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.
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,
smilingdad
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