LendingTree Introduces New High-Yield Savings Marketplace
CHARLOTTE, N.C., March 12, 2007 – LendingTree, LLC today announced it has expanded its lending exchange business to include a new marketplace dedicated to connecting consumers to high-yield savings accounts. The savings account interest rate data is powered through a partnership with Bankrate.com (NASDAQ: RATE).
High-yield savings accounts, which are increasingly offered to customers through the Internet and often provide higher interest rates than the traditional savings accounts available through most banks, have risen in popularity in the past two years. The new LendingTree High-Yield Savings Marketplace, located at www.lendingtree.com/savings, delivers choice, price transparency and convenience to the growing ranks of consumers who are interested in these higher-yield accounts.
“Our entry into the high-yield savings arena is a logical evolution and an exciting opportunity for LendingTree,” said LendingTree CEO Tom Reddin. “Just as we redefined the lending marketplace in 1998 with the launch of LendingTree.com, now we are empowering a whole new segment of customers in their quest to achieve higher rates of return on their savings portfolios.”
“At LendingTree, our goal is to help consumers become smart savers as well as smart borrowers,” said LendingTree Chief Marketing Officer Bob Harris. “There’s more than $1 trillion in low-yield savings accounts today, and we believe there’s a smarter way to save. We’re excited to offer a convenient, fast and easy way for consumers to find the high-yield savings account that is right for them.”
The LendingTree High-Yield Savings Marketplace makes it easy for consumers to research and find the nation’s best high-yield savings rates for both certificates of deposit (CDs) and money market deposit accounts. At www.lendingtree.com/savings, consumers will see dozens, if not hundreds, of high-yield savings account products supplied by Bankrate, Inc. in one central and easy-to-use location, which means comparison shopping is a snap. And, since online high-yield savings accounts are becoming more prevalent, the site also provides helpful articles and advice on how to use them. From there, opening a new high-yield savings account is only one click away. Bankrate.com has been providing high-yield savings account listings, online, since 1996.
About LendingTree, LLC
LendingTree, LLC is the nation’s number one online lending exchange, providing a marketplace that connects consumers with multiple lenders that compete for their business. Since inception, LendingTree has facilitated more than 20 million loan requests and $152 billion in closed loan transactions. LendingTree provides access to mortgages and refinance loans, home equity loans/lines of credit, auto loans, personal loans, credit cards and high-yield savings accounts via www.lendingtree.com and 800-555-TREE.
Launched in 1998 with headquarters in Charlotte, North Carolina, LendingTree, LLC is part of IAC Financial Services and Real Estate, an operating company of IAC (NASDAQ: IACI), which also owns or operates LendingTree Loans sm, LendingTree Settlement Services, LLC, GetSmart®, RealEstate.comsm, Domania®, and iNest Realty, Inc.
About Bankrate, Inc.
Bankrate, Inc. (Nasdaq: RATE) (“Bankrate”) owns and operates Bankrate.com, a leading Internet consumer banking marketplace. Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. Bankrate is the leading aggregator of more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate reviews more than 4,800 financial institutions in 575 markets in 50 states. In 2006, Bankrate.com had nearly 53 million unique visitors. Bankrate provides financial applications and information to a network of more than 75 partners, including Yahoo! (Nasdaq: YHOO), America Online (NYSE: TWX), The Wall Street Journal (NYSE: DJ) and The New York Times (NYSE: NYT). Bankrate’s information is also distributed through more than 400 national and state publications. In addition to Bankrate.com, Bankrate also owns and operates FastFind, an internet lead aggregator and Mortgage Market Information Services, Inc. and Interest.com, Inc., each of which publishes mortgage guides and financial rates and information.