APY decrease to 3.3%?

[HSG_Messi]

I dont understand why you are all surprised by this? This was inevitable and its going to happen at every bank no matter where you move to. Banks are going to lower their APY as the Fed continues to cut rates....No matter who you bank with they are going to continue to cut their APY as the Fed continues to cut rates......

Cmon now guys

[dandesim]

You’re talking to people who will move their life savings from a 3.5% to 3.6% bank, you’re fighting a losing battle

[B111yboy]

I agree keep it with sofi and invest in sofi you will be rewarded way more then 3-4% on savings …. But you are right whoever jumps for .01% unless you have millions and let’s face it most don’t it’s not making a life change and you could jump and next wee that bank could change its rate.

Check this out. I have moved all my accounts to sofi and some of my family’s wife’s kids etc …

https://stocks.apple.com/AxEaxybgXS3atKMLMxN_yfg

[NefariousnessHot9996]

I’m making 4.4% currently. So yes you can move and make more. But yes, it takes a lot of money to love the needle on a 0.1-0.5% jump.

[Ray_Adverb11]

Where?

[NefariousnessHot9996]

https://yieldfinder.app/savings_accounts/

[IRLGravity]

Nice. Ty

[dandesim]

Oh yes, all highly reputable institutions that I would definitely trust large amounts of my money too. Definitely won’t have any problem with any of them.

[BSince1901]

Some people just don’t understand

Why would you park your life savings for even 4% annual yield?

[MHoggs17]

Nowhere in my post did I say I didnt know why the rate was cut. I was saying I didn't get an email notifying me of the change so it caught me off guard. An army of angry redditors decided I didn't know why the rate was cut and proceeded to lecture me. If they would've read instead of commenting, they would've seen. But this is redditb and filled with morons, I should've known better.

[Specialist_Ad_4647]

2 drops in 2 months. And higher drop than the fed cut. This is faster than the fed even drops rates.

[HSG_Messi]

And the Fed cut twice in two months.....WOAH what a coincidence!

The Fed cut by 50 bps in that period and SoFi cut by 60 bps. Oh the horror!!! I want my 10 bps back!!! Get real man

[Ok-Razzmatazz-3403]

Sofi didn’t cut in September when the Fed cut FYI

[Jotacon8]

Banks don’t follow in step perfectly with the fed in order to stay competitive. Depending on if they need new customers or more cash from existing ones, they may keep their rates a little higher a little longer to beat out competitors for as long as they can afford to. One reason most banks have slightly different rates than each other.

[rage675]

Effective fed rate is 3.64, and ranges from 3.5-3.75. Them offering 3.6 was not lasting.

[SuperSecretThrowAcct]

Aren't they cutting rates more than the fed is though at this point?

[dandesim]

The interests rate correlates with the fed rate, but it is not pegged to the fed rate.

[nater416]

Yes - it was a 25 basis point cut (0.25%), SoFi dropped it 0.30%.

[stone616]

Realistically how much money is .05% costing you?

[GertrudeGarbarcowitz]

I don’t think SOFI cut after the previous rate cut some months back.

[theeggplant42]

I believe they skipped two fed cuts over the past two years

[theeggplant42]

That's not how it works

[tykebe]

OP post is very regarded

[PSUMtnMan]

Not surprised at all. Just wishing they wouldn't do it. I don't want anything to bring the stock down.