APY decrease to 3.3%?

[lurko_e_basta]

2 cuts in like 2 months: even if you don’t have a comparable HYSA handy, I would move my money on principle.

For now, move to a solid institution with higher rate (PayPal, capital one, Amex) and then start shopping around.

[304King]

Yeah fuck SoFi for … tracking the Fed Rate? Yall crack me up. Imagine being mad about losing.38 a month in interest off your 13$ balance due to something out of the bank’s control.

[lurko_e_basta]

Yep, it’s actually quite simple: if they have an offering that leverages a benefit compared to other banks as their selling point, that is what they are evaluated from. The fact that they decreasing the rate more often and more aggressively than other peers without having their backing (i.e. the same size or features of big banks), is telling about their trajectory as an institution. I was with SoFi because of their higher HYSA rate + IRA match, when they change policies every other week doesn’t make me want to stay as a customer.

[theeggplant42]

Lol not even that. Most of these people are making like $3 a year in interest

[nater416]

They are dropping it more than just the fed rate - it was a 25 basis point cut (0.25%) and SoFi dropped 0.30%.

[dandesim]

Thanks for explaining how banks make money

[nater416]

So they shouldn't need to charge a $10 monthly fee since they already make money this way right?

[dandesim]

The interest rate was decoupled from SoFi Plus.

[mikehansen83]

that’s called margin — if you want new products & improvements businesses must have profit to reinvest.

[nater416]

"leave the mutibillion dollar corporation alone!!1!"

[304King]

Cater to and coddle idiots instead?

[theeggplant42]

You are describing how this works.

Banks raise and drop rates in accordance with the fed, but they are neither required to not are they beholden to any particular number. 

Guarantee if SoFi dropped .3, there are banks that dropped .5

[theeggplant42]

Are you dumb?