is a website that allows banks to bid for your business. You’re probably familiar with services like LendingTree.com – where banks compete for your mortgage with the idea that when the banks compete, you’ll get a better interest rate. The same theory is applied to MoneyAisle, except instead of competing for mortgages – banks are competing for your savings account and certificate of deposit business.

You can try the site for free and without registering to see what kind of interest rates you will be offered for both bank certificate of deposit products and high yield savings accounts. The only information you’re asked to provide to view rates offered for high yield savings accounts is the amount of your initial deposit, your state of residence, your zip code (which is optional, but recommended as some banks require the zip code in order to bid), and once you hit the submit button – the banks start bidding. In a few seconds, you’ll see the highest rate offered and have 30 minutes to decide whether or not you want to open the account with that bank and with those terms.

You can see rates offered for a single certificate of deposit by providing the amount of your initial deposit, the length of time you plan to hold the CD for, your state and zip code.

When the results are displayed for your searches, you can also see how the rate you are offered compares to the average rate on that deposit product in your state, and nationally. In the case of certificate of deposits, you can also compare the rate you are offered with the US Treasury average yield.

If you would like to try more advanced features of the site, like creating CD ladders across multiple banks, or business deposits accounts as a credit union, business municipality or non-profit organization, you will need to register for a free account. Another advantage of registering for an account is that you can compare rates for different deposit amounts and savings durations in the same session and read user reviews of the banks that are bidding for your business.

All banks and organizations that bid for business through MoneyAisle are FDIC insured, which means your deposits are safe. Initial deposits must be between $1,000 and $500,000 to use MoneyAisle and it’s important to read all conditions that are provided before accepting a rate offered to ensure you’ve chosen an appropriate deposit account for your needs.

Tags: banks compete, best savings account rates, compare cd rates, moneyaisle

This entry was posted on Wednesday, July 29th, 2009 at 6:27 am and is filed under reviews. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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