MIDVALE, Utah, Feb. 2, 2015 – Ally Bank, the direct banking subsidiary of Ally Financial Inc. (NYSE: ALLY), has been named "Best Online Bank" in GOBankingRates' third annual "Best Banks" series. This is the first year GOBankingRates included a “Best Online Bank” category, and a total of 30 online-only banks were evaluated to determine the final top ten rankings.
In determining its “Best Online Bank” rankings, GOBankingRates reviewed online banks according to overall score based on:
• savings account Annual Percentage Yield (APY)
• one-year certificate of deposit APY
• BauerFinancial Star Ratings for overall financial strength
• 24/7 customer service available by Web or phone and live chat service with a human being
• mobile app
• checking account fees
In selecting Ally Bank as the best online bank of 2015, GOBankingRates cited Ally’s no checking account maintenance fee, high savings and CD yields, and ample customer service and mobile banking access. In GOBankingRates’ 2014 best banks survey, Ally Bank ranked No. 1 for best online CD account.
“We are pleased to be named “Best Online Bank” by GOBankingRates in the first year it added this category to its “Best Banking” series,” said Diane Morais, Ally Bank Deposit and Line of Business Integration executive. “The methodology for determining the best online banks was extensive across the growing landscape of financial institutions in this category, and it demonstrates that we remain true to our promise to be obviously better in terms of the overall value proposition we offer to banking consumers.”
In addition to the “Best Online Bank” category, Ally was listed in the top ten rankings for three deposit product categories evaluated by GOBankingRates this year:
• Savings Accounts: Ally’s Online Savings account ranked #5 for its 0.99% APY, no monthly maintenance fee and no minimum deposit requirement to open.
• Checking Accounts: Ally’s Interest Checking account ranked #6 for no monthly maintenance fees and no minimum opening balance requirement, an overdraft paid or returned fee of just $9, and a starting APY of 0.10%.
• High Yield CD: Ally’s 12 Month CD account ranks #3 among the top ten for having no minimum deposit requirement and a 1.05% APY.
More than 120 financial institutions were evaluated in the above categories based on relevant factors, such as minimum deposit requirements, monthly maintenance fee, minimum deposit to avoid fee, annual percentage yield (APY) and in the case of checking accounts, insufficient funds (NSF) fee, if applicable.
GOBankingRates is a leading portal for personal finance news and features, offering visitors the latest information on everything from interest rates to strategies on saving money, managing a budget and getting out of debt.
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 maintenance 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.