Gic rate negotiating skills | General financial discussion | Discussion forum

thot only the big banks have some wiggle room on their GIC rates but only because their posted rates so low to begin with...

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.

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. 🙂

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.