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MoneyAisle adds real-time interest rate ticker for bank CD and savings auctions

14 July 2009  |  996 views  |  0 Source: MoneyAisle

Consumers can now easily see savings account and CD rates being offered across the country.

A real-time rate ticker showing interest rates for bank CDs and high-yield savings accounts is now available for free at moneyaisle.com/cd-rate-ticker.aspx. The rates shown are the winning APYs for certificates of deposit and high-yield savings accounts from banks on the MoneyAisle network. MoneyAisle.com connects consumers with CD and savings account rates by having banks compete in free, on demand reverse auctions.

This ticker is the first of its kind to ever be released. Like its auctions, MoneyAisle.com's ticker functions in real-time and those who view the Interest Rate Ticker see the rates currently bid by banks in the MoneyAisle network. Rates for the auctions run on MoneyAisle.com are shown, interspersed with overnight rates. Information on the ticker shows whether the rate is for a CD or a high-yield savings account, the dollar amount, and, for certificates of deposit, the duration of the product. The state of residence for which the auction was run is also visible.

Because current popular indices for bank rates rely on private polls of financial institutions, the results serve as a trailing indicator for true market rates and are subject to reporting error. The real-time, competitive nature of the MoneyAisle network makes MoneyAisle's Interest Rate Ticker more akin to rolling stock quotations featured on major media outlets and used by top tier trading houses. MoneyAisle.com provides an embeddable version, giving average consumers and financial Websites alike the ability to host this information on their sites and blogs.

"This is a groundbreaking product," says Mukesh Chatter, CEO of MoneyAisle.com. "As CDs and High-Yield Savings accounts have become a part of standard asset allocation in the fixed income category, the Interest Rate Ticker can provide valuable information about short and long-term interest rate trends."

The Interest Rate Ticker could be of particular interest to fixed income managers, who will be able to spot trends and variations in the market instantly, giving them a competitive advantage.

Also available on MoneyAisle.com are free embeddable overnight rate tables. These rate tables feature daily updated APYs for CDs and High-Yield Savings accounts that consumers can easily add to their own Website. Three versions of the Interest Rate Tables are available: "Most Popular Rates," "Expanded Rates" and "Comprehensive Rates."

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