I’m a Bank Teller: How To Negotiate Better Savings Rates and Terms With Your Bank

Rachael P. has been working as a bank teller for years, and she’s learned a lot. One of the main lessons? Things you think might not be negotiable actually can be. That’s right, even savings rates aren’t set in stone.

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“People think banks are inflexible, but that’s not always true,” Rachael said. “There’s often some wiggle room, especially if you’re a good customer.”

Here’s how you can negotiate better savings rates and terms with your bank, according to a seasoned bank teller.

Know Your Worth as a Customer

Take a good, hard look at yourself as a customer — have you banked with them for a long time? 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.

Before you meet with anyone, gather all of your accounts — think checking, savings, loans and credit cards. Be prepared.

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Do Your Homework

On the flip side of the coin, start shopping around.

“See what other banks are offering,” said Rachael. “If they’ve got something better, you have some bargaining power to take to your bank.”

And don’t just check “regular” banks — look into online banks and local credit unions. “Sometimes the smaller players offer better rates to attract customers,” she explained.

Pick the Right Time

Timing is everything when it comes to negotiating better savings rates and terms with your bank.

“If you’re about to make a big deposit or want to open a new account, that’s when to ask,” Rachael said. “Banks are more likely to be flexible when there’s 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.”

She suggested scheduling an appointment with a personal banker or branch manager rather than trying to negotiate with a teller.

“We tellers don’t have the authority to change rates,” she explained. “You need to talk to someone who can actually make decisions.”

Be Prepared To Walk

“This is your secret weapon,” Rachael said. “If you’re willing to move your money, you have more power in the negotiation.”

She’s seen customers get better deals simply by mentioning they’re considering other banks. “But only say it if you mean it,” she warned. “Empty threats won’t 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.

“If you’re willing to open a checking account along with your savings account or set up automatic transfers, you might qualify for a higher rate,” Rachael explained.

Negotiate More Than Just the Rate

Interest rates aren’t the only thing you can negotiate.

“Don’t forget about fees,” Rachael said. “Monthly maintenance fees, ATM fees, overdraft fees — these can all be on the table.”

She’s seen customers successfully negotiate lower fees or even get them waived entirely, especially if they have a good banking history.

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.”

This article originally appeared on GOBankingRates.com : I’m a Bank Teller: How To Negotiate Better Savings Rates and Terms With Your Bank