Ally Bank, the fifteenth-largest in the US by assets, has reached its highest-ever deposit level of $40bn.
The milestone follows 32% year-on-year rise in retail deposits at Ally Bank in Q1 2013, making it the biggest growth period for the bank since the recession.
Ally Bank was a victim of a rush for cash by US consumers in 2009, then branded as GMAC Bank, when deposits shrunk to $7.2bn.
Barbara Yastine, chief executive of Ally Bank, said the deposit boost was down to its direct banking service. "Our deposit base is built from customers who want competitive and flexible products, without having to sacrifice convenience," she said.
Ally Bank, which is branchless and operates by online and telephone services, currently has 722,000 US customers with 1.4 million accounts.
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