Feb 25, 2009 8:40 pm US/Central
Stretch Your Dollar: MoneyAisle.Com
CHICAGO (CBS) ―
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Input how much money you want to invest and for how long, and MoneyAisle.com will give you a list of banks bidding to win your business.
CBS
In these tough times, more people are trying to spend less and save more. There's an easy way to make sure your investment also stretches your dollar.
With Wall Street suffering more down days than up lately, people are looking for safer ways to invest.
Businessman Marty Leamy wanted to put his $5,000 into a CD.
"I'm fortunate to have some cash," said Marty Leamy.
But he couldn't find a rate that hooked him - until he checked out
MoneyAisle.com.
"When you have over 100 banks bidding for your CD amount, it's very easy," Leamy said.
All you have to do is input how much you have to invest for how long, and watch dozens of banks bidding to win your business for both high-yield savings accounts and CDs.
"I wanted to get the best return," Leamy said.
And he did.
Leamy received a 2.86 percent rate on a $5,000, six-month CD from Troy, Michigan's Flagstar bank.
"I actually printed out an application, sent a check," Leamy said.
We looked up Flagstar bank's safe and sound rating on
Bankrate.com, and though it received only two stars - which means it falls below peer group, or below average – that doesn't seem to bother Leamy.
"It's protected to $250,000," Leamy said. "And 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 for 2.25 percent and a high-yield savings account for 3.25 percent – both from out of state banks.
For a link to MoneyAisle.com,
click here.
To check out bank ratings,
click here.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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