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Frequently Asked Questions

How to use MoneyAisle's FAQ:

Click on a question below to be taken to the answer, or scroll down if you'd like to read the entire section in order.

1. What is MoneyAisle?

MoneyAisle is the next-generation online marketplace that provides consumers with great rates on bank CDs and High-Yield Savings accounts while simultaneously helping banks rapidly attract new customers. MoneyAisle's methodology is simple: make banks competitively bid against each other in live auctions for each individual consumer request. MoneyAisle's patent pending technology creates a safe, transparent platform for consumers to get great deals in real-time on financial services and products. Unlike other online auction marketplaces, we eliminate the buyer's burden of time-consuming comparison shopping by providing free, on-demand, live auctions with no commitment from the consumer to buy.

2. Why would I want to use MoneyAisle?

You can use MoneyAisle's free, safe and easy service to get great rates by having banks compete for your specific business in live auctions. MoneyAisle's buyer-centric platform enables instantaneous live competition among banks, enabling consumers to get great deals on CDs and High-Yield Savings accounts. When banks compete against each other for every customer's business, they are compelled to give you the best available rates.

3. Who can use MoneyAisle?

To use this service you must be at least 18 years old, and you must be a legal resident of the United States. In order to complete your financial transaction with a bank you must have a valid Social Security number, and meet any other requirements to open an account with the bank.

4. Is this free?

Yes, it's free. There are no hidden fees or extra charges for using this service.

5. How does MoneyAisle differ from eBay?

For most internet users, when they think of online auctions, they think of eBay; the online auction platform where sellers post items and the buyers compete against each other and bid up the price. In the end, the buyer willing to pay the highest price wins.

The best price wins here at MoneyAisle, too, but our premise is the complete reversal of eBay. At MoneyAisle many sellers bid to win your business. It works for the benefit of the buyer as opposed to the seller. If eBay auctions operate on a seller-centric model then MoneyAisle is a buyer-centric platform; we are eBay in reverse. We are a marketplace where buyers decide what they want and sellers bid repeatedly - delivering great deals for the buyer.

6. Is MoneyAisle available in my state?

MoneyAisle supports High-Yield Savings auctions for consumers from all 50 states.

The securities laws of Hawaii, Mississippi, North Carolina, Ohio, Vermont, West Virginia, Wyoming, and the District of Columbia are written so that a bank CD is considered to be a security. Because our Company does not have a securities dealer license, we cannot offer our service for CD's in these states.

We believe that it is not the intention of these regulations to restrict our service, so we are pursuing exemptions from this requirement in these states. We are pleased that Georgia, Idaho, and Maine have just granted exemptions, and we are actively seeking similar exemptions in other states.

Please write or email us if you would like to use our service in one of these states and we will let you know if/when we receive an exemption.

7. Is MoneyAisle available in Puerto Rico?

Yes. Residents of Puerto Rico can now use MoneyAisle to find great rates on FDIC-insured certificates of deposit and High-Yield Savings accounts.

8. Why do I have to be at least 18 years old to use MoneyAisle?

Our participating banks will not open accounts for customers referred through our service who are under 18.

9. What is the relationship between MoneyAisle and neoSaej?

MoneyAisle is the next-generation auction marketplace powered by neoSaej's patent-pending technology. MoneyAisle is the consumer product of neoSaej corp. For more information visit neoSaej.com.

10. Does MoneyAisle offer IRA accounts?

Many MoneyAisle users have asked if they can use our service to open IRA accounts. At this time, MoneyAisle does not offer IRA (Individual Retirement Account) accounts. In light of the user interest, we are actively working towards offering IRA CD and High-Yield Savings accounts through MoneyAisle very soon. Please check back often for new product updates.

If you would like to be notified when we enable IRA accounts, you can ensure you will receive our product updates by checking your communication preferences in "My Profile."

In the meantime, if you have any feedback as to how MoneyAisle can improve its service, please send us an email.

11. Is there an easy way to tell my friends and family about MoneyAisle?

Absolutely. If you'd like a form to email your friends and family about MoneyAisle, you can go to our Refer a Friend page.

12. Do I have to register to run an auction? What information do I need to provide to register?

You don't have to register to run a real live auction and see the best available APY. You can do this by using the Test-Drive option.

However, if you wish to lock in the rate and see the name of the winning bank once you've run a Test-Drive, you must register. You will be provided with an option to register once your Test-Drive auction has ended.

Registration is free and easy, and only requires that you supply a username and verifiable email address. More detailed contact information is required only when you accept an offer from the bank so that the bank can contact you about opening an account.

We will never ask for any sensitive information such as your Social Security number or date of birth. As part of the account opening process, you will need to provide this information directly to the bank.

To use MoneyAisle's advanced features, such as CD Laddering or rate comparison, you must be a registered user.

13. Do I need an email address to use MoneyAisle?

Yes, it is necessary that you have a working email address. Our platform is designed to notify you via email. If you'd like to create an email address, you can get one for free through web-based services such as MSN, Google and Yahoo.

14. Why didn't I receive an email from MoneyAisle?

If you didn't receive the registration email, be sure to check your Junk or Spam folder. It may also help if you add service@moneyaisle.com to your email address book.

15. How do I change my account's email address?

If you have transitioned to a new email address you may change the one MoneyAisle has on file by going to the "My Profile" section of our site and then choosing to edit your profile.

16. Why do I have to register to lock in a rate?

Since our network banks bid in real-time for your business, we need to collect minimal information (a verified email address) to indicate to our partners that you represent a valid customer. No bank in our network can contact you unless you have accepted the bank's winning bid. (See our Privacy Policy.)

17. How will my information be maintained?

MoneyAisle encrypts transmissions of personal data between your browser and our site using 128-bit SSL encryption—the standard used by major online retailers, banks, and brokerages. Your profile data is stored on servers in an enterprise-class data center, with multiple levels of physical and environmental security controls. When your data is shared with a participating bank for the purpose of fulfilling an auction, the information is encrypted during transmission over a secure channel, and we only send what the bank needs.

Please see our Privacy & Security section for more information.

18. Can I opt out of receiving MoneyAisle product updates and news?

Yes. You can update your Profile and uncheck the box "I would like to receive MoneyAisle product updates and news." After opting out of receiving product updates and news you will only be contacted by MoneyAisle regarding issues arising from transactions already conducted through our system.

19. Can I participate if I don't have an existing bank account?

Yes. MoneyAisle does not require any bank account information. Once you accept a bank's offer, you work directly with the bank to open an account and transfer funds.

20. Are the auctions live?

Yes, absolutely. We have a large number of banks in our network. Every time a customer initiates a request for an auction, all of our network banks are notified and can submit bids in real-time. The best bid for the customer wins and the entire process only takes a couple of minutes. For details see our How It Works section.

21. How does the MoneyAisle auction work?

Here's how we do it:

We have a large number of participating banks from across the country – all of whom are interested in expanding their customer base.
At MoneyAisle you choose the financial product (CD or High-Yield Savings), deposit amount and maturity duration. Then click the ‘Start Auction!' button to start the live auction.
Within seconds, MoneyAisle generates a live auction among the participating banks for your business. All participating banks are Members FDIC.
MoneyAisle captures the highest overall rate bid and then repeats the process to see if any participating banks will beat it. Each auction round pushes the rate higher.
This process is repeated as many times as necessary, until one bank is left. If two or more banks tie for the winning bid, MoneyAisle will break the tie on a random basis. You are then shown the top bids for your deposit, along with information about the winning banks. The winning banks' bids are the highest rates available among participating banks. The entire live process typically takes only a couple of minutes.
You watch the auction live and see the number of rounds, number of bids, and increasingly higher rates appear in real-time.
You get the highest rates for your CD or High-Yield Savings account available in our system. If you like the rate and wish to complete the transaction, provide your contact information and accept a winning bid.

A representative from the winning bank will contact you about opening your account. If the bank supports online account opening, you will be given the option to go directly to their online account opening platform.

It's that easy, takes a couple of minutes to get a great rate and is fully automated to work for you 24/7.

For more information click here.

22. How long does an auction take?

MoneyAisle's auction process, which typically takes just a couple of minutes, is live and iterative. During the live auction participating banks are bidding for your business in real-time over the course of multiple rounds, which drives your rate higher as the auction progresses. At the end of each round of bidding, the highest rate is sent back to the participating banks to give them a chance to bid a higher rate. You get to watch this process take place on your computer screen over the course of the bidding rounds. The whole process is fully automated and takes place in just a couple of minutes, compared to other traditional online marketplaces.

23. Will I know how many banks are bidding for me?

Yes, you will see the number of banks that are ready to bid for your business. You will also see the number of banks remaining at each stage of the live auction. The auction process is transparent from beginning to end. Imagine watching banks compete for your business in real-time!

24. Can I exclude a bank from participating in the auction?

Yes, you may exclude up to ten banks from the auction using advanced options. For example, customers may want to exclude a particular bank if they have deposits at that bank that are held in such a way that their total deposits have reached, or are close to reaching, the maximum amount of FDIC insurance coverage of $250,000 (which includes principal and any interest). Or, for other reasons, you may choose to exclude a specific bank by name.

Deposits at FDIC-insured institutions are now insured up to at least $250,000 per depositor through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except for IRAs and other certain retirement accounts which will remain at $250,000 per depositor. (This supersedes the October 3, 2008 changes.) For detailed information about this change, please visit: http://www.fdic.gov/deposit/deposits/changes.html

The FDIC is an independent agency of the U.S. government that insures deposits in banks. For detailed information about the agency, please visit: http://www.fdic.gov

For additional information about deposit insurance coverage, please visit: http://www.fdic.gov/deposit/index.html

25. How do I know the winning rate is the best available rate?

The rate you receive from the winning bank is the highest available rate any participating bank is currently willing to pay for your deposit. Registered users will be shown the top three highest rates offered by the banks in the MoneyAisle network for your deposit. The rates are derived by having banks bid against each other in real-time and will only be valid for a limited time. Unlike many other rate comparison sites that just return a list of often out-of-date rates from a database, our rates are submitted in real-time for you.

26. What is the difference between APY and interest rate?

Annual Percentage Yield (APY): This is the percentage rate on interest-bearing deposit accounts that reflects the total interest to be earned on an account based on the interest rate and frequency of compounding for a 365-day period.

Interest rate: Interest rate (or simple interest rate) is the annual rate of interest paid on an account which does not reflect the compounding of interest within that year.

27. Why can't I get the rate that I know exists at a certain financial institution?

There are several reasons that a specific rate may not appear as the winning rate. Some banks will choose to only participate in auctions for customers in certain geographic regions or auction requests that meet certain minimum deposit requirements. And sometimes that particular bank might not be part of our network. MoneyAisle is a new service and we fully expect this to improve over time as we add more banks to our growing network.

28. Is my auction commitment free?

Your auction is commitment-free. You are not required to make a deposit in order to run the auction. The banks, however, are committed to honoring their rates. If you do find the winning rate attractive, we would encourage you to complete the transaction. Once you accept the winning bid, you will be given a set amount of time to open an account with the winning bank to lock in the APY you have obtained.

29. How much time do I have to accept the winning bid?

Our network banks are committed to their rates. To be fair to all the users in our community, we limit their initial commitment to thirty minutes. You must accept or decline the winning bid within this time, otherwise the bank is free to make this same offer to another user.

30. What are the next steps after I accept a winning bid?

Once you accept the winning bid, it is valid for the set amount of time displayed on your confirmation page. You will also receive a confirmation email with the transaction details. Once you have accepted an offer, you must complete your transaction with the bank within the time specified.

31. Are there any limits to the number of auctions I can run?

Auctions are free but there is a limit on the number of auctions users can run per day, as well as the number of auctions a user can run without accepting a winning rate and the number of auctions a user can accept without opening a corresponding bank account. This is in order to be fair to all the users in our community, so that everyone can benefit from the great deals from our participating banks. If you have further questions about our auction limit policy, or if you feel you have reached your auction limit in error, please visit our Customer Care page.

32. How is my account opened?

Once you have provided your contact information and accepted the winning bid, your contact information will be available to the winning bank. A representative from this bank will contact you to help you open your account. Some banks support online account opening. In this case, you have the option to proceed directly to the bank's online account opening system.

33. How and when are the funds transferred and deposited in the CD or High-Yield Savings account at the bank?

The banks in our network accept transferred funds in different ways. Among the options are:

ACH (Automated Clearing House), an electronic network for financial transactions, which is regulated by NACHA and the Federal Reserve
wire transfer
check-by-mail

34. What is "Compare another deposit amount"?

If you're a registered user who runs an auction for a CD or a High-Yield Savings account, you can simultaneously view the results of an auction for a different deposit amount - for example, if you run a CD auction for $5,000 you could compare the rate to a CD auction for $10,000 using this feature. At the end of the auction, you will have the option of accepting either bank. However, if you compare a higher rate and wish to accept, you must deposit the higher amount specified.

35. What is "Compare similar maturities"?

If you're running a CD auction on MoneyAisle, you have the option of seeing what the rate would be for similar maturities. For example, if you run a CD auction for $5,000 at a 12-month duration and click "Compare similar maturities", you will also see the CD rates for a 6-month duration, 9-month duration, 18-month duration, and 24-month duration. At the end of the auction, you will have the option of accepting the winning rate for any of these durations.

36. What is CD Laddering?

A common fixed-income investment strategy is Certificate of Deposit (CD) laddering. A CD ladder involves taking a sum of money and investing it in various CDs with different maturity dates to produce a predictable cash flow. Once one CD matures the principal is reinvested - at the account holder's discretion - and the ladder continues.

Another benefit of a MoneyAisle CD ladder is that it gives you the ability to spread your money across several banks, limiting the deposit amount per bank to maintain all deposits under FDIC insurance.

37. Does MoneyAisle offer CD Laddering?

Yes. We are currently offering CD Laddering to all of our registered users. You must be logged in to run a CD Ladder auction.

38. How does MoneyAisle's CD Laddering service work?

Once you've elected to Build a Ladder (the link to do so is located next to the "Start Auction!" button), you'll be presented with a table. Simply fill out the deposit amounts for each duration you would like to include in your Ladder.

39. How many CD accounts should I include in my Ladder?

It's entirely up to you. If you want a 3-month CD and a 60-Month CD you can do that, or you can, for example, run an 18-month CD, a 9-month CD, and a 3-month CD. Just make sure you've filled in a Deposit Amount for each account you would like included in the Ladder before running the Ladder auction.

40. What are the Advanced Ladder Options?

The Advanced Ladder Options allow you to exert more control over how MoneyAisle's CD Laddering service allocates your funds.

If you have no preference over how much of your money is included in a single bank, you can leave the " No, don't limit the amount deposited per bank." tab clicked. Conversely, if you would like to limit the amount of money deposited in a single bank to either the current FDIC limit or the historic FDIC limit, you can click the corresponding tab. You also have the option of entering your own bank deposit limit.

Another Advanced Laddering Option allows you to set the quantity of CDs per Duration - you could, for example, run a ladder with two 12-month CDs and one 18-month CD. The Quantity tab is located next to Deposit Amount on the Advanced Ladder Building page.

41. Why would I want to spread the amount deposited across multiple banks?

If you are depositing more than the amount covered by the FDIC, you may wish to spread your accounts across multiple banks. You can run multiple CD auctions at once with our laddering feature to maximize your returns. For more on what deposit amounts are covered by the FDIC, please click here.

42. I represent a Credit Union or Organization. Can I use MoneyAisle to build a CD Ladder?

Absolutely. Just make sure you're registered as a Credit Union or organization, which you can do on our Registration page.

43. Can I exclude a bank from participating in the laddering auctions?

Yes, as with our standard CD and High-Yield Savings auctions you may exclude up to ten banks from the auction using advanced options. For example, customers may want to exclude a particular bank if they have deposits at that bank that are held in such a way that their total deposits have reached, or are close to reaching, the temporary maximum amount of FDIC insurance coverage of $250,000 (which includes principal and any interest). Or, for other reasons, you may choose to exclude a specific bank by name.

The FDIC is an independent agency of the U.S. government that insures deposits in banks. For detailed information about the agency, please visit: http://www.fdic.gov

For additional information about deposit insurance coverage, please visit:
http://www.fdic.gov/deposit/index.html

44. Are the banks rated?

All the banks in our network are members of the FDIC. However, feel free to check the bank ratings provided by various private financial rating companies and agencies such as A.M. Best Company, BauerFinancial, Inc., FIS - Financial Information Systems, LLC. We do not accept any liability arising from your consultation of such ratings.

45. How can I learn more about the winning bank?

All banks participating in MoneyAisle auctions are members of the FDIC. The FDIC is an independent agency of the U.S. Government. Detailed information about the winning bank and all U.S. banks can be found by using the Bank Find feature on the FDIC site:
http://www2.fdic.gov/idasp/main_bankfind.asp

According to the FDIC Website, Bank Find can answer questions such as: Is My Bank Insured? Where are My Bank's Branches Located? Where is My Bank's Home (Main) Office Located? What is My Bank's Web Site Address? What Happened to My Bank (Historical List of Events)? And More.

46. What criteria must a bank meet to join the MoneyAisle network?

All of the banks in our network have been pre-qualified using independent bank ratings.

For more information on the independent bank ratings, please click here.

Our use of this service to help protect your deposits and to maintain the quality of the banks in the MoneyAisle network is all part of our commitment to consumer protection.

47. What is a certificate of deposit (CD)?

A certificate of deposit (bank CD) is a special type of deposit account that is held for a stated period of time. CDs generally offer a higher rate of interest than a regular savings account. For more information on certificates of deposit, please click the link below:
http://www.moneyaisle.com/certificate-of-deposit/

48. What is a High-Yield Savings account?

A High-Yield Savings account is, simply put, a savings account with a high interest rate and APY. For more information on High-Yield Savings accounts, please click the link below:
http://www.moneyaisle.com/high-yield-savings-account/compare.aspx

49. Are my CD and High-Yield Savings deposits insured?

Your CD and High-Yield Savings deposits are insured by the FDIC, an independent agency of the U.S. Government, to a maximum amount of $250,000 (including principal and interest) for all deposits held in the same capacity per insured financial institution. Any accounts or deposits that you already maintain directly with a particular insured financial institution, or through any other intermediary in the same capacity in which the CDs and High-Yield Savings deposits are maintained, may be aggregated with the CDs and High-Yield Savings accounts for purposes of the $250,000 limit.

For additional information about deposit insurance, please visit: http://www.fdic.gov/deposit/index.html

50. What conditions apply to CDs and High-Yield Savings accounts offered through MoneyAisle?

CD and High-Yield Savings account rates offered through MoneyAisle are stated in terms of an annual percentage yield ("APY").

The APY offered is related to the amount you proposed to deposit and the conditions prevailing on our platform at the time you initiated the auction. Due to the competitive and dynamic nature of our platform, a different APY may result if you propose to deposit a different amount or initiate an auction at another time. Fees from the winning bank could reduce the earnings on your account. MoneyAisle.com is a free service for all consumers and no additional fees are charged as a result of obtaining an account through MoneyAisle.com. For CDs, a penalty may be imposed for early withdrawal. For High-Yield Savings accounts, your interest rate and your APY may change after account opening. Once you have accepted an offer, you must complete your transaction with the bank within the time specified. The offer may be contingent upon your state and ZIP code of residence.

In addition, the bank may have other disclosures, which will be available to you at auction's end. We advise you to carefully read all disclosures.

51. Will you share my information with all participating banks or sell my information?

At MoneyAisle, we do not share your information with anyone except the winning bank after confirmation is received from you. Your personal privacy and the security of your data are a primary concern of ours. Please see our Privacy Policy for details.

52. What is the minimum and maximum amount of money I can deposit into an account through MoneyAisle?

Your deposit amount must be in US dollars (no cents) between $1,000 and $500,000.

53. Is there a way to deposit more than the $500,000 auction limit through MoneyAisle?

MoneyAisle's Power User accounts are available to select individuals and organizations. A Power User account provides increased flexibility regarding auction limits. If you are interested in a MoneyAisle Power User account, or to find out if you qualify, please contact our Customer Care department.

54. Do banks in your network offer long term CDs?

Yes, some banks do. However, fewer banks offer long term (2+ years) CDs.

55. I'm an FDIC member bank. Where can I sign up?

We're always looking for new banks to enhance our network. Please visit our Bank Network Center for more information about becoming part of MoneyAisle.

56. I represent an organization. Can I use MoneyAisle to find a CD or High-Yield Savings account?

Yes. You just need to register as an organization rather than an individual in order to run a MoneyAisle auction to find an FDIC-insured CD or High-Yield Savings account. At the registration page there is a prompt to register as an organization.

57. What types of organizations does MoneyAisle support?

We have registration pages for Credit Unions, Municipalities, Businesses / Corporations, Non-Profits, and Financial Institutions.

58. My organization does not fit into one of the categories above. Can I still register as an organization?

If your organization does not fall into one of the above categories, please send us an email or visit our Customer Care page to let us know and we'll work with our banks to support your deposits.

59. What is MoneyAisle's free content service?

MoneyAisle provides free content tables, featuring daily updated rates on CDs and High-Yield Savings accounts, for your Web site. To find out more, visit our Free Content section.

60. How do I access MoneyAisle's free content?

You must be a registered MoneyAisle user to access the free content, but you can preview the content here. To get started, visit our Free Content Homepage.

61. What is the MoneyAisle for Financial Advisors Beta?

We've received great feedback from financial advisors and accountants on the safety and transparency of our auctions and the ease of finding a great rate on MoneyAisle. In response to this feedback, we're planning to roll out additional features to make it easier for advisors to get great rates through MoneyAisle. When advisors register for the MoneyAisle for Financial Advisors Beta, they will be notified about additional features for financial advisors as we roll them out.

62. My question wasn't addressed here. How do I contact you directly?

If you have questions or comments at any time please visit our Contact Us page.

63. What is the live chat icon on the top navigation bar?

MoneyAisle's live chat service is available from Monday to Friday, 9:00 am to 5:00 pm (Eastern Time) - click the chat icon in the upper-right hand corner of the top navigation bar to engage in live chat with a MoneyAisle representative. If chat is offline, you will be redirected to our Customer Care page.