AP Finds MoneyAisle Promising New Technology

Great news at MoneyAisle – the Associated Press was so captivated by the concept of having banks bidding for consumers' business that they just released a comprehensive review of the site. You can check out the video version of the story above (which also ran on U.S. News & World Report, but you have to sit through a short ad to watch that, and I didn't want to muddy the waters regarding our decision to keep MoneyAisle completely free of advertisements). The bottom line? AP recommends that consumers try our stress-free, easy to use service.

However, it's telling that MoneyAisle managed to tie or win even a few of my head-to-head tests. In fact, sometimes the top rate revealed by MoneyAisle was better than what the winning bank was advertising on its own Web site. This means the service has promise.

We're excited to be called a promising new banking technology – because we're still only in our first month of operation and improving the site every day. It would have been great if the reporter had gotten the best rate available on the Web during every auction he ran run, rather than some of the time, but it does illustrate the point that MoneyAisle auctions are actual auctions, not an automated rate calculator. MoneyAisle has nearly 100 banks in our network bidding for your business - a number that is growing every week - and as our network of banks increases our rates will improve until that does happen. As we approach our second month of existence, we're already competing head-to-head with the aggregated stagnant rates found at rate comparison sites. After all, those sites have been around for years.

If you want to see the rates for yourself, you can do so by going to MoneyAisle.com. As the Associated Press put it:

...there's no downside in trying MoneyAisle. You don't have to commit to investing anything before you see the results of an auction. Not only is the best rate revealed, but so is the institution offering it. It's likely you've never heard of the bank that wins your auction, but all accounts opened with MoneyAisle's participating institutions are federally insured up to $100,000. These factors make these auctions stress-free…

In other words – there's nothing to lose and every thing to gain!

In closing, to paraphrase President Bill Pullman (in that movie where Jeff Goldblum and the Fresh Prince fight off an alien invasion with a laptop computer), tomorrow is the day we celebrate our independence. MoneyAisle wishes everyone a safe and happy Fourth of July.