How can you find the best CD and savings rates? Use the hugely impressive MoneyAisle.

What happens with MoneyAisle is this: Banks (actually automated banking "robots") engage in multiple rounds of competitive bidding for your CD or savings dollars. You specify how much you want to place in a savings account or in a CD. For a CD, you would also specify your what term you want, anywhere from 3 months to 5 years. Then the bidding begins. During the bidding process, you can actually watch the highest offered interest rate increase round by round. Finally, after as many rounds as it requires to find a winner, you are presented with the highest bid (all by FDIC insured banks). The bank offering the highest bid is specified. If you accept that bid - you have 30 minutes to do so - you just send your money to the bank identified by MoneyAisle.

We have used MoneyAisle frequently and find that the specified rates are certainly among the highest to be found. All in all, this CD and interest rate auction site is a great concept and highly recommended. Now if only MoneyAisle would create a similar functionality for retirement savings . . .