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C.D. rates

January 29th, 2008 at 07:28 am

Someone asked me how long I got my C.D rates for.
Last Thursday, we went to a new bank about 25 miles away. They were advertising rates at 5% for 6 months and 4.8% for 1 year.
I opened a jumbo c.d. for one year.

Then, yesterday when another c.d. matured, I took that ad to the other bank and asked that they match it. They did, even tho their rate had fallen to 3.3%

Sometimes, it pays to ask for a higher rate. Sometimes they will give it, and sometimes they won't.

I currently have a jumbo that is paying 5.5%, because I asked the president of the bank what he could give me. The bank was paying 5% at the time. (last May) So, I say ask, it can't hurt and it might help!!

6 Responses to “C.D. rates”

  1. scfr Says:

    You are so right! The worst thing that can happen is they say no, and that doesn't cost you anything.

    Ima saver - Do you think you get better rates when you go in to the bank and talk to someone face-to-face? I think that I do better when I have talked to someone in person at least once (and then later I can talk with them by phone), but I'm not sure and just wondered what you thought.

  2. Ima saver Says:

    Well, I knew the bank president, so that helped. At my bank, I talked on the phone and they turned me down. When i called the bank where the c.d. was maturing, he told me he was allowed to match any offer I got, as long as it was"old" money. (They didn't want the money leaving that bank) I think in person is probably better.

    However, the first c.d. I ever opened, they were giving a good rate if you had at least $50,000. I asked to open one (my carpenter hubby was with me and I wear jeans all the time) and the lady, said, no, I am sorry, we can't give you that rate. It is only for $50,000 or more.
    I said, here is a check for $100,000!!

  3. merch Says:

    Ima Saver,

    I was thinking of you and your cds the other week with 75 point drop. Glad to see things worked out for you. Nice rates in this market.

  4. disneysteve Says:

    I thought they tended to pay better rates for "new" money. They don't have to work as hard to keep the "old" money because most people won't go to the trouble of transferring their money out if rates drop. Bringing it new customers and new assets is where they focus their attention.

  5. Aleta Says:

    As I mentioned in another of your posts. That was probably a good move considering the interest rate dropping environment. It might look good in about a year.

  6. Ima saver Says:

    No, steve, I asked. I told them I could bring them some new money the beginning of May, but they will not give me the "good" rate. I am happy that I have all the c.d.'s at 4.8 % or higher. (til May 1st)

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