MoneyAisle Generates Over $100 Million in Certificate of Deposit Sales
January 27, 2009
Consumers receive great CD rates through real-time auctions
BOSTON, MA – MoneyAisle (http://www.moneyaisle.com), a free, fully-automated reverse online auction site where consumers find great rates on Bank CDs and High-Yield Savings accounts, reached a major milestone in 2008. MoneyAisle generated over $100 million in CD and High-Yield Savings deposits for banks across the country in the fourth quarter of 2008. Launched in June 2008, MoneyAisle facilitated $1 million worth of CD deposits in its first week alone.
In the most recent fourth quarter, curious consumers ran $1.65 billion worth of auctions, more than triple the numbers from the third quarter in 2008.
As more consumers try to find a safe place for their investments in an increasingly shaky economy, anecdotal evidence shows a growing flight to CDs. With the national average for a 12-month CD hovering at 2% APY, savvy consumers are searching for better deals elsewhere.
On MoneyAisle.com, users watch as banks bid live for their business. After entering the amount of money they wish to invest and the maturity, or duration, of the CD, consumers see over 100 banks within the MoneyAisle network try to outbid each other to provide the highest rate to consumers. The results are provided instantly through MoneyAisle's innovative technology, which allows the banks to bid dynamically in an actual live auction through a fully automated process. MoneyAisle auctions are available on demand, 24/7.
"The growth in CDs and High-Yield Savings deposits in just the last three months is a reflection of the current economic climate," says Mukesh Chatter, CEO of MoneyAisle. "Tripling our deposits from the previous quarter shows that consumers are looking to invest their money in a safe FDIC-insured growth account from a trusted source."
MoneyAisle also offers innovative new features like automated CD laddering across multiple durations in a single session. CD laddering is an excellent tool for long-term savings planning, investing within FDIC limits while reducing interest rate risk. The system runs simultaneous auctions for each of the chosen durations, and displays the round-by-round bids and constantly increasing rates and then optimally selects the best combination of rates to maximize the overall APY of the ladder.
Other features, such as rate comparison, let users compare interest rates for multiple deposit amounts and CD durations using simultaneous reverse auctions in the same session.
About MoneyAisle
MoneyAisle.com is the next-generation e-commerce auction marketplace that provides consumers with great high-yield savings and CD rates while helping banks efficiently attract new customers. MoneyAisle's methodology is simple: banks competitively bid for every customer in live auctions. The company's patent-pending technology creates a safe platform for consumers to secure great deals on financial services and products. Unlike other online auction marketplaces, MoneyAisle lifts the buyer's burden by providing free on-demand live auctions which consumers can watch unfold in real time. All participating banks are Members of the FDIC and are further pre-screened through an independent bank rating agency.
MoneyAisle.com is fully owned and operated by neoSaej Corp.
###
Media Contact:
Kevin Cafferty
781-272-1774 ext. 248
mediarelations@moneyaisle.com