Apr
29
Can the Banks Negotiate the CD (Certificate of Deposit) Rate? I want to open up 3 different CD accounts with a?
April 29th, 2010 posted by
admin
Can the Banks Negotiate the CD (Certificate of Deposit) Rate? I want to open up 3 different CD accounts with a a bank that is currently offering a 4.25 % APY.
I will break up $240,000 into 3 different CDs. They are offering a 4.25% APY but I want to know if they will negotiate with me a better rate since I am opening up 3 CD accounts and it is a large sum of money?
united9198 says:
May 1st, 2010 at 2:06 pm
There is no reason not to ask them. While banks are not like eBay, they should be interested in talking to you about the potential for a higher rate. That being said, 4.25% is a decent rate right now.
K S says:
May 4th, 2010 at 9:17 pm
Can banks negotiate rates, YES.
And nobody gets to talk unless they have something big, $100K or more.
But, do you seriously have $240K in hand and you’d not rather buy up half of Wall Street’s dirt cheap stocks or some foreclosed houses?
Savings CDs are for people too poor and too stupid to do other things. If you’re willing to divide your money into 3 CD accounts, what excuse do you have not to invest some other places such as precious metals, retail distribution businesses, corporate loans, real estate, land, foreign currencies?
I know that no bank will give you more than 1-2% above the market, it’s just the ceiling. So after all is said and done, they’ll STILL give you less than 10% a year. You have way too much money to let them cheap you, you deserve better. I don’t do any financial advising or stock brokering, but at $240K, any minimum risk investment is bound to return more than 20% a year.
I’m under 30, I have less than $10K, and I’ve made more than 20% every year since 2003 just buying and trading silver coins. Any reason you with 24x my money can’t do this? NO. Mind you, I NEVER joined any program, read any book, bought any CD, never seen an advisor, never took a business class. I only used common sense, basic math and read up on facts.