# Can I negotiate my bank up to a higher rate on my CD? **URL:** \ **Category:** Factual Questions\ **Created:** [April 26, 2007, 7:47pm UTC](https://boards.straightdope.com/t/can-i-negotiate-my-bank-up-to-a-higher-rate-on-my-cd/401771 "2007-04-26T19:47:11Z")\ **Posts on this page:** 10\ **Page:** 1
**Author:** ![teela\_brown](https://avatars.discourse-cdn.com/v4/letter/t/d9b06d/32.png) [@teela\_brown](https://boards.straightdope.com/u/teela_brown)\ **Post date:** [April 26, 2007, 7:47pm UTC](https://boards.straightdope.com/t/can-i-negotiate-my-bank-up-to-a-higher-rate-on-my-cd/401771/1 "2007-04-26T19:47:11Z")
Say I check out the rates for CDs through several banks, including my own. Another bank pays a percentage point or two higher than my own bank. Is it worth it to try to get my bank to match the other bank’s rate, or are these rates set in stone? I’d rather keep all my eggs at one bank so I can review everything at a glance, but if someone is paying more, I’d be happy to give them my business. ---
**Author:** ![Mr.Slant](https://avatars.discourse-cdn.com/v4/letter/m/c57346/32.png) [@Mr.Slant](https://boards.straightdope.com/u/Mr.Slant)\ **Post date:** [April 26, 2007, 8:02pm UTC](https://boards.straightdope.com/t/can-i-negotiate-my-bank-up-to-a-higher-rate-on-my-cd/401771/2 "2007-04-26T20:02:37Z")
My grandfather did it 5 years back with a small-town bank he’s at. ---
**Author:** ![Dewey\_Finn](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dewey_finn/32/4222_2.png) [@Dewey\_Finn](https://boards.straightdope.com/u/Dewey_Finn)\ **Post date:** [April 26, 2007, 8:58pm UTC](https://boards.straightdope.com/t/can-i-negotiate-my-bank-up-to-a-higher-rate-on-my-cd/401771/3 "2007-04-26T20:58:04Z")
My mother did it last year, after telling the credit union teller that she was going to move a CD to a bank elsewhere in town. It can’t hurt to ask. ---
**Author:** ![Tim\_T-Bonham.net](https://avatars.discourse-cdn.com/v4/letter/t/46a35a/32.png) [@Tim\_T-Bonham.net](https://boards.straightdope.com/u/Tim_T-Bonham.net)\ **Post date:** [April 26, 2007, 9:07pm UTC](https://boards.straightdope.com/t/can-i-negotiate-my-bank-up-to-a-higher-rate-on-my-cd/401771/4 "2007-04-26T21:07:46Z")
Certainly. Last fall, an organization I was treasurer for moved it’s CD’s to a different bank that offered a better rate. As I was cashing in the CD’s, they made several offers to increase their rate to match the other bank. So they clearly can and will negotiate. ---
**Author:** ![teela\_brown](https://avatars.discourse-cdn.com/v4/letter/t/d9b06d/32.png) [@teela\_brown](https://boards.straightdope.com/u/teela_brown)\ **Post date:** [April 26, 2007, 11:05pm UTC](https://boards.straightdope.com/t/can-i-negotiate-my-bank-up-to-a-higher-rate-on-my-cd/401771/5 "2007-04-26T23:05:01Z")
Thanks. For the record: Current Wells Fargo rate for a 3 month CD: 2.1% Citibank’s ditto: 3.55% It’s worth it to shop around. In three months, when my CD matures and it’s time to turn it over into a new one, we’ll see how my negotiation skills measure up. ---
**Author:** ![Dewey\_Finn](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dewey_finn/32/4222_2.png) [@Dewey\_Finn](https://boards.straightdope.com/u/Dewey_Finn)\ **Post date:** [April 26, 2007, 11:08pm UTC](https://boards.straightdope.com/t/can-i-negotiate-my-bank-up-to-a-higher-rate-on-my-cd/401771/6 "2007-04-26T23:08:31Z")
Not that you asked, but you can get a better rate at Citibank on a six-month CD (4.88% APY) or even on the e-Savings account (4.5% APY). ---
**Author:** ![teela\_brown](https://avatars.discourse-cdn.com/v4/letter/t/d9b06d/32.png) [@teela\_brown](https://boards.straightdope.com/u/teela_brown)\ **Post date:** [April 26, 2007, 11:19pm UTC](https://boards.straightdope.com/t/can-i-negotiate-my-bank-up-to-a-higher-rate-on-my-cd/401771/7 "2007-04-26T23:19:40Z")
[QUOTE=Dewey Finn] Not that you asked, but you can get a better rate at Citibank on a six-month CD (4.88% APY) or even on the e-Savings account (4.5% APY). [/QUOTE] Very true, and I’ll keep all that in mind in three months. I belatedly thought to shop around after purchasing a Wells Fargo three month CD today, and found the rate differences. The reason I needed a three month CD today is that I have another CD maturing in three months, and I wanted them to mature at approximately the same time so I can combine them at that time. I’ll check out what Citibank’s rates are in three months and see what they’re offering. BTW, Citibank’s best one as of today’s date is the seven-monther at 5%. That’s almost as much interest as we pay on our mortgage! ---
**Author:** ![Dewey\_Finn](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dewey_finn/32/4222_2.png) [@Dewey\_Finn](https://boards.straightdope.com/u/Dewey_Finn)\ **Post date:** [April 26, 2007, 11:25pm UTC](https://boards.straightdope.com/t/can-i-negotiate-my-bank-up-to-a-higher-rate-on-my-cd/401771/8 "2007-04-26T23:25:01Z")
Another suggestion is to look in Money Magazine or at the [bankrate.com](http://bankrate.com) website when you’re comparing CD rates. ---
**Author:** ![DrDeth](https://avatars.discourse-cdn.com/v4/letter/d/b487fb/32.png) [@DrDeth](https://boards.straightdope.com/u/DrDeth)\ **Post date:** [April 27, 2007, 1:49am UTC](https://boards.straightdope.com/t/can-i-negotiate-my-bank-up-to-a-higher-rate-on-my-cd/401771/9 "2007-04-27T01:49:57Z")
[QUOTE=teela brown] Thanks. For the record: Current Wells Fargo rate for a 3 month CD: 2.1% . [/QUOTE] WF offered me a 5% CD for 5 months. ---
**Author:** ![thelurkinghorror](https://avatars.discourse-cdn.com/v4/letter/t/7c8e57/32.png) [@thelurkinghorror](https://boards.straightdope.com/u/thelurkinghorror)\ **Post date:** [April 27, 2007, 1:56am UTC](https://boards.straightdope.com/t/can-i-negotiate-my-bank-up-to-a-higher-rate-on-my-cd/401771/10 "2007-04-27T01:56:05Z")
[QUOTE=DrDeth] WF offered me a 5% CD for 5 months. [/QUOTE] Yep, California only, which applies to the OP. One option might be online savings, like Etrade or ING direct. They have rates around 5.0 and the money is not locked up, it just takes them a few days to deposit into your brick and mortar account.