In online auction, banks bid on consumer savings

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Instead of researching which bank offers the highest interest rate, Dutch consumers can now put their money up for auction, getting banks to bid on their savings. After registering with new online facilitator Spaarbod, consumers state how much money they'd like to put aside, for how long and on which terms. The website automatically calculates the best rates that are currently available to all. At that point, consumers can sign up for that offer. However, they can also wait and see what banks will bid at auction. Spaarbod sends their data—minus personal details—to participating banks, who make an offer in…

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