Kiplinger Today


Credit Unions Will Match Loan, CD Rates

People who shop at big-box retailers are used to price-matching programs. Target, for example, will match prices of some items at,, and Less well known is the banking world’s equivalent: interest-rate matching, meant to entice you to transfer a savings account or a loan.

SEE ALSO: 7 Credit Unions Anyone Can Join

In a survey of community credit unions, found that some institutions will match competitors’ interest rates on auto loans, certificates of deposit and other products. Bring proof, such as documentation showing a loan rate that has been offered to you. "Each credit union’s rate-matching promotion is different, so be sure you understand the full terms of a quoted rate before you bank on it," says Casey Bond, managing editor of the Web site GoBankingRates. Even if a credit union or bank doesn’t have a formal program, ask whether it will match a competitor’s rate.

Last year, Jennifer Wegleitner financed a Ford F-150 pickup through a lender associated with the dealer, which offered her a 2.9% rate. But when she learned about a rate-matching program at her credit union, Sodes Federal Credit Union in Aberdeen, S.D., she transferred the loan at the same rate, which was more than a percentage point lower than the going rate at Sodes. "Good service is the factor that made me decide to switch," says Wegleitner. “It was so easy.”

Editor's Picks From Kiplinger


Permission to post your comment is assumed when you submit it. The name you provide will be used to identify your post, and NOT your e-mail address. We reserve the right to excerpt or edit any posted comments for clarity, appropriateness, civility, and relevance to the topic.
View our full privacy policy


Market Update