Take a Stroll Down Money Aisle

Have you ever wondered why there is not a site like Lending Tree that offers investments, rather than loans? Me either, but there is one: Money Aisle.

They offer to provide you the best rates for CD’s and savings accounts by using their “free test drive” feature. Choose a CD or savings option, the amount you want to invest, and your location. Banks registered with the site (all FDIC members) then bid to offer the highest rate to you in a real time display. If you want to accept the offer, register with Money Aisle. They also have a CD laddering option.

While I was testing out the site there were 71 to 94 banks involved in the bidding process. I used my location in Iowa for all my variations. Over the course of four days the best offers I received were as follows:

2.40% APY for $1,000 savings.

2.51% APY for $5,000 savings.

$1,000 3 month CD got me a no bid as being too low of a deposit. They suggested I start at $2,500, so I did.

1.26% APY for $2,500 3 month CD.

2.10% APY for $2,500 12 month CD.

2.80% APY for $5,000 12 month CD.

How do these rates compare to your local bank or other online options you know of? Are they competitive?

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