SoFi Daily (Dec 3, 2024)

Dec 03, 2024

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SoFi announced a reduction in its savings account APY from 4.20% to 4.00%, effective today. Many users received emails about the change and expressed disappointment, noting the rate has dropped from 4.6% to 4.0% in recent months. Still, compared to most major banks the rate is very competitive.
The APY reduction aligns with anticipated Federal Reserve rate cuts and industry trends. As the Fed lowers interest rates, banks adjust their savings rates accordingly, and SoFi is following suit.
SoFi began rolling out improvements to its wire transfer services. SoFi users can now wire money directly from the SoFi app or website for various purposes, though a $30 fee applies to outbound transfers.
SoFi's stock continued to consolidate, closing at $15.88, down just $0.03 (-0.19%). Investors expressed confidence in the stock's long-term growth, noting significant gains of 43.84% over the past month and 99.50% over the past year.