You’ve probably seen those ads for LendingTree.com, the site that has banks competing to offer you the best mortgage rate. Now you can get that same competition for your CDs and savings accounts.
A new web site called MoneyAisle.comhas signed up more than 100 small and mid-sized banks from all over the country, eager to build their customer base – and you watch as they bid to offer you the best rate.
MoneyAisle’s auctions are completely automated and online. The competing banks – as many as 80 FDIC-insured institutions – enter a fast-paced bidding war for your business and, so far, most customers are finding that the service does get them a rate above the national average.
The question, of course, is if that can continue. It all depends on whether enough banks are in the mix and whether there are enough customers to make it worth their while. So far, MoneyAisle is free. If it stays that way, it why not let competition work some money magic for you?