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Get banks to bid on your money
09-28-2008, 06:43 AM
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#1
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
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Get banks to bid on your money
http://www.nytimes.com/2008/09/28/business/28novel.html caught my eye this morning (it's on the NYTimes most e-mailed list)
It describes where 80-100 banks bid on your money to offer you a CD at the highest rate in a kind of LendingTree.com way -- only better. I predict it will have a great future and be successful.
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09-28-2008, 01:41 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Mar 2006
Location: Houston
Posts: 4,337
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It would guarantee all of your CDs would be at the weakest banks -- the ones needing capital the most.
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The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
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09-28-2008, 02:16 PM
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#3
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,859
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 Quote:
Originally Posted by 2B
It would guarantee all of your CDs would be at the weakest banks -- the ones needing capital the most.
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If it's FDIC insured, do we care?
I'd love to see this for credit unions...
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09-29-2008, 09:54 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 2,611
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Quote:
Originally Posted by 2B
It would guarantee all of your CDs would be at the weakest banks -- the ones needing capital the most.
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And that would be a problem because  ?
-- Rita
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Only got A dimple, would have preferred 2!
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09-29-2008, 10:58 AM
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#5
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Full time employment: Posting here.
Join Date: May 2008
Location: Lexington
Posts: 714
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Checked it out earlier, it still misses the top CD rates from banks and of course it doesn't track the credit unions, which often offer significantly better rates than banks. As such, bankingblogspot is a far better source for finding CD rates still.
It may be mildly succesful, but I wouldn't expect it to have a huge amount of growth until it includes these in its search.
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09-29-2008, 11:09 AM
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#6
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Interesting. If they were actually using real bidding, I just did a "test drive" on $20,000 for 12 months and the "winning bidder" came in at 4.35%. That's the same as currently listed on Bankrate.com as the highest for a 12-month CD.
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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09-29-2008, 11:32 AM
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#7
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Thinks s/he gets paid by the post
Join Date: Mar 2006
Location: Houston
Posts: 4,337
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Quote:
Originally Posted by Gotadimple
And that would be a problem because ?
-- Rita |
Probably nothing as far as the principle is concerned but when a bank is taken over the acquiring bank for the deposits has a choice of whether to honor the interest rates of the CDs. If the rate is higher, there goes the CD. You get to start over.
Also, I'm still waiting for my Nov 11 interest payment from a bank taken over in early November. I also don't know where my money is. I'll post when I get it resolved.
__________________
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
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