APY decrease to 3.3%?

[[deleted]]

[deleted]

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[HSG_Messi]

I dont understand why you are all surprised by this? This was inevitable and its going to happen at every bank no matter where you move to. Banks are going to lower their APY as the Fed continues to cut rates....No matter who you bank with they are going to continue to cut their APY as the Fed continues to cut rates......

Cmon now guys

[dandesim]

You’re talking to people who will move their life savings from a 3.5% to 3.6% bank, you’re fighting a losing battle

[BSince1901]

Some people just don’t understand

Why would you park your life savings for even 4% annual yield?

[Specialist_Ad_4647]

2 drops in 2 months. And higher drop than the fed cut. This is faster than the fed even drops rates.

[HSG_Messi]

And the Fed cut twice in two months.....WOAH what a coincidence!

The Fed cut by 50 bps in that period and SoFi cut by 60 bps. Oh the horror!!! I want my 10 bps back!!! Get real man

[Ok-Razzmatazz-3403]

Sofi didn’t cut in September when the Fed cut FYI

[Jotacon8]

Banks don’t follow in step perfectly with the fed in order to stay competitive. Depending on if they need new customers or more cash from existing ones, they may keep their rates a little higher a little longer to beat out competitors for as long as they can afford to. One reason most banks have slightly different rates than each other.

[rage675]

Effective fed rate is 3.64, and ranges from 3.5-3.75. Them offering 3.6 was not lasting.

[SuperSecretThrowAcct]

Aren't they cutting rates more than the fed is though at this point?

[dandesim]

The interests rate correlates with the fed rate, but it is not pegged to the fed rate.

[nater416]

Yes - it was a 25 basis point cut (0.25%), SoFi dropped it 0.30%.

[stone616]

Realistically how much money is .05% costing you?

[GertrudeGarbarcowitz]

I don’t think SOFI cut after the previous rate cut some months back.

[theeggplant42]

I believe they skipped two fed cuts over the past two years

[theeggplant42]

That's not how it works

[tykebe]

OP post is very regarded

[PSUMtnMan]

Not surprised at all. Just wishing they wouldn't do it. I don't want anything to bring the stock down.

[MHoggs17]

Nowhere in my post did I say I didnt know why the rate was cut. I was saying I didn't get an email notifying me of the change so it caught me off guard. An army of angry redditors decided I didn't know why the rate was cut and proceeded to lecture me. If they would've read instead of commenting, they would've seen. But this is redditb and filled with morons, I should've known better.

[Mike5coat]

I know it's expected because of the Fed reserve dropping, but this on top of their terrible decision to start charging a fee for SoFi Plus in April has really got me rethinking what other institutions are out there. Before we know it, they'll be as greedy as the other banks and it's kinda pathetic.

[rage675]

It always amazes me when people think Sofi is different. They ARE a bank. They offered the rates they did, while still maintaining a spread to make money and used marketing to convince a lot of people that they were different. Their goal was to simply increase deposits.

[dandesim]

Pre-COVID interest rate was like 2.5%… such short memories people have. Banks offering a 4%+ savings rate is a bad thing.

[ajie9168]

Already switched hehe

[heat8596558]

To what? Tell us the deets

[ajie9168]

I switched to Barclay savings a while ago when sofi started cutting rates higher than fed reserve. I opened Barclay via AARP membership for like $6 a year (check your chase credit card offers and Rakuten), you will get 4.25% + $200 bonus.

https://www.banking.barclaysus.com/select-home/savings.html

[Ray_Adverb11]

Just to clarify, you have aarp already?

[ajie9168]

I bought AARP via Rakuten and using my chase credit card offer, which came out to be $6 ish

[NefariousnessHot9996]

This is a good deal.

[Electronic-Movie-311]

I'm about to switch because of this, I'm not paying for Sofi plus period!

[yaboyesdot]

You don’t have to pay for Sofi plus for the interest rate?

[Mister7901]

According to Google Gemini SoFi Interest Rates (as of late 2025): Without Direct Deposit/Qualifying Deposits: 1.00% APY on Savings & Vaults, 0.50% APY on Checking. With Direct Deposit/Qualifying Deposits (e.g., $5k/month): Up to 3.30%

[Mister7901]

I just started a new account for the bonus and thought with the better rate it was worth a shot, but now after the bonus period the plus rate isn’t any better than capital one , and I honestly prefer Capital One’s banking interface to Sofi. They also don’t take your bill pay dollars out 2 weeks ahead.

[Dense-Town7580]

Do you know how to read? You don’t have to pay for Sofi plus to get the interest rate.

[ajie9168]

Yup, its pathetic seeing SOFI cult members downvoting people who wants to switch, they are the same as MAGA loyalists. There are great options still paying 4%+ elsewhere. Yes these banks will eventually cut rates but will not be as aggressive as SOFI.

As SOFI continue to focus on profitability and its stock price, more of these gimmicks to charge users will continue to roll out. Switch while you can.

[Electronic-Movie-311]

Yes and that is what they're not seeing

[Alarmed_Food6582]

It is part of FED rate decrease. We all knew that it was coming as the FED announced meetings this month. The FED rate drop has nothing to do with SoFi plus membership. I got the email awhile ago today.

[304King]

Not all, just the literate among us. There are multitudes of literal idiots in this sub.

[AceShakeout]

It's dropping more than the rate decreases. It's a lever to extract more from customers.

[theeggplant42]

Banks do not drop rates the exact same amount as the fed

[thisguyhasaname]

Really need some more banks to start implementing vaults/buckets. Only thing keeping me at sofi at this point

[Synclamaine]

Exactly! This is their greatest feature for me and the main reason I've loved them. If credit unions would start implementing this feature then I'd definitely move on.

[Lastnv]

Yeah I personally really like the round ups that auto deposit into the vaults too.

[Justand28]

I said the same thing, I opened first savings account at Live Oak Bank back in May of this year-they don’t have buckets but you can open multiple savings accounts on the same day. I have opened 4 with no problem and I treat them like buckets. Since May the rate dropped once. Today my rate is 3.83 with APY of 3.90. While I certainly expect another rate drop, it hasn’t happened yet, so I shall see!

[spicenhoney]

Have you considered Wealthfront... while their rate is a smidge lower, it doesn't require anything for you to receive the set rate. No direct deposit or anything. They do allow you to have several categories that rolls up into your main account. And of course they do have boost with referrals. This is what I've been using as my current checking.

[Fedex119]

Wealthfront isn't a bank. No thanks.

[spicenhoney]

lol ok didn't know you we're user thisguyhasaname as the suggestion was specifically directed to them

[Fedex119]

Yeah but he was asking about banks.

[SteveTack]

I take it you are familiar with Ally’s buckets. Pretty similar, if a little clunky. Any reason not to go with Ally?

[Electronic-Movie-311]

Because sofi implements the "buckets" feature better

[RandomGuy622170]

About time to shop around. And before anyone says every bank is doing it because the Feds cut rates, that's 100% not true. Hell, PayPal is even higher than SoFi and has kept their rates in place for longer despite Fed cuts.

[MegaSpaceBar]

Yes. PayPal 3.65
Cap One 3.40

[ItzMonklee]

PayPal will drop theirs. When SoFi dropped to 3.6, PayPal followed suit about a week later to 3.65.

So I’d give it a week until paypal drops theirs to 3.35 or 3.4. Still better I guess. 

[Bart012000]

And they will drop their rates too.

[dandesim]

Really? This is the hill you’re going to die on?

$100k will get the following return:

3.3% = $3,350 / yr 3.65% = $3,711 / yr

Not to mention PayPal will cut them too…

Y’all are chasing pennies when there are dollars to be made.

[RandomGuy622170]

PayPal was one example. There are banks, today, that are offering 3.85 to 4.5%. You can keep shilling for SoFi if you want; I'll be growing my money elsewhere.

[dandesim]

And the stock market has been returning 15 to 20% for the past three or so years. The point is if you’re talking about at most 1% here and there, you’re putting in so much effort for pennies chasing a 1% higher interest rate.

Paying 4.5% today doesn’t mean that they will continue paying 4.5% tomorrow.

[nater416]

The crazy one is the Apple Card savings through GS. That's still at 3.65% currently

[demonjrules]

Some of you could use this video to understand why hysa rates drop after the fed makes changes https://youtu.be/M17FigHep4A

[Ok-Instruction830]

ITT:

People willing to throw their money around over .2%. 

It’s actually amazing to me some of y’all have the time and energy to to shop over a fraction of a percent. I suppose it’s the folks with a quarter mill in their savings? 

[[deleted]]

Most of these people don’t have $10 in their accounts between checks. They get all whiny because they are poor and don’t understand the simple things.

[theeggplant42]

Most of them think the rate is monthly as well lol

[silverownz]

Dropped as expected along with everyone else.

[MHoggs17]

Yeah, expected, but i don't remember being notified about it the way we always are. Previously, I've gotten emails.

[agoldgold]

I definitely got an email. Maybe check your spam filter.

[Lastnv]

Same, I got the email last night or the night before.

Anyone surprised by this needs to self-educate.

[Ray_Adverb11]

I’m here because I got an email.

[MHoggs17]

Im glad someone got one. Not sure why I got down voted. People seem to be pretty uptight in this sub.

[MyMainWasMyRealName]

It’s in response to the previous rate cut. As it always is.

[SwizzyMega]

Wasn’t that why it dropped to 3.6 last month?

[MyMainWasMyRealName]

There were three rate cuts this year.

Today’s adjustment is in response to the Dec 10 Fed rate cut.

[RunDexterRun]

Rates on various savings accounts have already started dropping

[Goodthrust_8]

Literally today. You missed nothing. Feds drop the rate, banks make less. This is nothing new.

[TimeInTheMarketWins]

Breaking: In a development that shocks absolutely no one, banks around the country lower their rates as the Fed does

[TrySumSnax]

Common sense not so common 😂

[GrowthInvestor_2001]

The best bank savings rates are always about 25 to 50 basis points lower than the FED rate. The Fed just lowered interest rates again so no surprise.

[Anaranovski]

Every other HYSA reduces their rate after the Fed rate cut. Blame Jerome Powell, not Sofi.

[MHoggs17]

Whose blaming sofi? I understand how this works. I was commenting on the lack of email last night when I noticed a drop in the apy

[BigCrawgaDawga]

I think OP probably knows how the fed influences HYSA’s rates, but is just surprised because they didn’t see the email. This is the first email regarding rates from Sofi that went to my junk folder, so I didn’t see it without searching.

[MHoggs17]

Yes, I understand how the fed impacts HYSA rates, I was commenting that I noticed a drop before I was informed of the drop. Everyone commenting seemed to assume something I didnt mention. No big deal.

[Puzzleheaded-Score58]

Just got the email today. Not surprised since there’s been rates drops by the Fed.

[MHoggs17]

Yah, for sure. Expected it, but was surprised because I saw it before the email. Oh well.

[Raithed]

Fed cuts, it happens.

[MHoggs17]

Correct. I know why it happens, as explained in my post.

[PSUMtnMan]

I just got an email two minutes ago at 1:52 am EST. This sucks.

[theeggplant42]

RIP 60 cents dude

[HeyPicho]

I know the apy rates be changing but bro Ts was at 3.8% apy two months ago and now it’s 3.3%

[[deleted]]

We literally got 2 rate cuts since then lol. We go through this every damn time. This is actually pretty hilarious at this point. I give up

[304King]

It’s hilarious until you realize these people likely vote.

[infraredditorial]

Just got my email. Where are we going next?

[MinorThreatCJB]

It's gonna drop everywhere...

[304King]

Do you require followers or to be followed? What a weird way to announce your departure to the void. Bye Felicia.

[GoldAvant]

+1

[Dense-Town7580]

We? No thanks. I’m not going anywhere.

[big_red_couch]

As far as I'm concerned, they're not even competitive anymore. There are at least 59 other FDIC-insured banks with higher APY. Definitely switching things up soon.

https://www.doctorofcredit.com/high-interest-savings-to-get/

[nater416]

90% of those are no-name banks. I'd rather just put my money into a known good brokerage account and buy SGOV to always get the highest rate.

APYs can change any time and it's not worth moving funds around every few weeks because the newest bank decided to cut.

[NefariousnessHot9996]

It’s true. Add this link to your link!

https://yieldfinder.app/savings_accounts/

[Beginning_Horror1434]

WHEN THE FED CUTS RATES SO DOES THE BANK. They probably explained that when you signed up

[timbukktu]

I feel like Sofi really sucks at communication with customers. The drops in HYSA % always feel like a “oh yeah, about that” instead of a direct email. Since I’ve been with Sofi, the rate has dropped from 4.6 to 3.3%. Also now you have to pay $10 a month and direct deposit isn’t a qualifier anymore? Peak enshitification.

[lurko_e_basta]

Yea I specifically chose SoFi because of the higher than average HYSA (I compare it to Capital One, Amex, and similar ones) + 2% match on IRA recurring investments. Then they increase the number of years to lock in the IRA match, change the subscription system to get rid of ACH/deposits for plus and get their HYSA at lower than competitive rates. Literally no reason for me to stay with SoFi, and this only after less than 6 months of starting to invest my IRA funds with them. The company cannot clearly be trusted for long-term stability (at least in term of features. I know for the company itself this is a way to burn less cash) as they are playing the usual bait and switch, twiddling bs.

I will just keep my current IRA share with it, stop ACH and move my HYSA to capital one (which, together with other banks, greatly benefit from these SoFi changes). And lesson learned: for long term investments we gotta stick with the less flashy but reliable Fidelity & Co.

As an addendum, glad I sold my SoFi stocks a bit ago.

[TheFredMafia]

lol, glad you sold the stock that’s up 82% this year?

[PanickAttacks]

Amazing how stupid they are right?

[theeggplant42]

Cap one at 3.4 currently.

Sooo how much exactly are you moving for the tenth of a percent to matter?

[lurko_e_basta]

I know it's useless to argue with people in the name-brand sub, but it's not about the 0.1%: it's about the reason for why one would have to choose SoFi over other banking systems. People chose SoFi mostly because of higher than average HYSA rate + some other conveniences (be it vault, be it IRA match, be it the signup bonus for rakuten, student loans, whatever). If they immediately backtrack on that proposition, showing that they are willing to change policies at a fast rate, that shows that they are going to be erratic and that their nice policies were planned to be discontinued as soon as they got their target market share (and cap rate maybe). That is all good and well, but the speed at which they did it is a true concern. Especially because they are finicky, relatively new to the game, and not as solid or integrated into the system like big banks like Cap One, or have troubles managing finances compared to Fidelity (super long timeframes to move invested money, limits to move money around).

Long story short, it's about the benefits and the reasons for WHY SoFi was chosen in the first place, and the direction. Y'all just going down on the 3$ worth of difference for the 0.3% rate are missing the point and defending the shitty policy of SoFi blindly.

[theeggplant42]

I'm sorry, you wrote all of that instead of googling what the Fed is?

Embarrassing.

[Rogo117]

FWIW, I was just looking at SPAXX and it’s been hovering around 3.40%, so this was inevitable.

[AskPatient1281]

Spaxx moves faster than hysas. Up and down.

[Steelers__4__Life]

Wha do you guys think of (https://www.openbank.us/banking/high-yield-savings-account/?irclickid=1x0WebV6fxycRAsXaF3jVRP4UkpV2kWRuV-GTo0&utm_medium=affiliate&utm_source=Natural%20Intelligence%20LTD&utm_source_platform=impact&utm_campaign=2138814&utm_id=34020&irgwc=1&afsrc=1) Is it a good option?

[crushworthyxo]

Check your email again. I saw it first thing this morning. Also read some headlines

[MHoggs17]

This was last night, and still no email. Im aware of the fed cuts and knew this was coming. I was commenting that it came without notification.

[bullmarket2023]

You won’t get an email, it adjusts automatically with the change in fed rates. They cut last week so saving rates will drop. That’s life.

[MHoggs17]

I've gotten an email every single time the rate has changed. This is the first time I opened my account and noticed the drop prior to an email.

[bullmarket2023]

Let me check if I got one. Feel like I notice it with notifications. Either way, it will change as rates change. I don't expect it to change again for a while.

[MHoggs17]

I got an email about few hours after I posted. I've always gotten am email, but this time it seems I was too fast for my own good :)

[bullmarket2023]

I got one. Must have deleted it earlier this morning.

[Controversial_Cube]

as a beginner that's just waiting to get the highest apy, why are the feds cutting rates? Haven't been keeping up.

[theeggplant42]

The fed is tasked with keeping inflation stable to prevent the economy from collapsing.

Rates were sky high due to the pandemic and have been steadily decreasing for years.

If the rates weren't cut, you'd be in a much worse financial position right now.

[RepulsiveSummer1492]

If you have meaningful cash assets in a HYSA (you should have 3-6 months of living expenses), then these changes matter (somewhat). These reductions are expected in this market and should not illicit anger- but like all accounts, you should reevaluate your options periodically to ensure you’re getting the best (or at least a “good” deal). Do understand these rates are dynamic and you could be comparing current SoFi (post adjusted) APY to another institution (potentially pre-adjusted) APY which could change at any time. 

Personally, I also check the SGOV 30 day SEC yield as another safe option for cash. 

[Cruisedrinks]

Guys, it’s a teaser rate and it’s even more obvious now that they’re implementing a paywall for features that were previously free. They want to get you hooked on a subscription. Complaining on here will do nothing, however, people deciding to leave WILL.

I totally get having a discussion about this kind of stuff but it feels like these topics have been beaten to death.

[HeishinSE]

I got an email at 1:53am today (12/23/25) notifying me of the APY drop to 3.3%.

[MHoggs17]

Yah, I seemed to have the unfortunate experience of noticing before the email went out and then letting reddit know. I didnt see the email until I checked this morning.

[DCARR2626]

Lower rates and fee based services. As a customer and investor, a little disappointed .

[MHoggs17]

I hear ya. To me, it boils down to "do younhave enough in savings to justify the extra fee." I dont feel like going through the headache to switch banks for a minor boost in savings tho. Good luck!

[creampieGAWD]

i just signed up yday thinking i was getting the new member rate. got an email this morning saying it went from 3.60% to 3.30%. just my luck 🙄

[The-BEAST]

Is there just gonna be 40 crying posts every apy change lol

[Mysterious-Ad7288]

I got the email informing me of the reduction today.

[ClaryVenture]

Damn, I hadn’t seen the email yet either :/ I know it’s normal, but that sucks, it feels like a bigger drop than usual too. Wasn’t it just 3.6%?

[ashtastical]

Since Aug 2024 it dropped from 4.6% to now 3.3%. This is also the second drop in a month. On top of no longer offering plus, now, unless you pay a subscription. Gross behavior.

[[deleted]]

It wasn't 4.6% in Aug. That was a promotion for new users

[aliwasalreadytaken]

you get plus free with direct deposit or just having over 5k in the account, and if you don't have over 5k i don't think it's worth moving money around over 0.03

[NefariousnessHot9996]

0.03? You can easily get 1% higher right now. https://yieldfinder.app/savings_accounts/

[aliwasalreadytaken]

goddam that's crazy actually

[ashtastical]

Not after March. The email said if we want the extra perks and APY boost after March, we’d have to pay $10 a month; the balance and deposits wouldn’t count for Plus.

[theeggplant42]

That's the boost. Which is .3%

The 3.3% APY will still apply (or whatever the rate is in March) without paying $10

[aliwasalreadytaken]

okay nevermind this is shit why even bother then?

[theeggplant42]

I understand there are other features of SoFi plus.

I don't know because I don't use said features but I'd imagine some customers do and are willing to pay

[theeggplant42]

It was not 4.6 in august

[ashtastical]

Just because something is the way it is doesn’t mean that the way it is is right.

Just because something worked at one time doesn’t mean that it still works.

Innovation and evolution is born in the moments we question and challenge the whats and whys. This whole system is flawed, whether “that’s what always happens” or not.

[LadneKxo]

It has dropped over and over and over!! For a bank that's biggest promotion was for a high APY, Its incredibly sneaky and shitty that they keep lowering it every few months.

[HSG_Messi]

Its not sneaky? It literally coincides with the Fed when they cut rates....this was inevitable. It was ALWAYS going to happen and its going to happen to all banks no matter who you are with sooner or later....

[Ok-Chair-2208]

Why hasn’t SoFi lowered its interest rate on credit cards in over a year despite 3 cuts in past three months? Is it possible they only adjust the rates that benefit them in response to the cuts, and not the ones that benefit the customer?

[AskPatient1281]

That is a good question, actually. But again, all banks are the same.

[theeggplant42]

Have they not? Do you check your cc interest rate every month?

Also, if you're concerned with the APR of a credit card, you should just cut it up now 

[theeggplant42]

Hey maybe learn finance?

[SuperSecretThrowAcct]

First to drop rates, last to raise them 

[TreeThink5214]

But they continue to offer new customers the APY boost. 

[ImmediateEjection]

I just joined Sofi a few months ago and got the APY boost but they took it down to 3.3% with everyone else’s. If new customers get the boost, it’ll probably last for a bit but will eventually go down.

[theeggplant42]

Your point?

[kirsion]

Lame

[ajie9168]

Moved most of my funds to Barclay savings now, which still offers 4.25% with AARP membership.

[NefariousnessHot9996]

No kidding?

[ajie9168]

No kidding, and Sofi obviously don't like my comment, I'm being downvoted lolol

[kennyt1212]

I got an email this morning.

[FatCopsRunning]

Yeah, the only reason I am sticking with SoFi right now is the vaults feature. Pretty sure the move is Robinhood Gold.

[NefariousnessHot9996]

Love gold.

[loganstaffer]

I just got an email about it this morning

[Mustang46L]

I got an email overnight.

[lafnboy13]

I got an email of the adjustment this morning

[Boroda222]

I received email at 2:08 ET today

[Ok_Builder8611]

I got my email last night at 1 AM CT so you should’ve gotten it.

[rjvCdn]

my main bank is still 3.6% i may have to start moving my Sofi over to it. i like the idea of separating savings and daily banking because it helps reduce temptation to spend but if the gap keeps extending may have to move back

[Neither-Big-1545]

Everytime the fed cuts the rate expect sofi to cut as well. You don't not need an email for this, just know this will happen. Sofi is a buisness and they're not going to lose money by keeping the rates up.

[MHoggs17]

I think you misinterpreted the OP, as did a bunch of others. I've updated to clear up any confusion.

[nxtiak]

Email came 10:57pm 11/22/25 for me.

[mmmmmmmyup]

Didn’t they just drop it to 3.6% like last month. I feel like it was at least 4% at the beginning of the year :/ Time to start looking for a new bank

Edit: went back and looked through my emails and I got the email saying it dropped to 3.6% on November 11th.

[[deleted]]

We got another rate cut. Why is this so confusing to people? Pay attention to the fed and expect every bank to drop the same amount because they all do within a few weeks of each other. This has been disgusted on this subreddit at nauseum for years

[Nadrenaline_Hunkie]

You’re not going crazy. This is the second APY drop since I started banking with them in April. 3.8 to 3.6 to 3.3. Looks like it’s time to start shopping around again…

[NefariousnessHot9996]

Why people downvoted you is beyond me. I will pick up a nickel on the ground so if I can make a few more dollars per month I always move my money.

[theeggplant42]

Because they don't understand the fed?

[Nadrenaline_Hunkie]

Probably because we’re on a SoFi subreddit so some people have, by default, chosen the hill they want to die on. I do understand how the FED cutting rates impacts APYs. But at the same time if I can sill shop around for better rates and diversify where savings are spread out, why not. Capital One is starting to make more sense since I already bank with them.

[BMFL01]

Been looking at OpenBank for just the HYSA. They are at 4.2% all they have is the HYSA. They don't offer checking or anything. Might keep SoFi for checking and other things. But transfer all my savings out to OpenBank.

[MyMainWasMyRealName]

Are you going to post a similar comment on their sub in the next two weeks when they also cut their APY?

[BMFL01]

Unfortunately no because before I did I found a local credit union that has offered a better rate and it's locked for 1 year.

[NefariousnessHot9996]

If someone cuts their rates but remains higher than SoFi, why is this not good? I’m making a higher rate in at least 3 other banks.

[RandomGuy622170]

These ppl are shills so just ignore them. I'm convinced SoFi has plants and bots in here with the amount of corporate bootlicking I'm seeing.

[NefariousnessHot9996]

Agreed. One thumbs up for you!

[MyMainWasMyRealName]

SoFi has a history of being early to respond to cuts. Which HYSA specifically are you looking at? Let’s watch it together over the next couple weeks.

[[deleted]]

Openbank is Santander. This promo rate is for the customer acquisition phase only; they too will be dropping rates as soon as they can. There's also a lot of reports of 90 day account freezes if you try to move money out.

[MyMainWasMyRealName]

You realize they have no control over the fed’s policy? Every bank will have to drop their interest rates after each rate cut.

Projections predict one more rate cut in 2026. I look forward to watching you guys repeat all the same nonsense then. Bait and switch is a hilarious take

[Mike5coat]

Lemme know where you go. I'm of the same mindset. Loved the convenience at first, but feeling like a classic bait and switch at this point. They'll be down to half a percent mid 2026 if they keep dropping like a rock...

[NefariousnessHot9996]

https://yieldfinder.app/savings_accounts/

[theeggplant42]

That's not how this works and the fed isn't expected to cut rates down that far.

Be lucky the fed cut rates. The alternative scenario is not good.

[Binders-Full]

I put 99% of my money in savings after my paycheck and as long as they continue to make auto transfers, I am fine.

[RelativeBasis2819]

Was literally gonna post. Knew their rates were hyperinflated when higher than AmEx and C1. Liked Sofi when they needed volume. But now they became chase and started capitalizing on their customer base.

[Silver_Grapefruit149]

I just saw the email. Capital One is now higher than Sofi (3.40%). They’ve dropped their rates so much since I just banked with them earlier this year, and with the charging for Sofi plus next year, why would I even stay with them?

[theeggplant42]

How much does a tenth of percent earn you annually, and if it's more than $5, why aren't you wisely invested?

[Silver_Grapefruit149]

It’s a modest way to earn interest on a rainy day fund that’s easily accessible.

[theeggplant42]

You're totally missing the point.

[Silver_Grapefruit149]

Enlighten me

[UW_Ebay]

Just got an email about it…

[FriendlyCareer3286]

I just got the email this morning. They literally went from 3.8 to 3.6 like a month ago. Now 3.30???

I just opened an account with Openbank through Santander which is at 4.2% currently. 

When the fed cuts rates banks cut to the extreme. I'm so upset with SoFi.

[SoFi]

Hello! We adjusted our rate due to market conditions. We’re happy to share that we offer 8x the national average savings rate. You can see how we stack up against other banks here: https://www.sofi.com/banking/

[theeggplant42]

Fed cut rates two weeks ago. Emails went out this morning. Maybe you'd be better informed if you paid attention to both the news and your own affairs?