BURLINGTON, Mass. — A reverse auction–where the vendor bids for the buyers–has made its way into the banking space.
MoneyAisle.com launched on Monday as what it said is “the first and only Web site where banks competitively bid for customers through live, secure auctions.”
More than 100 banks have already signed up to participate and the first two products are bread-and-butter to any savings house: certificates of deposit and high-yield savings accounts.
The site operator, neoSaej, said no credit unions have signed up yet but that it is eyeing that market, too.
(This reporter tried the site at 6:45 p.m. EDT on Monday and ended up with an offer of a rate of 3.4% for a $1,000 deposit into a high-yield savings account from UmbrellaBank.com, the Internet banking division of New South Federal Savings Bank in Birmingham, Ala.)
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