Banks & Credit Unions That Do/Don’t Raise Savings Interest Rates For Existing Customers

One practice that financial institutions engage I loathe is increasing the APY rates for new savings customers, but not passing that increase onto existing customers. A lot of these financial institutions will agree to increase your rate if you request it, but it’s not automatic.

I thought the best thing to do is to try and draw some light onto this practice and also create a database of banks & credit unions that do/don’t pass on the rate increase and if it needs manual intervention or if it’s done manually. That way when you’re looking for a high yield savings account you can determine if it will truly be set and forget or if future rate increases will not be passed onto existing users. As always this is a community resource so I’ll be relying on datapoints from you, so please share them in the comments below.

All America Bank

Automatically increases rates

Ally

Automatically increases rates

Alliant

Automatically increases rates

American Express

Automatically increases rates

Barclays Savings

Automatically increases rates

BBVA

Doesn’t automatically increase rates and won’t manually adjust them either

BMO Harris

Doesn’t automatically increase rates and won’t manually adjust them either

Capital One

Automatically increases rates

Capital One 360

Doesn’t automatically raise rates

CIBC USA

Automatically increases rates

CIT Bank

Has previously created new types of savings accounts to get out of automatically adjusting rates. They will product change if requested according to these datapoints: 1, 2, . More details here.