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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TM
TM

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

SMan
SMan

Now Capital one 360 created a new account rather than changing the terms for 360 Money Market. The new account is called “360 Performance Savings”

Craig Ross
Craig Ross

Vio Bank is now 2.35 as of 11/20/18

Chuck

Updated, thanks

nostalgix
nostalgix

CitizensAccess kept on automatically raising mine to match new rates! Awesome!

Mark
Mark

CapitalOne 360 Savings Does not raise rates to new customer rates.

Joe
Joe

I have a Capital One 360 Money Market Account that was at 1.85% APY for the first few months, and it was increased to 2.00% APY this coming month automatically. So your article has me slightly confused and worried it might not increase automatically in the future. In that case I would want to switch over to Ally. Is there a way we can get clarification?

Hamilton
Hamilton

I’ve had Capital One 360 Money Market since the beginning of 2018 and it has automatically raised rates several times this year, including the recent increase to 2%. Perhaps Money Market Savings and regular savings are different?

Bonnie B
Bonnie B

UFB will increase rates, but only if you request.

Jacob
Jacob

Star One credit union, which also has a longstanding $120 sign up bonus and $60 referral bonus, automatically raises rates for existing customers and is up to 1.85% on checking and savings now. Awesome credit union, if you can get in.

Shirley
Shirley

HSBC automatically raised their rate for me on their HSBC Direct Savings account.

Joe C.
Joe C.

Back when CIT raised their rates by creating the money market account, I sent a secure message asking for my savings account to be changed to the money market with the higher rate. They converted the account so I got the higher rate. I didn’t bother this time since I’m planning to close the account and switch to one that automatically raises rates. I want something easy. Hope my data point on CIT helps. Also, I can confirm Marcus automatically raises rates. I’ve has my account since before Goldman Sachs bought it from GE Capital. This list is great! Thanks Doc.

Ryan Goldstein

Incredible Bank automatically increases rates for all savings account customers.