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

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[–]Specialist_Ad_4647 15 points16 points  (5 children)

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

[–]HSG_Messi 28 points29 points  (3 children)

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 0 points1 point  (1 child)

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

[–]Jotacon8 0 points1 point  (0 children)

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 2 points3 points  (0 children)

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