Changed Banks

[malleefarmer]

After a lifetime with one financial institution ive changed because of a average 1.3% better interest rate on all borrowings that's working capital,land loans, house loan and other term debt.

In todays envirment that's a lot.

Even once break fees etc and release charges im way better off.

Wasn't as daunting or as time consuming as I thought.

Adios

[Hopperbin]

What kind of rates are you paying down under? Which bank was high? Rates are very close here. Most banks and credit unions I think are at 4 percent floating and have not changed in quite some time. House loans are cheaper. Machinery leases generally higher. Was offered 4 percent bin lease but did not take it. Wanted longer term depreciation at my age.

[hobbyfrmr]

I find credit unions not competitive at all. I like the people but they are always .5-1.5% more interest without apology or negotiation.

[SASKFARMER3]

It's a good thing to do every once and a while! Just walk in and tell them your moving every thing costs some times covered by the new institution it's all negotiable!

[LEP]

I have to agree that it pays to periodically shop around. Too much shopping hits your credit score.

I used to work in the banking system. Everyone takes their turn at having the best rate.

Sometimes instead of a wholesale move you can get better rates by taking a new deal to the competition and putting the screws to your original bank at annual review.

[vvalk]

Yes why not use multiple banks?

[malleefarmer]

5.6 to 4.3 on a seven digit package is enough of a save to do grocery shopping