MIDVALE, Utah, Oct. 30, 2014 -- Ally Bank, the direct banking subsidiary of Ally Financial Inc. (NYSE: ALLY), has been named "Best Online Bank" in MONEY® Magazine's annual "The Best Banks in America" (November 2014) feature. This marks the fourth year in a row that Ally Bank has been honored as "Best Online Bank" by MONEY.
As a trusted resource for 7.6 million Americans who are actively seeking guidance to help them make smart decisions about what matters most to them, each year MONEY performs extensive analysis in developing its list of "The Best Banks in America." In its fourth annual review, MONEY Magazine analyzed checking, savings and CD terms from 70 of the nation's largest banks, including 20 online banks.
In citing the reasons Ally Bank was selected as "Best Online Bank," MONEY mentioned that Ally "offers the best package of checking and savings available – with comparatively high interest rates on both accounts ..." and "24/7 customer service by phone or IM." MONEY also noted "the rate on savings – which barely budged – is the highest offered by an online bank with checking and savings accounts."
"Given consumers have a broad variety of options for their personal banking needs, we are extremely proud to be named "Best Online Bank" by MONEY Magazine for four consecutive years," said Diane Morais, Ally Bank Deposits and Line of Business Integration Executive. "This recognition is a testament to our unwavering commitment to be obviously better in terms of the competitive products, service and features we offer to Ally Bank customers."
Ally Bank was also recognized by MONEY for "Best Standalone Account" for Ally Interest Checking due to the fact that Ally charges no maintenance or ATM fees, and currently pays an Annual Percentage Yield of 0.10% on checking accounts with balances up to $15,000, and an Annual Percentage Yield of 0.60% on accounts with balances above that amount.
Ally Bank has enjoyed consistent growth since the brand's launch in 2009. As of Sept. 30, 2014, Ally Bank had retail deposits of $46.7 billion, up $5.0 billion or 12 percent year-over-year, and 885,000 primary customers, an increase of 17 percent year-over-year.
About Ally Bank
Ally Bank is a direct bank in the U.S. that offers a straightforward approach to banking with no minimum deposits, no monthly fees and 24/7 live customer service. A subsidiary of Ally Financial Inc., the bank offers online savings, interest checking, money market accounts, certificates of deposit with terms ranging from three months to five years and IRA Plans and products. Follow us on Twitter @allybank or at facebook.com/allybank. Member FDIC. For more information, visit the Ally media site at http://media.ally.com or on Twitter, @ally.