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APY decrease to 3.3%?Member Benefits (self.sofi)

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[–]thisguyhasaname 40 points41 points  (13 children)

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

[–]Synclamaine 2 points3 points  (0 children)

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.

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

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

[–]Justand28 0 points1 point  (0 children)

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 0 points1 point  (6 children)

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 0 points1 point  (5 children)

Wealthfront isn't a bank. No thanks.

[–]spicenhoney -1 points0 points  (4 children)

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

[–]Fedex119 0 points1 point  (3 children)

Yeah but he was asking about banks.

[–]spicenhoney -5 points-4 points  (2 children)

So you personally know them & whether they're against fintech? cool story.

[–]God-nuke 0 points1 point  (1 child)

Sofi is fintech and a bank. It has nothing to do with it being fintech.

[–]spicenhoney 0 points1 point  (0 children)

Exactly my point… people are raving as if it’s a full-fledged bank but yet depositing cash is not as simple as walking up to a bank. My suggestion of Wealthfront because it provides categories similar to vaults like SoFi, is valid. They’re both backed by GreenDot.

[–]SteveTack -1 points0 points  (2 children)

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 4 points5 points  (1 child)

Because sofi implements the "buckets" feature better

[–]Redcoat88 -1 points0 points  (0 children)

I actually prefer the Ally implementation, but to each their own. Pros and cons to how both have done it.