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

Great article DoC. I guess the banks have a internal competition to boast how big a fool they make out of customers. Not the interest rate for old customers is really a bad practice and banks that follow these trends raise a red flag to not to bank with them.

Doc you forgot to add Salem Five to this list.

In my experience, Memorybank automatically increased the savings rate percentage. Here’s the relevant part of teh email – Because of awesome customers like you, MemoryBank is taking the earning power of the Online Money Market Account from 1.85% APY to 2.25% APY*. Best of all, no action is needed on your part to start earning this great rate – the new rate will be applied to your account automatically.

Alliant has now moved out ahead of Ally to raise its rates quickly the last two times – now at 1.95% for savings.

What about WF, Chase, Citibank?

BMO & BBVA are notorious for doing this. If you sign up for one of their money market accounts, you are locked in at that rate even if at a later point they advertise a higher rate. BMO will tell you to wait a week after closing before reopening. BBVA tells you that you must wait 30 days before reopening. It’s very annoying.

good stuff. Wall of Shame for the banks. Would redo the title though (Banks that do/don’t increase) since there are more good guys on this list than the bad guys.

CIBC USA auto-increases.

American Express Bank consistently raises rates for existing customers.
They are currently @ 1.90%.

LiveOak has been great about increasing the savings interest rates. I think it’s up to 2.0% APY now? When i joined it was. 1.7%, IIRC

American Express Savings automatically increases the rate as well. Quick transfers to boot.

Good info but unless I am missing something shouldn’t the title of the article read “Banks that raise you rate automatically”? You have don’t in the title but have banks listed that do raise……just sayn

When Memory Bank raised rates at the end of September, I was automatically bumped to the higher rate (opened account mid August). I thought they sent a note to say as much but I do not immediately see it. Maybe I already deleted that note.

https://www.doctorofcredit.com/memorybank-2-25-apy-money-market-account/

MemoryBank does automatically raise rates. Their last increase in September was automatically applied to my money market account.

Very useful list to have.

For Capital One, does it make sense to list Capital One 360 (the online accounts) separately too?

amex raises rates

Another great DoC page to bookmark. Banks also vary widely on the minimum balance required to avoid fees/earn interest. It’s quite a job keeping track of that as well, can vary from $0 to $1000’s.

American Express automatically increases rates

This article should be prefixed with “Wall of Shame”!

Great post, very much appreciated! According to Deposit Accounts, Northpointe now has a 2.3% MM, with rate guaranteed for 1 year, and in the notes, a poster was griping that he only had the savings account, not the MM. Bill from Northpointe posted there to say call Northpointe, and he would adjust the savings rate to match the MM and no new account needed. So the manual rate match for a different type of account seems like a positive in this case.

I’ve had no problem product changing with CIT with just a phone call. The account number doesn’t even change.

Incredible Bank automatically increases rates for all savings account customers.

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.

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

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.