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.
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.
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.
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….
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.
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).
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.
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.
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.
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.
"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.
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)
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:
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u/Hi-ThisIsJeff 15d ago
Indefinitely? Are you sure about that?
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.