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Rate Match A Possibility

Anon456
  |     |   249 posts since 2011

Before you transfer out maturing CD funds to take advantage of higher rates, call the bank or credit union to see if they are willing to do price match to keep the funds there.

I won't mention names here, but I have had more than one place that has said YES. One said they would match others rates, but not ones that are listed as SPECIALS. Using this web site, we can find a mixture of CD rates. Some are listed as SPECIALS and others are not. This willingness to match rates IS NOT LISTED anywhere, and you have to ASK FOR IT.

Thanks, KEN, .... this site not only helps us yield chasers move money, but can also help us in avoiding the move IF the existing firms will match rates.

FYI - this REALLY comes in useful when needing to move IRA funds. Direct transfers (trustee to trustee) are a pain and can have the money in limbo for two weeks or more. Getting the custodian to match rates for a maturing CD is a Godsend.

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16


HollyHolly
  |     |   90 posts since 2015
We have done this with 4 different banks and credit unions during the past 8 months. They do not want to see
the money leave.
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6
TheBombingRange
  |     |   104 posts since 2017
How large are the institutions that would do a rate match? Are talking Ally and NFCU size, or generally smaller institutions? There may be benefits to keeping the money in a smaller local institutions, but there are other benefits in working with larger ones too.
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3
Anon456
  |     |   249 posts since 2011
am finding it with smaller ones .... point is "no need to transfer" if you can get a rate match, and no down time on the money earning interest
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2
Bozo
  |     |   1,375 posts since 2011
I've had zero success in this regard. I'm happy to name names. USAA, for starters. Had a jumbo IRA CD and a jumbo after-tax CD for years and years. A member of USAA "for life" as the ads say on TV (since 1970, in my case). Asked if USAA would meet a rate elsewhere. Response, uniformly "thank you for your service" (read: no). A somewhat smaller bank, First Republic, quite recently would not match even after the C-to-C IRA was submitted.
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7
Anon456
  |     |   249 posts since 2011
The majority of mine ALSO did not, but NOW a few are to my surprise. So I always ask. The larger ones are so set in their "policies" that they will not. FYI - I am also a USAA member. Great Company for Insurance. No so much on the banking side.
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5


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