Who sets the interest rates on savings accounts?
A bank is a private business. Generally, it sets its own interest rates on savings accounts.
If you feel that your bank does not pay an adequate interest rate, you can shop around and purchase your financial services accordingly.
Last Reviewed: October 2020
Please note: The terms "bank" and "banks" used in these answers generally refer to national banks, federal savings associations, and federal branches or agencies of foreign banking organizations that are regulated by the Office of the Comptroller of the Currency (OCC). Find out if the OCC regulates your bank. Information provided on HelpWithMyBank.gov should not be construed as legal advice or a legal opinion of the OCC.