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TechnologyTech Test: MoneyAisle Searches for Best RateTech Test: MoneyAisle Searches for Best RateThe Associated PressInterstate banking over the Web means consumers are no longer limited by their local branches. MoneyAisle is a new Web site that runs online auctions in which banks bid for consumers’ business. (July 2)With Internet banking becoming more and more common, finding the best rate for your money is getting easier all the time. Sites like Bankrate dot com and others list savings rates available at hundreds of banks. But the latest site, MoneyAisle dot com offers a twist: The site runs online auctions in which banks bid for consumers’ business.AP’s Brian Bergstein put MoneyAisle through its paces with an imaginary savings account. In 22 head-to-head tests, the rounds of bidding among banks on MoneyAisle revealed a better rate than Bankrate just four times. But sometimes the top rate revealed by MoneyAisle was better than what the winning bank was advertising on its own Web site. Bergstein found that the service has promise.For now, fewer than 100 banks participate in any given auction. As more join the system MoneyAisle just might squeeze a few more percentage points for consumers and help lure them to where the best deals are. That alone should already be pressuring banks to come up with competitive rates if they really want depositors’ money. ___ ___, The Associated Press.
