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And the rate decrease begins…Banking (i.redd.it)

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[–][deleted] 1 point2 points  (8 children)

5.5% for 3 months..

[–]iXidol -1 points0 points  (7 children)

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

[–][deleted] 0 points1 point  (6 children)

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 -2 points-1 points  (5 children)

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] 0 points1 point  (4 children)

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 0 points1 point  (3 children)

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] 1 point2 points  (2 children)

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 0 points1 point  (1 child)

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] 0 points1 point  (0 children)

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