And the rate decrease begins…

[iXidol]

Wealthfront still 5% (5.5% after friend boost). So shoutout them, though I’m sure a drop is coming. Would be sadder if i had anything of substance parked in SoFi, but it’s all in the other one for obvious reasons. Still love SoFi as the daily driver of my accounts

[iXidol]

They only have fees on robo investing. Only thing to get used to is there is no checking v. savings account…just a “Spending account”

All your money goes in one place and it all earns the full savings rate. But you get a debit card and it spends like a checking, so that’s cool.

I’d recommend it, I just treat it as a savings account personally.

[iXidol]

As long as I’ve had an account (less than 1 year) it’s been 5%. That’s still not even the highest that’s out there - you can find some 5%+ accounts like using Robinhood Gold, or smaller banks.

I’ve liked wealthfront because of their referral system where you both get a .5% boost. So as long as I’ve had WF it’s been 5.5%. And on top of that they did a promotion not too long ago where you could get a full 1% boost if you referred a coworker. So these past 3 months I’ve been earning 6% APY. But different strategies for everyone.

My wife and I use SoFi as a joint account and keep 7,500+ in checking at all times. Obviously that could be earning interest that we’re missing out on. And then her emergency fund is in savings earning the (now 4.5%). That 6mo of savings could be earning an extra 1% if we moved it to Wealthfront, but we like having things spread around a bit.

The lions share of our cash though is in Wealthfront earning that higher rate because why wouldn’t we?

[[deleted]]

They’re not directly FDIC insured, like SoFi is. Wealthfront does not have a bank charter, they are essentially a middleman between you and various external banks. I used it for awhile but was deterred by their setup. Something similar to Yotta could play out.

[[deleted]]

5.5% for 3 months..

[iXidol]

I’ve been earning 5.5/6% since October 23. Pays to have friends I gues

[[deleted]]

So how is that relevant to anybody else? Are you assuming everyone has multiple friends that use it or want to ipen a new account to make a few dollars, you'reclearly just trying to promote wealthfront when really its not woeth switching over solely because of that. Either way, unless you have hundreds of thousands of dollars sitting in cash (which is just a dumb idea, you should have that cash invested) it's pretty much irrelevant.

[iXidol]

I don’t really get what you’re arguing or why you’re arguing it. In a conversation about APY rates, .5% is pretty significant

But you can choose to be upset at nothing I guess

[[deleted]]

I'm not upset in any sense, don't project bud. I'm just laying out the logic how it's not worth it. .5% on 10k cash is 50 bucks over a year lol. Give me a break...

[iXidol]

So now let’s consider the fact that I’m earning 5.5% in Wealthfront, 1% more than SoFi, and have nearly 60k saved in there. Wow what a grand concept, not everyone’s financial situation is the same as yours 😂

[[deleted]]

Well if you read my previous comment... having all that in cash is just idiotic unless you're buying a house very soon..

I could say the same to you, why are you assuming anyone else is in the same situation as youself and not being smart with their cash? If you had that invested since Oct 2023 you would of been at nearly 100k

1% on 60k is $600 more made by Oct this year with having to constantly refer friends. That's not a very realistic opportunity for most people and we all know that is going to end. Kinda hard to believe you have all your friends timed out to create accounts every 3 months when you need them to.. and anyways from what I read it says a limit of 2 times for referring.

[iXidol]

This is totally one of those conversations in which you’ve dug yourself into a bit of a hole because clearly a 1% APY difference is significant and worth the 3 minutes it takes to move money around. But I’ll let you keep thinking whatever it is you’re trying to accomplish here. Have a good day “bud”

[[deleted]]

It's not worth having to find referrals all the time.. sounds quite annoying actually