Wanted to share a recent experience about CD rate matching at credit unions and ask how commonly available this is at credit unions and banks.
I was getting some CDs for my very elderly relative who is in a low state tax bracket and for whom I have a durable POA. The rate had recently fallen from 4.4 to 4.2 and I asked for the original rate since the delay had been caused by the credit union. They said no.
So I said we weren’t going to do it at 4.2 because that was on the low end of my relatives accounts with other credit unions, and we had other options like t bills and brokerage accounts. So the representative told me that if I could find a better rate at one of her other institutions.
, they would rate match. So I quickly searched the cd rates of the others and found a better rate than 4.4, the rate I originally wanted. And they are matching it.
I was really surprised by this. Perhaps I shouldn’t have been.
My questions:
1. How commonly available is CD rate matching at credit unions? At banks?
2. Does it only apply to institutions where one already has an account? Or can one get rate matches to any other local institution’s offer?
Thank you. This relative prefers bank CDs so we are sticking with that despite the tax inefficiency.
I was getting some CDs for my very elderly relative who is in a low state tax bracket and for whom I have a durable POA. The rate had recently fallen from 4.4 to 4.2 and I asked for the original rate since the delay had been caused by the credit union. They said no.
So I said we weren’t going to do it at 4.2 because that was on the low end of my relatives accounts with other credit unions, and we had other options like t bills and brokerage accounts. So the representative told me that if I could find a better rate at one of her other institutions.
, they would rate match. So I quickly searched the cd rates of the others and found a better rate than 4.4, the rate I originally wanted. And they are matching it.
I was really surprised by this. Perhaps I shouldn’t have been.
My questions:
1. How commonly available is CD rate matching at credit unions? At banks?
2. Does it only apply to institutions where one already has an account? Or can one get rate matches to any other local institution’s offer?
Thank you. This relative prefers bank CDs so we are sticking with that despite the tax inefficiency.
Statistics: Posted by AnnetteLouisan — Sat Nov 23, 2024 7:04 am — Replies 0 — Views 3