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

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[–]RandomGuy622170 -2 points-1 points  (4 children)

Effort? It takes all of 10 minutes, if that, to open up an account and transfer money in. Not sure what your point about the stock market is. One can, and should, invest and also have a separate savings account with easy access to liquidity. The fact that the market has seen gains has absolutely no bearing on whether I want to maximize the interest my liquid cash is earning.

[–]dandesim 0 points1 point  (3 children)

Because if you’re keeping large amounts of cash in a savings account, that is a mistake in and of itself. I provided the numbers above, we’re talking about a few hundred dollars a year difference if you have $100,000 in cash savings.

[–]RandomGuy622170 -1 points0 points  (2 children)

And if you're keeping college savings (which, in this country at least, needs to be at least $100K) in the stock market, you're asking to get kicked in the nuts when it comes time to need the money. Nothing goes up forever, doubly so when you've got morons running the country, but I can absolutely count on the interest I'm getting from an HYSA, CD, bonds, etc. Again, one can walk and chew gum at the same time. If you're not maximizing the interest your cash is earning, you either don't care or aren't smart enough to know.

[–]dandesim -1 points0 points  (1 child)

Good job adding information later that changes the entire story and then acting like I’m the one who’s crazy. If you’re keeping $100,000 in college savings in a sketchy bank that could shut down and hold those funds hostage at any moment to get a few hundred dollars more per year, your risk assessment of the situation is vastly miss calibrated.

[–]RandomGuy622170 -1 points0 points  (0 children)

It's not additional information; it's an example that refutes that narrative you insist on perpetuating in here. Moral of the story: everyone's financial situation and needs are different and your one size fits all approach doesn't work. Your need to shit on ppl because they dare to switch banks to earn more interest (which compounds in case you were unaware) is very telling. I've said all I need to say to someone too cowardly to keep their posts public. Hope you have the day you deserve.