Is It Possible to Negotiate a Higher Savings Interest Rate?

By Jacqueline DeMarco · September 13, 2022 · 8 minute read

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Is It Possible to Negotiate a Higher Savings Interest Rate?

It’s a simple equation: The higher the interest rate is on a savings account, the more money you will earn on your savings. And who wouldn’t want to see their savings grow faster?

In your quest to find the highest rate possible, you may wonder, “Can you negotiate interest rates on savings accounts?” While it is indeed possible to talk your way to a higher interest rate, there’s no guarantee that all banks will grant this.

To stack the deck in your favor, keep reading to gain insight and learn some strategies, including:

•   What is the current national average for savings account interest rates?

•   Can you negotiate savings account interest rates?

•   How can you get a better rate on savings accounts?

What Is the Current Average National Savings Rate for 2022?

Savings rates ebb and flow over time and specifically throughout the year. They can vary greatly based on market conditions.
According to a Bankrate survey, the national average for interest rates on savings accounts was 0.13% at the end of the summer in 2022. While that is the average, you will likely find a great deal of variation in the numbers, possibly due to how banks calculate interest on savings accounts.

The type of financial institution that holds your money can also impact the rate offered. For instance, when looking at online banks vs. traditional banks, digital banks typically pay a higher rate than their bricks-and-mortar counterparts. Since they aren’t spending on building and staffing bank branches, they can pass the savings on to their customers. As of August 2022, several online banks were offering in the 1.7% to 2% range of interest on savings accounts.

Can I Negotiate a Higher Savings Rate?

The answer to “Can you negotiate savings interest rates?” is: It’s possible. There’s no guarantee a bank will agree to raise your interest rate, but they might. That being said, it can be easier to convince a bank to raise their interest rates for an individual if you have a longstanding relationship with the bank.

Typically, the key to making this request be approved is to be in good standing with the bank. For example, if you have held a business or personal loan or mortgage at a bank for many years and reliably made on-time payments to that loan, the bank may be willing to increase your personal checking and savings account interest rates to hold onto a good customer (that means you).

If you have bank accounts at a variety of different banks, you may find that a banker is willing to offer you a better interest rate if you agree to move all of your account balances to this single bank.

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Tips for Negotiating a Higher Savings Rate With Your Bank

The answer to whether you can negotiate interest rates on a savings account will depend on two factors: how you approach this request and how receptive the bank is. While there’s no guarantee of success when asking for a higher interest rate with a bank, these tips can help improve your odds of getting that rate boost and helping your money grow faster.

Contact Local Banks to Compare Rates With Your Current Bank

Before you start the negotiation process, do some research. Take a look at what types of interest rates other banks (including local small banks) and credit unions are offering to see if any of those rates are higher than your current one.

This research serves two purposes. Firstly, you can take this research to your bank and ask them to match their competitors or even exceed that rate. If the bank says no, then you have already done the legwork of finding a bank that can offer you superior rates. You can then decide whether you want to switch banks so you can earn more money on your savings.

Review Account History With Your Bank

As briefly noted earlier, the better someone’s history is with a bank, the more likely the financial institution will be to negotiate a higher interest rate. Consider your account history and whether you have made on-time payments to loans and credit cards issued by the bank, not overdrafted when using your debit card, and kept your account balance at the required minimum amount.

If you have had a troubled history with your bank, you might be better off opening an account at another bank that offers a higher interest rate and starting fresh.

Ask the Bank for a Higher Savings Interest Rate

As the saying goes, it never hurts to ask. One of the best ways you can improve your odds of getting your savings interest rate increased is simply by requesting an increase and seeing what the bank says. Contact a representative in person (if you bank at a traditional bank), via chat, phone, or email with a polite request vs. a threat to pull your money out, and see what response you get. The worst they can say is no, so there’s really no harm in asking.

There’s also the possibility that you can earn a higher interest rate on your savings if you keep more money in the account. Some financial institutions will pay a higher rate on what are known as premium accounts or high-yield accounts, which may have a minimum balance requirement. If that’s the case, you might see if you and the bank can meet in the middle in terms of the amount required to be on deposit to snag that higher annual percent yield, or APY.

Recommended: What’s the Difference Between APY vs. Interest Rate?

Will My Bank Be Willing to Negotiate?

Some banks may be willing to negotiate savings interest rates, and others may not — it really just depends on their policies. That being said, if someone has a good relationship with their bank, the financial institution may be more likely to up their interest rate to keep a good customer happy.

Another angle on this: If you have multiple accounts with a bank (say, a couple of different kinds of savings accounts, plus a business checking account), they may be more likely to raise your interest rate. For instance, if you keep both your checking and savings at a financial institution and also have a mortgage with them, you may have a better shot at a rate hike.

Is it Worth Switching if You Find a Savings Account With Higher Interest Rates?

It can be worthwhile to switch banks if doing so will result in a higher savings interest rate, but this isn’t the only factor to keep in mind. The type of bank, the services they offer, and the fees they charge can also be taken into account. It’s important to look at the overall picture before making a move.

Earning a small percentage more in interest may not be worthwhile if you wind up with account fees, minimum balances, or other inconvenient and costly issues. So do your research before you make a shift.

Variables to Take Into Account When Looking To Switch Banks

Before switching banks, keep the following factors in mind to make an informed decision.

•   Type of bank. Traditional banks with bricks-and-mortar locations, online-only banks (some of which offer high-yield savings accounts which pay higher interest rates), and credit unions can help meet different consumer banking needs.

•   Features. Most banks and credit unions offer basic checking and saving accounts features, but you may want to keep the extra features in mind. For example, you may want to choose a bank that also issues a variety of loans, creates incentives to save money, has tax-free savings accounts, or offers free access to credit scores.

•   Interest rate. Of course, savings interest rates are a great thing to keep in mind as banks that offer higher savings rates make it easier to earn more money and increase savings.

•   Fees. See how much it will cost to work with each bank. While some banks charge monthly account maintenance fees, others do not. Some banks charge overdraft fees as well, which can be steep, around $35 per incident.

Can I Expect the Savings Account Rate to Change Soon?

Although interest rates are considered to be relatively low right now, some experts expect that savings rates will increase throughout 2022 and possibly beyond. However, there’s no guarantee that these predictions will be accurate.

Banking With SoFi

It is possible to negotiate interest rates on savings accounts, and there could be an upside to asking for a boost. Specifically, you might earn a higher interest rate so your money can grow faster, whether it’s earmarked for a rainy-day fund or for a future vacation.

Among the best deals you can find for savings accounts: SoFi’s Checking and Savings. It’s a high-yield bank account where you can spend, save, and earn an ultra competitive APY. Plus, you’ll pay no account fees.

Better banking is here with up to 4.30% APY on SoFi Checking and Savings.


Can you negotiate savings account interest rates?

So, can you negotiate interest rates on savings accounts? Yes, it is possible to negotiate a savings account interest rate hike, but there’s no guarantee a bank will agree to this increase. That being said, asking for an increase and being shot down doesn’t do any harm.

Can you get a higher interest rate on a savings account?

It is possible to get a higher interest rate on a savings account. Account holders can ask their bank for an increase any time. It helps to have a good history with the bank. So if you always make your loan payments on time, don’t overdraft your checking account, and meet minimum balance requirements every month, the bank may want to give you this perk to retain a good customer.

How can I negotiate with a bank for a better interest rate?

There are a few ways you can increase the odds that your negotiation with your bank will be successful. To start, do competitor research so you can point out if other banks are offering higher interest rates. You can also offer to close other bank accounts and move all of your money into this one account if you get an interest rate increase.

Photo credit: iStock/matdesign24

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit can earn up to 4.30% annual percentage yield (APY) interest on Savings account balances (including Vaults) and up to 1.20% APY on Checking account balances. There is no minimum direct deposit amount required to qualify for these rates. Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 6/9/2023. There is no minimum balance requirement. Additional information can be found at

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