Best savings rate using Moneyaisle.com
When saving our money, we all want to get the best savings rate possible. In the past in order to do that I’ve either used bankrate.com or manually visited the the various online savings banks to see what their current rates are. That is until I learned about MoneyAisle.com.
Remember LendingTree.com? LendingTree allows you to provide information about the mortgage loan you’re interested in getting, and then banks bid to provide you with the most competitive rate. MoneyAisle is LendingTree for savings accounts. MoneyAisle allows you to specify the amount of money you wish to save, either as a standard savings account or CD, and banks will “bid” for the best rate. If you’re only saving a few hundred dollars or maybe even a couple thousand, you may not care about a slight interest rate variance. For larger savings though, you definitely should.
To see how MoneyAisle.com and their partner banks performed, I did some test runs on various savings amounts.
I put in $1,000.00, $5,000.00, $10,000 and $50,000 for high-yield savings accounts. The winning rate came back at 2.20% for all 4 amounts.
I put the same amounts in for CDs. Unfortunately online replies for North Carolina aren’t available due to state regulations (huh?), so I used South Carolina instead with a 36 month duration. CDs for $1,000 came in at 2.85%. Amounts of $5,000, $10,000 and $50,000 came in at 3.27%.
One note, unless you register, you can’t actually see the bank that provided the winning bid. Once you register though, you are provided with their full information.
Additional Money Aisle Features
Registering with MoneyAisle allows you to view the details about the banks that bid, take advantage of the CD Laddering and read other user’s reviews of the various banks. Money Aisle is free and has a very clear and well promoted anti-spam policy. They’ve additionally been featured by many different major US news media companies as well.
Overall I’m impressed. The website is easy to use, the partner bank list is extensive (current more than 105 banks) and the service is free. If you’re looking to find the best rate on high-yield savings accounts, CDs or need assistance with CD Laddering, I’d highly recommend giving MoneyAisle.com a try. Unfortunately, rates are terrible right now across the board, so don’t expect miracles, but every little bit helps right?
This article is part of an ongoing series called Money Saving Monday. Each Monday, I share tips and techniques you can use to start saving money.
Have you tried Money Aisle? If so, what do you think? Are you aware of other similar services? Add a comment!