MoneyAisle was just launched today. It's an online auction marketplace where consumers can have banks bid against each other on CDs and savings accounts in live auctions for each consumer request. This Boston Herald article reports that MoneyAisle "is coming out of stealth mode today after nearly three years of work and millions of dollars of investment. The company already has 43 employees ready to jump into action this morning."
I just gave MoneyAisle a try. It has several nice features:
- Register and start auctions without giving any personal info (only an email address was required)
- It's very simple to use
- You can start auctions without commitments
I only have one dislike, but it's a major one: I didn't get any decent deals. I initiated one auction for a 6-month CD and one for a high yield savings account. I selected the state of Texas. Here are the results:
- 6-Month CD, $10K initial deposit - Winning bid: 3.28% APY at The Newburyport Five Cent Savings Bank. This is the same rate listed on the bank's rate table
- High Yield Savings Account, $10K initial deposit - Winning bid: 3.10% APY at Beverly National Bank. This is the same rate listed for their online savings account.
In my last weekly summary you can find many banks offering higher yields for both 6-month CDs and savings accounts. MoneyAisle's simplicity makes it worthwhile for you to use before you commit on a CD, but I would recommend not to rely on it as your main source of rates. Use my blog and the resources that I list here before you commit on a CD. Let me know in the comments if you have any better luck with the deals.
Thanks to Shrazzy who mentioned this new service in the Finding-the-best-deals post.