Saving with someone else

[Hannah300600]

Hi, I’d like to start saving with a friend from NL for a trip in the summer. We’d like to be able to both add funds to mY PayPal account but for them to stay there and not be automatically sent to my bank account. Can we use PayPal as a saving account? I use PayPal to pay for things online so wouldn’t want these funds to be used for my private purchases. Is this possible?

[Snow-Cat]

Technically PayPal is not a bank nor are they insured by the Federal Deposit Insurance Corporation (FDIC).   PayPal is basically an online payment system however, you can retain funds in your Account Balance for whatever requirements you have.   Once you have money in your PayPal Account Balance, it's totally up to you as what you want to do with the money, i.e., leave the money there, shop online or withdraw to a bank account.   Your PayPal Account can only be in one Person's name, so can either you use your account or your friends for your joint goal.

[PayPal_Olivia]

Hi @Hannah300600,

Thank you for coming to the community! How exciting to be planning a trip! I think I have a suggestion that may meet your needs.

Please look into the new feature that we have available, Money Pools, to see if your account is eligible, and to read about how it works. It's a way for you to set aside payments that are specifically meant for a certain reason, and then to use the funds when the time is right.

I hope this helps!

Olivia