One of the most challenging questions people face today is where to stash their short-term cash (money they need for emergencies or for a specific goal within five years). With money market rates so 
low, many people are turning to FDIC insured Certificates of Deposits (CDs). One problem with buying CDs is shopping for the best rate. Banks change their published CD rates frequently so it's hard to find the best current rate.
A client alerted me to a new web tool that can help you find competitive CD rates. The site is MoneyAisle and it's an on-line auction site for CDs and high-yield savings accounts. The idea is that you list the amount of cash you have to save -- and the length of time you want for a CD if that's what you want to buy -- and the site holds a bank auction for your money as you watch. All the banks are FDIC insured.
I tried out MoneyAisle recently and for a deposit of $10,000, 72 banks bid on my business for a high-yield bank account. The winning "bid" was 2.20% annual percentage yield. For a 12-month CD and $10,000, 96 banks bid on my business and the winning "bid" was 2.60% annual percentage yield. There's a time limit you have to accept a winning bid. If you accept the offer, the winning bank contacts you with instructions and you deposit the money with the winning bank. MoneyAisle never touches your money.
You can try this out for free at their site. If you register, again for free, there are two nice features that become available. One is the ability to build a CD ladder and the second is the ability to compare rates by maturity on CDs. For example, in my test as a registered user, I found out the I could get a 6-month CD for 1.90% annual percentage yield and a 24-month CD at 2.85% annual percentage yield.
MoneyAisle has been written up widely and seems to have the proper security and privacy measures in place, but, as always when you're dealing with your money, buyer beware. Check out the site and read about the company, how MoneyAisle works and their pledge to customers.
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