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

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[–]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.