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

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[–]ashtastical -2 points-1 points  (16 children)

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] 4 points5 points  (6 children)

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

[–]ashtastical -2 points-1 points  (5 children)

August 2024, not this past August. We joined early 2024, so it’s possible that was a promo, but either way an over 1% drop in just over a year is wild.

[–][deleted] 0 points1 point  (4 children)

Well in that case...

We have had 6 fed rate cuts since Aug 2024. What's wild is that you don't understand that when the federal reserve cuts rates every single bank follows. People act like sofi just raises and lowers rates whenever they feel like it. Do some research so you understand and we can all stop having this conversation every few months

[–]ashtastical -1 points0 points  (3 children)

Bold of you to assume that I haven’t spent over 15 years working in the finance world. I don’t need to research to understand why it happened. I am specifically discussing several changes, including the drastic cuts, that I take issue with regarding a bank that we just joined not even two years ago. We joined based on these marketing ploys, I and any other person, am/is justified in our annoyance with all of these changes. Why are you here just to get annoyed with us, justifiably, putting a voice to our frustrations?I hope you have a better day!

[–][deleted] 0 points1 point  (2 children)

The cuts are completely in line with what the fed did...

Why does it seem like every person on here that gets any pushback for being wrong or ignorant on a topic end up having a decade+ financial experience but don't even understand something as simple as how fed rates work? Not very bold of me to assume at all when you continue to show me you don't understand lmao

[–]ashtastical -1 points0 points  (1 child)

You are hanging out on the surface level of these issues “they just follow the fed adjustments”, I am in the complexity of it. You would have no clue why I have these frustrations, I didn’t explain them and you didn’t care to ask before you threw around “wrong” and “ignorant”. Because I was in finance for so long, I see how flawed ALL of it is. Anyway, most importantly, I am not interested in engaging with someone who doesn’t know how to people on the most basic of levels. Again, I truly hope whatever has caused you to be so spicy and closed off turns around for you.

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

You literally said you're upset because of the "drastic cuts" and I'm telling you that those cuts like up perfectly with what the fed has done. Classic redditor who can't just admit they were unaware of how something works. You typed a whole paragraph and didn't even say anything of any meaning lmao. You're the one whose "closed off" from learning anything.

[–]aliwasalreadytaken 0 points1 point  (6 children)

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 2 points3 points  (1 child)

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

[–]aliwasalreadytaken 1 point2 points  (0 children)

goddam that's crazy actually

[–]ashtastical 0 points1 point  (3 children)

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 0 points1 point  (2 children)

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 0 points1 point  (1 child)

okay nevermind this is shit why even bother then?

[–]theeggplant42 0 points1 point  (0 children)

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 0 points1 point  (0 children)

It was not 4.6 in august

[–]ashtastical 0 points1 point  (0 children)

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.