MoneyAisle.com, a web site where banks competitively bid for customers through secure, live auctions has been launched by NeoSaej Corp.

NeoSaej of Burlington, MA, has developed a novel online auction strategy that it says should produce better interest rates for bank depositors. Its proprietary algorithms allow online vendors to engage in sophisticated behind-the-scenes bidding against each other before their offers are presented to customers.

MoneyAisle.com is set to open with over 100 participating banks and to introduce the first two of its product offerings: certificates of deposit (CDs) and high-yield savings accounts, according to the Burlington, Mass.-based company.

MoneyAisle Says,

Upon visiting MoneyAisle, a consumer simply types in the amount of money they have to invest in a CD or high-yield savings account and (in the case of a CD) how long they want the CD to mature for (three months, six months, one year, 18 months, etc.).

Within seconds, MoneyAisle shoots your request to the banks in our network and they respond with their best rates for that particular CD or high-yield savings account-in real time. The banks have a fully automated process set up, so you can utilize MoneyAisle 24/7.

MoneyAisle captures the best overall rate and then sends the winning rate in each round of bidding back to the banks to see if any of them will beat it.

The bidding is repeated as many times as necessary, until there is only one bank remaining, and the best price is left standing.

The consumer then ends up with the highest possible rate for the CD or high-yield savings account at that given time. If the consumer wishes to buy, he or she merely has to accept the winning bid and will then be taken to instructions for opening the account.

Posted: 06|9|08 at 7:08 am. Filed under: Auction News.