Earlier this week, I learned that interest rates on savings accounts are negotiable and may be adjusted upwards. Up until now, I always assumed the posted rates were fixed and I needed to shop for the best rate.
Recently, my daughter received a letter from her bank (which is our bank too) offering a promotional interest rate on savings accounts of 4%. I called the customer service line and asked how I could get the same higher interest rate since I already had sufficient funds to qualify. The rep said that she could submit a request for a interest rate exception which might increase the interest we received. The answer would depend on a number of factors, including our relationship with the bank. However, she was mostly vague about the process and was reluctant to submit a request at the time since I was expecting to deposit more funds..
Yesterday, I called our local branch to discuss the process of increasing interest rates with our regular contact. Unfortunately, she was no longer working there. Instead, I was transferred to the branch manager, who was very helpful. He said he would submit all our eligible accounts and expected to hear back in a few days. He was estimating we would get an increase, but not as high as the promotional rate.
Well, we shall see. I've been with the same bank over 40 years, and it is our main bank for our checking and direct deposits. I'm hoping we'll get at least 3% interest on all our savings accounts.
This is not financial nor banking advice. Please consult a professional advisor.
Copyright © 2026 Achievement Catalyst, LLC
Subscribe to My Wealth Builder
No comments:
Post a Comment