Got some extra cash hanging around burning a hole in your pocket? Yeah--wrong crowd. I totally understand. If the situation ever changes there's a new site you might as well explore, MoneyAisle.com. It sounds very much like LendingTree's "when banks compete you win," but in reverse! Where LendingTree lines you up with lenders, MoneyAisle matches you up with banks to find the best CD or High Yield Savings account rate. "MoneyAisle differs from other online auction sites, which are seller-centric, by providing buyer-centric auctions to consumers. Many sellers (banks) compete and the buyer ultimately benefits, reversing traditional seller-centric online auction methods, used by sites such as eBay. We also eliminate the buyer's burden of time-consuming comparison shopping by providing free, live, on-demand auctions, 24/7. In addition, MoneyAisle does not accept any advertising, which keeps us completely independent of any outside advertiser influence." The process is pretty simple. You enter how much you'd like to invest, for what period-of-time and the state you reside in. That starts an automated online auction between banks. At the end of an auction round the MoneyAisle gives banks another chance to beat the best offer. Once no one is willing to up the ante the auction ends and you've got a deal. Anne Eisenberg, a reporter for the New York Times, gave the site a try last week. "In search of competitive rates, I tried out MoneyAisle about three weeks ago, using the example of a six-month, $10,000 C.D. After a brisk, one-minute round of bidding involving 82 banks, I was offered 4.2 percent, well above the national average at the time of 3.15 percent. Last Wednesday, I tried again and didn't fare quite as well: the final offer was 4.02 percent, though still far above the national average of 3.19 percent." Right now with the stock market a little frightening CDs are starting to look pretty good. A fraction of a point in interest compounded over time can make a huge difference. And when you can get this edge for free, so much the better.
Source:Appscout.com |
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