Always strive to learn something useful. --Sophocles

Venmo and Paypal, though it makes certain parts of our financial life much easier, are not banks and not safe places to store money. Since they are not banks, they are not federally regulated and not insured by the Federal Deposit Insurance Corp, which insurance bank accounts (savings and checking, not investments) for up to $250,000. This includes Apple Savings as not being insured, but does not include the Apple Card's Goldman Sachs savings account (paying more than most CDs at 4.15% APR) as Goldman Sachs has a Federally-recognized banking side, and thus insured by the FDIC.

I've never had more than $50 or so sitting in my Paypal account from a refund or something, and that'll be gobbled up in a Humble Bundle purchase or three, or I'll move it back into my bank.

https://apnews.com/article/venmo-paypal-cashapp-p2p-payments-deposit-insurance-f89eba2486a383160b9343e2e4e60b3f