What’s the deal with SoFi?

[AndySoCal]

@xenon3030  Per depositaccounts.com Bank of America pays .02% to .04% percent interest their non CD savings accounts.  I would suggest looking into savings account (money market or high yield)  that pays you 3 to 4 percent. The increase in the interest paid would more than off set the 1.1% difference received on your credit card. As I said it is a suggestion it is up to you.

[xenon3030]

What about having SoFi saving with ~4-5% and keeping BOA platinum honor tier using 401k?

[longtimelurker]

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@xenon3030 wrote:

What about having SoFi saving with ~4-5% and keeping BOA platinum honor tier using 401k?

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Yes, the best way to keep BoA Platinum Honor is via IRA/401(k) funds, rather than plain savings.  If you basically hold ETF/individual stocks, account fees should be minimal and then it doesn't much matter where you hold them and so BoA may as well get them for the credit card bonus.  (If you frequently trade within your retirement account, you will need to check the rules, as they vary from place to place)

[xenon3030]

Indeed, it is my current plan . I may change my employer to move my 401k to ME and re-gain my platinum honor status.

[AndySoCal]

@xenon3030  I agree with @longtimelurker  response to your question. I used that range it is fairly easy to find high yield savings account or money market account paying 3 to 4 percent.  4.5% is even better !