27 April 2017
Visit EBAday.com

Dutch banks bid for customers on online auction site

13 March 2009  |  5973 views  |  1 online place bid

A new Web site where banks competitively bid against each other for savings customers through auctions has been launched in the Netherlands.

To use the Spaarbod site, customers enter the amount of money they want to deposit, for how long and on what terms. The site calculates the best rates and offers the user the chance to sign up.

However, they can also choose to have their data sent on to participating banks, which can bid for the business. Within a day the user receives an e-mail listing the five highest bidders and can pick the best offer.

The service is free for customers, with banks paying a commission for every bid that results in a savings deposit.

According to local press reports, nine banks are currently signed up to the market, which launched on Saturday.

Another Dutch site, Bank2You, offering a near-identical service is currently in testing and expects to launch later this month.

Both follow the model MoneyAisle, which launched in the US last June. The site has proved a big success, generating over $100 million in CD and High-Yield Savings deposits for banks across the US in the fourth quarter of 2008.

It also recently made the retail channel delivery and management category of the Finextra Innovation Showcase.

Comments: (1)

A Finextra member
A Finextra member | 13 March, 2009, 16:38

OK, someone has to be the first to ask: is this Dutch auction a "dutch auction"?

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Bank auction site MoneyAisle cashes in as Americans shop around

Bank auction site MoneyAisle cashes in as Americans shop around

27 January 2009  |  3374 views  |  0 comments
MoneyAisle offers seamless online account opening

MoneyAisle offers seamless online account opening

21 October 2008  |  3350 views  |  0 comments
Banks bid for customers on MoneyAisle auction site

Banks bid for customers on MoneyAisle auction site

11 June 2008  |  4121 views  |  0 comments
Online mortgage auction launched in UK

Online mortgage auction launched in UK

23 January 2006  |  8773 views  |  0 comments
TradeWeb to launch online market for credit default swap indices

TradeWeb to launch online market for credit default swap indices

04 May 2005  |  6018 views  |  0 comments
Online FX auction service aims to cut out the middle man

Online FX auction service aims to cut out the middle man

06 December 2004  |  6692 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit vasco.com/news/PSD2-compliant-solutionsvisit dh.comVisit capgemini.com

Top topics

Most viewed Most shared
hands typing furiouslyBitcoin ETF Bites the Dust, Needs More Sec...
15120 views 0 | 7 tweets | 7 linkedin
BBVA runs live funds transfers over RippleBBVA runs live funds transfers over Ripple
11976 views comments | 32 tweets | 20 linkedin
Coinbase plans Ethereum messaging appCoinbase plans Ethereum messaging app
9154 views comments | 14 tweets | 15 linkedin
EC plans blockchain 'observatory'EC plans blockchain 'observatory'
8527 views comments | 9 tweets | 16 linkedin
Plastc goes into meltdownPlastc goes into meltdown
7235 views comments | 12 tweets | 7 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job