SoFi HYSA Dropped to 4.00% APY — Time to Switch?

July 25, 2026 · by David Park · 3 min read

SoFi emailed me Thursday: "Your APY on Savings is changing from 4.20% to 4.00% effective August 1." No surprise — the Fed held rates at 4.50-4.75% in July and the 10-year Treasury yield dropped to 4.12%.

My SoFi emergency fund is $18,500. At 4.20% that earned $777/year. At 4.00% that's $740/year. A difference of $37 annually — or $3.08/month.

Is it worth switching? I checked the current best HYSA rates:

Wealthfront: 4.50% APY (with boost, 4.25% without)
Marcus by Goldman Sachs: 4.25% APY
Ally: 4.00% APY
SoFi: 4.00% APY (after Aug 1)

Switching to Wealthfront at 4.50% would earn me $832/year — an extra $92. But opening a new account, transferring funds (3-5 business days), and updating my direct deposit split is maybe 2 hours of work. That's $46/hour for my time. Worth it.

I'm opening a Wealthfront cash account today. But I'll keep $500 at SoFi to keep the account active in case rates reverse. My HYSA rate tracker is updated with the new numbers.

— David