After the Fed's September hike, 25 of the 65 banks in our panel raised their savings rate within 29 days.
After each of the three 2025 cuts, 32 to 37 of the 71 to 73 panel banks we observed cut their rate within 29 days of each cut. The mean change was 32.3% to 43.4% of the size of each cut, and 30.6% of the size of the hike. The comparison rests on one hike. The next Fed decision is on .
Data as of .
By Aviel Fahl
74 banks after each Fed decision
| Decision | Fed move (points) | Banks observed | Not observed | Cut | Raised | No change | Mean change (points) | Median change (points) | Mean change as share of the Fed move |
|---|---|---|---|---|---|---|---|---|---|
| Cut 0.25 | 73 | 1 | 37 | 2 | 34 | -0.094 | -0.020 | 37.4% | |
| Cut 0.25 | 71 | 3 | 32 | 1 | 38 | -0.081 | 0.000 | 32.3% | |
| Cut 0.25 | 72 | 2 | 36 | 0 | 36 | -0.108 | -0.025 | 43.4% | |
| Raised 0.25 | 65 | 9 | 1 | 25 | 39 | +0.076 | 0.000 | 30.6% |
Source: Banksparency savings rate history and Federal Reserve FOMC statements, .
Each row counts the panel banks whose savings rate we observed at both ends of its window, from 17:00 UTC (Coordinated Universal Time) on the decision day to 29 days later. Not observed counts the panel banks with no confirmed rate at one end of the window. They are left out of the row. Changes are in percentage points. The share is the mean change divided by the size of the Fed move. The rows do not add up to the 2025 total below, which runs to .
The panel is every bank whose savings rate we had recorded at each 2025 cut, on and at the September 16 hike. We chose which banks to record in 2025: the banks our scraper covered then, mostly national online banks plus some large branch banks. The 74 bank brands are on 69 charters, because some brands share one bank charter. Of the 74 banks in the panel, 65 had a savings rate we observed at both ends of the 29 days after the September hike.
The Fed cut its target range three times in 2025, by 0.75 percentage point in all. From to , the 71 of the 74 banks in our panel that we observed at both dates cut their savings rate by 0.35 percentage point on average. That is 47.1% of the Fed's cut. Of the 71 banks, 55 cut their rate, 16 did not change it and none raised it. The panel median fell from 4.10% to 3.75%. Over the same months, the FDIC national savings rate fell 0.01 percentage point, from 0.40% to 0.39%.
Each bank’s change after each decision
Show each bank’s change after each decision
| Bank | September 17, 2025 cut | October 29, 2025 cut | December 10, 2025 cut | September 16, 2026 hike | Days to first change after the September hike |
|---|---|---|---|---|---|
| Affirm | -0.250 | No change | -0.400 | +0.250 | 7 |
| All America Bank | No change | No change | No change | No change | no value |
| Ally Bank | -0.100 | -0.100 | No change | +0.100 | 9 |
| Amalgamated Bank | No change | no value | no value | No change | no value |
| American Express | No change | -0.100 | -0.100 | +0.100 | 7 |
| Ameriprise Bank | No change | No change | -0.050 | +0.200 | 21 |
| Axos Bank | +0.050 | No change | No change | -0.200 | 21 |
| Bank of America | No change | No change | No change | No change | no value |
| Bank5 Connect | No change | -0.200 | No change | No change | no value |
| Barclays | No change | -0.100 | No change | No change | no value |
| Bask Bank | -0.100 | -0.150 | -0.150 | +0.150 | 7 |
| Bread Savings | -0.050 | -0.050 | -0.050 | +0.100 | 10 |
| BrioDirect | -0.100 | -0.200 | -0.250 | No change | no value |
| Carver Bank | No change | No change | No change | No change | no value |
| Charles Schwab Bank | No change | No change | No change | No change | no value |
| Chase Bank | No change | no value | No change | No change | no value |
| CIBC Bank USA | -0.100 | -0.150 | -0.110 | +0.230 | 6 |
| CIT Bank | -0.150 | -0.100 | No change | No change | no value |
| Citibank | No change | -0.100 | No change | +0.200 | 13 |
| Citizens Access™ | No change | -0.150 | No change | No change | no value |
| Colorado Federal Savings Bank | -0.100 | No change | No change | No change | no value |
| ConnectOne Bank | +0.100 | -0.250 | -0.250 | No change | no value |
| Customers Bank | -0.250 | -0.250 | -0.250 | +0.250 | 1 |
| Discover Bank | -0.100 | No change | -0.100 | no value | no value |
| E*TRADE from Morgan Stanley | -0.250 | No change | -0.250 | +0.250 | 6 |
| Elevault | -0.260 | -0.260 | -0.260 | No change | no value |
| EverBank | -0.250 | No change | -0.150 | +0.300 | 16 |
| Evergreen Bank Group | no value | no value | no value | no value | no value |
| First Foundation Bank | -0.150 | -0.100 | -0.250 | no value | no value |
| Fitness Bank | No change | No change | No change | No change | no value |
| Flagstar Bank | -0.100 | -0.250 | -0.110 | No change | no value |
| FNBO Direct | -0.250 | No change | No change | No change | no value |
| Forbright Bank | -0.250 | No change | No change | No change | no value |
| FVCbank | -0.250 | -0.250 | No change | No change | no value |
| GO2bank | No change | No change | No change | No change | no value |
| Happen Bank | No change | No change | -0.200 | +0.200 | 6 |
| High Plains Bank | No change | No change | No change | No change | no value |
| Jenius Bank | No change | -0.150 | No change | no value | no value |
| Live Oak Bank | No change | -0.100 | -0.100 | No change | no value |
| Marcus by Goldman Sachs | No change | No change | No change | +0.100 | 2 |
| MutualOne Bank | No change | No change | No change | No change | no value |
| My Banking Direct | -0.100 | -0.180 | No change | no value | no value |
| MySavingsDirect | No change | No change | -0.400 | No change | no value |
| Neighbors Bank | -0.100 | No change | No change | +0.150 | 9 |
| Newtek Bank | No change | No change | No change | No change | no value |
| Omb Bank | No change | No change | No change | No change | no value |
| Openbank | No change | No change | No change | +0.350 | 7 |
| Peak Bank | -0.150 | No change | -0.210 | +0.260 | 16 |
| PeoplesBank | -0.150 | -0.150 | -0.200 | no value | no value |
| Pibank | No change | No change | No change | +0.150 | 13 |
| PNC | -0.100 | -0.320 | -0.230 | No change | no value |
| Poppy Bank | No change | -0.250 | -0.250 | No change | no value |
| Popular Direct | -0.050 | -0.050 | -0.100 | No change | no value |
| Presidential Bank | No change | -0.500 | -0.250 | No change | no value |
| Prime Alliance Bank | -0.150 | No change | -0.150 | +0.150 | 8 |
| Primis Bank | -0.350 | No change | No change | no value | no value |
| Quontic Bank | No change | No change | -0.250 | No change | no value |
| RBMAX | -0.250 | No change | -0.250 | No change | no value |
| Rising Bank | -0.200 | -0.150 | -0.200 | No change | no value |
| ROGER | -0.250 | No change | -0.260 | +0.390 | 6 |
| Salem Five Direct | -0.200 | -0.100 | -0.100 | +0.150 | 13 |
| Sallie Mae Bank | No change | No change | No change | +0.100 | 2 |
| Santander Bank | -0.020 | No change | No change | no value | no value |
| SmartyPig | No change | No change | No change | No change | no value |
| SoFi Bank | No change | -0.200 | -0.300 | +0.200 | 7 |
| Synchrony Bank | No change | -0.150 | No change | +0.250 | 13 |
| TAB Bank | -0.350 | No change | -0.190 | +0.340 | 1 |
| The State Exchange Bank | -0.350 | +0.100 | -0.990 | no value | no value |
| UFB Direct | -0.250 | -0.250 | -0.250 | No change | no value |
| Upgrade | -0.600 | -0.370 | No change | +0.250 | 7 |
| Valley Direct | -0.200 | No change | -0.100 | No change | no value |
| Varo Bank | No change | No change | No change | No change | no value |
| Wells Fargo | No change | No change | No change | No change | no value |
| Western Alliance Bank | -0.100 | -0.150 | -0.100 | No change | no value |
– means no figure.
Source: Banksparency savings rate history and Federal Reserve FOMC statements, .
Each change is the highest headline APY across the bank's savings accounts at the end of the 29-day window, less the same figure at 17:00 UTC (Coordinated Universal Time) on the decision day, in percentage points. Days to first change count calendar days from the decision date. – also marks a bank whose rate we did not observe at both ends of that window.
The index accounts after the September hike
The Fed raised its target range by 0.25 percentage point on September 16, to between 3.75% and 4.00%. Read the Fed statement.
In the 30 days from 17:00 UTC on September 16 to October 16, 27 of the 60 accounts in the index on raised their rate, none cut it and 33 did not change it. The median raise was 0.20 percentage point. The median time to the first raise was 7 days.
| Reading | Date | Median | Change | Top tenth | Change | Accounts |
|---|---|---|---|---|---|---|
| Before the decision | 3.505% | no value | 4.010% | no value | 60 | |
| 7 days after | 3.650% | +0.145 | 4.010% | 0.000 | 59 | |
| 30 days after | 3.650% | +0.145 | 4.200% | +0.190 | 60 | |
| 90 days after | Not yet | no value | no value | no value | no value |
– means no figure.
Source: Banksparency index method, ; Federal Reserve statement, .
Changes are in percentage points from September 14, the newest reading before the decision. The index has no reading from September 15 to 17.
The index median and the national savings rate
On , the median APY of the 60 accounts in the Core Savings Index was 3.65%. The top-tenth rate, the rate that the top tenth of accounts in the index pay or beat, was 4.20%. The FDIC national savings rate was 0.37% in the FDIC's release, for August. On $10,000, an account at the index median, 3.65%, would earn $365 in a year if the rate held. One at the FDIC national rate, 0.37%, would earn $37.
Consumer prices (CPI-U) rose 3.4% in the 12 months to . The FDIC national savings rate was below the 12-month rise in consumer prices in all 65 monthly FDIC releases with an inflation reading for their month, from to .
The index holds savings accounts that are available nationally, need $1,000 or less to open and to earn the rate, have no fee that cannot be waived and have no condition to earn the rate. An account's headline APY is the highest rate it pays with no balance cap, or with a cap of $1,000 or more. The index admits only accounts whose headline APY is above the FDIC national savings rate, so it is not an average of all savings accounts. How the index works.
Beyond the index
From September 17 to October 15, a window that starts the day after the decision, 412 of the 946 banks and credit unions in the count raised at least one CD rate. For savings accounts, the count was 87 of 942 banks and credit unions.
| Product | Institutions | Raised at least one rate | Cut at least one rate | Median days to first raise |
|---|---|---|---|---|
| CDs | 946 | 412 | 68 | 14 |
| Money market accounts | 755 | 98 | 4 | 14 |
| Savings accounts | 942 | 87 | 5 | 10 |
Source: Banksparency index method, .
The count covers listed products that we tracked from at least 6 days before the decision, at the banks and credit unions we track for consumers. Credit union pages are not published yet. It counts base rates only: the standard rate of a product, not a promotional or relationship rate. The CD count covers every term, so an institution counts once when a base rate of any term changed. It leaves out IRA CDs. The pool of products is fixed as of , the first daily run after the window closed.
Month by month
In October, the index median fell by less than 0.01 percentage point from September 30. For the 60 accounts in the index on that had a rate on both dates, the median did not change. Of those accounts, 8 raised their rate and none cut it.
| Month | Median | Top tenth | Median change | Same accounts: median change | Same accounts: raised / cut / no change | Accounts |
|---|---|---|---|---|---|---|
| 3.650% | 4.200% | -0.005 | 0.000 | 8 / 0 / 52 of 60 | 60 | |
| 3.655% | 4.024% | +0.090 | +0.050 | 23 / 2 / 30 of 55 | 60 | |
| 3.565% | 4.010% | First month | First month | First month | 56 |
Source: Banksparency index method, .
Levels are APY from the last reading of each month. Changes are in percentage points from the last reading of the month before. Same accounts counts only the accounts in the index at both month ends. For September and October, the same-accounts figures count the accounts in the index on that had a rate at both month ends.
The October figures cover 18 of 31 days. October figures change until the month closes on October 31. The next edition with all of October follows the reading of October 31.
What banks paid while the Fed cut
A bank here is one FDIC-insured charter, which files its own Call Report.
None of the 32 bank charters with $100 billion or more in assets in Q3 2024 paid a higher rate on savings and money market deposits in Q2 2026 than in Q3 2024. Over the same quarters, the quarterly average of the effective federal funds rate fell 1.64 percentage points. Among the 3,859 bank charters with a rate in both quarters, 1,231 (31.9%) paid more. Of those, 770 paid over 0.10 percentage point more.
In Q2 2026, the median rate paid across the 3,938 bank charters with a rate in that quarter was 1.45%.
The rate is each charter's quarterly interest expense on savings and money market deposits, annualized and divided by its average balance of those deposits, from its FDIC Call Report. It is an average cost across all balances, not a rate that a bank offers.
Source: FDIC BankFind Suite, Call Report financials, .
What these figures do not show
- The panel is the 74 bank brands our scraper covered in 2025. It is not a sample of all US banks.
- Some large branch banks in the panel pay close to 0% and cannot cut further. They stay in the mean, so they pull down the share after a cut and not after a hike.
- The 2025 cuts were 42 days apart, so a change after one cut can be a late response to the cut before it.
- A change made before 17:00 UTC on the decision day, ahead of the Fed statement, is not counted.
- The counts and the means describe the panel and the index only. The page gives no error range for them.
Use these figures
Free to reuse under CC BY 4.0. Credit “Banksparency Core Savings Index”. A link is welcome but not required.
Suggested citation
"How banks changed savings rates after Fed decisions." Banksparency, updated October 18, 2026. https://banksparency.com/savings-accounts/fed-rate-decisions
How these figures are computed
Show the method
Same accounts
The same-accounts figures count only accounts that were in the index at both month ends. An account counts as raised or cut when its headline APY changed by 0.0005 percentage point or more.
Past index membership
We began to store the daily list of index accounts on . For an earlier date, the same-accounts figures and the counts of index accounts use the accounts in the index today, and we rebuild each account's past rate from its rate history. An account that left the index before October 15 is not in those figures. On October 18, the rebuilt rate matched the index for all 60 accounts.
The panel
A bank's rate is the highest headline APY across its savings accounts, read at 17:00 UTC (Coordinated Universal Time) on the decision day and at the end of each window. A bank counts in a window only when a scrape confirmed its rate no more than 7 days before each end of the window, or after it. The 2025 total stops on , the last day before we changed how we store rates. Before , we stored one reading for each scrape, at about 11:00 UTC. From that date, we store a reading only when a rate changes. Days to first change count calendar days from the decision date.
Fed decisions
The changes after a decision are measured from the index reading on the decision day, or from the newest reading in the 3 days before it. The count of index accounts that raised or cut compares each account at 17:00 UTC on the decision day with its rate 30 days later. The count beyond the index does not count a change from a first, unconfirmed reading. It does count a change in a reading that adds or removes a rate tier.
Missing and repeated days
The index has no reading on September 2, 3 and 15 to 17, 2026. The figures were the same on each day of 10 runs of 2 to 11 days, 42 days in all: August 22 to September 1 (11), September 4 to 8 (5), September 11 to 14 (4), September 19 to 21 (3), September 27 to 28 (2), September 30 to October 2 (3), October 3 to 6 (4), October 7 to 8 (2), October 10 to 13 (4) and October 15 to 18 (4). On those days, either the index carried the last figures forward or no account changed its rate. Our data does not show which.
FDIC national rate
Each monthly FDIC release gives the national savings rate for the month before.