2.5% interest on checking account

Feb 13 18 Comments

Sofi is offering a decent interest. None of the other banks do. The catch is that they sell your data and monetize your bank account. Would you still get an account?

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TOP 18 Comments
  • Intel bittie
    So they will sell my data for my emergency fund where I park 6 months the expenses and collect interest and almost never spend it? Ok
    Feb 13 2
    • Google pixy
      Most of my emergency fund is in 2.8% CDs laddered over a year in 1 month increments. I'm not settling for less than that. I get $5k maturing each month which I renew for another year. If I need the money (in emergency) I'll not renew it. 5k should get me through the month until the next one matures.
      Feb 13
    • Microsoft Darth G
      Where’d you get 2.8% on a CD ladder?
      Mar 8
  • Microsoft Gntjgezsoo
    Lol 2.5%. Just put all your money in AMZN and you’ll get them in 1 day instead of 1 year.
    Feb 13 3
    • Google YAPTRF
      This guy doesn't get stocks.....
      Feb 13
    • Microsoft Gntjgezsoo
      He can buy some? Whatever money he was planning to put in the bank, he can put it in some stocks.
      Feb 14
    • Google YAPTRF
      Sure. But what if he can't have the money see a 20-30% drop in value over next 3 years.

      Then I'd argue stocks are too risky
      Feb 14
  • Facebook public2
    Just use another bank and suffer through 2.25%?
    Feb 13 0
  • Microsoft am sjbg
    Best banks for 2.25%?
    Feb 13 5
    • Google pixy
      See bankrate.com for most recent
      Marcus by Goldman, Purepoint, CIT bank are generally quite competitive.
      Feb 13
    • Microsoft am sjbg
      Thank you! Typically are these rates guaranteed for a period of time? What’s to stop the bank from ratcheting them back down as soon as you deposit?
      Feb 14
    • Google pixy
      Yeah they are guaranteed until the end of CD term. Conversely, If you withdraw early there are penalties you have to pay.
      Feb 14
    • Microsoft am sjbg
      Oh you’re talking CDs. I’m talking high interest savings account.
      Feb 14
    • Google pixy
      Oh ok. No guarantee on rates with those.
      Feb 14
  • eBay / IT
    manorama

    eBay IT

    BIO
    Coder
    manoramamore
    1.)What exact data are they selling ?2.)how are they monetizing our bank account ?
    Feb 13 1
    • Microsoft 🚊🎱⚾️
      How to monetize bank account? By selling private confidential data?
      Feb 13
  • SoFi / Acctg
    fuckstick

    SoFi Acctg

    BIO
    Stuck Fick
    fuckstickmore
    That isn’t how the product works. They don’t sell your data. Don’t make up crap, fuckstick.
    Mar 8 0
  • Microsoft Tester68
    is it FDIC insured?
    Feb 13 0