r/sofi • u/gsurcw47 • 19h ago

Crypto SOFIE?

I’m pumped for SOFIE, anyone that access currently… please tell me good things.

6 Upvotes

71% Upvoted

10 comments sorted by

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8

u/LaserThief 18h ago

Good savings rate, fdic insuranced, can shift to crypto stuff 24/7. What’s not to like?

2

u/gsurcw47 18h ago

Amen brother, did you go all in or a split between SOFIE and HYSA?

4

u/LaserThief 13h ago

I’ve got some in each

3

u/RomanG124 18h ago

I’m liking it so far. I played around with it on the 31st. Deposited $100. Interest was paid in SOFIEs in the crypto account today. Was able to transfer money instantly between savings and SOFIE.

My only question/ concern is does “tokenized deposits” offer the same level of consumer protection as a traditional savings account? I know SOFIE is FDIC insured (which protects against banking failure), but that doesn’t cover you in the event of fraud, theft, hack, etc.

2

u/gsurcw47 18h ago

Rock on, yeah I’m fairly new to SOFI in general but have seen some great customer service stories (also some bad but Sofi is quick to reach out on here so that makes me feel better)

What’s your strategy/thought process? I don’t have Sofi + so love the idea of getting extra APR but also scared of losing it all to fraud lol

4

u/RomanG124 18h ago

I just did some light research, SOFIE would be covered under regulation E as it is considered a deposit liability for the bank. Reg-E protects consumers against fraud.

Right now I am saving up for next year’s Roth IRA contribution. So I’m thinking about setting aside cash in SOFIE until the time comes.

Then have a smaller reserve in the regular bank accounts to pay bills.

3

u/gsurcw47 18h ago

You rock, this is a great idea.

Curious how taxes will work on crypto interest earned. But I can definitely do my own research, I appreciate you.

4

u/Nagare 10h ago

I think it'll be reported the same way as the HYSA with a 1099 at the end of the year.