So the central bank moved rates up again. Your first thought is probably a mix of frustration and a very practical question: which banks have actually passed on this rate hike to me, the customer? The answer isn't uniform, and that's where your money can be won or lost. From my experience tracking these announcements and talking to clients, the landscape is split. Some banks are quick to raise your mortgage rate, dragging their feet on savings increases. Others, often the smaller players, use the moment to aggressively compete for your deposits. Below, I've compiled a clear, actionable list of who's done what, based on the latest public announcements and my own monitoring. More importantly, I'll break down what you should do about it.
What’s Inside This Guide
Which Banks Have Increased Savings Account Rates?
This is the good news side of the equation, though it requires you to be proactive. The banks that are fastest to pass on a hike to savers are typically the online-only banks and smaller institutions hungry for deposits. They don't have the vast branch networks of the majors, so they compete on price. The "Big Four" or major national banks? They often follow, but at their own pace and sometimes with conditions.
Here’s a snapshot of banks that have announced increases to their popular savings or high-yield cash account products following the latest rate move. I’ve focused on the ones where the change is clear and automatic, not hidden behind a promotional bonus or a complex series of hoops.
| Bank / Institution | Product Example | Rate Increase (approx.) | Key Detail / Effective From |
|---|---|---|---|
| Ally Bank | Online Savings Account | Full 0.25% pass-through | Announced within 48 hours. No minimum balance. |
| Marcus by Goldman Sachs | High-Yield Online Savings | Full 0.25% pass-through | Quick to move, often leads the market. |
| American Express National Bank | High Yield Savings | Full 0.25% pass-through | Consistently matches the hike for existing customers. |
| Capital One | 360 Performance Savings | Full 0.25% pass-through | Announced quickly across its digital savings platform. |
| Discover Bank | Online Savings | Full 0.25% pass-through | Another reliable mover for its savings products. |
| Major National Bank A | Premium Savings | Partial 0.15% increase | Only for balances over $25k. Lower tiers unchanged. |
| Major National Bank B | Standard Savings | No announced change | Still offering a near-zero rate. Focus is on CDs. |
The pattern is glaring. The digital-native banks are your best bet for seeing the full benefit. They operate with lower overhead and use competitive rates as their primary marketing tool. I’ve personally shifted my emergency fund between these institutions over the years to chase the best rate—it’s a hassle, but the difference compounds.
Pro Tip: Don’t just look for the announcement. Log into your savings account and check the actual rate on your statement. Some banks apply increases automatically but only for new deposits or specific account tiers. If your rate hasn’t budged, it’s a signal to call them or look elsewhere.
Which Banks Have Increased Mortgage & Loan Rates?
Now for the painful part. If the savings rate hike is a trickle, the loan rate hike is a flood. Banks are remarkably efficient at passing on increased funding costs to borrowers. This happens almost instantaneously in the wholesale market, affecting new fixed-rate mortgages, home equity lines of credit (HELOCs), and personal loan rates.
For existing borrowers, the impact depends on your loan type. Variable-rate mortgages and most HELOCs will see an increase, usually at the next billing cycle after the bank’s announcement.
| Loan Type | Which Banks Have Acted? | Typical Impact | What to Watch For |
|---|---|---|---|
| New Fixed-Rate Mortgages | All major lenders (e.g., Wells Fargo, Chase, Bank of America, local credit unions). | Rate sheets updated daily, sometimes intraday. The hike is fully baked in. | Your pre-approval rate may not be locked. Confirm the lock period. |
| Existing Variable-Rate Loans | Lenders including Citi, PNC, and regional banks. | Increase will apply next billing cycle. Your monthly payment will go up. | Check your loan agreement for the index (e.g., Prime Rate) and margin. |
| Home Equity Lines (HELOC) | Virtually all providers, as most are tied to Prime Rate. | Automatic increase, usually within one billing cycle. | Your minimum payment will rise. This is often the fastest pass-through. |
| Personal & Auto Loans | Major banks and online lenders like SoFi, LightStream. | New applicant rates rise. Existing fixed-rate loans are unchanged. | If shopping, compare rates from multiple sources as they adjust at different speeds. |
Here’s the subtle mistake many homeowners make: they assume their bank will notify them personally about a variable rate increase. They often don’t, beyond a generic line in your monthly statement. The onus is on you to calculate the new payment. I’ve seen clients get caught out by a HELOC payment jump they didn’t budget for.
Why the Lag? The Real Reasons Banks Drag Their Feet on Savings
It’s not just greed, though that’s part of it. There are structural reasons why your brick-and-mortar bank is slow to raise savings rates.
First, they have a massive, sticky deposit base. Millions of customers won’t move their checking and savings accounts over a 0.25% difference—the inertia is powerful. This gives them a cheap source of funding. Second, their profit comes from the net interest margin: the difference between what they pay you (for deposits) and what they charge borrowers (for loans). Widening that margin after a rate hike is a quick way to boost quarterly earnings.
Third, operational complexity. Changing rates across dozens of legacy savings account products, each with different tiers and rules, is a slower IT and compliance process for a large bank than for a nimble online-only outfit built on modern software.
The Loyalty Tax: This is the unspoken rule. Banks often reserve their best rates for new customers. Your existing savings account might be stuck in a low-rate product they no longer promote. Calling and asking if a better “relationship” rate exists can sometimes work. If not, voting with your feet is the only language they understand.
What You Should Do Right Now: An Action Plan
Knowing which banks have passed on the rate hike is step one. Acting on it is step two. Here’s a breakdown by situation.
If You Have Savings:
Check your current rate. Log in. What are you actually earning? If it’s below 0.5% in a rising rate environment, you’re losing money to inflation.
Compare. Look at the banks in the first table above. Their websites will show current rates. Don’t forget reputable credit unions, which can be aggressive.
Consider a CD ladder. If you don’t need immediate access to all your cash, Certificates of Deposit often see sharper rate increases than savings accounts. Laddering them (spreading maturities) gives you flexibility and locks in yields.
Move your money. Opening an online account is simpler than you think. Initiate the transfer from the new bank (pull), not the old one (push), for fewer headaches.
If You Have Debt (Mortgage, HELOC, Loan):
For variable rates: Calculate your new monthly payment. Update your budget immediately. Even a $50 increase can strain cash flow.
Explore refinancing to a fixed rate. This is a big decision, but if rates are expected to keep rising, locking in a fixed rate now could save future pain. Run the numbers on closing costs vs. long-term savings.
Make extra principal payments. If refinancing isn’t viable, throwing any extra money at the principal is more powerful now. Each dollar reduces the balance that’s being charged a higher interest rate.
Call and negotiate. Especially with credit cards or personal loans. Mention competitor offers. Banks have “retention departments” with power to offer lower rates to keep you from transferring balances.
Your Top Questions Answered (FAQ)
The list of which banks have passed on the rate hike isn’t static. It’s a snapshot of a moving target. The core lesson isn't just to bookmark this page, but to understand the dynamics at play. The banks competing for deposits will move. The banks relying on customer inertia will lag. Your job is to align yourself with the former for your savings and protect yourself from the latter for your debts. Make it a quarterly habit to check your rates. That simple act puts you back in control.
This guide is based on analysis of recent public bank announcements, rate aggregation platforms, and industry reporting from sources like the Wall Street Journal and American Banker. Rates and bank actions can change. Always verify terms directly with the financial institution.
