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How to Negotiate Higher CD Rates

This Market Watch article mentions some things to consider when you try to negotiate a higher deposit yield at your bank. According to the article many large banks are giving their branch managers more authority to give certain customers better rates. As you would expect, the more money you're going to deposit and the longer you've been a customer, the more likely the manager will bend. It's mentioned, however, that banks don't have much room to go with the higher rates. So don't expect too much of a rate increase.

As I found out with World Savings last December, negotiations don't always help. Another method that I've found helpful is if you request the bank match an offer from a competitor. This worked for me at World back in October when Citibank was offering a 6% CD.
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Duck   |     |   Comment #1
Very good post there Banking Guy SOOOOO true I liked the part about not going too much I've found that very same problem at World yesterday Teller just shrouged her shoulders saying that Headquarters were not letting them match or anything they were turning more to Commercial customers she didnt state that it has anything to do with Wachovia but she did ask where I was heading(Jefferson 5.67%apy 7m) and what was the rate stating that every week they have a meeting on where the moneys going. But Luckily FirstHorizon had something They are running a 5.3%apy plus .25% relationship bump after reading Huron credit same day I got membership package I decided to go with First(fdic is always simpler) never had to go that route but have read and heard it is.
Thanks Banking Guy,
Banking Guy
Banking Guy   |     |   Comment #2
It sure looks like Wachovia is having an effect on World Savings.
Anonymous   |     |   Comment #3
World wouldn't match 6% for me on 100K+ CD in January.

Anonymous   |     |   Comment #4
I have had success w/Washington Mutual in the past in getting better CD rates.

Their bank officers have so-called "discretionary" add-on rates which enable them to give an extra .25 -.50% - depending on the deposit amount and CD term. They told me that it is not always available.
Anonymous   |     |   Comment #5
Yesterday I cashed out a maturing 50K World CD and the teller's first question was whether I found a better rate somewhere else. She seemed eager to compete, but I'm after liquidity so I didn't see what concessions I could get. Over the next 3 months I have another 10 maturing World CDs to cash out, so I'll have plenty of more opportunities to try.

She was also eager to point out their financial services, and their new free checking account (sigh).
Anonymous   |     |   Comment #6
Yes, it's true that the amount of your total deposits and the longevity of your relationship to the bank help but as someone mentioned the most you may get is .25-.50% increase. My experience is that these increases would apply to existing (ie. not promotional) in-house rates/deals that are usually less competitive than the current leading/promotional rates for the same products elsewhere so if you really want top returns for your money, you trade off the convenience of your local and primary bank (everything in one place) for the 'hassel' of spreading your funds over multiple institutions. Negotiations do not buy you much in most cases.
Anonymous   |     |   Comment #7
Being a Chase customer already I tried to match a 6% Washington Mutual newspaper offer at Chase branch in Midtown Manhattan last year, two banks are less than a block from each other.

Chase would only go as high as 5.5%.

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