MIDVALE, Utah, Jan. 13, 2016 -- For the second year in a row, Ally Bank, the direct banking subsidiary of Ally Financial Inc. (NYSE: ALLY), has been named 'Best Online Bank' out of a total of 30 online only banks evaluated in GOBankingRates' Best Banks series.
In order to help Americans determine the best banks for their needs, the GOBankingrates.com editorial team examined 120 national online financial institutions in the following categories:
- Best Savings Account
- Best Checking Account
- Best CD Accounts
- Best Online Bank
- Best National Bank
In addition to being named Best Online Bank, GOBankingRates also ranked Ally Bank among the top 10 banks for savings, checking and CD accounts for the second consecutive year, and as such, was the only bank to be featured prominently in all categories in which it was eligible.
"It's an honor to be named for the second year by GOBankingRates as Best Online Bank and a top 10 bank for savings, checking and CD products, because it really speaks to our commitment to create an exceptional experience for all of our Ally Bank customers," said Diane Morais, chief executive officer and president of the Ally Bank subsidiary. "We are pleased to be recognized for consistently exceeding expectations for value, service and ease of banking in a manner that keeps our customers satisfied, loyal and willing to recommend us to others."
To determine its Best Online Bank ranking, GOBankingRates examined 30 online only banks that offer products nationally according to the GOBankingRates and FDIC databases. Each online only bank was scored from most to least favorable for the following factors: checking account fees, savings account annual percentage yields (APY), 12-month certificate of deposit APY, and BauerFinancial Star Ratings for overall financial strength. Banks were then scored according to whether they offered the following services, all of which contributed to a single weighting: 24/7 customer service available by phone, live chat service via website with a person, mobile app and remote check deposit.
In GOBankingRates.com's Best Banks product categories, Ally Bank's Online Savings Account ranked #2, its High Yield CD ranked #4, and its Interest Checking Account ranked #7. For the Best Checking Account and Best Savings Account categories, banks were scored based on attributes such as minimum deposit to open the account, monthly maintenance fee, minimum balance to avoid a fee, APY, and in the case of checking accounts, insufficient funds fee, if applicable.
To determine its Best CD Account category ranking, GOBankingRates evaluated each institution's 12-month certificate of deposit product and five-year CD product. These CD accounts were scored based on minimum deposit to open these CDs, and APY for both products.
Minimum balance to avoid a fee and APY were weighted more heavily than other ranking factors for the Best Checking Account category, while APY was weighted more heavily than other ranking factors in the Best Savings Account category, and for the 12-month CD and five-year CD.
"It's clear why Ally Bank is the best online bank for the second year in a row. It consistently offers a winning combination of no-fee checking, high rates on deposits and abundant customer service," said Cameron Huddleston, personal finance expert and Life + Money columnist for GOBankingRates.com. "Ally Bank's savings and CD accounts also take top honors because of their competitive yields and no-minimum deposit requirements. It's certainly a great choice for savers looking to grow their money," she added.
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.
Andrea Puchalsky 313-656-3798