AIG Bank Rates & Review

AIG Bank Review

While AIG may be best known for their insurance and investment products, the company opened AIG Bank in 2000 to provide banking services to consumers.

AIG, a once-revered brand name among insurance companies, had its reputation battered during the financial crisis of 2008. Does it make sense for consumers to turn to this company for their banking needs? In a way, this may be the best time of all for customers to bank with AIG, since the company is under more scrutiny than ever from the federal government, the public and the media.

Federal relief funds were used to help keep AIG running while the corporation made changes to its business structure and strategy. These funds helped AIG to stabilize the divisions that were already strong, selling or reorganizing the riskier parts of the business.

A member company of American International Group, Inc., AIG Bank was chartered in 2000 to meet the needs of consumers, small businesses, AIG insurance policyholders and AIG employees. Primarily an online bank, with headquarters in Wilmington, Delaware, AIG Bank had assets of more than $1.2 billion in 2010. AIG Bank serves customers nationwide on-line, over the phone, by mail, and through a select group of financial advisors.

Bauer Financial rates AIG Bank with 3-1/2 out of 5 stars. The Better Business Bureau gives AIG Bank a B+ rating.

AIG Bank accounts and services

AIG Bank does not require customers to open a checking account or a savings account in order to access the best rates they can offer on money market accounts and certificates of deposit. Depositors can open an online money market account that offers tiered interest rates depending on the amount deposited. CDs can also be opened online at a variety of terms and interest rates.

The online banking system allows customers to pay bills online and customers also receive a check card and checks to access their funds.

AIG Bank also offers mortgage loans and home equity lines of credit at competitive rates to their customers as well as consumers without other accounts at AIG.

AIG Bank security

AIG Bank is a member FDIC. As of July 2010, deposit accounts at AIG Bank are insured up to at least $250,000 per depositor in accordance with current FDIC policies. The bank is regulated by the Office of Thrift Supervision, a branch of the U.S. Department of the Treasury.