Ally Bank Expands With New Products

IRA, Popmoney and Raise Your Rate 4-Year CD added to customer-friendly lineup

News provided by

Jun 21, 2011, 10:00 ET

MIDVALE, Utah, June 21, 2011 /PRNewswire/ -- Ally Bank has expanded its product suite with three new offerings designed to help consumers save and conveniently access their money. The Bank has launched retirement savings products, a person-to-person payment option and another Raise Your Rate certificate of deposit.

(Logo: http://photos.prnewswire.com/prnh/20110609/DE17177LOGO-c )

"We continue to be guided by our commitment to deliver customer-friendly products and features—these latest offerings attest to that pledge," said Diane Morais, Ally deposits executive. "Whether consumers are looking to save for retirement, build their savings or for convenient ways to use their money, all of our products offer a banking experience focused on the customer."

"Customers have told us that these are the types of products that they need or would use most in their lives and we're responding."

These new products and services complement the existing lineup of CDs, interest checking, money market and online savings accounts.

Individual Retirement Account (IRA)

Ally Bank has entered the retirement savings market with three IRA Plans that include an IRA Online Savings Account and a range of IRA CDs.

The three IRA Plans—Traditional, Roth and Simplified Employee Pension (SEP)—are available with the following products:

IRA Raise Your Rate CD (in 2-year and 4-year terms)
IRA High Yield CD (3-month, 6-month, 9-month, 12-month, 18-month, 3-year and 5-year terms)
IRA Online Savings Account

The IRA Plans and products offer many of the same customer-friendly features and services that Ally Bank customers are accustomed to: Raise Your Rate CDs, no monthly maintenance fees and no minimum deposit to open.

Customers looking for secure growth can also roll over existing IRAs or qualified retirement plans—such as a 401(k) or 403(b)—into an Ally IRA.

Popmoney

Popmoney allows customers to electronically send money to other people. It is an alternate to sending cash or checks to friends and family or to pay service providers. The service allows Ally Bank customers to send money to anyone in the U.S. who has a U.S. bank account – the recipient doesn't need to have an Ally Bank account.

To use Popmoney, customers log in to their Ally Bank account and provide either the recipient's e-mail address, mobile number or bank account information. The recipient will get a text or e-mail to go to popmoney.com/ally and follow the steps to deposit the money online. If a bank account is provided by the sender, the money is sent directly to the recipient's account.

Popmoney can be used for one-time payments and gifts, or can be scheduled for recurring payments.

Raise Your Rate 4-year CD

Based on the popularity of the Raise Your Rate 2-Year CD, Ally Bank has added a 4-year term, expanding the Raise Your Rate lineup. With the Raise Your Rate 4-Year CD, customers can raise the rate on their CD twice over the 4-year term. The 2-year product allows for a one-time increase over that term.

The Raise Your Rate 4-Year CD is a longer term product that provides the customer the flexibility to increase their rate if they choose.

Like all of Ally Bank's CDs, the Raise Your Rate 4-Year CD has no minimum deposit, no monthly maintenance fees and competitive interest rates.

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.

Contact:

Beth Coggins
313-656-6964
[email protected]

SOURCE Ally Financial