MIDVALE, Utah, Oct. 10, 2016 /PRNewswire/ -- Ally Bank, the direct banking subsidiary of Ally Financial Inc., is observing the second annual National Online Bank Day, recognized each year on the second Monday in October. To celebrate the occasion, the bank is introducing a new certificate of deposit product, Select CD, which features a limited time only promotional rate and term.
As a leader in the online banking landscape, Ally established National Online Bank Day in 2015 to emphasize the compelling value proposition of online banks compared to traditional brick-and-mortar banks, and their alignment with trends in consumer banking. Online banking adoption has doubled since 2004, reaching 71 percent of consumers in 2015, and is expected to serve 81 percent of banked consumers by 2021.¹
"More and more customers are seeing the advantages of banking with an online bank," said Diane Morais, chief executive officer and president of Ally Bank. "As an online-only bank with a lower cost structure, Ally is positioned to 'Do It Right' for our customers by always offering competitive interest rates and 24/7 award-winning service, as well as a full suite of deposit products, including the introduction of promotional products such as the Select CD from time to time."
The Select CD promotion offers a 15-month term with a 1.25 percent annual percentage yield. The promotional rate and term are available for a limited time only, and like all Ally Bank CDs, will earn interest compounded daily and is eligible for the Ally Ten Day Best Rate Guarantee, which provides the best rate Ally offers for the CDs term if the rate goes up within that time.
Occasionally, Ally will announce additional Select CD promotional rates and terms. Watch Ally.com for the most up-to-date CD rates.
The convenience and great value customers experience when they bank with Ally has resulted in strong customer satisfaction and advocacy, as well as industry recognition as the 'Best Online Bank' by a number of noteworthy personal finance outlets, including Money Magazine®, Kiplinger's Personal Finance, Go Banking Rates and My Bank Tracker.
Learn more about National Online Bank Day at http://www.nationaldaycalendar.com/national-online-bank-day/.
¹Online Banking Forecast 2016: Optimizing Online Banking in a Mobile Era, Javelin Strategy & Research, 2016.
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), 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 $157.9 billion in assets as of June 30, 2016. For more information, visit the Ally press room at http://media.ally.com or follow Ally on Twitter: @AllyFinancial.
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SOURCE Ally Financial