Think like new Dutch online facilitator, Spaarbod, who’ve created an auction website where banks bid for customers’ savings.
Instead of spending time researching the highest interest rates, Dutch consumers can now put their money up for auction and get banks to bid for their custom.
After registering with Spaarbod, you state how much money you’d like to put aside, for how long and on which terms. The website automatically calculates the best rates currently available. At that point, you can sign up for that offer. Or you can wait and see which banks will bid at auction. Spaarbod sends your data – minus personal details – to participating banks, who make an offer in a sealed-bid auction. Within a day, you receive an email listing the five highest bidders, and you can pick the best offer. The service is free for consumers, and banks pay a commission for every bid that results in a savings deposit.