FAQs

No. All U.S. citizens can take advantage of AIG Bank’s array of world-class banking services.

Monthly on Money Market Accounts and daily on Certificates of Deposit.

Rates on most products may change weekly. However, AIG Bank may change rates at anytime without prior notice.

Monthly for your Money Market Account and quarterly for your Certificate(s) of Deposit.

You can speak with a Customer Service Representative by calling 1-877-238-5221. Or, if you prefer, please email us.

Many borrowers prefer fixed-rate mortgages due to their consistent monthly payment. Reasons why you might choose a fixed-rate mortgage can range from maintaining a simple monthly budget to anticipating that you’ll live in your home beyond the period that could make an adjustable-rate mortgage more cost effective. AIG Bank provides home financing calculators to help you determine if a fixed rate is the appropriate home financing solution for your situation.

When choosing a fixed-rate mortgage, you should be aware that only the principal and interest portion of your mortgage payment will never change. Potentially, your payment could increase or decrease depending on whether or not your mortgage insurance, taxes, hazard insurance and flood insurance (if applicable) are included in your monthly payment.

A Home Equity Line of Credit lets you borrow money by using the equity in your home as collateral. They offer interest rates that are generally lower than most credit cards. A major benefit for you is that, in many cases, the interest payment on a home equity loan or line of credit is tax deductible (consult your tax advisor). You can use these funding solutions to consolidate your debt, renovate your home, pay for tuition, or major purchases. Home equity lines of credit can also be used as a ready source of funds on an as needed basis.

Since your home secures these loans, we feel it’s important that you have a repayment plan in place. You do not want to put your home at risk. Additionally, you should be aware that home equity lines of credit have variable interest rates generally based on the prime rate (as reported in The Wall Street Journal) so your monthly payments could fluctuate. If you require additional money and don’t want a second payment on your home, then you might consider refinancing and cashing out a portion of the equity in your home with a fixed-rate or adjustable-rate mortgage.

This depends on your financial goals and budget. An Interest-Only Mortgage requires no principle payment for an initial fixed period. If you only make the interest payment each month during that fixed period your first adjustment to a principle and interest payment will increase substantially; therefore, you would either need to be making much more money at that time or be prepared to qualify for refinancing your mortgage. As with any important financial decision, AIG Bank encourages you to seek personalized advice from a qualified professional.

You may want to consider an Interest-Only Mortgage if you: 

• Need to maintain a high level of tax-deductible interest.

• Desire to make the lowest possible monthly payment for a set period of time.

• Receive monthly, quarterly or annual commissions or bonuses that comprise a substantial portion of your income

• Need the flexibility to allocate funds toward college savings, retirement or investments instead of your principal balance.

• Need a flexible payment because you earn seasonal income. 
  

Historic trends show that the average American gets a new mortgage every 5 to 7 years. When evaluating what type of mortgage is best for you, you should consider the length of time you will have your mortgage as much, if not more than, the time you intend to stay in your home. Whether you simply refinance your existing mortgage or relocate for business or retirement, you may not need to keep a mortgage for 30 years. Therefore, you could save money with a lower ARM rate and match it with the length of time you will keep your mortgage instead of taking a higher rate and payment with a 30 Year Fixed Mortgage.

ARM’s commonly have lower upfront monthly payments which may help you: 

• Plan for future income growth: An ARM may be able to help you keep your payments lower during the loan’s fixed period while your income increases.

• Reduce your costs: If you plan to move or refinance before the end of the loan’s initial fixed period, you may be able to take advantage of an ARM's lower payments without worrying about future rate increases.

• Manage your cash flow in a high rate environment: If you are buying a home at a time when interest rates are comparatively high, an ARM may help you avoid making high monthly mortgage payments right away.
  
  After the initial fixed-rate period, the remainder of the loan term is divided into adjustment periods of five years, one year, or six months, depending on the ARM product you choose. At the end of each adjustment period, the interest rate may change based on the loan’s:

• Index: The interest rate on a publicly traded debt security that is used to calculate the interest rate on an ARM. Popular indexes for ARM loans are the one-year U.S. Treasury security and the London Inter-Bank Offered Rate (LIBOR).

•  Margin: A fixed percentage (usually two to three percent) that is added to the index at each adjustment period to determine the loan’s new rate.

• Rate Cap: Typically the maximum amount your interest rate can increase or decrease at each adjustment period and over the life of the loan. 
  

Yes. Each depositor is insured to at least $250,000 in aggregate with all deposits held in the same legal capacity (e.g., single ownership, joint ownership, etc.) at AIG Bank. In addition, deposits held in different categories of legal ownership are insured separately to at least $250,000.

You can open your account online or by mail. Or, if you prefer, call us at 1-866-231-9620 and we’ll help you get started right over the phone.

When you fund your Certificate of Deposit within 14 days of opening your account, you automatically get the best rate we offer during the period between your opening date and funding date, for the CD term you chose at account opening. Money Market rates are variable and subject to change. Interest will accrue as of the date funding is received.

$2,500.

There are several easy ways to deposit money into your account:

• Transfer funds electronically from another financial institution (ACH): Download, print and complete the Automatic Transfer Form. Sign and date the form and return to us by mail or fax to 1-877-726-5545.

• Transfer funds between AIG Bank accounts by using online banking.

• Transfer funds by wire (there is no charge for incoming wires)

• Use an ATM where authorized

• Mail your deposit to AIG Bank. Make checks payable to AIG Federal Savings Bank or include — FOR DEPOSIT ONLY — on the back of checks above your endorsement. For your convenience, postage paid return envelopes will be provided when you open your account. Mail deposits to:
  
  AIG Federal Savings Bank  
  600 N. King Street, Suite 2  
  Wilmington DE 19801-3712

• Set up direct deposit and have your payroll, social security, and/or other recurring payments automatically deposited into your account.
  

Funds from the following types of deposits are available the same business day they are deposited: cash, electronic transfers, wire transfers, and checks drawn on an AIG Bank account.

Certain checks — such cashiers checks, certified checks, and government checks — are available on the next business day.

All other checks are usually available no later than the fifth business day following the date of deposit. However, funds you deposit by check may be delayed for a longer period under the following additional circumstances:

• We believe a check you deposit will not be paid.

• You deposit checks totaling more than $5,000 on any one day.

• You redeposit a check that has been returned unpaid.

• You have overdrawn your account repeatedly in the last six months.

• There is an emergency, such as a failure of computer communications equipment.

• Your account has been open less than one month.
  
  We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the ninth business day following the date of deposit.
  

Simply write a check or use your Visa® Check Card.

About one week after you open your Money Market Account, you will receive a standard book of 40 money market checks and deposit tickets at no charge. Additional checks and optional styles are available for a nominal charge.

You will receive a Visa Check Card for your Money Market Account at no charge. Visa Check Cards can be used at any ATM displaying the STAR system logo, and used for purchases anywhere Visa is accepted. AIG Bank does not charge a fee to use other banks’ ATMs.

Federal regulation limits certain types of transactions on all U.S. Savings and Money Market Accounts to six per monthly statement cycle. These transactions include: i) transfers to third parties by pre-authorized automatic transfer, telephone order, check, point-of-sale purchase with a Visa Check Card, and outgoing wire transfer not initiated at an AIG Bank Branch; and ii) automatic, telephonic or electronic transfers to any of your other accounts at AIG Bank. Account access through ATMs is unlimited.

There are no limits on the number of deposits you may make to your account.

If your average statement cycle balance falls below the required minimum ($2,500 for Money Market Accounts), a minimum balance fee of $10 per month will be assessed and your interest rate will be decreased. Should your balance fall below $1,000, no interest will be earned.

When your account balance reaches certain thresholds, you will earn a higher interest rate on your entire balance. Please see Money Market Account rates.

You can either let your interest remain with your CD until maturity or have it credited to another AIG Bank account each month.