MoneyAisle is a unique way of finding the best CD Rates online! The basic concept of MoneyAisle is that banks bid on your money and the bank who gives you the best rate wins. Its an auction for your money, since a bank will take your money and invest it to make more money for the bank. In essence you are loaning the bank your money. The great thing about MoneyAisle is that they are now as competitive as the top CD rates offered by the larger well known institutions.
How Does MoneyAisle Work?
Their site allows you (the customer) fill in your deposit information such as how much you wish to invest, the time frame you wish to invest for and what state you live in, etc. Then within their network of banks serving the area you live in, bid for your business. The bank who offers the highest CD rate wins and then you have the option of signing up to lock in that CD rate.
They also deal with other investments such as high-yield savings. MoneyAisle makes it easy to see your interest rate, time of maturity and bank that will hold your CD.
Try it here to see what kinds of rates are available today.
Currently the highest yield CD rate we can find is 2.05% APY. That is what is offered for a 12 month CD with a $10k deposit in our state. MoneyAisle will become more competitive in the coming months so watch out for better rates!