Five Tips for Nabbing the Best Bank Rates

You should also know the market both locally and nationally. Lenders are more wary of risk today since many have been burned by defaults and delinquencies, particularly on subprime loans. As the Federal Reserve has cut its interest-rate target, the rates on products like savings accounts, CDs and money-market accounts have followed.

At the same time, it's important to know how your community fits into the picture, since some local economies and housing markets are faring better than others.

2. Leave no stone unturned.

Use all the resources available to you on the Web, in person and through word of mouth to find out what rates are available.

Read and save the mail-in offers and brochures from local banks. Check the Web sites of banks you're considering and call up their customer-service lines for quotes. Visit sites like BankingMyWay.com , which highlights the best rates in your area down to the zip code. Ask nearby friends, neighbors and family members for their suggestions.

"If somebody's recently gotten a loan, ask about their experience," says Tim Ryan, a senior research director at J.D. Power and Associates, which has performed polls on customer satisfaction with banks. "The Internet is great, but at the same time, there are a lot of things you can't really portray."

Ryan also suggests visiting credit unions, which are member-owned and operated and often have better rates than bigger banks.

3. Be realistic.

If fixed 30-year mortgage rates are hovering around 6% for those with stellar credit, don't expect a rate far below that level -- especially if you've got a bankruptcy and a bunch of late payments under your belt. Similarly, with savings rates mostly below inflation, don't expect to earn a pretty penny on a six-month CD.