diff --git a/sqlx-core/src/mysql/testing/mod.rs b/sqlx-core/src/mysql/testing/mod.rs
index 5f476e74a2..c31c868dee 100644
--- a/sqlx-core/src/mysql/testing/mod.rs
+++ b/sqlx-core/src/mysql/testing/mod.rs
@@ -1,4 +1,5 @@
 use std::fmt::Write;
+use std::ops::Deref;
 use std::str::FromStr;
 use std::sync::atomic::{AtomicBool, Ordering};
 use std::time::Duration;
@@ -152,7 +153,11 @@ async fn test_context(args: &TestArgs) -> Result<TestContext<MySql>, Error> {
             // Close connections ASAP if left in the idle queue.
             .idle_timeout(Some(Duration::from_secs(1)))
             .parent(master_pool.clone()),
-        connect_opts: master_pool.connect_options().clone().database(&new_db_name),
+        connect_opts: master_pool
+            .connect_options()
+            .deref()
+            .clone()
+            .database(&new_db_name),
         db_name: new_db_name,
     })
 }
diff --git a/sqlx-core/src/pool/inner.rs b/sqlx-core/src/pool/inner.rs
index 7bfae7fc78..2a48ac6347 100644
--- a/sqlx-core/src/pool/inner.rs
+++ b/sqlx-core/src/pool/inner.rs
@@ -11,7 +11,7 @@ use futures_intrusive::sync::{Semaphore, SemaphoreReleaser};
 use std::cmp;
 use std::future::Future;
 use std::sync::atomic::{AtomicBool, AtomicU32, AtomicUsize, Ordering};
-use std::sync::Arc;
+use std::sync::{Arc, RwLock};
 use std::task::Poll;
 
 use crate::pool::options::PoolConnectionMetadata;
@@ -20,7 +20,7 @@ use futures_util::FutureExt;
 use std::time::{Duration, Instant};
 
 pub(crate) struct PoolInner<DB: Database> {
-    pub(super) connect_options: <DB::Connection as Connection>::Options,
+    pub(super) connect_options: RwLock<Arc<<DB::Connection as Connection>::Options>>,
     pub(super) idle_conns: ArrayQueue<Idle<DB>>,
     pub(super) semaphore: Semaphore,
     pub(super) size: AtomicU32,
@@ -47,7 +47,7 @@ impl<DB: Database> PoolInner<DB> {
         };
 
         let pool = Self {
-            connect_options,
+            connect_options: RwLock::new(Arc::new(connect_options)),
             idle_conns: ArrayQueue::new(capacity),
             semaphore: Semaphore::new(options.fair, semaphore_capacity),
             size: AtomicU32::new(0),
@@ -292,9 +292,17 @@ impl<DB: Database> PoolInner<DB> {
         loop {
             let timeout = deadline_as_timeout::<DB>(deadline)?;
 
+            // clone the connect options arc so it can be used without holding the RwLockReadGuard
+            // across an async await point
+            let connect_options = self
+                .connect_options
+                .read()
+                .expect("write-lock holder panicked")
+                .clone();
+
             // result here is `Result<Result<C, Error>, TimeoutError>`
             // if this block does not return, sleep for the backoff timeout and try again
-            match sqlx_rt::timeout(timeout, self.connect_options.connect()).await {
+            match sqlx_rt::timeout(timeout, connect_options.connect()).await {
                 // successfully established connection
                 Ok(Ok(mut raw)) => {
                     // See comment on `PoolOptions::after_connect`
diff --git a/sqlx-core/src/pool/mod.rs b/sqlx-core/src/pool/mod.rs
index 8b66bd7ccb..562bfdf36a 100644
--- a/sqlx-core/src/pool/mod.rs
+++ b/sqlx-core/src/pool/mod.rs
@@ -74,6 +74,7 @@ use futures_core::FusedFuture;
 use futures_util::FutureExt;
 use std::fmt;
 use std::future::Future;
+use std::ops::DerefMut;
 use std::pin::Pin;
 use std::sync::Arc;
 use std::task::{Context, Poll};
@@ -489,9 +490,26 @@ impl<DB: Database> Pool<DB> {
         self.0.num_idle()
     }
 
-    /// Get the connection options for this pool
-    pub fn connect_options(&self) -> &<DB::Connection as Connection>::Options {
-        &self.0.connect_options
+    /// Gets a clone of the connection options for this pool
+    pub fn connect_options(&self) -> Arc<<DB::Connection as Connection>::Options> {
+        self.0
+            .connect_options
+            .read()
+            .expect("write-lock holder panicked")
+            .clone()
+    }
+
+    /// Updates the connection options this pool will use when opening any future connections.  Any
+    /// existing open connection in the pool will be left as-is.
+    pub fn set_connect_options(&self, connect_options: <DB::Connection as Connection>::Options) {
+        // technically write() could also panic if the current thread already holds the lock,
+        // but because this method can't be re-entered by the same thread that shouldn't be a problem
+        let mut guard = self
+            .0
+            .connect_options
+            .write()
+            .expect("write-lock holder panicked");
+        *guard = Arc::new(connect_options);
     }
 
     /// Get the options for this pool
@@ -514,7 +532,11 @@ impl Pool<Any> {
     ///
     /// Determined by the connection URL.
     pub fn any_kind(&self) -> AnyKind {
-        self.0.connect_options.kind()
+        self.0
+            .connect_options
+            .read()
+            .expect("write-lock holder panicked")
+            .kind()
     }
 }
 
diff --git a/sqlx-core/src/postgres/testing/mod.rs b/sqlx-core/src/postgres/testing/mod.rs
index e3640b3bed..b566725a51 100644
--- a/sqlx-core/src/postgres/testing/mod.rs
+++ b/sqlx-core/src/postgres/testing/mod.rs
@@ -1,4 +1,5 @@
 use std::fmt::Write;
+use std::ops::Deref;
 use std::str::FromStr;
 use std::sync::atomic::{AtomicBool, Ordering};
 use std::time::Duration;
@@ -159,7 +160,11 @@ async fn test_context(args: &TestArgs) -> Result<TestContext<Postgres>, Error> {
             // Close connections ASAP if left in the idle queue.
             .idle_timeout(Some(Duration::from_secs(1)))
             .parent(master_pool.clone()),
-        connect_opts: master_pool.connect_options().clone().database(&new_db_name),
+        connect_opts: master_pool
+            .connect_options()
+            .deref()
+            .clone()
+            .database(&new_db_name),
         db_name: new_db_name,
     })
 }