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

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.

Discover

  • Automatically increases rates

HSBC

  • Automatically increases rates

LiveOak

  • Automatically increases rates

Marcus

  • Automatically increases rates

Memory Bank

  • Doesn’t automatically increase rates (unsure if they will manually adjust)
  • Does automatically increase rates

MySavingsDirect

  • Does automatically increase rates: 1,

Northpointe

Purepoint

  • Automatically increases rates

Redneck Bank

  • Automatically increases rates

Salem Five

  • Doesn’t automatically increase rates
    • Will increase rates manually

Sallie Mae

  • Automatically increases rates

Synchrony

  • Automatically increases rates

UFB Direct

  • Doesn’t automatically increase rates. They will manually adjust if requested

United Bank

  • Increases APYs by requires manual intervention: 1 (sent in via e-mail)

 

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KDOB
KDOB

I opened a Brio account back in July, and their rate has increased quite a bit since then. I asked them when my rate would adjust and they said that is only for new customers, and that I need to open a new account to get the new 3.75% rate.

anonymous
anonymous

PenFed does adjust rates automatically.

Christine
Christine

Citizens Access automatically increases rates.

A
A

Capital One 360 does not automatically increasing interest rate. I’ve had a savings account there since ING Direction conversion, and I just found out my interest rate is like .3%, I was told that if I wanted the 2.3% rate that they currently advertise, it’s a different product and I would have to set up a new account.

Save a penny, bust a nut
Save a penny, bust a nut

Anyone have any current data on

UFB
CFG
Dollarsavings direct
First foundation or
NASB?

MD
MD

Sofi automatically increases rates – they’ve done it 3 times since I joined in July!

Daniel K
Daniel K

N/A

Daniel K
Daniel K

Bread financial automatically raises rates as well..

Daniel K
Daniel K

Bread financial automatically raises rates as well…

TM
TM

Do we know if Citi Bank will automatically increase rates? Also wondering about First Foundation, Patriot Bank and Axos Bank