Now that interest rates are so low, other than security, there's little difference between depositing money in a savings account and keeping it under your mattress. On this basis, if online shopping makes you savings, you could top up a Paypal account on a regular basis, with additional small amounts, so as to set them aside for Christmas, holidays and Birthdays. There are no credit checks because you're not borrowing. However, misuse for the purposes of saving money by anyone with debts in administration would constitute fraudulent activity under UK Insolvency Law, so it is worth checking before you use a Paypal account to budget back to school funds or similar.http://www.paypal.co.uk/uk
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