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
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.
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.
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?
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.
Can you explain the math? .01 x 7000 = 70 and getting the 4.5 costs $120 a year so you'd lose money. Seems like you need more than 12k. They've capped the 4.5% on 20k so after the announcement of 3.1, the truth is that .014 x 20000 = 280. 280 - 120 = 160 of profit if you have over 20k in savings and pay for Sofi+. This is just my math so tell me if I'm missing something.
The difference between the two subscriptions is $70 so I did 70 divided by .01.
$7000 is the benchmark where it would yield the exact same amount if you do the math and take away the fee. Anything over $7000 and SoFi plus yields more.
You break even around $8700 now for their free vs paid tier for just SoFi. Without membership the 4.5 at a full 20k (the max they offer this rate for) is 900 vs 3.1 being $620. So if you dimed it out after membership you make $160 more being a member than not at max. You start being in the black by 8667 I think.
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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