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One of the main lessons?
Things you think might not be negotiable actually can be.
Thats right, evensavingsrates arent set in stone.
People think banks are inflexible, but thats not always true, Rachael said.
Theres often some wiggle room, especially if youre a good customer.
Do you have multiple accounts with them?
Do you not have a lot of late fees?
The stronger your reputation with the bank, the more you have to work with, Rachael said.
Do Your Homework
On the flip side of the coin, start shopping around.
See what other banks are offering, said Rachael.
If theyve got something better, you have some bargaining power to take to your bank.
And dont just check regular banks look into online banks and local credit unions.
Sometimes the smaller players offer better rates to attract customers, she explained.
Banks are more likely to be flexible when theres potential for more business.
Start With Your Current Bank
Loyalty can pay off.
Always start with your current bank, Rachael said.
They have the most to lose if you take your business elsewhere.
We tellers dont have the authority to change rates, she explained.
you gotta talk to someone who can actually make decisions.
Be Prepared To Walk
This is your secret weapon, Rachael said.
If youre willing to move your money, you have more power in the negotiation.
Shes seen customers get better deals simply by mentioning theyre considering other banks.
But only say it if you mean it, she warned.
Empty threats wont get you far.
Ask About Special Promotions
Banks often have unadvertised promotions or special rates for certain customers.
It never hurts to ask if there are any special offers available, Rachael said.
Sometimes there are promotional rates for increasing your balance or setting up direct deposit.
Consider Package Deals
Many banks offer better rates if you bundle multiple services.
Dont forget about fees, Rachael said.
Monthly maintenance fees, ATM fees, overdraft fees these can all be on the table.
Keep Checking In
Finally, Rachael said not to let your accounts sit stagnant.
Rates and terms change all the time, she explained.
Set a reminder to check in every six months or so.
You might be able to negotiate a better deal as your balance grows or as market conditions change.
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