It can pay to check your banking arrangements - especially in these days of very low interest rates.
Whether you deal with a bank, trust company or credit union, either at the branch or online, check into the best ways to maximize your interest - and minimize or avoid service charges.
I just found I can earn more interest if I set up a new, no-service-charge account and have at least $1,000 a month automatically transferred into any of my accounts at the same place.
And if I use the debit card that comes with the account, I can earn a twoper-cent discount on my purchases.
I admit I just happened to stumble across this promotion when I was checking my balance online. A better approach would be to review all banking arrangements at least every six months (no later than every year) - either by dropping into (or phoning) the branch, or online perhaps including a toll-free phone call.
Also remember you can often bargain with your banker for a higher rate on savings, a lower rate on loans and reduction or elimination of service charges. The banking industry certainly doesn't promote this. But it's a competitive business. And the banks etc. will often give a little extra - provided you ask. What have you got to lose? The worst that can happen is a "no."
Of course, the more you can offer, the more likely the response will be a "yes." Typical deal sweeteners include offering to consolidate in one place the different savings, investments and loans you hold at various places.
Start by shopping around to see who has the best deal on saving, borrowing and general banking services. Find out what the most competitive place will do to get your business - and then present this offer to your present banking institution(s) to see if you can get a better or at least a comparable deal. If not, then consider switching.
Over the years, the difference can really add up.
Mike Grenby is a columnist and independent personal financial advisor; he'll answer questions in this column as space allows but cannot reply personally. Email mike.grenby@gmail. com.
