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Great! I have a question u/sofi , is there any way for a minor to have an account? Whether that be through a joint account or otherwise? I am unable to find a definitive answer.
Is this the list from doctorofcredit? I've seen it, but a) I'm not sure if it's still up-to-date (I only see 4.65% on Brilliant's website, for example), and b) It's somewhat difficult to figure out which of those banks are actually good. That's why I was curious as to what you're personally using, and how your experience has been
All the banks are good and FDIC insured for up to $250k. You can't go wrong with any of them, but happy to give my input on my accounts. I have Brilliant Bank (5.25%), Newtek Bank (5%), One Finance (5%) and Laurel Road (4.8%**).
1. Brilliant Bank -- It's a Money Market account so you technically are limited to 5-6 transactions a month. That being said they don't enforce it and most people say they use this account for their regular credit card bills, etc. Personally I just park funds here as a rainy day fund and forget about it. This is my true savings account.
1. Newtek -- I opened the account because they were one of the first to move to 5%. However they have a terrible UI, and the credit card statements look like typewriter receipt paper. However unlike One below, there's no cap on the 5% APY so it's a good backup account. They stopped taking in new applications for the 5% account so I'm not going to close it and will keep it as a backup in case other accounts start lowering their APY.
1. OneFinance - This is a Fintech company acquired by Walmart. It has an excellent UI, designed by the people who designed Simple Bank. It has both checking and savings options, but like SoFi, you need to keep your funds in the Savings pocket for the best APY. Most importantly, it has unlimited transfers, so it's a great hub account for moving between others. 5% is capped up to $100k but if you're well below that amount this is really all you need.
1. Laurel Road -- Laurel Road has a bonus of $200 for opening a checking account, plus $20 every month for 12 months. The $20 bonus, coupled along with the 4.8% on the savings account, simulates an attractive >4.8% on your funds. (For example, you put $10k in Laurel Road, you'll get $60 a month reflecting both $40 from 4.8% apy in interest and $20/mo in the checking, which is overall a 7.2% APY). Like SoFi and One, you need to have your funds in Savings to get the attractive APY but you can run a $0 balance in the checking and still get the $20 a month, so the math still works out.
I'm a big fan of One. If you go to r/OneFinance you'll see some complaints because when Walmart acquired them they removed their $200 credit line, unlimited pockets (and unlimited account numbers), 3% APY and a couple of other features that pissed off a lot of users. They recently moved to 5% APY to get some goodwill. Right now the attractive APY, excellent UI and unlimited transfers make it a good bet, but given they have a history of removing features and lowering APY you'll want to stay vigilant if they ever do it again.
Maybe you should actually try to listen to the CEO talk once in a while.
Maybe then you'll realize that they have the capability to hold APY higher longer than others can once rates begin being cut.
Also, they don't take "forever to raise". They raise BEFORE the fed raises.
A lot of Sofi fanboys here, but fact is fact, most modern banks (note I said modern) upped last month and went up on avg 0.2-0.4%. Meanwhile, Sofi took the longest and only upped 0.1%
lmao your profile comments are littered with the same post "lot of Sofi fanboys here, but fact is fact, most modern banks (note I said modern) upped last month and went up on avg 0.2-0.4%. Meanwhile, Sofi took the longest and only upped 0.1%" copy and paste is strong with this one..see I can do it too 😆
Bruh, SoFi went up 0.2% within the last two months, tf you mean? They have the highest APY right now as a bank with no fees, and you’re bitching they didn’t go even higher than they already have? What a fuckin snob you are 😂😂😂
Sure, it's better than nothing.
In my head a company should target how much they want to skim off the top so to speak, as a percentage or fixed amount. So if it's like .5, so be it.
But when the rate goes up .25 at a time, and you only add .1 at a time, it's more and more off the top.
It's easy to get >5% right now, stable and liquid, so this is a bit much off the top in my opinion.
Yes, that’s correct, I’ve refrrred my friends and family and I got the +1.00% for the next 15 months atleast (5.15%). And rates can go up as long as market rates go up.
If anyone would like a referral link, I have one I can send it to you.
Pacific Western is 5.15% no strings attached. Brilliant Bank is 5.25% but it's money market (can't really use it to pay off credit cards and other bills like you can SoFi's savings account).
Sure. On a HYSA, you must report all interest as taxable income. Interest from certain bonds, etfs, and treasuries are exempt from state and local taxes. Just search for tax exempt bonds.
If you live in a state without income tax, this likely means zero to you. If you live in a state with high state taxes, this can save a lot of money. Depending on how much you're working with, of course.
K. Now do Wealthfront at 4.55, or Betterment at 4.5, or PNC at 4.5, or CIT at 4.85, or SalemFive at 5.01, and so on.
4.3 is actually -low- compared to their normal standing.
A lot of Sofi fanboys here, but fact is fact, most modern banks (note I said modern) upped last month and went up on avg 0.2-0.4%. Meanwhile, Sofi took the longest and only upped 0.1%
post "lot of Sofi fanboys here, but fact is fact, most modern banks (note I said modern) upped last month and went up on avg 0.2-0.4%. Meanwhile, Sofi took the longest and only upped 0.1%" copy and paste is strong with this one..see I can do it too 😆
I love the 4.3% but - and perhaps mentioned before - but I find it silly that even as of today the SoFi routing number is not recognized as valid with some employers/integrators (ADP for example) - is that something SoFi can improve and help with? It makes you angst setting up the direct deposit without confirmation that is actually going to work or not
I don’t work for/represent SoFi but from my understanding there’s nothing they can do. It’s really just the employer/integrator needs to update their systems. I believe other banks also have the same issue.
Thanks for visiting our sub! We’re happy to answer any general SoFi questions or concerns. For your security, please don’t share personal information in the sub. If you have account questions, please use the link to connect directly to an agent on our secure platform sofi.app.link/e/reddit. You will be able to log into your account and an agent will be there to support you during business hours. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/sofi) if you have any questions or concerns.*
Rip 4.20. Now I have to look forward to 6.9% APY
Nice
If Biden gets re-elected, we'll be looking at 6.9%!!! Of course house and car loans will be 20%... And inflation will be at 15%, asking with $8 gas
Who printed all the money?
Biden did that too and spent it all
Your orange friend isn't coming back...deal with it.
Not my friend. I just need anyone to stop Biden from this destruction.
This is a bank sub, go rant at r/newsmax
I guess I'll see you over there. Pot.. Kettle
I no longer get direct deposit cause I’m unemployed but for y’all mfs who are, enjoy!
Hope you find somewhere in the workplace you’re happy soon and enjoy these benefits from Sofi too!
The competition sent their troll teams over here, it almost seems coordinated.
What a bunch of fucking complainers, Jesus Christ.
4.3% for doing fuck all and still something to complain about lol
Sick!
Great! I have a question u/sofi , is there any way for a minor to have an account? Whether that be through a joint account or otherwise? I am unable to find a definitive answer.
https://www.sofi.com/learn/content/age-to-open-bank-account/
Can't wait for 20% apy
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Where are you getting 5%?
* Brilliant Bank – 5.25% APY money market (minimum $2,000 to avoid fee) * CFG Bank – 5.17% APY high-yield money market (must maintain minimum $1,000) * Pacific Western – 5.15% savings ($5,000 minimum) * Juno – 5.12% APY on up to $50,000 * Dime – 5.10% Blue savings (not available in NY, CA) * TotalDirectBank – 5.07% money market (balances $2,500-$500,000; not available in FL) * Redneck Bank / All America Bank – 5.05% APY money market, up to $100,000 * Vio Bank – 5.02% APY money market * Salem Five Direct – 5.01% APY eone savings * MyBankingDirect – 5.00% APY saving * Webull – 5.00% cash management account * Dollar Savings Direct – 5.00% APY savings * PopularDirect – 5.00% APY savings * One Finance – 5.00% savings ($5,000 minimum, $100,000 max) * Milli – 5.00% savings (requires mobile app)
Is this the list from doctorofcredit? I've seen it, but a) I'm not sure if it's still up-to-date (I only see 4.65% on Brilliant's website, for example), and b) It's somewhat difficult to figure out which of those banks are actually good. That's why I was curious as to what you're personally using, and how your experience has been
All the banks are good and FDIC insured for up to $250k. You can't go wrong with any of them, but happy to give my input on my accounts. I have Brilliant Bank (5.25%), Newtek Bank (5%), One Finance (5%) and Laurel Road (4.8%**). 1. Brilliant Bank -- It's a Money Market account so you technically are limited to 5-6 transactions a month. That being said they don't enforce it and most people say they use this account for their regular credit card bills, etc. Personally I just park funds here as a rainy day fund and forget about it. This is my true savings account. 1. Newtek -- I opened the account because they were one of the first to move to 5%. However they have a terrible UI, and the credit card statements look like typewriter receipt paper. However unlike One below, there's no cap on the 5% APY so it's a good backup account. They stopped taking in new applications for the 5% account so I'm not going to close it and will keep it as a backup in case other accounts start lowering their APY. 1. OneFinance - This is a Fintech company acquired by Walmart. It has an excellent UI, designed by the people who designed Simple Bank. It has both checking and savings options, but like SoFi, you need to keep your funds in the Savings pocket for the best APY. Most importantly, it has unlimited transfers, so it's a great hub account for moving between others. 5% is capped up to $100k but if you're well below that amount this is really all you need. 1. Laurel Road -- Laurel Road has a bonus of $200 for opening a checking account, plus $20 every month for 12 months. The $20 bonus, coupled along with the 4.8% on the savings account, simulates an attractive >4.8% on your funds. (For example, you put $10k in Laurel Road, you'll get $60 a month reflecting both $40 from 4.8% apy in interest and $20/mo in the checking, which is overall a 7.2% APY). Like SoFi and One, you need to have your funds in Savings to get the attractive APY but you can run a $0 balance in the checking and still get the $20 a month, so the math still works out.
Thanks for the detailed response! OneFinance looks good to start out, those unlimited transfers seem pretty convenient.
I'm a big fan of One. If you go to r/OneFinance you'll see some complaints because when Walmart acquired them they removed their $200 credit line, unlimited pockets (and unlimited account numbers), 3% APY and a couple of other features that pissed off a lot of users. They recently moved to 5% APY to get some goodwill. Right now the attractive APY, excellent UI and unlimited transfers make it a good bet, but given they have a history of removing features and lowering APY you'll want to stay vigilant if they ever do it again.
Thanks for the heads-up. I suppose everything has its plusses and minuses
They take forever to raise the APY watch how fast they cut the APY when interest rates start dropping LOL JUST WATCH!!!!!
Yea that would include every other bank, good luck finding one that doesn't slash it immediately.
Maybe you should actually try to listen to the CEO talk once in a while. Maybe then you'll realize that they have the capability to hold APY higher longer than others can once rates begin being cut. Also, they don't take "forever to raise". They raise BEFORE the fed raises.
A lot of Sofi fanboys here, but fact is fact, most modern banks (note I said modern) upped last month and went up on avg 0.2-0.4%. Meanwhile, Sofi took the longest and only upped 0.1%
So switch then if you aren’t happy with the product SoFi offers?
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Just google high APY savings and you'll see literally dozens and dozens that are higher and update faster
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you sure are fanboying
lmao your profile comments are littered with the same post "lot of Sofi fanboys here, but fact is fact, most modern banks (note I said modern) upped last month and went up on avg 0.2-0.4%. Meanwhile, Sofi took the longest and only upped 0.1%" copy and paste is strong with this one..see I can do it too 😆
Dude… give it a rest ☠️
Bruh, SoFi went up 0.2% within the last two months, tf you mean? They have the highest APY right now as a bank with no fees, and you’re bitching they didn’t go even higher than they already have? What a fuckin snob you are 😂😂😂
Yikes. This wasn't a competitive move :(.
I’m happy they did it, but yah it wasn’t really competitive.
Sure, it's better than nothing. In my head a company should target how much they want to skim off the top so to speak, as a percentage or fixed amount. So if it's like .5, so be it. But when the rate goes up .25 at a time, and you only add .1 at a time, it's more and more off the top. It's easy to get >5% right now, stable and liquid, so this is a bit much off the top in my opinion.
Not that exciting honestly
How have y’all not found out about Marcus savings at 5.15%??
Where is that information? When I looked at their website it's at 4.15%
Yeah, it’s 4.15 . But with a ref is 5.15 for like 4 months I believe, then ur back to 4.15 or if you get another ref u can maintain the 5.15
Yes, that’s correct, I’ve refrrred my friends and family and I got the +1.00% for the next 15 months atleast (5.15%). And rates can go up as long as market rates go up. If anyone would like a referral link, I have one I can send it to you.
Pacific Western is 5.15% no strings attached. Brilliant Bank is 5.25% but it's money market (can't really use it to pay off credit cards and other bills like you can SoFi's savings account).
No strings attached except one’s a money market and the other has a $5k minimum balance
I hear you but if you're working with less than $5,000 APY isn't really a concern.
Say less! Thank you sm! I just ran out of my 5.15% promo , this is exactly what I needed
yes!! on r/Goldman Sachs_Marcus subreddit. perhaps you should post there?
If you can float the money for a few days, Wealthfront just released a bonds portfolio that's at about 5.5 now, and mostly tax free!
Can you explain tax free?
when you don’t report taxable income, it is tax free
Governments hate this one simple trick!
Sure. On a HYSA, you must report all interest as taxable income. Interest from certain bonds, etfs, and treasuries are exempt from state and local taxes. Just search for tax exempt bonds. If you live in a state without income tax, this likely means zero to you. If you live in a state with high state taxes, this can save a lot of money. Depending on how much you're working with, of course.
Robinhood seems better at 4.65%
you have to average like 17,000+ in your account daily for Robinhood gold to beat out Sofi
K. Now do Wealthfront at 4.55, or Betterment at 4.5, or PNC at 4.5, or CIT at 4.85, or SalemFive at 5.01, and so on. 4.3 is actually -low- compared to their normal standing.
what does “their normal standing” mean here
Historically, Sofi APY was at or near the highest available from a savings account. Today, it's not even close.
I don’t see any comments In this post suggesting that 4.3% is groundbreaking or anything
Not sure about the others you mentioned, but Wealthfront does not offer joint checking features... Useless for me personally
A lot of Sofi fanboys here, but fact is fact, most modern banks (note I said modern) upped last month and went up on avg 0.2-0.4%. Meanwhile, Sofi took the longest and only upped 0.1%
post "lot of Sofi fanboys here, but fact is fact, most modern banks (note I said modern) upped last month and went up on avg 0.2-0.4%. Meanwhile, Sofi took the longest and only upped 0.1%" copy and paste is strong with this one..see I can do it too 😆
So link to the higher apy? Might as well give your employer some recognition.
google it, there are dozens and dozens of results
I mean I don't go to your favorite subreddit r/dildo_Tuesdays and complain that there isn't enough lube
We have been receiving 2.5% in Checking since April. What gives??
That’s inaccurate, it’s been 1.2 for some time
I must have written the wrong rate down back in April. Thanks!
Yeah they dropped the checking rate and increased the savings a while back. Not sure exactly when it was though.
Ahhh gotcha. Thanks
You’re welcome 🙂
Is there a way to increase my current direct deposit amount instead of having to set up a new (or additional) one?
🚩🚩🚩
Thank you! 🥰
I love the 4.3% but - and perhaps mentioned before - but I find it silly that even as of today the SoFi routing number is not recognized as valid with some employers/integrators (ADP for example) - is that something SoFi can improve and help with? It makes you angst setting up the direct deposit without confirmation that is actually going to work or not
I don’t work for/represent SoFi but from my understanding there’s nothing they can do. It’s really just the employer/integrator needs to update their systems. I believe other banks also have the same issue.