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AIG Bank 2.11% APY Online Money Market Account

June 17th, 2009

AIG Bank is offering competitive rates on their money market account with 1.76% APY for balances from $2,500 to $10,000, 1.96% from $10,000 to $50,000, 2.01% from $50,000 to $100,000, 2.06% from $100,000 to $250,000, and 2.11% for balances above $250,000. Accounts at AIG are nationally available.

One thing to note is that you’ll need a balance of at least $2,500 to avoid a $10 monthly fee. The account comes with 40 free checks but you’re limited to writing only 3 per month. The account also comes with an ATM card which a nice plus. AIG does make you agree to the possibility of a hard credit pull to open an account, so if you want to open one you should probably be prepared to get a credit inquiry.

AIG Bank is also offering some decent CD rates. They’re currently offering 1.86% APY on a 6 month CD, 2.31% on a 1 year certificate of deposit, 2.36% on an 18 month CD, 2.51% on a 2 year CD, 2.96% on a 3 year CD, and 3.46% on a 5 year CD. These rates are also available for IRAs.

The rates on the CD lock in when you submit an application, which is nice. There’s a $2,500 minimum deposit on all CDs and you can fund them through ACH transfer, check, or wire transfer. The early withdrawal penalty is 90 days’ interest in 1 year or under and 180 days’ interest on terms over 1 year. You get a 10 day grace period when the CD matures to take out funds.

AIG Bank has a 3 out of 5 star soundness rating from bankrate and is FDIC insured.

Money Market Rates

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