SwitchWize Research Desk: Preliminary Data
Did Savings Rates Rise After the Fed Hike?
16 days after the Federal Reserve raised its target by 25 basis points (a quarter point) (announced September 16, 2026, effective September 17, 2026), 29 of 110 savings institutions with a current rate (26%) had raised their rate. 76 (69%) had not changed it. Banks that did raise passed through a median of 80% of the move.
Last reviewed October 3, 2026 · SwitchWize Research Desk
Raised their rate
29 of 110
26% of institutions measured
No change yet
69%
76 institutions
Median days to respond
7
among those that raised
One event, 16 days: read this first
This is a snapshot of a single Federal Reserve move, measured 16 days afterward. It is not a ranking of which banks follow the Fed, and it is not a deposit beta, which needs several moves to measure. Some banks may still raise their rate after this was published. We will update it as time passes and as the Fed moves again.
What happened
On September 16, 2026 the Federal Reserve announced a raise of its target range by 25 basis points (a quarter point), to 3.75% to 4.00%. The new range took effect on September 17, 2026. We compared each institution's best high-yield savings rate on the day before the effective date with its rate on October 3, 2026. A change of 0.05 points or more counts as a raise or a cut. Of the 110 institutions with a fresh rate on both dates, 12 raised their rate by the full quarter point or more.
| Response | Institutions | Share |
|---|---|---|
| Raised their rate | 29 | 26% |
| No change | 76 | 69% |
| Cut their rate | 5 | 5% |
Median change across all 110: zero. Among those that raised, the median raise passed through 80% of the Fed's move (0.20 points).
By type of institution
| Type | Institutions | Raised | Share raised |
|---|---|---|---|
| Banks | 93 | 23 | 25% |
| Credit unions | 11 | 1 | 9% |
| Fintech and online platforms | 4 | 3 | 75% |
| Investment firms | 2 | 2 | 100% |
Some groups are small, so read the shares as indications. Credit unions in particular are only partly covered by our rate tracking.
Largest increases
| Institution | Before | Now | Change (points) | Days to respond |
|---|---|---|---|---|
| Barclays | 3.50% | 4.00% | +0.50 | 15 |
| Openbank | 3.80% | 4.15% | +0.35 | 13 |
| TAB Bank | 3.61% | 3.95% | +0.34 | 0 |
| EverBank | 3.90% | 4.20% | +0.30 | 16 |
| Peak Bank | 4.01% | 4.27% | +0.26 | 14 |
| Betterment | 3.25% | 3.50% | +0.25 | 4 |
| Cash App | 3.25% | 3.50% | +0.25 | 1 |
| Customers Bank | 3.38% | 3.63% | +0.25 | 1 |
| E*TRADE | 3.50% | 3.75% | +0.25 | 6 |
| Poppy Bank | 4.00% | 4.25% | +0.25 | 12 |
| Synchrony | 3.30% | 3.55% | +0.25 | 13 |
| Wealthfront | 3.30% | 3.55% | +0.25 | 1 |
Cut their rate despite the hike
| Institution | Before | Now | Change (points) |
|---|---|---|---|
| 5Star Bank | 0.60% | 0.04% | -0.56 |
| Valley Direct | 4.00% | 3.30% | -0.70 |
| Emigrant Bank | 3.00% | 1.00% | -2.00 |
| First Internet Bank of Indiana | 3.09% | 0.80% | -2.29 |
| Ridgewood Savings Bank | 3.35% | 0.25% | -3.10 |
A cut after a Fed increase usually reflects the end of a promotional rate, a change to a balance tier, or the bank's own pricing, not the Fed's move. We cannot see the reason from the rate alone.
Method
- Before: each institution's highest high-yield savings APY we observed on the last day before the new range took effect, using its last observation if within 7 days.
- Now: the same measure on October 3, 2026.
- A raise or cut is a change of at least 0.05 percentage points. Pass-through is the change divided by the size of the Fed move.
- Days to respond: days from the effective date to the first observation at or above the before-rate plus 0.05 points that is still in place at the next observation.
- Institutions without a fresh rate on both dates are left out, so the 110 measured is smaller than the full tracked set.
Limits
- This is 16 days of follow-up after one decision. Banks that move later are counted as "no change" for now.
- Rates are scraped from public pages. A change at the bank may appear on our side a day or more later.
- Promotional and balance-tiered rates are not separated out. Use each bank's own terms for what you would actually earn.
- A bank can also change its rate for reasons unrelated to the Fed. This measures what happened, not why.
Download the data
How to cite this
SwitchWize Research Desk, "Did Savings Rates Rise After the Fed Hike?" Data 2026-09-17 to 2026-10-03. Retrieved from https://www.switchwize.com/research/fed-hike-response
View the data and methodEducational information, not personalized financial advice. Rates are illustrative of current market conditions and should be confirmed with the provider.