SANDY, Utah, Jan. 9, 2018 -- Ally Bank, the direct banking subsidiary of Ally Financial Inc. (NYSE: ALLY), has been named the Best Online Bank of 2018 in GOBankingRates' annual rankings. In announcing this year's picks for its Best Banks of 2018 rankings, the personal finance website cited Ally Bank's combination of superior customer service, diverse offerings, low costs, and high interest rates.
This year, Ally Bank is also ranked in the top ten banks for Best Savings Account and Best CD Account, as well as being named an Editor's Pick Award in the category of No Fees or Minimums for Savings.
"We're proud to have been named to GOBankingRates' Best Banks rankings for the sixth consecutive year, but we are especially honored to be selected as Best Online Bank for the fourth year on a row," said Diane Morais, president of the Ally Bank subsidiary. "Our focus each and every day is to fulfill our brand promise to have a relentless focus on our customers and 'Do It Right' for them. Placing on the Best Banks list again assures Ally Bank customers that our promise rings true, and that we will continue to offer a broader, more diverse and competitive array of financial products and services that support their busy lives."
To find the best online banks of 2018, GOBankingRates evaluated 28 online banks using a methodology centered on four key factors:
- Checking account fee
- Savings account annual percentage yield
- 12-month CD APY
- BauerFinancial Star Rating for overall financial strength
The rankings also considered whether each bank offered the following services:
- 24/7 customer service by phone
- Live chat service via website with a real person
- Mobile app
- Remote check deposit
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This is GOBankingRates' sixth annual Best Banks rankings, intended to provide readers with a resource to find the ideal bank for their needs and recognize national banks that provide the most value to their customers. The initiative provides an objective and extensive analysis of the leading financial institutions in the United States, with categories created around the most in-demand and high-value banking features and products.
Methodology for Best Online Bank of 2018
Methodology: To determine its Best Online Banks ranking, GOBankingRates examined 28 online-only banks that offer products nationally according to the GOBankingRates and FDIC databases, excluding online products offered by institutions with a physical, retail banking presence. No asset threshold was consulted for online-only banks.
Criteria for ranking: GOBankingRates scored each online-only bank from most to least favorable on the following factors: (1) checking account fee, (2) savings account annual percentage yield, (3) 12-month certificate of deposit APY and (4) BauerFinancial Star Rating for overall financial strength. Banks were then scored according to whether they offered the following services, all of which contributed to a single weighting: (5) 24/7 customer service available by phone, (6) live chat service via website with a person, (7) mobile app and (8) remote check deposit. Banks were ranked according to their overall score.
About Ally Financial Inc.
Ally Financial Inc. (NYSE: ALLY) is a leading digital financial services company and a top 25 U.S. financial holding company offering financial products for consumers, businesses, automotive dealers and corporate clients. Ally's legacy dates back to 1919, and the company was redesigned in 2009 with a distinctive brand, innovative approach and relentless focus on its customers. Ally has an award-winning online bank (Ally Bank Member FDIC and Equal Housing Lender), one of the largest full service auto finance operations in the country, a complementary auto-focused insurance business, a growing digital wealth management and online brokerage platform, and a trusted corporate finance business offering capital for equity sponsors and middle-market companies.
The company had approximately $164 billion in assets as of Sept. 30, 2017. For more information, visit the Ally press room at http://media.ally.com or follow Ally on Twitter: @AllyFinancial.
GOBankingRates.com is a personal finance news and features website dedicated to helping visitors live a richer life. From tips on saving money to investing for retirement or finding a good interest rate, GOBankingRates helps turn financial goals into milestones and money dreams into realities. Its content is regularly featured on top-tier media outlets, including MSN, MONEY, AOL Finance, CBS MoneyWatch, Business Insider and dozens of others. GOBankingRates specializes in connecting consumers with the financial institutions and products that best match their needs.