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About how much is in your savings account?
When the Fed raises rates, it is natural to expect your savings rate to rise with it. It does only if your bank decides to pass the increase on, and each bank decides for itself how much and how soon.
Did my bank raise my savings rate after the Fed hike?
Search your bank in the calculator above to find out. It shows the rate before the September 16 announcement, the rate now, and the share of the increase your bank passed on.
The Federal Reserve raised its target range by a quarter of a point, to 3.75 to 4.00 percent.1 Banks that hold your savings are not bound to follow, so the leaderboard below shows who did and how quickly.
If you do not see your bank, it may lack a reading on both sides of the announcement. We leave those banks out rather than guess.
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How much is a quarter-point hike worth to me?
On $10,000 a quarter point is $25 a year, and on $100,000 it is $250. Those figures come from simple arithmetic on the size of the increase.2
Read the increase in dollars rather than percentages. A hike that looks tiny on a rate sheet is a real amount once you multiply it by a household balance.
The bigger number can be the gap between your bank and the banks that raised their rate and now pay the most. The calculator puts that gap in dollars a year for your balance. The top savings rate today is 4.27% APY, against a national average of 0.38% APY.
Why would a bank not pass on the hike?
Each bank sets its own savings rate around its own funding needs, so the timing and size of any change differ from one bank to the next. Banks also differ on features as well as rates, so a flat rate can come with benefits you value.
Deposit beta is the name for how much of a Fed move a bank passes to savers. You can read how it works in why your savings rate barely moves when the Fed does.
A bank that has not moved yet may still move. So the leaderboard below ranks who moved fastest and does not label anyone a laggard.
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How do I tell if my bank is keeping up?
Compare three things: the share of the hike your bank passed on, how many days it took, and the dollar gap to the banks that passed it on. A share near all of it, with a short wait, means your bank kept up.
The Yield Durability Score adds a longer view for banks with enough history. It rates how well a bank has held the rate it advertises through its own rate cuts, drift between Fed decisions and promotional expirations. Read how it is built on the Yield Durability Score page.
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What should I do if my bank did not raise its rate?
Decide whether the dollar gap is worth moving for, then move in a way that keeps you covered. The call is yours, because some people value a branch or a linked checking account.
- Note the gap in dollars a year from the calculator.
- Check that the new bank is FDIC insured with the insurance check.
- Follow the bank switching checklist so direct deposits and autopays do not break.
- Leave the old account open until a full statement cycle has cleared, then close it.
If you want to be told when the top rate moves, set a rate alert. To see the full tracker behind this page, open the Fed hike tracker. If your money sits in a CD, the question is different, and the lock or wait guide covers it.
Where can I get the bank-by-bank data?
The data is free to use. Download it as JSON or CSV, both refreshed hourly and sourced from SwitchWize rate tracking.
Each bank is measured from one source only, using its last reading on or before the announcement and its latest reading now. The share passed on is the change in rate divided by the size of the Fed move. Banks with no reading on both sides are excluded and counted in the dataset.
A leaderboard you can embed on another site is at /embed/fed-hike-pass-through.