MaxBips.com, the UK-based online marketplace launched with the aim
of providing the best possible rate of return for affluent retail
savers (see RBI 607), has conducted auctions worth a total
of £100 million in its first three months of operation.
The service started on 2 February, offering
depositors with at least £30,000 in savings the chance to run an
auction in which banks and building societies compete to offer the
best rate of interest on a no-obligation basis. The final quote is
displayed alongside more information about the winning bank’s
credit rating and other financial information.
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Aloysius Fekete, managing director of
MaxBips’s parent company, Alox, told RBI the service had
got off to a decent start, but would now up its game.
“Our target is to run auctions worth £100
million a month. Of the £100 million run through the site to date,
around 70 to 80 percent has come from individuals, with the
remainder coming from a growing number of companies and a few
charities.”
To date, only four banks, including one based
in the UK, has signed up to the service. MaxBips is also looking to
extend its service to the independent financial services
community.
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