MIDVALE, Utah, Nov. 6, 2015 -- For the fifth time in as many years, Ally Bank, the direct banking subsidiary of Ally Financial Inc. (NYSE:ALLY), has been named "Best Online Bank" in MONEY® Magazine's annual "Best Banks in America" (November 2015) feature.
In naming Ally as "Best Online Bank," MONEY mentioned that Ally "is a one-stop bank that helps you avoid most (although not all) fees while maximizing interest across multiple accounts." The article also mentions that Ally provides its customers "free access to roughly 40,000 U.S. ATMs in the Allpoint® network and will reimburse up to $10 in other operators' ATM fees each month (which would be enough to cover the average consumer)." Ally Bank does not charge its customers a fee to use an ATM.
The Ally Online Savings Account was named by MONEY as a "standout" account among Ally Bank's deposit products. Similar to other Ally Bank offerings, the online savings product requires no minimum deposit to open, no monthly maintenance fees, earns a higher interest rate than traditional savings accounts as well as interest compounded daily, and is insured by the FDIC up to the maximum allowed by law.
"The MONEY® Magazine annual 'Best Banks' issue has become a valued guide for consumers due to its comprehensive analysis of the 50 largest brick-and-mortar banks and the 25 largest online banks, so we are very pleased to be recognized once again," said Diane Morais, chief executive officer and president of the Ally Bank subsidiary.
In addition to offering deposit products with competitive rates and low fees to help consumers maximize their savings, Ally Bank products feature no minimum deposit or monthly maintenance fees and interest compounded daily. Products include:
- High Yield CDs – with terms from 3 months to 5 years
- Raise Your Rate CDs – which offer one interest rate increase with the 2 year term and two interest rate increases with the 4 year term
- No Penalty CD – which allows a customer to withdraw all the money anytime after the first six days following the date the account was funded and keep the interest earned with no penalty
Savings and Checking
- Online Savings – pays higher interest than a traditional savings account
- Money Market – easy access to funds with a free debit card, standard checks and unlimited ATM withdrawals
- Interest Checking – free debit MasterCard®, standard checks and online bill pay
- High Yield CDs, IRA Raise Your Rate CDs, IRA Online Savings
"The Ally Bank team is always working to provide an exceptional banking experience, and we will continue to focus on ways to enhance our products and services to remain best-in-class for our more than 1 million customers," Morais added.
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.