SoFi's app headline shows 3.80% APY, but a buried 0.70% boost expires after six months, reverting the rate to 3.10%.
On a $25,000 balance, the reversion costs $175 annually, making the real first-year blended yield 3.45%, not 3.80%.
Find the boost activation date in the SoFi app's promotions section. That date, not the promotion window, is what starts your six-month clock.
At the national average savings rate, $40,000 earns about $150 a year. In one of today's top-rated high-yield accounts, the same balance earns $1,200 or more. See the current best rates, side by side.
I recently moved $25,000 into SoFi's High Yield Savings Account. It's an excellent product, and a better place to park my cash than my normal bank which pays close to zero. But when logging in recently, Mmy SoFi app tells me two different things about the same $25,000. The account header reads 3.80% APY. Two screens deeper, the "Ways to earn" panel lists direct deposit at 3.10% and a $5,000-plus qualifying deposit at 3.10%. Both numbers are accurate. The 0.70% APY Boost between them is a promotion on a six-month clock, and nothing on the header screen says so.
#savings #rate #balance #year
On a $25,000 balance, the reversion costs $175 annually, making the real first-year blended yield 3.45%, not 3.80%.
Find the boost activation date in the SoFi app's promotions section. That date, not the promotion window, is what starts your six-month clock.
At the national average savings rate, $40,000 earns about $150 a year. In one of today's top-rated high-yield accounts, the same balance earns $1,200 or more. See the current best rates, side by side.
I recently moved $25,000 into SoFi's High Yield Savings Account. It's an excellent product, and a better place to park my cash than my normal bank which pays close to zero. But when logging in recently, Mmy SoFi app tells me two different things about the same $25,000. The account header reads 3.80% APY. Two screens deeper, the "Ways to earn" panel lists direct deposit at 3.10% and a $5,000-plus qualifying deposit at 3.10%. Both numbers are accurate. The 0.70% APY Boost between them is a promotion on a six-month clock, and nothing on the header screen says so.
#savings #rate #balance #year
2 months ago
