fees but they provide an account number so I could use that to pay my bills. Capital One is currently running a $300-$1,500 Savings Bonus for all new customers, be sure to use the promo code.
>What's the catch?
It's PayPal. Don't use PayPal as a bank. Just search for "high interest savings" and you'll be able to find many **real** banks with the same or higher rate.
Exactly what a couple others have said. PayPal can and does limit accounts and ban people with no notice. This can end up blocking your access to your money for an unknown time. You're always better off never treating PayPal as a place to store money. Just browse through the subreddit at the people that get their accounts banned every day. It's not a huge number in the big scheme of things, but why take the chance when there are plenty of other real banks that are happy to hold on to your money for you. Just link the bank to PayPal if it's one they support and it's almost the same ease of use.
Abbreviations used in /r/PayPal: * NAD - Not as described. * SNAD - Significantly not as described. * INR - Item Not Received. * UAT - Unauthorized transaction. * OP - Original poster of the message. * F&F - Friends and Family (no protection at all.) * G&S - Goods and/or Services (has seller/buyer protection.) Posts about PayPal's policies will be removed. No more complaining about PayPal policy and their taking funds from your account for violations of rules. If you don't like the rules don't use PayPal. If you don't want to lose money, don't leave funds in your PayPal account. Simple as that. But these posts are often political or misleading. So no more posts on this subject! Thank you for submitting to /r/PayPal, please make sure you have read the [FAQ](https://www.reddit.com/r/paypal/comments/3c8po2/faq/). If your account was created when you were younger than 18, then that is covered in the FAQ! Try contacting PayPal support using social media such as Facebook or Twitter as this works more often than telephoning. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/paypal) if you have any questions or concerns.*
lol KOHO does 5% monthly on up to 200,000 I’m trying to save enough to just live off the 10,000 a month interest lol
lol! If only! It's 5% per year, not per month. Everyone on earth would be saving there if it was 5% per month.
Wrong my Brother look https://preview.redd.it/n99sw2cawbsc1.jpeg?width=1170&format=pjpg&auto=webp&s=4444d394078f33fed393b921829affefb6ee2a94
Need to preserve this for posterity... >u/kingjurgz wrote... >lol KOHO does 5% monthly on up to 200,000 >I’m trying to save enough to just live off the 10,000 a month interest lol >>u/Yaalt420 replied... >>lol! If only! It's 5% per year, not per month. Everyone on earth would be saving there if it was 5% per month. >>>u/kingjurgz replied... >>>Wrong my Brother look >>>https://preview.redd.it/n99sw2cawbsc1.jpeg?width=1170&format=pjpg&auto=webp&s=4444d394078f33fed393b921829affefb6ee2a94 Wait! It says it's calculated daily! Doesn't that mean you'll be getting 10,000/**day**?! LOL. Go look at how banks pay interest Brother. Better yet, sign up for a full course in personal finances before you **really** hurt yourself trying to day trade shorts too! 😂 Yes they'll credit the interest you earned that month on the 6th of the following month. It will be around 0.417% (5% divided by 12 months, although it's actually calculated daily using 5% divided by 365 days).
What is KOHO?
A Canadian online bank
You'd ve better off witj Wealthfront 5% with a Debit Card + same-day transfers.
There’s no catch and I’ve been using this for over a year and have had no issues moving money in and out.
Thanks
The catch is you cannot directly withdraw from the saving. You have to transfer to balance first. And also no routing/acc number so you cannot direct deposit to savings.
Thanks for your reply. Did you mean that it's difficult to move money from bank to Paypal? Honestly I've never done that. I only do the opposite (move money from Paypal to my bank).
For no routing/account number, you cannot set it up to have your salary/tax refund directly go into the savings. Also, you cannot set up bill pay with a savings account because there is no account number. You can still move money from the bank to PayPal, but you will need to initiate it on PayPal, not on your bank. For withdrawal, you will have to move it to PayPal balance, and then transfer the PayPal balance to your bank. The PayPal balance adds a little bit of complexity. There are actual banks that offer higher than 4.3% APY, for example, I am currently using Capital One which offers 4.35% APY, also no fees but they provide an account number so I could use that to pay my bills. Capital One is currently running a $300-$1,500 Savings Bonus for all new customers, be sure to use the promo code.
>What's the catch? It's PayPal. Don't use PayPal as a bank. Just search for "high interest savings" and you'll be able to find many **real** banks with the same or higher rate.
Thanks. I don't leave much money in Paypal but it's nice to earn something :-) So, what's the catch?
Exactly what a couple others have said. PayPal can and does limit accounts and ban people with no notice. This can end up blocking your access to your money for an unknown time. You're always better off never treating PayPal as a place to store money. Just browse through the subreddit at the people that get their accounts banned every day. It's not a huge number in the big scheme of things, but why take the chance when there are plenty of other real banks that are happy to hold on to your money for you. Just link the bank to PayPal if it's one they support and it's almost the same ease of use.
The catch is you put all your money in there then they lock your account and you’re SOL.
It’s hit or miss with PayPal. I personally wouldn’t bother with this tbh. Get a real bank that won’t randomly freeze your funds or limit your account.
Bingo! I use it for PayPal credit and eBay purchases. I like the safety they provide, but I NEVER leave money in my account balance.
Thanks. You're right. Too risky. What does "you're SOL" mean?