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Gic rate negotiating skills
October 7, 2018
7:21 pm
hotmony
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How have you done?

I generally can get an extra quarter point half the time in that range.. Any of you negotiate more regularly? For example, advertised or offered 2.5 you get 2.9+

October 7, 2018
10:14 pm
Kidd
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Outlook in Manitoba will not budge from their posted rates. There was no wiggle room at all.

October 8, 2018
10:47 am
savemoresaveoften
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thot only the big banks have some wiggle room on their GIC rates but only because their posted rates so low to begin with...

October 8, 2018
10:04 pm
hotmony
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The "matching game" is pretty effective. For example, gettin one to match another's higher rate.

October 9, 2018
11:37 am
thisusernameforlease
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In my experience, the matching game can work (but the 'can you beat this rate?' game doesn't).

Again in my experience, the key is to provide a link to an offer. For example, if RBC is offering a great 1-year GIC rate (please control your laughter), and you want Meridian to match it, it's helpful -- or necessary -- to send them the link.

The problem with this, however, is that if you get a private offer, then there's no link to send -- and it's unlikely that another FI will match (it has never happened for me and I've tried a few times).

Other tips:

- Don't bluff. Have your contingency plan ready to go if they don't match.
- When you invite an FI to match, either give them a timeline to get back to you, or have them tell you when they'll get back to you (and obviously it should be reasonable).
- When the difference between what you want and what you're offered is minimal, consider the costs of moving your funds (or not moving your funds as the case may be). For example, there is lost interest, and potentially going over DICO or CDIC limits. On balance it may be best to accept the lower rate.
- If an FI can't match the rate, see if they can give on some other aspect that is beneficial to you (option to cash out 10% with no penalty, etc.). Frankly, it's not likely that you'll get anything, but it's worth asking and you never know -- some FI's, particularly CUs, have a lot more wiggle room than they advertise. Everyone wants deposits.

October 9, 2018
10:01 pm
hotmony
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A private offer, there's no link, send the competing bank the private offer email or gic confirmation to prove.

October 13, 2018
2:39 pm
James
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I have never had success in having a bank even match the offer of another bank - even with the link or promotional material. That includes having them waive a fee (even if it's only a few dollars). They have always given some excuse why they can't match a reasonable offer, and they often get upset or even angry when I leave and take my business elsewhere. One bank (I'll leave the name out), I had asked them to transfer out my funds after they told me they cant do anything for me, and the bank manager came out and told me I was 'being inappropriate' and 'that's not the way to do things'. I smiled and told her to have a nice day. 🙂

October 13, 2018
8:42 pm
hotmony
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25-100k is minimum to negotiate i suspect

October 15, 2018
5:32 am
savemoresaveoften
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James said
I have never had success in having a bank even match the offer of another bank - even with the link or promotional material. That includes having them waive a fee (even if it's only a few dollars). They have always given some excuse why they can't match a reasonable offer, and they often get upset or even angry when I leave and take my business elsewhere. One bank (I'll leave the name out), I had asked them to transfer out my funds after they told me they cant do anything for me, and the bank manager came out and told me I was 'being inappropriate' and 'that's not the way to do things'. I smiled and told her to have a nice day. 🙂  

You should expose the name and location cuz that is an outright silly / offensive comment from the bank manager.

October 15, 2018
7:52 am
mmlt
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savemoresaveoften said

You should expose the name and location cuz that is an outright silly / offensive comment from the bank manager.  

I agree. Sounds like RBC attitude.

I've had no luck negotiating better rates and I tried a few local places before settling on Hubert. My local CU person asks about those funds but never calls with an offer.

October 22, 2018
9:17 am
hotmony
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Lookin at CU about a billion in assets 12mths 2.75% haha 18mth 3.
I'm gonna ask for 3.25 on the 1yr and 3.5 18mth willin to add funds on the latter
Expectin rate raise a quarter point Wed
Am I on the money?

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