SoFi raises rates again to 2.5%

SoFi has done it again. As the Fed raised rates last week, SoFi has done their best to keep up. New checking and savings interest rates are now 2.5%.

Here is a comparison to other top banks.

JPM Chase

Chase savings rates as of 10/2/2022, they are awful

Bank of America

Bank of America tossed a nothing burger like Chase on interest rates

Wells Fargo

Wells Fargo continues the trifecta of pathetic savings rates

SoFi as a fintech offering 2.5% interest on your savings is a big deal. What will happen is they will be able to offer loans at cheaper rates, since their funding source is cheaper.

Ally Bank does it better than the top 3.

Ally Bank is at 2.1%, much more competitive. They call out the top 3 on their website.

The interesting thing is SoFi pays more to save (2.5%) than you get as rewards on their credit card (2%). Will that lead to people changing behavior? Why do we continue to support exploitative banks and oil companies, against our better interests?

Sincerely yours,


Published by smilingdad

My story is one of tragedy and redemption. We've made many mistakes along the way regarding our money. Our goal here is to show you how to take care of your money life long, and as much as we can, help the Earth along the way. I call it sustainable personal finance and ethical capitalism. Currently, I am a part time writer for Cleantechnica and part-time licensed financial professional, along with being a full-time dad.

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