Ally Bank Named "Best Online Bank" by MONEY® Magazine

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Oct 30, 2013, 09:00 ET

MIDVALE, Utah, Oct. 30, 2013 /PRNewswire/ -- For the third consecutive year, Ally Bank, the direct banking subsidiary of Ally Financial Inc., has been named "Best Online Bank" in MONEY® magazine's annual "Best Banks in America" (November 2013) feature.

Ally Bank was also recognized by MONEY® for "Best Checking Account" and tied for "Best 12-Month CD" in its annual review of 58 of the nation's largest banks and credit unions, including 15 online banks. The MONEY® accolades highlight Ally Bank features, including:

24/7 availability of customer service representatives by phone and online chat
no maintenance fees
Ally Bank's No Penalty 11-Month CD, which allows customers to withdraw funds after six days with no interest penalty
competitive interest rates on savings and checking accounts
no ATM fees and reimbursement of ATM fees charged by other banks nationwide

"Consumers choose Ally Bank for our innovative products and customer-first approach," said Diane Morais, Ally Bank deposits and line of business integration executive. "Given the field of direct banks reviewed this year grew by 50 percent, from 10 in 2012 to 15 in 2013, this recognition from a trusted consumer resource like MONEY® affirms our goal to provide a better banking experience for consumers."

Widely recognized for its straightforward approach to banking, Ally Bank has enjoyed steady growth since its launch in 2009, with approximately 754,000 customers and more than $41 billion in retail deposits as of Sept. 30, 2013.

In addition to the Money® ranking, Ally Bank has been recognized by several third-party sources for its customer-focused products and features. Earlier this month, the Ponemon Institute announced that Ally Bank placed second in its 10th Annual Privacy Trust Study for Retail Banking which asks consumers to indicate how secure and confident they feel when sharing their personal information with their primary banking institutions. In June, the Bank received Forrester's 2013 "Outside In" Award in the Customer Experience Design category for its innovative and customer-friendly design of Ally Mobile Banking, the app that allows customers to conduct a wide range of banking tasks via their Android™ or iPhone^® smartphones.

Ally Bank also earned the top rating in The Pew Charitable Trusts' study "Checks and Balances: Measuring Checking Accounts' Safety and Transparency," a report on the nation's top banks on key consumer protections issued in May.

Morais continued, "We work hard every day to live up to our name by being an ally to our customers, and we are honored to add the MONEY® recognition to a growing list of other accolades."

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.

Contact:

Andrea Puchalsky
313-656-3798
[email protected]

SOURCE Ally Financial