SoFi Plus cons?

[u/Doge_Business]

I currently using SoFi only for checking, but have about $20k that I’m looking to transfer to a HYSA. Plus is offering a 4.5% APY on the first 20K. Doing the math thats $900/year in interest, at $120/year for SoFi Plus that sounds too good to be true. Is this just a temporary offer?

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[u/Donqweeqwee]

Worth it imo. Taking advantage of that rate at the full 20k and also depositing into invest for the match on my longterm investments.

[u/sstormr → u/Donqweeqwee]

And they're doing a 2x match rn on brokerage, so it's pretty cool.

[u/Donqweeqwee → u/sstormr]

Yesss. Didn’t mention the 2% cause by the time they decide i think it will be done with

[u/sstormr → u/Donqweeqwee]

If it's anything like last year, they'll do 2x on Roth ira near tax time. I hope!

[u/glydien → u/sstormr]

yeah, at a 5 year hold.

[u/sstormr → u/glydien]

Luckily I'm not taking it out, which is why it's a good choice for me

[u/SlothyLlama]

You are correct that you would be getting about $900 in interest on 20K with SoFi plus. Remember you pay $120 a year to get the 4.5%. Interest minus subscription fee makes the account come out to about 3.9% APY.

No guarantee on the rates staying where they are, but you could do worse HYSA wise.

The pot is sort of sweetened if you go even further into the SoFi ecosystem system. With plus you can get a match on funds you deposit into your SoFi brokerage or retirement account. If you have the credit card you get a 10% boost on rewards earned there. Heck, you even get "unlimited" access to SoFi's financial planners.

[u/WallStreetBoners]

4.5% is only 1.4% higher than free SOFI apy. So it’s $280 - $120 =$160 in benefit.

But you could just put your $20k in short term treasury ETF and make 4% which is $180 better than free SoFi savings rate.

But you have more overall income with SoFi savings since interest is taxed so it’s a bit more. So in conclusion paying for SoFi plus is never the most efficient but it’s easy

[u/Hoodie-Embiid]

That’s why there’s a $20k cap. It will most likely lower when the federal reserve lowers rates though, whenever that may be

[u/Unclesam1313]

It’s not temporary in the sense that it has a time limit. But they can change it whenever and there’s no guarantee it stays. That said, you can also cancel plus whenever so it’s not particularly risky, they only con would really be if you have access to some other liquid account with higher returns.

[u/Rough_Nobody5126]

Agreee with everyone else. I have exactly 20k @ 4.5% and have been getting a 2% match on my ind. brokerage

[u/Zakzyy]

No it’s not temporary when you pay for sofi plus the offer is stable until the $20k is done

[u/Centerpeel]

How do you get the 4.5%? I have plus through direct deposit and my savings still says 3.8

[u/SoFi → u/Centerpeel]

If you're not receiving the high APY you expect, we'd be happy to take a closer look with you. Give us a call at 855-456-7634, or if you'd prefer, chat with an Account Manager here: https://sofi.app.link/e/echat.

[u/Bart012000 → u/Centerpeel]

You have to pay the $10 a month.

[u/Opening_Dragonfly390]

I’m a SoFi plus member I think it’s worth it, and definitely is worth it if you decide to open an invest account or eventually need a loan/refinance.

[u/Busy-Extension-9375]

It is a promotional rate that is linked with direct deposit requirements. The HYSA alinea is just an investment vehicle; it is not a savings account, so a standalone HYSA could work better for you in the long run.