Friday, September 29, 2006

PayPal Does Pay Interest

Over the past few weeks I was wondering about this. Recently, I opened a paypal account so that I could receive income as I did some work on the internet. This account is currently just receiving money since I don't purchase anything using it.

While at first I was a little anxious to get the money into my "real" bank account as soon as possible, I soon found that the money that I was getting in the account could be setup to compound at a nice interest rate by setting up a money market option. So far I haven't even earned a dollar on the money, but it is far better than having no interest at all. The trick to the interest seems to be waiting more than a month since the interest is not paid out all that often on these high-yield/online accounts etc.

For household savings, we have an ING account as well which pays interest and including the account bonus that was earned, that account has earned over 40 dollars in interest. This is totally free money because it took no additional effort for me to get it.

Both accounts have been easy to setup and manage online and I am quite pleased with both so far. On one hand, I am interested in setting up an emigrant direct account because the interest rate is a little higher (close to a whole percent), but at the moment, I am not really jumping on that because I have so many accounts that I am in the process of setting up.

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