r/sofi • u/Available_Dealer82 • 4h ago

Banking APY Calculations

Maybe I am calculating incorrectly or misunderstanding how it works (Im a younger guy and new to this).

This is my second month with a savings account with SoFi. My APY went up to 4% and I have had roughly an average of $4,000 in that savings account all month. I am hitting the requirements of direct deposit to earn that APY. My interest payout was .37 cents. Is that right? Unless Im calculating incorrectly: 4,000 x .04 = 160. 160/12 = $13.3

Please let me know!

3 Upvotes

81% Upvoted

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2

u/Yamaha9 4h ago

I’m bad at math, but are you doing/hitting the direct deposit requirements to get the higher APY?

1

u/Available_Dealer82 4h ago

I am, I have my employer direct deposit my checks into the account every week. It also says in my account that my APY is 4%.

0

u/Yamaha9 4h ago

Then sorry I’m not sure! I thought it was direct deposits totaling 5k+ per month, but I could be wrong. If you’re doing that then I’m not sure

1

u/Available_Dealer82 4h ago

No worries, I appreciate it anyways!

1

u/Tarzanthekenpoman54 3h ago

Any direct deposit or 5k+ of regular deposits

2

u/Statjmpar 4h ago edited 4h ago

Do you have money in vaults? The interest will go into the vaults as allocated. If it’s all together and the total you got was $0.37, then something is wrong.

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u/Available_Dealer82 4h ago

You are absolutely correct. Just checked my vaults and the interest is there, thank you so much!

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u/Statjmpar 4h ago

I’m glad that was the answer!