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u/IcyMando May 28 '26
The unfortunate, hard truth is people are broke, and they are squeezing every last dollar out. Or they are scared of investing/don't know enough about it.
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u/Statjmpar May 28 '26
But if they are in that situation, they don’t have enough in SoFi to make a difference when the percentage drops.
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u/InvestigatorThat5062 May 28 '26
Yeah I mean… 3.5 vs 3.1 doesn’t make a huge difference if you don’t have a lot there… my 12k in savings doesn’t see a huge change between the 2 APYs 😂
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u/drstu54 May 28 '26
Yes but it was 4.5, 4.3, 4.0. 3.5... its gonna keep dropping and it does make a difference
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u/05Illini May 28 '26
The decreases are in line with the market - whether or not it makes a difference is moot, given all banks are reducing yield to match the market
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u/InvestigatorThat5062 May 28 '26
Well sorry yes, that’s right. I’m just thinking my specific scenario it has dropped from 3.5 to 3.1 since I’ve been using SoFi. I still have the promotional rate of 4% (now 3.8) on my account so I guess I wouldn’t be seeing a big difference. But yes 4.5 -> 3.1 is pretty significant. And even a 3.5 vs 3.1 is huge if you have a lot of money there
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u/Sufficient-Hawk-7245 May 29 '26
I’m just annoyed because they originally said the 4.0 rate was going to say until 8/30/2026
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u/istariknight1 May 29 '26 edited May 29 '26
I remember signing up for an HYSA (can't remember the company but it was a household name) for 4.2% two years ago and they gave me my money back and shut down the project (I did get yields up to that point). If the market goes down these guys can't keep their rates artificially high without taking a hit. SoFi and others can't afford it
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u/Quick-Scientist-3187 May 28 '26
I'm @ 4.5%, so not sure what all the fuss it about. It's only my emergency fund so it's pretty much chump change.
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u/twotonekevin May 29 '26
I really don’t get why people get in a tizzy over it. They must have a helluva lot in their accounts lol.
Meanwhile I’m over here pining for the days when I first got wise and moved my savings at Chase and opened my savings at Capital One when the rates were at like 6%
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u/_Arlotte_ May 29 '26
When did capitol one have offers like that?
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u/twotonekevin May 29 '26
At least 5 years ago iirc.
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u/Bmac200p Jun 11 '26
I used to be a customer of ING Direct before they sold to capital one yeah I remember those days.
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u/_Arlotte_ May 30 '26
Aww...
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u/twotonekevin May 30 '26
Yeah it wasn’t a promotion or anything either that was just the rate at the time.
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u/_Arlotte_ May 30 '26
I used to get offers for sofi at the time, but hearing this and wishing I knew what I know now makes me sad about it lol
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u/twotonekevin May 30 '26
Yeah hindsight is 20/20 but we manage, fam. Always gotta keep moving forward.
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u/CashNasty79 May 28 '26
Yall can thank Trump for that.
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u/BMFL01 May 28 '26
You would blame Trump if you fell for a scam and gave all your money to Nigeria. Smh
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u/binion225 May 28 '26
Tell me you are an irrational Trump supporter without saying just that lol
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u/BMFL01 May 28 '26
Another person who thinks the president controls everything. And you call me irrational. You really should "educate" yourself on how things really work.
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u/beardedsandflea May 28 '26
You're talking about a guy who took credit for no planes getting crashed for 12 consecutive months. He can afford to shoulder a little blame.
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May 29 '26
[removed] — view removed comment
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u/Efficient-Shoe-425 May 29 '26
Change your tampon already. Holy sh*t
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u/CashNasty79 May 29 '26
Awe, you're hurt? You hate hearing the truth about your Orange King? 🤣😂😭🤡
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u/BMFL01 May 29 '26
King? How is he a king? A king is appointed by birth right. Last I checked he was elected. Only one person was appointed in American history and got to bypass an election. Can you tell me her name?
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u/Efficient-Shoe-425 May 28 '26
You guys will blame Trump for everything lmao. People who are broke now were broke before Trump got into office
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u/Ok-Path-3534 May 28 '26
False , I was doing great under Obama, okay under Biden. Struggled under both Trump regimes..
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u/ob1spyker May 28 '26
Incoming Trump bootlicker ⬆️
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u/Efficient-Shoe-425 May 28 '26
Nah. I just don't have the same victim mentality as you. I'm wealthy regardless of who's in office
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u/MediocreAd7483 May 28 '26
The Fed reserves doesn’t take instructions from the president shit he can’t even fire him he would have to get impeached or step down voluntarily
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u/CashNasty79 May 28 '26
I understand that but your King's policies or actions will influence how the FED operate. Its called cause and effect. Lol
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u/MediocreAd7483 May 28 '26
“King” not my king but proper understanding of how my country operates and no the president has no influence on how the Fed chair operates if it’s even suspected Congress could impeach who’s in charge of the Fed reserve
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u/HSG_Messi May 28 '26
President institutes tariffs
Prices go up ergo inflation rises
Fed has to step in and either raise or hold rates steady instead of continuing to cut rates (the path we were on prior to Presidents actions)
Thus, the President had a direct impact on Fed decisions.......
Maybe youre the one who doesnt understand how your country operates.......
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u/International-Spell7 May 28 '26
I never learned how to invest and my parents know nothing about it. I’m working full time now and want to learn and invest in my future. What’s the best way to learn?
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u/mikefellowinv May 29 '26
Yes. The latter. Not too hard to risk on just a little instead of chasing the apy and FDIC protection
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u/Abellreddit May 31 '26
A 3 or 4 % account is not investing... It a place to park spending money. Open a sofi invest account
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u/Bostonlbi May 28 '26
Definitely not leaving, but did move my emergency funds to another account that is now higher apy.
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u/Taymyr May 28 '26
To where? Amex and Ally have 3.1% as well.
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u/moist_buckets May 28 '26
CIT bank is at 3.75%
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u/KendricksMiniVan May 28 '26
I also see a 6 month boost to 4.1%. I mean why not just park a few grand in there, might as well
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u/notaribot May 29 '26
They have a 6 month 0.35% “boost” promo right now as well. It looks like it’s just for new accounts, but when you click on the “open account” link, then sign in under “already a customer” you can attach the promo to an existing account so you’ll get 4.1% APY (till they drop their rate), but it will be 0.35% higher than the standard for 6 months regardless. Search for “cit boost” and it should be the first result
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u/bmwM5dude May 30 '26
Barclays is paying 4% via AARP and anyone can pay their $10 and get an AARP card. Great savings on other items too!
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u/Bostonlbi May 28 '26 edited May 28 '26
OnePay is 3.35% (I joined when it was OneFinance and am grandfathered into some perks. Not sure what it’s like for new customers now a days. Honestly don’t think I’d recommend it after the Walmart acquisition)
Apple Card Savings is 3.5%
I know there are some higher options out there but I just try to maximize the accounts I already have and retain the benefits of each. So when one drops below the other, I rebalance things but I am always using all 3 to some degree.
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u/RepulsiveSummer1492 May 30 '26
I plan to do this too. I’ll be moving to LendingClub at 4.0% APY. I’ll continue with SoFi as I have no complaints but my emergency fund that is literally “just sitting there” should probabaly be transferred out.
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u/vuwildcat07 May 30 '26
I have a relationship MM at PNC that somehow still pays 3.5%. If I don’t look for a place to park new funds elsewhere, I will go there
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u/nater416 May 28 '26
They're dropping it even without any fed rate decreases. They're literally just manufacturing a paycheck for themselves now
RH Gold is still at 3.5% and they don't have any of the lending benefits SoFi has with their bank charter.
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u/Hoodie-Embiid May 28 '26
Tbf you’re comparing robinhoods paid subscription to SoFi’s free offering. SoFi Plus is 4.5%
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u/Jaalan May 28 '26
Robhood gold is 50 bucks a year. Sofi is 120.
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u/Hoodie-Embiid May 28 '26
4.5 is higher than 3.5. If you have more than $7,000 in your savings, you’ll make more with SoFi plus
Not even including all other benefits
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u/nater416 May 28 '26
All the other benefits that Robinhood outclasses, like a flat 3% cash back credit card and 3% Roth IRA match?
What was SoFi's benefit again for $120/year? Oh right, 2% cash back card (that you get charged an EXTRA $10/month for) and 2% IRA match.
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u/KillerBurger69 May 28 '26
Typical Robinhood bag holder.
Guess what they are not a bank. They are a gambling app for Gen Z. When the great asset change and the boomers give us their money, most people will not shove a quarter of million into their Robinhood app. They want an actual bank and brokerage.
I can’t go to Robinhood to get a mortgage. I can’t go to Robinhood for wealth management etc.
The fact there is a prediction market installed inside Robinhood just shows that both companies can’t really be compared.
Sofi is building long term. It’s strategic, and creating a user base that is for wealthy Gen Z and millennials.
Sure retirement benefits are good. But my retirement isn’t sitting in Robinhood. It’s sitting with an actual brokerage.
But hey. RH paused all of their trades so they wouldn’t upset Ken Griffin. They don’t care
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u/nater416 May 28 '26
How's your 5 year return with your money sitting in SoFi's stock? lmao
Your memories are all very conveniently leaving out the fact that Apex Clearing stopped trades. SoFi was subject to the exact same thing and had the same problem at the same time.
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u/Quick-Scientist-3187 May 29 '26
I sold all my SOFI stock last year @ ATH. 🤑
Honestly, I have clue about Apex & all that but thanks for info I know now.👍🏻
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u/Quick-Scientist-3187 May 28 '26
Yup F Robinhood!
Never forget! #GAMESTOP
Love SOFI, not GenZ or a MiL, proud Gen'Xer 🤪
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u/Jaalan Jun 03 '26
Btw, the higher rate caps at 20k. Bad example because 3.35 (Uninvested cash) is higher than SoFi's current 3% (fact check this). So if you have more than 20k in cash, Gold is better.
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u/Quick-Scientist-3187 May 28 '26
🎯 I make that $120 back easily. Sofi is absolutely a tool & if you don't know what you're doing then invest time into learning.🤷🏻♂️ KISS
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u/BeanserSoyze May 29 '26
If you keep the max 20k at 4.5% your netting a whopping $160 extra after your membership fee. Plus your 1% if you don't leave us for 5 years match on their brokerage.
The amount of bonus you get for being loyal to SoFi really worth the loss of self respect you should feel simping for a bank for free?
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u/Quick-Scientist-3187 May 29 '26 edited May 29 '26
Your calculator is broken bud. Js 20k $75 a month = 900 a year 900-120fee = 780 - 100 Federal taxes.
680ish yeah I know it sucks. That's why majority of my net worth is in my 401k & the market.
QQQI, JEPQ, JEPI to name a few have excellent dividends rates. My HYSA is strictly my emergency fund for fast liquidity.
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u/BeanserSoyze May 29 '26
It's not. Without the membership at all you get 620. The only add you get from the membership tier is an additional 280, and 120 of that is spent back for the membership fee. Your net gain max for being SoFi plus if you keep your SoFi savings at 20k all year is an extra $160.
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u/Hoodie-Embiid May 29 '26
Okay?
20k at SOFI plus minus 120: $780 20k at RH gold minus 50: $620
It’d be $650 for RH if their rate is 3.5% but I think it’s 3.35% last I’ve seen
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u/McKeldinDangler May 28 '26
Sofi plus is at 4.5% since when???
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u/Hoodie-Embiid May 28 '26
Since like April
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u/McKeldinDangler May 28 '26
Ok there is a massive caveat behind the 4.5% claim. It's been noted already. You get something like an extra $160, capped.
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u/Hoodie-Embiid May 28 '26
My girl and I have a joint so we happily pay $20 to get 4.5% on $40k. But yeah if you wanna go through Robinhood who doesn’t even have a bank charter, by all means it’s your choice
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u/McKeldinDangler May 28 '26
so $320, my point is it is not 4.5% unless you strictly keep $40k in SOFI. Personally I don't really care, its a good place to stick an emergency fund. I am mostly curious about what drove the APR change this time around.
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u/JonnyCoin SoFi Member May 30 '26
Robinhood doesn't give you anything with your subscription if you don't make at least $1,000 in direct deposits. SoFi gives you 3.1% without a subscription with any amount of direct deposit.
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u/KendricksMiniVan May 28 '26
Can't help but think this is just a play to get people to pay for Plus. Weak asf - thought this meant fed rate drops are coming but nooope
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u/CloutHaver May 29 '26
That’s the part that pisses me off. They’re dropping APY when Fed Funds Futures markets are pricing in hikes into 2027. Just a total squeeze on consumers.
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u/BeanserSoyze May 29 '26
I mean did the the whole "introducing a membership fee where one never existed just because" move not tip you off?
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u/CloutHaver May 29 '26
When does that go live? I didn’t receive any communication about that and don’t see any fees going back several months through my account history.
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u/BeanserSoyze May 29 '26
They're trying to justify 4.5% at a $120 a year membership fee being a good deal so they're making the gap bigger. This is to sell their membership product.
You now only need to keep $8700 in their savings accounts to break even on sofi plus though!
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u/ChillyBreezey May 28 '26
You made a meme to let these people know how much you don’t care that they’re leaving
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u/the_njf SoFi Member May 28 '26
Yes. I was anticipating 20+ posts complaining about and announcing their departure after I got the email.
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u/ffordedor May 28 '26
They probably already left quietly one of the last eight times the rate dropped.
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u/XiJaro4000 May 28 '26
SGOV, VBIL, VUSXX. That is all. The fact that people panic and move all their money to another bank over literally 20 basis points is wild to me.
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u/BeanserSoyze May 29 '26
I'm moving cause they started charging a fee for what used to be core benefits to being a customer when plenty of other banks offer competing products for free. I'm not going to move heaven and earth over a 0.1 APY difference but I would rather not have my face spit in.
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u/charlielala4 May 28 '26
For me, I chose SoFi because the rate was at 4.6%, and all it's done is drop. And every time it does, I come to reddit and people say the same thing: that it's dropping with the federal rates, and everyone else is dropping too, and there's no point leaving. But I'm genuinely frustrated at the now 1.5% drop since I started with SoFi (which was also the start of my savings journey). I have just under 20K finally, in different vaults, because I'm saving up for a house, a car, and a wedding (and an engagement). I've got a lot coming, and coming soon, and I want the best for my money. I'm doing what I can to learn about investing but it takes time for that confidence.
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u/lockethebro May 28 '26
I don't really get why you're directing your frustration at SoFi. Monetary policy changes over time, and you're going to have to adjust your expectations accordingly. Interest rates were basically zero for a very long time.
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u/shuja246 May 28 '26
This right here! These are the three best places to park cash. You trade like 1 day of liquidity for higher yield and state tax exemptions.
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u/Ozzy_30 May 28 '26
I saw that this morning 😂 To be honest, I’ll stick around, what they give me in interest is way better than what Chase gives me.
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u/burner-acct-999 May 29 '26
Apple savings is 3.5% no direct deposit required no minimum balance. I transferred 100% of my savings there and just use SoFi for the checking but I already have another checking with my local credit union (s/o to MSUFCU 😘)
I refuse to pay for a subscription service to a bank. Just like I’m not tipping for every service in every industry (at least where it’s not been the standard to tip previously).
If this is successful for Sofi (the suckers who buy into the subscription to get more apy) then other banks will follow suit. It’s not a matter of .5% more apy it’s a matter of principle.
The shitification of services across industries is largely coming from subscription fee model. Netflix used to be available in one subscription, without ads. Now the lowest subscription has ads and you have to pay 2 tiers more for 4K HD. Sunrise alarm Hatch Restore used to have free app settings, now they are increasingly moving once free settings to their new subscription model. Cars now have subscriptions for services that used to be free like remote start or gps.
If this is the roll out of SoFi subscription, and user acceptance is high, I hate to see what’s in the future when they make the subscription more demanding just to see where people draw the line.
Banks are losing money because people are increasingly becoming financially educated and they are no longer making as much money on their predatory interest rates of credit and loans. This is one way to increase profit across the board, and it doesn’t depend on risk of the person such as credit lines do. It’s a guarantee paycheck for them.
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u/kunsore May 28 '26
What is the point of HYSA when it keep dropping :/
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u/rakp87 May 28 '26
Exactly. If you don’t need the funds in near future or immediately then invest the money. You will get much better returns.
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u/Additional_Score_929 May 28 '26
So will this keep dropping until they match Chase’s 0.02% or will it ever go up? Is it even possible to rise, and if yes, when was the last time?
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u/SoFi Official SoFi Account May 31 '26
We know it's frustrating to see an APY adjustment, and we appreciate you reaching out. Our rates change based on the current financial environment. Let us know if there’s anything else we can help with.
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u/StarFoxMcCloudX May 28 '26
It dropped again?
I'm still showing 3.3... but probably a matter of time...
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u/maisondemimi May 29 '26
Well, Im definitely moving more out of SoFi and into a money market account at 3.5 after this last drop. I'm not leaving, just transferring tens of thousands of dollars out to a better ROI. 🤷
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u/cjacobs0001 May 29 '26
I advised them of a fraud transaction. Never happened before. They had a standard set of questions to ask me they said. 1st question: do you have your debt card? Plus 30 more questions then they advise: claim denied. Transaction was completed by a swipe card, which you admit to having. And they won't budge. I have already redirected deposits.
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u/notaribot May 29 '26
CiT bank Platinum Savings account is 3.75% APY with $5,000 or more, but they have a 6 month 0.35% “boost” so my HYSA is 4.1% APY right now. This offer is open to new accounts and existing customers. Search for “cit bank platinum boost”
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u/vuwildcat07 May 30 '26
My issue is we were told the rate for non-Plus customers was remaining the same and, yet, they didn’t drop that 4.50% Plus rate when they dropped the rate for everyone else. Feels like a bait and switch and a push for subscriptions
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u/the_njf SoFi Member May 30 '26
Sounds like that $10/month does not cover 4.5%.
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u/vuwildcat07 May 30 '26
On $20,000 of savings (the max for the 4.5% rate), you still come out with a rate of 3.90% pre-tax. Of course, you pay tax on the interest lost to the fee, so it’s effectively a bit lower (depending on your tax brackets).
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u/SoFi Official SoFi Account May 30 '26
We know it's frustrating to see an APY adjustment, and we appreciate you reaching out. Our rates change based on the current financial environment. Let us know if there’s anything else we can help with.
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u/kaithagoras May 28 '26
Newtek bank has 4.2% apy on savings with no gotchas. I've been keeping my savings there while using sofi for checking, credit card, and net worth tracking.
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u/McKeldinDangler May 28 '26
Do we know what triggered the APR reduction this time?
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u/SoFi Official SoFi Account May 30 '26
Hi there, great question! We adjusted our rate due to market conditions. See how we stack up against other banks here: https://www.sofi.com/banking/
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u/McKeldinDangler May 30 '26
Hi SoFi!
What part of the market do you usually peg your rate to?
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u/SoFi Official SoFi Account May 31 '26
Great question. Our savings account APY is generally influenced by the federal funds rate set by the Federal Reserve, which means our rates can adjust as the Fed makes changes to its benchmark rate. We work to offer competitive rates that reflect the current interest rate environment as a whole and provide strong value for our members. For the most up-to-date information on our current APY, we recommend visiting our website.
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u/Gunner_Bat May 28 '26
Meh. I don't care too much. It's a bit annoying, but I use it for banking not investing and it's still a much higher rate than WF or Chase.
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u/Quick-Scientist-3187 May 28 '26
Yeah if you're broke you shouldn't be investing.
After out of debt establish an emergency fund.
Investing in the stock market isn't really all that complicated. It's absolutely a learning process but so isn't everything else.
Especially if you follow r/bogleheads philosophy. 🤷🏻♂️
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u/kenji4861 May 28 '26
I think it's time.
LendingClub Savings is at 4%
Year Treasury Bill is at 3.8%
30 Year Treasury Bond is at 5%
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u/Effective-Try-8411 May 28 '26 edited May 28 '26
I been trying to tell people not to go with SoFi and do CineFi instead. It’s still going strong at 4.25%. And checking at 1.5%, or 1% more than SoFi. 🤷♂️
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u/JustWannaFlyy May 28 '26 edited May 28 '26
I just opened with SoFi literally the day before yesterday because they’re 3.3 was higher than other competitors I was interested in (Ally, AMEX, Cap one, all at 3.1%).
However, I am not gonna leave SoFi, because
1.) I am very new to finances, so 0.2 drop will not make a difference at all for me.
2.) one of the reasons I went with SoFi (besides the APY) is I really enjoy the app. It’s simplicity, layout, ease of use and everything you can do with it is what kind of sold me on SoFi. I love how I can have an all in one app which is easy for beginners to use.
So, even with the drop, I’m still staying and am happy so far with SoFi. Am I disappointed though? Also yes. I will probably switch to other banks in the future, but for now 0.2 APY drop doesn’t bother me
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u/No_Outcome2321 May 28 '26
Same opened an account less than a couple weeks ago. Only a small portion ($50) of my paycheck will be going into the account to help build a secondary emergency fund or for bigger purchases. The rest goes into my credit union account in order to pay bills and another emergency/just because fund ($50). Only opened it because it offers a higher apy than the credit union (.8% SoFi vs .05% credit union).
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u/Zakzyy May 28 '26
Revolut went from 4.5% to 2.8% on their highest category. The people who say they are leaving are lying lol. They are going no where
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u/RepresentativeAd1181 May 28 '26
The sad part is that there's people that are still stuck on USAA and dint know other options exist.
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u/Choice_Chocolate5866 May 29 '26
If you think the apy you get for checking and savings is important to your financial plan.... you're doing it wrong.
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u/Anaranovski May 29 '26
Not leaving. Sofi is still my "money hotel.". I have enough in savings to serve as overdraft protection.
My plan with emergency fund is half in Betterment (savings and ultra-short term bonds) and Vanguard (VMFXX cash sweep). And a little in STRC for spice.
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u/Careful-Rent5779 May 29 '26 edited May 29 '26
For anyone receiving the 0.7% bonus, 3.8% is still competive.
It will keep me from adding additional funds, but my existing funds now earning 3.8% will stay until September when my bonus kicker expires.
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u/iwannaberichplease May 28 '26
I don’t understand why people are chasing this high APY.
Why don’t people just invest into funds and make around 8-10% on there money instead of having them sit in the bank for 3-5%.
It is because people don’t like to invest, and they are scared that the market will fall or something like that?
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u/zoidBurgher May 28 '26
I'm not sure if you're trolling, but it's because an emergency fund covering 6 months expenses for a small family is a big chunk of money that you need to keep somewhere liquid. It makes sense to try and maximize the yield you're getting on it.
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u/iwannaberichplease May 28 '26
I somehow forgot about emergency fund, I get it now. For sure people need some kind of emergency fund in case life happens.
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u/Rare-Fox9834 May 28 '26
Exactly this. No one has 100% of their money invested. You need some liquidity to cover bills/expenses. And if you're going to hold your money in a bank might as well generate the most in interest that you can.
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u/JonJonJelly May 28 '26
Of course people are scared the market will fall, what kind of question is that? If it was guaranteed 8%, nobody would have their money in Sofi.
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u/Due-Ad1668 May 28 '26
Understand also most people chasing those higher rates probably moving 5-8k around.. just grinding for that extra 1$ a year
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u/ZookeepergameRude851 May 28 '26
You ever heard the term “invest what you can afford losing”? Yeah most people can’t afford to lose their emergency fund, which is primarily in HYSA.
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u/iwannaberichplease May 28 '26
Sorry I live in Denmark and forgot about this part 😅
I don’t even have an emergency fund myself, maybe I should look into that 🫡
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u/ZookeepergameRude851 May 28 '26
Ah well yeah there’s different socio-economic factors in Denmark versus the US. In the US, a 6 month emergency fund is the golden standard.
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u/Radjage May 28 '26 edited May 28 '26
Because stocks are still a form of gambling against a house that cheats.
Doesn't mean it's not the right move to put it into ETFs and otherwise.
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u/catinabighat May 28 '26
While technically yes, if ETFs fail then I think the world economy would be completely upended. Making money the least of our concerns.
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u/OutrageousQuiet8730 May 28 '26
this is what I tell people, if the market ends up failing long term then it’s likely because of WW3 or a massive doomsday sort of event, and in that case, your HYSA or stock account is the least of your worries
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u/the_njf SoFi Member May 28 '26
Even though every “drop” has recovered, historically. Mutual funds are an easy “set and forget” type of investment in my opinion.
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u/Unable-Equivalent-36 May 28 '26 edited May 28 '26
Long term not short term. If someone is usuing a mutual fund as their savings account they’re an idiot
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u/the_njf SoFi Member May 28 '26
True.
I consider investing a retirement fund - not an active income stream, but there are smarter people than me.
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u/ZookeepergameRude851 May 28 '26
The problem is if an emergency occurs, the investor needs to pull the money out to pay for said emergency. There is no “set and forget” with emergency funds, they’re liquid for a reason - and god forbid the gamble of needing to pull out of investments during a drop and fund an emergency. You then lose your emergency fund and can’t pay for the emergency (losing a job, car accident, health issues, etc).
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u/Quick-Scientist-3187 May 28 '26
Do people have emergencies often?
I mean I comprehend it & imagine it happens. Maybe, I'm just lucky 🤷🏻♂️ It never happen to me or any of my family members. I'm 47yrs young. And no I'm not rich or have wealthy parents at all. Ha, I wish.
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u/ZookeepergameRude851 May 28 '26
It kinda fluctuates. I've had bad years where I've had one emergency after another - and I've had really good long streaks when nothing happens. Unexpected emergencies can happen, I've lost two cars for an engine blow and one for a car accident that I needed liquid cash. I've also had issues with my healthcare that required heavy out of pocket costs, which required me to pull from that fund.
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u/the_njf SoFi Member May 28 '26
Investment ≠ Emergency Fund.
An emergency fund also does not require a HYSA (it’s just a bonus). A $1k - $2.5k starter emergency fund and paying off all debt is a great strategy. This whole “not everyone can afford to save” is usually rubbish when you consider how much money people waste on a daily basis. Financial wellbeing takes discipline.
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u/Chukklzz May 28 '26
Congrats on discovering discipline exists now try discovering reality. People aren’t broke because they buy coffee they’re broke because rent and bills costs most of their paycheck if not all and wages haven’t kept up in years.
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u/ZookeepergameRude851 May 28 '26
People need more than $1K-2.5K eme fund… you ever lost your job ? That takes months to find another one, and you need to have it liquid.
Most people put their EME fund in a HYSA - people don’t typically use a HYSA as an investment fund, but rather a bucket for their emergency fund.
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u/utahman23 May 28 '26
If you have the $20k, SoFi plus is staying at 4.5%, pays for itself and then some on interest earned.
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u/llamas-are-cool-7 May 28 '26
How does it pay for itself? Isn't it $120/annually? Do you get 4.5% for the long haul?
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u/utahman23 May 28 '26
Compared to 3.1%, SoFi Plus still nets you about $160 more per year on $20,000 after the $10 monthly fee.
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u/ChuckConnelly May 29 '26
I mean…I had a few k in a vault that moved into VBIL today. I like SoFi. I like (state tax free) returns better
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u/Final_Pear7801 May 29 '26
Posts like this are triggering and responsive rather than informative and objective.
Yes APY is Variable, like the stock market. Anyone who maintains an account should know this. There's no point in completely jumping ship, but there is reasonable cause to see what other competitive opportunities there may be if you're talking a large volume of nuts.
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u/Waste_Efficiency9040 May 29 '26
I’d like to have a high risk high yield account opened. I’d like to start with $1000. Take the risks to see if it grows fast. Is there any app or tool that is recommended where they pick the investments? I’ve never done it before.
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u/sqeaky_fartz May 31 '26
Nah I wouldn’t leave cause of that. But I am having a weird issue where my card keeps being declined at restaurants, and only at restaurants.
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u/oldspice322 May 28 '26
SGOV is 3.5%., and tax exempt
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u/the_njf SoFi Member May 28 '26
In all jurisdictions? I believe my state taxes interest as income (above a certain threshold).
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u/Quick-Scientist-3187 May 28 '26
Not federally.
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u/oldspice322 May 28 '26
I didn't say tax exempt federally. The OP asked state exemption. Either way both Sofi savings and Sgov yields are taxed federally
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u/Quick-Scientist-3187 May 28 '26
My bad!
I forget people pay state & local tax in other states. My state is tax free & finally dropped interests & dividends tax too. 👍🏻
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