bank rates

AIG Bank Shows Customers Some Love

Existing customers are frequently offered I recently received a flyer from AIG Bank offering me a 1-year CD that pays 1.01% APY.

Admittedly, there’s nothing remarkable about this CD rate.

Although any 12-month CD that pays more than 1% APY is generally competitive these days, several banks beat AIG, including the two banks tied at the top of our CD Rates Leaderboard with 1.15% APY offers.

What I really like about this offer, though, is that it’s being made to current AIG Bank customers only.

(Sorry, new depositors only get 0.88% APY on 1-year CDs.)

Since I first became a customer in early 2009, AIG has done several of these “exclusive rate” promotions.

Each has offered existing customers a 12-month CD with a yield somewhat above that currently available to the general public.

And, while perhaps not worth writing home to one’s mother about, these offers show that AIG appreciates long-term customers.

Of course, I might be more impressed with higher everyday CD rates.

AIG Bank is a primarily online bank headquartered in Wilmington, Del. It is owned by the large insurance company AIG, which the federal government holds a large stake in since a 2008 bailout.

AIG, while maintaining yields well above national averages, has been something of a laggard among online banks over the last year or so, and I’ve closed several maturing certificates of deposit there as a result.

I’ve also experienced glitches using its online banking system, although these have always been promptly addressed and resolved by friendly and helpful customer service representatives.

But I like the attention shown to long-term customer relationships demonstrated by the bank’s periodic exclusive offers.

I also like two other features of the offer that set it apart from many bank promotions.

First, there’s a set deadline for taking advantage of the offer (April 30), so you know the rate will be available until then.

Second, AIG has a “14-day best rate guarantee,” permitting you to fund up to 14 days after applying, while preserving your rate.

This particular offer came at an opportune time.

It happens that I have CDs maturing at other banks during the first week of May, and I’m looking to park a portion of the funds in a 12-month CD on the slim chance that the Fed will change its mind and raise rates in mid-2013.

AIG’s offer will allow me to open a CD on April 30 and have my funds wired or otherwise transmitted to the new account within the following two weeks.

(Being cautious, I’ve obtained email confirmation that my scheme will work.)

As I’ve often said, there’s nothing like a customer-friendly bank.

Although decent CD rates help a lot.

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