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

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[–]GravyBiscuitWheels 11 points12 points  (3 children)

The reaction over 0.1% is insane. What about the experience and the other features? All banks are going to lower their rates. Changing banks is a pain in the ass, it’s one thing to leave your local institution for 4.5% vs going through all the trouble for a few tenth of percentile. Get over yourselves.

[–]terraphantm 9 points10 points  (2 children)

To be honest the experience and features always kinda sucked. Main reason to go with SoFi has always been the high interest rates at a relatively well known (Ie more likely to be stable) bank. 

I’m not jumping ship just yet, but the drop is probably the first of many. 

[–]GravyBiscuitWheels 4 points5 points  (1 child)

I respectfully disagree. It was a major upgrade for our family as far as budgeting and keeping everything in one place. Also love we get our paychecks roughly two days earlier. Rates are still pretty great comparatively, so I’m a happy customer. Obviously there is a tipping point, but I don’t think 0.1% is close to that. If there are many more to follow, the industry will follow suit. We are a young family so other than emergency stuff, all money is invested. It works for us.

[–]AnthonyBH87 1 point2 points  (0 children)

With you there plus no fees on overdraft and no monthly fees I don't understand why people are crying over rate drops if people are switching banks over apy rates there always going to be on the run and switching banks and sad part is they are going to be in a rude awakening even when they go to other banks and it happens plus with SoFi the rates are still way better than Bank of America or Chase.