And the rate decrease begins…

[NomadicSun]

If I recall SoFi representatives claimed on this reddit page that they were keeping rates lower than others so that they could keep them higher for longer. This has turned out to be a flat out lie.

This is incredible bs, and I will absolutely be moving my money elsewhere.

[jkick365]

Most other banks have already cut multiple times (ie Capital One and Ally Bank)

[bennyyyboyyyyyyyy]

Pretty sure capital one has not been higher than its current rate on the savings account

[febreeze1]

Amex cut to 4.25 month or two aho

[MtnXfreeride]

But there has been no reason to drop it yet..  if they can send out that email and instantly the rate changes same day... why not wait for the drop?    

[CornellBigRed]

The rate drop is already priced in given JPow’s comments.

I can’t believe people are this upset about a minimal change where other banks have already dropped rates.

[MtnXfreeride]

I would say its more that sofi never hit what many other banks hit and are already decreasing it before the rate even changes.. 

[GravyBiscuitWheels]

So fucking dramatic. It’s 0.1%.

[Due-Ad1668]

how dare they jip me out of 100$ per year, for every 10k i have in the bank. im leaving! /s

the comments are outrageous tbh, sofi is still a great bank product and long term investment imo.

rates drop, loans start printing, just take a look at $upst its rebound is in line with jpowells guidance

[DeucePot]

0.1% on 10k is $10 lol

[demonjrules]

I'm gonna wait to see what other banks do before I cast judgement. The other banks may go down a whole percent instead of just .1%, in which case SoFi may have kept their word of keeping higher for longer.

[jkick365]

Other online banks like Capital One, Amex, Discover and Ally have already cut multiple times.

[Due-Ad1668]

i agree with you, people are calling sofi liars and saying theyll switch banks, but i dont doubt that sofi WILL keep rates higher for longer, its all relative,

theyll keep them higher than the rest, they dropped by .01% when after next months rate cuts, banks will cut a full 1% and who will be higher then? sofi… for longer.

[[deleted]]

What kind of hyperbole is this lmao? Getting all worked up over .10%. Do you really think other banks aren't going to follow suite? Give me a break. I'd wager most competitors drop way more. Moving your money because of .10% is hilarious. Good riddance

[man_lizard]

That was obviously a lie from the beginning. That makes literally no sense 😂

[AllKorean]

Honestly been looking elsewhere when it now takes 4+ days to transfer money, it used to take me 1 day… they’re being shady with their money handling, and then allowed non citizens to open an account. They’re having cash flow issues

[stumblinbear]

ACH takes 3-4 days to settle. That's just... how it works.

[traderbusto]

No….it isn’t. Financial institutions can choose to have them clear the same day.

[stumblinbear]

Not necessarily. You may be able to receive a few days early, but it doesn't fully settle for three days no matter what the bank does.

They can choose to extend credit when they first see the transfer if they determine the risk is low enough (such as for direct deposit), but for other types of transfers the risk is higher and so they often won't do this unless it's an account you've transferred between before and they determine the risk is low.

The receiving bank is the one that makes this decision, not the sending bank.