Shopping can save cash

SAVINGS. If there’s one message Americans have been getting about the financial system in these last few months, it’s that it doesn’t always work for those it’s supposed to help. Mukesh Chatter, founder of Moneyaisle.com, is trying to turn that trend around — or at least chip away at it — by putting consumers back in the driver’s seat.

For customers interested in getting the best possible interest rate on a high-yield savings account or a CD, Moneyaisle.com can guarantee the best one on the market. You just enter in the data about the account you’d like to start and instantly more than 100 banks will bid their current rates. After you select the rate that’s best, the other, remaining  banks are given another chance to match your pick. The consumer can then select the financial institution they’d like to do business with.

“We are basically turning the existing model on its head and making the consumer more empowered,” says Chatter of the site.  “What really got me going on this was the whole idea that there can be such a price difference on this commodity,” he adds, noting that for basically the same service, banks across the country offer wildly varying rates.

The banks bidding to get your business are from all over the U.S. and are generally small to midsize (no giant banks) but all are FDIC insured.

“What we’re doing is intermediating to a very large degree and thereby making the process more efficient and a win-win for both the buyer and the seller,” says Chatter.