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How to Secure a High Interest Rate for Your Savings

By Lena / March 10, 2015

In most cases, the highest interest rates are awarded to those who carry the highest balance, but this is not always the case. There are many strategies available to help you to get the interest rate you deserve. Continue reading this article to learn the secrets of getting a high interest rate on your savings, no matter how much you have in savings.

The first place that you want to start is at a bank at which you already have formed a relationship. If you have a personal banker, speak with them first, but if you do not have a personal banker, ask to speak with the manager. Explain to the manager that you would like to have all of your financial services in one place, but are currently looking to establish a savings account and are willing to leave if you can find a better interest rate elsewhere. The manager may want to take a moment and review your history with them. Only use this technique if you have in fact been a valuable customer. After the manager reviews your history, they will likely offer you one of their standard savings account options at first. Explain to them that you have already reviewed their plans and are looking for something more lucrative and that more closely resembles the market. If the manager refuses to budge, you will at that time, know that you are not considered a valued customer to them. If the manager wishes to retain you as a customer, they will at the very least offer you an interest rate a couple of points higher. Before you get yourself into this situation, you should already know what interest rate you are looking for so that you can accept an offer if it is close enough to your ideal interest rate.

If your personal bank did not meet your needs as far as a suitable interest rate, you should then move on to check out your local credit unions. These days, many credit unions are open to the public, and because they are non-profit, they usually offer the best interest rates available. After learning the different services a credit union provides in comparison with your personal bank, you may decide to switch all of your financial products over to a credit union.

If after trying your personal bank and credit unions you are still not satisfied with the rates you have been offered, you should ask others for advice. It is best to start with the older members of your family and friends, as they are the ones that likely have the best rates. If they are of no assistance, you should then ask just about everyone you know where they bank and what interest rates they have. After much consideration, you may decide that you set your expectations too high, but do not settle. Choose the best interest rate you came across and continue to look for a better one. It may seem like finding a needle in a haystack, but the reward will be worth it.

Now that you have read this article, you are ready to go out and find the interest rate that is right for you and your savings. Do not give up; there are great interest rates out there, you just have to find them.

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Lena

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