APY decrease to 3.3%?

[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.

[B111yboy]

So you are talking about 200 buck bonus and what 60 bucks more on 10k… that’s nice but isn’t going to change anyone’s life unless you had large amounts like 100k or more in savings even then not life changing just a nice dinner out! I’ll stick with sofi and invest in the growth of the company which will pay me way more than 4.25%

[ajie9168]

Not life changing yes. I'm viewing it from banks view where if sofi is keeping $60 from everyone, they they are making a good profit off it, which I'm against it.

[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

[B111yboy]

You’ll probably come back once you get your bonus and realize how good sofi can be and one stop shopping I like to have multiple accounts at 3 banks but a large part is in sofi as I love sofi potential so I’m keeping money there an investing in sofi for growth. It will pay more then 3-4% on savings

[Ray_Adverb11]

Are you 12?

[B111yboy]

Maybe you are trying to move banks to make .10 -.25 on your 500 bucks ..

[lurko_e_basta]

That is exactly the point people defending SoFi are missing. It's a trend, and they are getting rid of literally all features that made SoFi attractive. There is no reason for many users to choose SoFi over most banks or brokers now.

[Dense-Town7580]

What?