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July 13, 2011

Ally Bank Introduces Individual Retirement Accounts (IRAs)

Ally Bank recently introduced Individual Retirement Accounts (IRAs) within their selection of banking products. Now you can invest your retirement savings and get stable, secure growth with an Ally Bank Traditional, Roth, or SEP Individual Retirement Account (IRA). Choose from the following Ally Bank products for you to invest your IRA: IRA Raise Your Rate CDs, IRA High Yield CDs, and IRA Online Savings Accounts. All product choices are FDIC insured up to the maximum allowed by law.

Deciding on the appropriate IRA plan (Traditional, Roth, or SEP IRA) will depend on your particular retirement goals and you may want to consult with your Investment Advisor or your tax professional. Below is a summary of the key factors to consider when choosing your IRA plan:

Traditional IRA: For those interested in having their investment grow tax-deferred until withdrawal during retirement. In many cases, contributions are tax-deductible in the year they are made.

Roth IRA: Appropriate for those interested in both tax-free growth and withdrawals. Roth IRA contributions are not tax-deductible.

SEP IRA: For business owners or those who are self-employed and also for employees of a business that has a SEP IRA.

Once you choose an IRA plan, Ally Bank has several products for you to invest your IRA: IRA Raise Your Rate CDs, IRA High Yield CDs, and IRA Online Savings Accounts. Whichever vehicle you choose, know that the rates you will earn are consistently among the most competitive in the country. Below is a brief description of the IRA investment vehicles:

IRA Raise Your Rate 2-year and 4-year CD - Get the flexibility of the Ally Bank Raise Your Rate CD products, now available in an IRA. Start with a great rate, plus have the ability to increase your rate once over the 2-year term or twice over the 4-year term.

IRA High Yield CD - Secure a great rate and select a term that works best for you ranging from 3 months to 5 years.

IRA Online Savings Account - Open and fund your account with any amount. No monthly maintenance fees.

Ally Bank (previously known as GMAC Bank) is a subsidiary of Ally Financial Inc. Ally Bank has a 90-year-old history and provides a variety of services including banking, mortgages, auto financing and leasing, commercial finance, and more. Ally Bank is FDIC insured to at least $250,000 per depositor.

July 6, 2011

CitiFinancial Formally Re-brands to OneMain Financial

CitiFinancial, the consumer lending arm of Citigroup, formally changed its name to OneMain Financial effective July 1, 2011. Citigroup, Inc. (NYSE:C), the world's leading financial services provider, has more than 1,800 locations across the United States, Canada, and Puerto Rico. Although the name OneMain Financial is new, the history behind it is not, as the company has been providing loan solutions since 1912.

OneMain Financial specializes in providing personal loans with a straightforward application process and local, customized, service. In announcing this renaming from CitiFinancial to OneMain Financial, Jim Ryan, Executive Vice President of Marketing, states: "As we enter our 100th year of lending in communities both large and small across the U.S., the OneMain Financial brand identity provides a great opportunity to reinforce our commitment and our values to our customers." Mr. Ryan goes further to state that the logo's signature red and blue colors are to reflect the OneMain brand as a "patriotic nod to our heritage as the leading community-based lender in the U.S."

For more information on obtaining a personal loan from OneMain Financial, click Here.

 

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