Consumer Power: Sit Back and Watch the Banks Fight for Your Deposit

(Posted by David Schapiro)

MoneyAisle.com is a new phenomenon in the financial services marketplace that has been generating some buzz and media attention.  Going a step further than rate-comparison sites such as LendingTree.com or Bankrate.com, MoneyAisle turns consumers into auctioneers, as banks bid in real-time to offer customers the best rates on CD’s and savings accounts.

 

Seeing the rates offered go up in front of your very eyes is definitely a nice gimmick that can make any consumer feel like a winner, but MoneyAisle seems to really work.  I used the site’s test drive option to check the rates against the best I could find elsewhere on the Internet and in local papers, and MoneyAisle consistently offered the better rates.