Washington Mutual Bank is using eBay technology to offer certificates of deposit (CDs) via an online auction format.
The Bid Your Rate promotion lets shoppers bid online for the highest possible interest rate on one of 600 six-month CDs worth $1,000 each. From now through the end of February, shoppers can visit www.wamucdauction.com to enter and bid. If the final bid meets an undisclosed reserve, the successful bidder is expected to get a competitive interest rate on his or her CD, according to WaMu.
As part of the deal with WaMu, the promotion will be highlighted with banners and links on the eBay site. eBay also provides a customized reverse-auction solution to power the bidding on the CD products. The term of each FDIC-insured CD is six months and is subject to the rules and regulations of Washington Mutual’s CD products.
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