In Case You Missed It ...
Feb 26, 2009 3:52 pm US/Central
Website Has Banks Bidding For Your Money
(CBS)
In these tough economic times, more people are trying to spend less and save more. With Wall Street suffering more down days than up lately people are looking for safer ways to invest. Now, a website is gaining popularity with people hoping to make extra money.
Businessman Marty Leamy wanted to put %5,000 into CD, but said he couldn't find a rate the 'hooked' him. That all changed when he checked out moneyaisle.com. "There you have over 100 banks bidding for your CD amount," he explained. "It's very easy."
Those visiting the site enter how much money they have invest and for how long. The investments are for both high-yield savings accounts and CDs.
Leamy said he simply 'wanted to get the best return' and he did. The businessman received a 2.86% rate on a $5,000, 6-month CD from Troy, Michigan's Flagstar Bank. From there Leamy said he 'printed out an application [and] sent a check'.
CBS News looked up Flagstar Bank's 'safe and sound rating' on bankrate.com and though the bank received only two stars, which means it falls below peer group -- or below average, that doesn't seem to bother Leamy.
Leamy is taking the risk saying his money is 'protected to $250,000' and that it's 'a good investment short-term'.
The day we looked up rates on moneyaisle.com, for an investment of $5,000, we found a six-month CD at a rate of 2.25% and a high-yield savings account for 3.25%. Both of those offers were from out-of-state banks.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
RAW VIDEO: 100-Mile Police Chase
Click to enlarge
Stumble It!
