MoneyAisle.com is a new online service that allows small and medium size banks to compete for your business though internet auctions.
You enter the type of savings product you want and watch the auction unfold in real time as banks compete for your money. In about a minute you’ll have the best possible rate and can open an account online or by phone directly with the winning bank. You can even access the advanced features to ladder CDs for one of the safest ways to invest your hard earned dollars. The service is free and every participating bank is FDIC insured up to $250,000 per account.
MoneyAisle makes it easy too.
PICK YOUR PRODUCT
Select your financial product (CD or High-Yield Savings), the amount of money you wish to invest and, if you’re investing in a CD, the maturity duration.
BANKS BID LIVE
Within seconds, MoneyAisle generates a live auction among the participating banks for your business.
MoneyAisle captures the highest rate offered by these banks and then repeats the process to see if any other participating banks will beat it. Each auction round pushes the rate higher.
This process is repeated as many times as necessary until one bank is left. If two or more banks tie for the winning bid, MoneyAisle will break the tie on a random basis. The winning bank’s rate is the highest rate offered during your auction. The entire live process typically takes only a couple of minutes.
You watch the auction live and see the number of rounds, the number of bids and the increasingly higher rate appear in real-time.
GET A GREAT RATE
You get the highest rate available at the moment you apply for your CD or High-Yield Savings account.
If you are satisfied with the rate and wish to complete the transaction, provide your contact information and accept the rate.
Once you’ve entered your contact information, a representative from the winning bank will contact you about opening your CD or High-Yield Savings account.
WORKS FOR ME!
I just scored 2.87% on a one year CD! Sure beats my local BofA branch. When every dollar counts, this site sure helps find the winners.