How I got the bank to give me better interest rates!

**SHOPGIRL** · 11-01-2005, 06:59 PM

It helps to have a good relationship with the bank manager!  Last summer, I opened up a couple new accounts at another bank.  I received $150 in Visa gift cards just from opening up accounts with the bank.  The only new thing I did was buy term life insurance for my dh and I.  We don't have mortgage insurance, and we didn't do a huge amount.  We did $250,000 each. 

Since the bank was a new branch, they had all sorts of promotions at the time.  At the time, I could open up a savings account, no minimum balance, and receive an interest rate of 3.5%.  This rate was available for the first 6 months.  Today, when I called to check on my interest rate, my bank manager told me she could do even better since the bank opened up a new branch and had another promotional rate.  Now, I'm getting 4% on the money.  With this promotion, they like to have $10,000 deposited, but she told me it didn't matter what I deposited.  I could have the 4% interest rate for the next 6 months.  So, today I closed one savings account, and opened up a new one.

Also, she's working on getting me a better rate on another loan I have with another bank.  Of course, she wants more business for her bank, but it really helps to develop a good relationship with your banker.  She spent a lot of time today; all of which is helping me to make more money on my savings, but also to save me money on my other loans.

**forestdale** · 11-01-2005, 07:22 PM

It's good to have the banks competing for your business. I think we often forget that banks are a business like any other and they have to be competitive.

Nice work, Shannon.

**SHOPGIRL** · 11-01-2005, 07:55 PM

I know what you mean. I'm usually so grateful whenever the bank wants to loan me money, and its easy to forget that banks are a business and they want to loan money. I'm the kind of person that has used ATM's, the drive thru to do 90% of my banking. It sure does pay to walk in and talk to the bank employees. A little more time spent banking, and really save money in the long run.