At times we also offer tips on how to boost your returns above the posted rates, by negotiating, or through bonuses for re-upping at the same institution, or by switching to a new institution if that’s what is called for. The object is to get you the best rate possible on your cash.
Evidently, however, we have missed out on passing on one of the most (we thought) basic elements to getting those rates. We were tipped off to this by a letter from a subscriber who lives in south-western Ontario, asking how he could get the same rates in his region as we sometimes quote. He doesn’t, for example, have a P.W. (Pacific Western) Bank branch in his area, so P.W.’s rates are, he presumed, immaterial to him. He wanted to know the names of institutions in his area that offer a good rate.
Hmmm. Something we assumed was obvious obviously isn’t. So let’s clear this up right here. For the institutions that offer high rates, you don’t have to have one of their branches in your neighborhood to access their rates. In fact, most of them don’t even have bricks-and-mortar branches, anywhere, in the traditional sense.
This is the age of –call it what you will – telephone banking, Internet banking, electronic banking. Anyone can access a rate from any institution by phoning the company offering that rate.
So don’t worry that they don’t have a branch in your area; they probably don’t have a branch in anybody’s area. Call them. They’ll take care of the rest. It’s to your benefit.