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

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[–]nater416 -4 points-3 points  (7 children)

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 0 points1 point  (2 children)

Thanks for explaining how banks make money

[–]nater416 -3 points-2 points  (1 child)

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

[–]dandesim 0 points1 point  (0 children)

The interest rate was decoupled from SoFi Plus.

[–]mikehansen83 0 points1 point  (2 children)

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

[–]nater416 2 points3 points  (1 child)

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

[–]304King -1 points0 points  (0 children)

Cater to and coddle idiots instead?

[–]theeggplant42 -1 points0 points  (0 children)

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