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C.D. rates

January 29th, 2008 at 03:28 pm

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!!

Posted in Uncategorized | 6 Comments »

6 Responses to “C.D. rates”

  1. scfr Says:
    January 29th, 2008 at 04:57 pm 1201625841
    1201625841

    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:
    January 29th, 2008 at 05:13 pm 1201626826
    1201626826

    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:
    January 29th, 2008 at 05:53 pm 1201629189
    1201629189

    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:
    January 29th, 2008 at 06:05 pm 1201629936
    1201629936

    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:
    January 29th, 2008 at 07:28 pm 1201634916
    1201634916

    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:
    January 29th, 2008 at 08:30 pm 1201638623
    1201638623

    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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