Ally No. 1 Internet bank, tops for millennials

Midvale-based Ally Bank, the banking subsidiary of Ally Financial Inc., scored dual wins for Best Internet Bank and Best Bank for Millennials on Kiplinger’s Personal Finance Magazine’s 2017 Best Banks list. An article highlighting Kiplinger’s top picks among banks and credit unions, as well as top institutions for each of six lifestyle profiles, will appear in the July print edition the publication.

Kiplinger’s annually names the best banks in the nation in categories such as national banks, regional banks, Internet banks and credit unions. Also named are best banks for lifestyles such as retirees, military personnel, millennials and high-net-worth families.

Ally Bank’s combination of no monthly maintenance fees and no minimum balance requirement won it the top spot on the Internet bank list. The publication noted Ally’s efforts in attracting customers with lower fees, higher interest rates and friendlier overdraft policies.

Kiplinger’s looked for banks with the strong mobile and digital features for its millennials list.  Ally’s features like mobile banking with electronic check deposit and the availability of Apple Pay, Android Pay and Samsung Pay for debit card holders helped place it at the top of the list. Kiplinger’s called Ally “a stellar option for millennials” and noted that Ally is responsive on social media, which is key to reaching that demographic.

“Recognition from a highly respected publication like Kiplinger’s highlights our brand promise to ‘Do It Right’ for our customers,” said Diane Morais, president of consumer and commercial banking products at Ally Bank. “Being named a best bank in these two important segments gives customers the confidence to explore our other offerings — from our savings, checking and credit card products, to newer additions like Ally Home loans and low-cost investing through Ally Invest.”

Kiplinger’s Personal Finance Magazine was founded in 1947 and advises its readers on managing their money, covering investing, retirement planning, taxes, insurance, real estate, buying and leasing a car, healthcare, travel and financing college.

Ally Financial Inc. 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 as a digital platform bank. The company had approximately $162.1 billion in assets as of March 31.