Sofi raises savings to 4.2%

SoFi raised their savings rate to 4.2%. This is suspiciously close to Apple Savings rate of 4.15%.

SoFi reported earnings today. Revenue beat by 5.09% and earnings per share best by 49.77%. Noteworthy: SoFi ended the quarter with $10 billion in deposits. Apple Savings seems to have garnered $1 billion in 4 days. SoFi stock thought it was terrible news, and buy the rumor, sell the news was evident.

SoFi doesn’t have enough data to generate an MACD. The chart doesn’t inspire confidence.

Banks and credit unions that are uncompetitive will lose deposits to banks with higher rates or to more secure banks (like JPMorgan Chase buying First Republic). The epic consolidation of the nations banks continue. Depositors now need to monitor their banks financial ratings for receivership. Thanks Fed!

Treasury Secretary Janet Yellen says the Treasury has one month left before the debt ceiling is breached. I expect more down days in the market until that artificial crisis is resolved. There’s an old Wall St. saying, Sell in May and Buy in November. Investopedia traces the history.

Wishing you a sunny May!

Sincerely yours,


Copyright © 2023 smilingdad. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of smilingdad, its owners, sponsors, affiliates, or subsidiaries.

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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