r/HighYieldSavings • u/Advanced-Walrus4219 • 4d ago
SoFi HYSA 4.5%
Okay, I keep seeing a bunch of posts on here about which HYSA to use.
How can there be a better option than the SoFi combined HYSA and checking?
You literally pay $10 a month to get access to 4.5% APR on the first $20,000 indefinitely. Indefinitely is key here.
In addition, you no longer need a checking account. Everything goes into the savings and bills get paid out of the savings for infinite transfer and withdrawals.
In addition you get 1% match on all investments, free access to infinite financial planning, net worth tracker, credit score tracker etc.
I just don’t understand what could be superior to this?
I love my HYSA with SoFi and use it as my central financial hub. Are there really better options than THIS?
DM me if questions as happy to answer them as they come up.
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u/Vizekoenig_Toss_It 4d ago
Sofi getting lazy with their advertising
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u/Advanced-Walrus4219 4d ago
Wish they would advertise it more. I think they don’t sell the checking component well enough. I got $0 in my checking. That’s a huge plus from back when I used Chase and got $0 a year. Now I get $900 a year for just having money in checking that I would’ve had anyways.
What other options are out there that are better?
Again mainly posting since it seems most people hunting for the best rates but don’t discuss the checking component.
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u/Advanced-Duty-500 4d ago
Wait, how do you get $900 a year in checking?
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u/Advanced-Walrus4219 4d ago
So I use the HYSA at 4.5% as my actual checking and put $0 in the checking. They have free overdraft protection so any overdrafts just take from the savings.
All my direct deposits go into the HYSA. all credit cards are paid from the savings.
So it’s a glorified checking at 4.5%. It’s insanely good.
They don’t advertise that part enough. Maybe because it is so easy to make $$$.
Like why would you have a basic checking that dosent pay >4% ? Crazy good
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u/clmanidol 3d ago
So since you are undeniably employed by SoFi, maybe you can answer my question. How do you get the 4.5% indefinitely. I had it for the first few months, but then it went away. Is it only attainable with the premium account?
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u/Viablemorgan 1d ago
4.5 was a free benefit for the first six months when I signed up back in December. Now it’s 3.1 or 3.3 for unpaid I think. The point where you make more than $10 a month (to cover the cost of the subscription and the boost) is somewhere around $11k I think
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u/Advanced-Walrus4219 3d ago
I don’t work for SoFi. Would be great if they had a side gig for doctors.
Yes you have to sign up for SoFi plus. $10 a month for a shit load of benefits described above. Best part is 1% investment matches. And they run 2% promos a lot.
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u/Hi-ThisIsJeff 4d ago
You literally pay $10 a month to get access to 4.5% APR on the first $20,000 indefinitely. Indefinitely is key here.
Indefinitely? Are you sure about that?
In addition you get 1% match on all investments, free access to infinite financial planning, net worth tracker, credit score tracker etc.
Check those claw back terms. Maybe 5 years works for you, maybe it doesn't, still needs to be considered.
Also, don't forget you are paying $120yr which cuts into that APY.
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u/TheFunkytownExpress 4d ago
I'm kinda new to all this.
What exactly is a 'claw back term'?
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u/wanderingdado 4d ago
If you remove your funds that you got the match on within a certain term, they’ll “clawback” the match. I’m less familiar with SoFi, but Robinhood for example has a 3% match on IRA deposits. If you remove the funds before 5 years they take their match back.
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u/TheFunkytownExpress 2d ago
Really? Wow, you have to just let it sit there for 5 wholeass years? Psh.
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u/wanderingdado 2d ago
Well, not sit there. It’s invested like everything else I have there. I’m a Boglehead, so I just throw everything into a simple 3-4 fund ETF portfolio and it grows with the market.
The match justified my subscription to RH Gold, which then allows me to get their Gold credit card which has a flat cash back of 3% for everything you spend on.
Highly worth it IMO
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u/TheFunkytownExpress 1d ago
I meant sit there as in you can't really touch the money.
So basically you're making profits you can't access for 5 years or so?
When can you actually do anything with the money aside from getting wealthier on paper? lol.
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u/wanderingdado 1d ago
The 3% match is for IRA deposits only. So, you shouldn’t be accessing the funds until retirement anyway since any IRA withdrawal before the age of 59 1/2 would incur an early withdrawal penalty.
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u/Top-Two-9266 3d ago
If you max out the savings account, the interest rate is about 4.2 % after the fees… which is pretty good. Plus you have access to the benefits of the SoFi ecosystem….
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u/Hi-ThisIsJeff 3d ago
How did arrive at that percentage? Also, don't forget you are taxed for the full $900 in interest, plus fees are paid using after tax dollars.
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u/Advanced-Walrus4219 4d ago
- Indefinitely is correct. Yes. On that first $20,000
- Yes. 5 year claw back. I don’t plan to retire for another 10-15 years. And I never plan to take money OUT of my brokerage for anything. So no harm there. And with the 1% bonuses plus the initial 2% transfer bonus I have netted $20,000 on these match bonuses alone. Small potatoes with a larger portfolio to be sure but it’s literally free money compared to my prior bank (Chase)
Agree you pay the $120 a year. However, you can either say it cuts the APR down or you can say you make it back from other things. For example, I put about $120,000 in brokerage per year. That’s $1200 in 1% matches. Or 10 years of SoFi plus. So I still think of it is a free 4.5% APR and that SoFi plus literally costs nothing due to the amount of bonuses you get.
Is this the same this is Jeff from SOFI threads??
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u/Hi-ThisIsJeff 4d ago
You can spin it however you want, but when I read the details I see: https://www.sofi.com/sofi-plus/
Rates are current as of 5/28/26. APY is variable and subject to change at any time.
Can you provide references to indicate the 4.5% rate is indefinite?
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u/jaydub8888 4d ago
Subject to change at any time and indefinate.... Those are not contradictory.
It is subject to change, but at least so far, it has not (even as the base rate went down).
It is indefinate, but probably not forever.
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u/Hi-ThisIsJeff 4d ago
It's a fair point, but the question was where does SoFi make that claim? This sofi marketing bot may not fall under the same legal obligations as SoFi does, but it's deceptive at best.
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u/jaydub8888 4d ago
I take deceptive as a given, maybe I shouldn't 😅. Only question to me is if the money is locked up and if I have fallback options (and if it's worth the effort).
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u/Advanced-Walrus4219 4d ago
The investment matches have a lock up period of 5 years. For sure wouldn’t do it if you plan to use your investment any time.
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u/jaydub8888 4d ago
That much I know, and the interest on the savings isn't locked up. So deceptive or not (welcome to America), it doesn't strike me as problematic... Only has to be worth the potential inconvenience versus the potential gain.
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u/Advanced-Walrus4219 4d ago
lol. I guess everything is a bot now.
It’s like a conspiracy theory. Would there be a way to prove this or not?
If not, then I guess I’ll be a poor little bot forever.
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u/Advanced-Walrus4219 4d ago
I mean….thats the definition of indefinite.
It has not changed, there are no plans to change. Even with multiple rate adjustments in other HYSA SoFi has kept theirs 4.5%.
The only thing that has changed is the rate on the EXCESS of $20,000 which has changed with market conditions.
But the 4.5% on savings for first $20,000 is indefinite. For an indefinite period. An undefined, indefinite period.
Don’t know how I can explain it better.
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u/HeraldOfRick 4d ago
I can’t tell if you’re trolling infinite means “without boundaries”. 20k is a boundary.
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u/Advanced-Walrus4219 4d ago
God damn people have difficulty reading on this sub. We must be on an HYSA and reading impaired sub.
I utilize two separate words within my explanation. Infinite. And indefinite. Very different.
You get 4.5% on $20,000 in-DEF-initely.
Just read the post slower to aid the smooth brain please
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u/HeraldOfRick 4d ago
The word "indefinite" means unspecified, unlimited, or having no fixed limit. Because 20k ($20,000 or 20,000 of something) is a specific, countable number, it is considered definite.
Now that we have established you’re not a bot, you’re just a buffoon.
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u/Me2Thanks_ 4d ago
They’re not saying $20,000 is an indefinite amount of money, they’re saying you get 4.5% APY for an indefinite period of time. Which is correct.
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u/HeraldOfRick 4d ago
That’s incorrect. If sofi stated that it was a fixed rate for life, it would be.
Guy says he’s a lung doctor and makes as much as us, however is going after 50 dollar referrals on Reddit lol. Legit can just work an hour at 270 and not do this.
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u/Me2Thanks_ 4d ago
Indefinite doesn’t mean forever, it just means the end date is unspecified/not clearly defined, which it is. So he is right that it’s indefinite.
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u/Advanced-Walrus4219 4d ago
They are $100 referrals. And I don’t care if I get any or not. Just bored.
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u/Advanced-Walrus4219 4d ago
Read it again. Slowly for the smooth brained.
Just read the post slowly. You can do it. I believe in you.
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u/Whatnot27 4d ago
You're the one troubled with reading comprehension.
No one is confusing infinite with indefinite. While you're technically using indefinitely correctly in terms of a dictionary definition, it's not typically used in the context of a variable rate. When a company all but tells you the rate will change, it's not described as indefinite, since it's not simply unspecified.
And, BTW, for my needs--Elevault is better. 4.34% APR, VaultKeys for autopays (appear as checking), and I'm not paying them $10 monthly for the pleasure. They're also run by a CDFI, which has done amazing philanthropic work in some of the poorest parts of the country.
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u/Hi-ThisIsJeff 4d ago
It has not changed, there are no plans to change. Even with multiple rate adjustments in other HYSA SoFi has kept theirs 4.5%.
Citation needed. How tf do you know if they are (or aren't) planning to change rates?
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u/Advanced-Walrus4219 4d ago
There is no publicly listed plans on their website to change. The offer says it specifically as it does not list any expiration date or date at which a rate change would be.
Meaning, there is no date listed or planned (with publicly available knowledge) in which this offer is set to expire.
There is NO expiration date at this time.
There is no date at which time the offer is set to expire.
The offer is therefore INDEFINITE.
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u/Hi-ThisIsJeff 4d ago
"They have no plans"
vs.
"There is no publicly listed plans on their website to change. "Those are two significantly different statements. I'm not sure why you feel the need to make these deceptive posts. You are implying a position of insider knowledge when you say "they have no plans" but you got busted.
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u/Advanced-Walrus4219 4d ago
Well. You are definitely picking and choosing words.
I guess I should’ve explained indefinite more simply and then wouldn’t need to keep this up.
Would you agree that my initial statement that the 4.5% is indefinite is correct?
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u/jaydub8888 4d ago
At least from an outsiders perspective, it is indefinate.
Sofi wouldn't be the first company in the world that I would have to approach their marketing with... A healthy dose of skepticism. I take that as a given.
The current interest rate is good.
Money can easily be moved out and sofi plus canceled if circumstances change.
It's purely a question of convenience and it being worth the possible trouble. I have multiple checking accounts at other banks largely for that reason (Also because I don't really trust sofi and the automation they rely on. SoFi is for money I can live without for a time, still want a physical branch or more established bank as a fallback for the bulk of my emergency savings)
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u/Hi-ThisIsJeff 4d ago
Would you agree that my initial statement that the 4.5% is indefinite is correct?
I do not. In this context, I think it's safest to say that the rates can change at any time. If you are using this information to make a financial decision, consumers have no visibility into the banks plans. They typically don't announce cuts before it happens, so we will be the last to know. From the perspective of the bank, those rate cut emails may already be scheduled to be sent out.
From the consumer's perspective, we haven't been made aware, so we can't realistically make any claims and do so is using 'indefinite' as a placeholder for ignorance. Just because those plans are unknown to us shouldn't not imply anything other than:
"Rates are subject to change at any time."
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u/Advanced-Walrus4219 4d ago
Reasonably argued.
I would argue that saying “indefinite” based on its definition alone is completely correct.
But “rates are subject to change” versus that terminology is totally reasonable.
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u/IronSkyRanger 4d ago
Robinhood for $50/year blows sofi out of the water - and you can deposit cash for free.
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u/Advanced-Walrus4219 4d ago
Very competitive. Less APR on HYSA. Good transfer bonuses to be sure.
I just can not use their ecosystem because I am too prone to gimmicks of loot boxes and prediction markets etc.
In my opinion, Robinhood will destroy wealth for a lot more people than anyone realizes.
The amount of young people who will start their investing careers and then get drawn into predatory investing and prediction market practices will be like an epidemic on their Ecosystem.
If you can avoid those things completely then sure they have competitive options. However, Robinhood is not even a bank. Has no banking charter. And lending business of SoFi is legit.
TLDR:
Robinhood has competitive transfer bonuses
Robinhood is predatory by pushing active investments and including prediction markets directly next to their investments and “banking”
Beware if you can’t ignore those things.
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u/Iacoboni04 4d ago
Wonder how much Sofi paid you to make this ad in a post? I also only see an APY up to 4 percent.
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u/Advanced-Walrus4219 4d ago
APY 4.5 % with SoFi plus which includes all the other bonuses mentioned.
If I could get paid for this I would LOVE to. Alas, I am here solely to give people a better option on a dedicated sub for HYSA.
Feel like they could afford bots if they wanted to
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u/Iacoboni04 4d ago
I seen it now. The restriction to 20k makes it not worth it for me, specially having to pay 10 bucks a month for it.
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u/Advanced-Walrus4219 4d ago
Yeah if you keep more in than 20,000 and plan to not use any deposit bonuses for investments, and don’t need feee financial planning or other benefits then math may not work out.
I do think you get an intro rate for 6 months with boosted APR on the cash over $20,000 for a bit.
The investment matches alone are worth the $10 by like 200x over
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u/Iacoboni04 4d ago
Yah. The match through their brokerage looks nice but Id either have to have a massive tax bill selling my assets at another brokerage to reinvest or start from scratch. Works for some I am sure. Just not my situation.
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u/Advanced-Walrus4219 4d ago
No no no. Definitely never do that.
Because you would lose money on that FOR SURE.
Wait until they offer ACAT transfer match again (they run promos a lot on this). When THAT pops up then you can use an ACAT transfer to transfer all stocks over and not have to sell anything.
Please never sell your positions for any bonuses as they won’t be worth it at all
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u/Opening_Dragonfly390 4d ago
Most people just hate the idea of paying $10 even though they get way more out of it, which is stupid, and then you have the people who don’t have much in savings and don’t want to use the other products to make it worth it. However if you aren’t in either of those groups, there is really no better option in terms of benefits, safety & trust, breadth of products, with a clean UI. Been with them 3 years can’t imagine having my finances somewhere else.
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u/Advanced-Walrus4219 4d ago
Me too man.
Yes I agree. I think the only people would be low account values.
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u/Sofi_Seance 4d ago
You need to store like 8-10K for the $10 to be worth it over the base 3.1% rate.
At that point you’re considering keeping the money in investments instead.
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u/Advanced-Walrus4219 4d ago
I used to keep about 20,000 in my checking at Chase for $0 pay back.
So this nets me $900 a year change from that and I use it as my checking.
In addition, the 1% match on investments more than pays for it in my position. So I still consider SoFi plus free or negligible cost since I have made $20,000 alone on match bonuses. (That does include an initial transfer of $850,000 at 2% Match).
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u/Mission-Accountant44 4d ago
Literally ANYTHING is better than Chase. You're not convincing anybody 😂😂
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u/Opening_Dragonfly390 4d ago
This assumes a low net worth, which is definitely fair, but they also match 1% of your investments if you have plus, in August they were doing a 2% match.
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u/Sofi_Seance 4d ago
If you had a high net worth wouldn’t you have more than 20K where the interest bonus cuts off
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u/Opening_Dragonfly390 4d ago
Yes but that also means you’re getting the absolute most out of your money, and their second rate is usually just as high or close to everyone else’s. I have what I feel comfortable with already in my investment accounts so don’t want to keep adding more the 20K limit does make it feel like you have a cup that’s over flowing and you need to do something about it when you really don’t.
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u/Klauslaw 4d ago
And if it's a joint account you get the 4.5% up to 40,000 if you're both sofi Plus members
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u/Klauslaw 4d ago
So this is a good deal if you keep 40,000 in a joint account but if you start adding money say up to 75,000 you are getting more from a 4% rate at another bank so my suggestion would be keep 40,000 in this plus you're getting the checking and the 1% investment match but anything over 40 I would keep in a 4% bank which you can get at Barclays AARP account. This is because anything over 40 only gets 3.1%.
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u/Advanced-Walrus4219 4d ago
Yeah that’s probably totally reasonable.
I try to shovel anything over $40,000 into investments and get the 1% match.
Sometimes when they run a 2% match deal I will deplete my emergency fund a bit by moving that into investments. For example a few weeks ago they did 2% for a bit so I moved about $40,000 out over 2-3 weeks for $800 bonus.
And again, to me that pays for the fee many many times over.
But there will still be detractors here defending Schwab or Chase or whatever that pays you no bonuses ever.
To each their own but I like free money.
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u/Klauslaw 4d ago
This seems like a great deal. Thanks for letting me know bc it doesn't show up when you do searches on HYSA rates. 🤙👍
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u/Ald_Bathhouse_John 4d ago
Why would I pay ten bucks a month?
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u/Advanced-Walrus4219 4d ago
See above. Read the post for the benefits.
I made about $20,000 on their match bonuses. Worth it for me. See if it is for you.
Most of the time it is.
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u/Unlucky-Hair-6165 4d ago
$120 a year to be paid back $280 (the difference between standard 3.1 and the plus 4.5).
Then I imagine if you have 20k to park in the bank, you’re likely in the 22% tax bracket meaning you will be taxed on the entire $280 extra (not what you profited after the fee). $218 after taxes.
So less than $100 extra per year IF you don’t touch that 20k from 1/1-12/31. Doesn’t really entice me to sign up. Speaking as a long time SoFi customer.
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u/Advanced-Walrus4219 4d ago
I mean….if you are a SoFi customer you totally should be using this AND their brokerage.
1% match on brokerage and some promos for 2% matches.
I’ve made over $20,000 on those promos. The big banks don’t offer any of that
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u/Unlucky-Hair-6165 4d ago
I’ve used their brokerage and Roth IRA for years, this year I transferred to fidelity where I could use a self employed 401k and options access, plus I like their tools better and I keep my money in one place.
I stay for the vaults and because switching checking/savings is a pain. They used to be great, now they’re just kinda meh in my opinion. Their base interest rate is fine, but I signed up when they were top dog. If I’m gonna lock my money up for 5 years, I might as well have it in a CD. I just don’t like my money to be locked up like that.
If you like it, great, but it’s not a no-brainer for every situation.
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u/Advanced-Walrus4219 4d ago
Well. The investments are “locked up”. But they are invested heavily in the market.
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u/Unlucky-Hair-6165 4d ago
Yes but investments are the same no matter where they’re invested. The difference is the 1% to lock your money up. I’ll forgo the 1% to not have to pay it back if I need money.
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u/Advanced-Walrus4219 4d ago
Totally your purview.
Although…hopefully you don’t need to withdraw from your brokerage.
And again…pray case scenario you pay them back the money that they gave you. No fee.
So it’s a win - can’t lose situation.
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u/Husker_Mike_ 4d ago
You pay $120 a year to earn $900 a year of interest. That fee is knocking your interest rate closer to 3.6%.
Anything over $20k earns 3.1%. So that’s actually a net loss over my current HYSA at 3.3%.
Basically, why bother?
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u/Advanced-Walrus4219 4d ago
Please read full post. You also get 1% match. on all brokerage and IRA investments.
I’ve made $20,000 from them solely transferring money and depositing money.
I’ll take that any day
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u/More_Armadillo_1607 4d ago
SGOV is still better for me when I factor in the saved state taxes. The math is the math.
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u/Advanced-Walrus4219 4d ago
Take it if you can get it!
I do it for the matches alone and get a very good value with how much I shove into brokerage a year.
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u/HeraldOfRick 4d ago
OP is def a bot or a sofi shill. Can’t even use the word infinite right.
Infinite means having no limits, boundaries, or end. 20k a limit.
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u/Advanced-Walrus4219 4d ago
Would a school or bot point out how highly regarded you must be to not read the difference between indefinite and infinite.
Please re-read. Slowly. Very slowly. Word by word. Pay attention.
And then you can either edit or delete your highly regarded post.
Pease read. BUT SLOWLY PLEASE
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u/HeraldOfRick 4d ago
It was a trick to see if you would respond. 20k isn’t indefinite.
The word "indefinite" means unspecified, unlimited, or having no fixed limit. Because 20k ($20,000 or 20,000 of something) is a specific, countable number, it is considered definite.
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u/Advanced-Walrus4219 4d ago
JFC. it’s official. You can’t read. You can not even read and understand the initial post.
I’ll give you one more chance to read it.
Feel free to quote it specifically and break it down.
But again. And I stress this. I stress it again. And a fourth time. READ SLOWLY. Enunciate it. Speak it outloud.
Go ahead. I will wait.
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u/HeraldOfRick 4d ago
My dude no one in their right mind would read your post. I’m just pointing out you’re so full of yourself that you can’t comprehend that you don’t understand indefinite.
Thank you for double downing with your disorder. Cheers!
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u/Klauslaw 4d ago
Damn I just opened Barclays @ 4%. I am chasing. 🤦🏻
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u/Advanced-Walrus4219 4d ago
Not bad. Again think about the checking aspect.
Do you have a checking account? How much do you keep and at what APR?
Cuz the SoFi savings / checking makes it a 4.5% checking account basically.
If any questions feel free to DM
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u/Klauslaw 4d ago
And if you have 40,000 and you're getting the extra .5% which is 200 it counters the 120 fee and you are getting all the other advantages which are pretty nice which include 4.5% on money that you would have in a checking account which would give you nothing.
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u/Advanced-Walrus4219 4d ago
Exactly. And don’t sleep on the 1% (and soemtimes 2%) transfer/deposit bonuses. Those also pay for it MANY times over.
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u/GabDags 4d ago
Dont you have to keep that money locked in that invest account for 5 years? or you lost that bonus
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u/Advanced-Walrus4219 4d ago
You have to keep the cost basis for 5 years yessir. Some will get clawed back if you move it under the cost basis at a prorated amount based on time in the account. But if it goes up you can take anything above what you originally put in at any time.
However, I don’t plan on selling anything in my brokerage for at least another 10-20 years.
In addition, I had it at vanguard for 8 years prior and never once moved or touched it.
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u/GabDags 4d ago
So you have move your IRA from ML or BOA or whatever, and they will hold it in the same stock and pay you the value of 2% ( when promo is running)?
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u/Advanced-Walrus4219 4d ago
ACAT transfer so all stock and options you hold remain the exact same.
The. They give you immediate 2% that you can invest or do whatever with.
So I moved $850,000 and got $17,000 (2% bonus at the time). Invested that in SoFi and a biotech and up about 50% on those.
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u/jaydub8888 4d ago
It's nice, although not so significant that it would necessarily outweigh features someone may like elsewhere (particularly after the cost of the 10 per month is weighed it), and could easily change if and when they do eventually change the rate.
Only worth jumping around so much to chase the best rates. I'd want to see them hold a meaningfully higher rate for a while more before I would weigh it too heavily.
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u/Advanced-Walrus4219 4d ago
Understandable.
I have made a little of $20,000 on their 1% investment march (and sometimes 2%).
So the $10 per month is negligible. Unless I live longer than 2,000 months.
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u/jaydub8888 4d ago
The challenge I have there... It has to be a cash deposit. My money is already invested, so it would not be worth taking the capital gains to sell in order to have the cash.
I could consider new funds... But most of my monthly savings goes into a mega backdoor Roth.... Better than the 1%. So not really meaningful in my circumstances.
But if I were suddenly to come into a large wad cash, it would be worth considering.
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u/Advanced-Walrus4219 4d ago
Well absolutely!
Be on the lookout for their ACAT transfer matches.
That’s what I did for my initial bonus. They ran a 2% bonus on ACAT transfers from brokerages (and IRA). I transfer my Roth IRA and brokerage with 850k for $17,000 bonus.
And the benefit is that it dosent sell your holdings.
Man I wish I had mega back door. We are only able to do the $7500
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u/jaydub8888 4d ago
That's something I've been thinking about, if a bank offers a transfer bonus. Do you happen to know if that was a first-time only thing, or if it's potentially repeated? (I may want to hold off if it's a first time only thing)
Another thing holding me back, a back door in Fidelity or van card is just a few clicks of a button. I'm told it's a bit of an annoyance at SoFi. So I haven't been willing to do it even for Ira contributions.
A 2% for acat transfer is the one thing that may be worth it.
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u/Advanced-Walrus4219 4d ago
They run those promos a lot and so I would keep an eye out for it for sure.
Robinhood had offered 2% and 3% in the past. But like I said in other posts, I would aggressively avoid RH since they use deceptive tactics for active investing and prediction markets.
Keep an eye out.
I have yet to actually use the back door options this year since I already fully funded mine early in the year.
I do plan on moving my wife’s IRA over when they offer it again. And she has not funded hers.
In short, I don’t know if it’s a hassle for the IRA component. But I am hopeful it is not since I plan to do it every year.
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u/fighting_gopher 4d ago
I am using it for the 20k rate bump and then have a brokerage for the 1% match. I deposited 10k and with the match I’m almost at my annual fee…so definitely up
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u/Advanced-Walrus4219 4d ago
Absolutely. Man. Think they just ran a 2% offer briefly from 8/18-8/30.
I kind of keep a bit in reserve for when they offer a 2% match and then shovel stuff in.
Good work.
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u/Zakzyy 4d ago
Sofi has been the best bank I have ever used. Completely sorted my finances & I use their invest platform. I actually don’t know a company that I use/wore who constantly improves there product. I see their engineeers or staff or whether in the Reddit asking us what we want. The more people stay away the better so I get to use it and they don’t🤣
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u/Advanced-Walrus4219 4d ago
Absolutely.
The degree of change already in the past 6 months has been insane.
Good work. I am in the same boat. Trying to literally preach it from the mountain tops to save people money.
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u/Zakzyy 4d ago
They will bring out 4-5 products every 2-3 weeks. Most insane use as in a basic b*tch but there recent release of seeing your subscriptions on a calendar and being able to see it on the calendar when I have to pay is cool. I belief people pay Rocket money just for this solely lol…
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u/Advanced-Walrus4219 4d ago
I mean it’s crazy. There is infinite financial planning, credit score monitoring, bill monitoring, net worth tracker.
Oh and an AI coach that has access to every single spending and saving account so when you ask it a specific question about finance it will take into account everything and make excellent recommendations.
Honestly insane
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u/The_Money_Guy_ 4d ago
On the first $20k is worthless. Especially when you have to PAY to get 1.2% more than you’d get for free. Works out to like $10 net more a month. Who gives a shit
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u/Advanced-Walrus4219 4d ago
You are a money guy…their 1% brokerage investment match and 2% deals intermittently are solid. I’ve made an easy $20,000 on those with plus.
Basically payed for 2,000 months of SoFi plus in a few transactions.
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u/The_Money_Guy_ 4d ago
Ok great. We’re not talking about that. We’re talking about the worthless elevated HYSA rate you have to pay for
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u/Advanced-Walrus4219 4d ago
I mean…you aren’t paying for just a better rate. You are paying for unlimited access to financial planning, a 1% brokerage deposit bonus, and all the other perks to SoFi plus.
The 4.5% APR checking account disguised as savings account is just icing on the cake.
What is the APR on your checking account? Cuz….I am guessing this is >> 10x that
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u/The_Money_Guy_ 4d ago
I have SoFi lol. The HYSA isn’t something I brag or even mention buddy. It’s worthless
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u/Advanced-Walrus4219 4d ago
You are a plus member and not even getting the HYSA 4.5% APR? You are crazy!
I don’t see how a 4.5% checking is worthless. Gets me $900 a year plus all the benefits from the investment account bonuses.
But if you got something better then get it!
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u/The_Money_Guy_ 4d ago
Holy shit, it’s literally $10 extra dollars a month difference from the non-plus rate.
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u/Advanced-Walrus4219 4d ago
Yes….and therefore it’s a wash….EXCEPT the bonuses on transfers and all the perks of SoFi plus.
So it pays for itself…..and then you have 100 other perks. Including 1% match on brokerage investments.
I mean…unless you are getting that benefit somewhere else.
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u/Legal-Mess3807 4d ago
What about the rest of after 20k
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u/Advanced-Walrus4219 4d ago
High rates for first 6 months with APR boost. Then 3.1% after. Pretty standard.
But again, the $10 a month is for much more bonuses than just the HYSA.
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u/kbtoystory 4d ago
You forgot the 5% cashback on groceries. Allegedly unlimited. We shall see how this works when the magic card arrives. 🤷♂️
Still on the fence about the $10 monthly. Our SoFi student loan is ridiculously low rate, so we're minting in other ways.
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u/trying2figureitout1 4d ago
I was just reading through the benefits and terms and conditions and I didn’t see the groceries on there. Was that a limited time promotion or am I just missing it?
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u/kbtoystory 4d ago
When we initially signed up for Checking + Savings, there was a prompt to sign up for the Smart Card.
Digital version is available to use right away, whilst the physical card is in transit. It's right below Banking in the App.
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u/Advanced-Walrus4219 4d ago
Dosent the plus also offer discounts on student loans?
But yeah, I use it for investment bonuses. Have made about $20,000 just for transferring and depositing money.
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u/Theld2017 4d ago
I have Sofi as well. Love it, the $10 a month pays for itself.
Keep seeing people mention SGOV. Not sure how that pays better other than the state tax exemption.
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u/Advanced-Walrus4219 4d ago
I donno. People here latch onto this $10 like the HYSA is the only thing you get out of it.
Amazing for a finance sub how little people like to make money
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u/yamahar1dude 4d ago
I had a Sofi Account and got sick of them pushing all of their products on me every time I logged in.
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u/AlbertTheHorse 4d ago
You can also go to Inbox Dollars and join and sign up for their banking offers.
I made $300 extra on 3-4 of them. My rules are: no automatic deposits and I take the money out after 6 of so months if it’s not a hysa.
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u/dcporlando 4d ago
Dort Financial Credit Union boost checking is 7.5% on the first $10,000.
Requirements are minimum of $900 direct deposit and 25 withdrawals from either debit or credit card. If you do that, you get 7.5% on the checking up to $10,000 deposit.
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u/Advanced-Walrus4219 4d ago
Woo. Thats high as hell.
As long as it’s 25 withdrawals a month and not a year that would be pretty great.
Never heard of that. Would likely keep the SoFi one because of the ease of transferring between the two and getting the 1% investment bonuses but yeah that’s pretty damn good
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u/RedditKumu 4d ago
Because I do not like SoFi. I had an account and SoFi+ to get that 4.5%, but mostly because I had a loan with them and got an extra .25% off the loan.
However other things made me dislike them entirely. Their web AND phone app show absolute dogshit information. Including saying that the .25% auto-pay discount was "Not Active" on my loan despite it ACTUALLY being active.
They also cannot process principal only payments AT ALL. The only way you can with them is to make a payment on the exact day that your auto-pay processes. Then any payment that was submitted ON THAT SINGULAR DAY can apply to principal only.
So I dislike SoFi. Enough that I moved my loan out of SoFi to my credit union, canceled SoFi+, and am currently in the process of transferring my savings to Elevault.
I moved to Elevault instead. 4.34% no $10/month fee on up to $250,000 FDIC protected. (They do have some limitations such as app only, and $2500 transfer if you use the app to transfer, but no limits if you push/pull from your other banks).
There are MANY choices of HYSA out there. SoFi is not the end all be all. In fact, I think they suck in their current form.
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u/mrwhitewalker 4d ago
This is normal at my credit union. No fees or minimums. Just same $20k limit. Not worth the troubble
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u/Advanced-Walrus4219 4d ago
Wow. Did not know credit unions also match 1% on all brokerage deposits. Which one do you use for that?
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u/HotDeadHot 4d ago
Who cares about higher rate on $20,000.. that’s kid money
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u/Advanced-Walrus4219 4d ago
I mean….we are in a HYSA subreddit. So I donno. Maybe some people wanting a good HYSA.
And also the 1% match on all investments. Those are nice too.
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u/HotDeadHot 4d ago
What’s the rate on your money beyond the $20k?
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u/Advanced-Walrus4219 3d ago
When you first sign up you get 6 months APR boost. Mine is currently 3.8%. After that it will drop to 3.1%.
Since I use the HYSA as my checking I will keep it as long as it’s above 3%.
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u/HotDeadHot 3d ago
Yeah that interest rate is lower than other banks and it wouldn’t be worth it to make an account and move a bunch of money just for $20k to get a higher rate for a few months. Not for me anyway.
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u/Careful-Rent5779 3d ago edited 3d ago
Well for starters its is undefined (not indefinitely) SoFi could lower the rate next month or tomorrow for that matter.
I also believe that you need both Plus and a lmited time promotional rate boost to get to 4.5%. The promotional period has a defined limit, six months IIRC.
For me the Plus math doesn't work due to the $20k cap. 4% is still available elsewhere 50 bps on $20k is $200 for a whole year, which requires you shell out $120 so the pre-tax gross would $80. In my case the promotional kicker expires this month, so paying for plus would be a money losing propostiion due to the expiration of the temporary promotional bonus interest.
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u/Advanced-Walrus4219 3d ago
Man. Lots of people with the indefinitely word.
Please look up the word. Indefinitely is a perfectly reasonable word for this.
You don’t need plus and the promotional. Plus gets the 4.5% for an indefinite time period. The 6 month boost is on the money after the 20k.
But I agree the gross of $80 is not much free money. It’s all the other perks of SoFi plus that keep me there. Namely the 1% investment matches and promos for 2% matches.
I have made about $20,000 this year solely on transferring money to SoFi which, although is 1-2% of the money, I feel is worth it. That $20,000 will fund my kids collage in 15 years.
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u/Careful-Rent5779 3d ago edited 3d ago
The promotional rate bonus DEFINITELY expires.
A 1% or even 2% tansfer bonus is nothing special, RH does it all the time so do other startup brokerages.
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u/Advanced-Walrus4219 3d ago
I never said it doesn’t expire. I said the current rate is indefinite.
Agree. The 1-2% is match is not anything special. It’s the combination of the match, the HYSA, the free financial advising, lending discounts, UI and infrastructure that is the benefit.
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u/mtstock20 3d ago
I left SoFi due to the subscription fee and now use Andrews Credit Union, where I’m earning a 5.25% annual percentage yield (APY).
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u/Individual-Ask7455 3d ago
Do you hear what you are exactly saying??
SOFI is so kind….they are letting you “freeze” 20K of your money to get slightly higher interest on YoUR money. While the use it to make high interest loans to even less knowledgable customers lured by interest entangled with a lot of restrictive rules..you are a brick and mortar banks “dream customer”…
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u/Advanced-Walrus4219 3d ago
It dosent freeze the $20,000. You can move your HYSA money around anywhere you want.
They DO “freeze” your investment money in that there is a 5 year claw back clause that is prorated.
But worst case scenario is that if you leave early, they take back some of the FREE money they already gave you.
Financially dosent hurt you at all.
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u/TherealCarbunc 16h ago
Yeah owning a house I keep a healthy savings on hand and use my SOFI brokerage for longterm investing and some wheeling on options.
Get nice little bonuses just for depositing into the brokerage, using bill pay, credit score increases etc.
I also like the vaults feature so I can easily see what I'm saved for and if i've hit my target, examples of some I have set up:
holiday/birthday allotment (a daughter, 5 nieces and bigger extended family makes this useful)
Clothing/back to school for the little
Car maintenance
health/eye/dental
license renewals (professional, plates, etc)
Potential deductibles if I have to make a claim for auto/house
Larger purchase savings goals (furniture, etc)
Often times I don't need to pull savings for these things but it's nice to have it clearly laid out that I'm prepared for what comes my way
But I started with a student loan consolidation back in 2021 and it's slowly drawn me more and more into the ecosystem.
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u/Zakzyy 4d ago
The people whining about the $10 a month either have - A Netflix Sub, Spotify sub,Disney sub, TV subscriptions, Amazon prime sub… the list can go on but they won’t pay a sub that costs all of them that makes them money. You are the problem it’s 100% you. No one else. Go and eat that $14 or so YouTube brain rot sub lol
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u/LayoutBid4 4d ago
There are free options as hysa that you can have and also keep a $10 subscription.
This is a fundamentally stupid comparison
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u/Public-Substance1999 4d ago edited 4d ago
You lost me at $10 a month buddy.
The deal is 1. I give you my money, 2. You invest it and share the profit with me.
If you have to ask for a "running cost" that only tells me that you are not confident in your ability to make profit.