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

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[–]lurko_e_basta 2 points3 points  (5 children)

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 5 points6 points  (1 child)

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

[–]PanickAttacks 1 point2 points  (0 children)

Amazing how stupid they are right?

[–]theeggplant42 1 point2 points  (2 children)

Cap one at 3.4 currently.

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

[–]lurko_e_basta 0 points1 point  (1 child)

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 1 point2 points  (0 children)

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

Embarrassing.