Five Tips for Nabbing the Best Bank Rates

Rock-bottom interest rates. High-yield savings. No intro APR.

Such offers are plastered across windows, brochures, billboards and mailings as banks compete ever harder to get your cash. The disappointment sets in when you realize that you, like most people, didn't qualify for that home-equity loan at 4%. Or that the savings account with 7% interest is available only to those who are investing $100,000 for at least five years.

Asterisks and fine print are a bummer.

However, these situations separate the wheat from the chaff. There's the customer who accepts the terms without question and takes the deal at an unfavorable rate. There's another who throws up his hands and walks away. Then there's the savvy consumer who comes armed with research and negotiation skills and works the advertising to his advantage.

The teaser rate can be your worst enemy or your best friend. Here are some tips to negotiate the best rate at your local branch:

1. Do your homework.

Any customer who wants to do business with a bank needs to do some research first.

It's important to have all the relevant information about yourself that the bank will consider. You should have figures on your income, assets and overall record to figure out a ballpark range of rates you'd be offered. Pull your credit report and keep in mind that any black marks -- late payments, meager FICO score, defaults, bankruptcy -- will hurt your chances of getting a loan, much less getting a good rate.