Reply To: Savings Account Rates

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Brent Vincent

There is not a regulation that controls the interest rate you will pay on a deposit account. Some banks negotiate rates for certain (usually high dollar) customers. Also, there isn’t a regulation that would mirror fair lending, but I would argue that you need to apply the same principles and negotiate rates on an equitable basis, regardless of a prohibited basis, due to reputational risk.

There are prohibitions on preferential rates being paid to a director, officer, attorney, or employee. (