Saving You Money For Life

How realistic is it to think that you can call or walk into a bank and argue for a better rate? According to Bankrate, it turns out that even if you’re an accomplished negotiator you may fare better by buying a high-yield CD.

In fact, in a recent article, they say they called 30 institutions covering a wide swath of the banking industry. The main parameter they used for selecting companies to be polled was deposits. They talked to the 10 largest banks and thrifts by deposits, and the 10 largest credit unions. They then surveyed community-size banks with under $4 billion in deposits.

As a whole, less than 25 percent of the institutions said they would consider negotiating. Some institutions flat out don’t negotiate as part of their policy. Others say they have in the past but that the current economy doesn’t give them much leeway. None of the 10 credit unions surveyed would bargain with a member when it comes to CD rates. Far and away, community banks were the most willing to negotiate.

Well, I guess I kind of understand.  It’s not like you can negotiate your term life insurance rates either.  It is what it is. But like with banks, you can shop around for a life insurance company that offers you the best life insurance rate to fit your budget.

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