Most everyone knows about mortgage companies competing for the chance to be your home loan lender – but have you heard of banks competing to be your deposit account provider? Money Aisle offers you just the place to let FDIC insured banks compete for your business.
Money Aisle is free to use, and you aren't committed to selecting the bank with the best rate, or any bank from the service for that matter. You can start an auction and list your deposit and deposit account choice (CD's or High Yield Savings Accounts) without registering and watch banks compete for your deposit. Apparently, your location and deposit amount will play a large role in how many banks will compete, but you must deposit a minimum of $1,000 and a maximum of $500,000. Once the bidding is complete (a matter of seconds), you're presented with the best offer and you have 30 minutes to decide whether or not to accept it, along with a chart that shows the average rate for the state you selected, the US Treasury interest rate, and the national interest rate for the deposit account you've selected so you can compare.
If you register for Money Aisle, you can also run "auctions" for CD laddering. You can view multiple Certificate of Deposit rates and terms across several different banks to get the best "ladder" going.
When you're deciding where to deposit your money, you might want to give Money Aisle a test run to see if you can obtain higher rates through their auction system than you can on your own.