Released: September 28, 2008

Site has banks bidding for your money

Source: Anne Eisenberg, New York Times (Free Registration)

In some bazaars, vendors call out their prices, lowering them on the spot as they vie with one another for a shopper’s business.

That’s the kind of competitive selling — and possible good deals for shoppers — that one new Web site hopes to bring to those looking to invest a nest egg in a certificate of deposit or other savings account at an attractive rate.

The hawking will not be done by shouting vendors, but instead through a modern, electronic equivalent: automated auction software running on a Web site that gets its bidding orders from dozens of banks looking for business. When a customer comes to the site and asks for the terms of a C.D., the banks bid against one another via the software to win the deposit.

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