Ron Paul vs PayPal

[popowich]

This could have gone in one of a couple forums, but I stuck it here, anyway...

Ron Paul vs. PayPal (http://www.fool.com/investing/general/2008/01/17/ron-paul-vs-paypal.aspx)

-Raymond

[esnagel]

I've heard that if everyone that supports Ron Paul online actually got off their butts, he'd win the election by a landslide. But, since many of his supporters would rather complain in chat rooms about the way things are, he doesn't have a chance.

[popowich]

Eric has been trying to get me to stop using PayPal for some time now.

Apparently ING will give an equivalent of better rate for online savings.

There is no or less risk or my account being randomly frozen as PayPal likes to do.

I do like the convenience of people being able to send me money on PayPal.

Do you use PayPal for any of your online savings?

Their interest rate has been hovering around in the 4.5% rate range.

I think it's a good rate for short term savings.

-Raymond

[esnagel]

Is it FDIC insured? It the rate guaranteed, or is it a money market account?

[popowich]

The current rate is 4.61% and comes with the following warning:

*7 day average yield as of 1/10/2008. Yield varies over time. Money market funds are neither insured nor guaranteed by the FDIC or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 USD per share, it is possible to lose money by investing in the Fund. Learn more about the Fund in the prospectus. The PayPal Money Market Fund is designed primarily as an automatic sweep investment for uninvested cash balances in PayPal customer accounts. Distributed by Funds Distributor, Inc. PayPal is not affiliated with Funds Distributor, Inc. or with Barclays Global Investors.

[esnagel]

With an Orange Savings Account, you earn a variable 4.10% Annual Percentage Yield (effective 12/13/07) with a level of flexibility, freedom, and security you simply won't find at other banks. And because your account is FDIC insured, your account is secure.

I'll give up the .5% to have my money safe and available to me.

[Raven]

I only use paypal if someone is sending me money or if I have to pay something online so I dont have to give out personal info on certain websites.

Eric has been trying to get me to stop using PayPal for some time now.

Apparently ING will give an equivalent of better rate for online savings.

There is no or less risk or my account being randomly frozen as PayPal likes to do.

I do like the convenience of people being able to send me money on PayPal.

Do you use PayPal for any of your online savings?

Their interest rate has been hovering around in the 4.5% rate range.

I think it's a good rate for short term savings.

-Raymond

[popowich]

I opened up my ING Savings account and got my $25 bonus, which by the way more than makes up the difference in interest rates between that account and the PayPal account. :D

-Raymond

[esnagel]

If someone else wants the $25 bonus, PM me!

[popowich]

Do you know how long does it take until I'm allowed to transfer money back to my checking account?

-Raymond