AIG Bank is still offering its high yielding five-tier money market account. This account can earn up to 2.76% APY depending on the balance. It also comes with personalized checking options, a Visa Check Card, and free incoming wire transfers for funds.

For deposits of at least $250,000 earn 2.76% APY; $100,000 to $ 249,999 earn 2.71% APY; $50,000 to $99,999 earn 2.66% APY; $10,000 to $49,999 earn 2.56% APY; and $2,500 to $9,999 earn 2.15% APY.

This money market account requires a minimum deposit and daily maintaining balance of $2,500. The money market rates are competitive, although the tiered structure benefits the big depositor more than the small ones. Other banks may offer higher rates for as small as $1,500 deposit and daily maintaining balance.

Also, take note that money market rates tend to change very frequently. These rates are the ones posted on their website as of February 6, 2009. They could change at any time, and it’s best to inquire about these before opening an account. The bank has a 24-hour hotline (1-866-231-9620) that you can call for inquiries about opening an account.

Like other money market accounts, AIG’s money market account is synchronized with FDIC regulations. As a depositor, you are limited to only six withdrawals for every banking cycle (30 days). Only three of these are allowed to be check transactions. The full details are on the site’s terms and conditions page.

Online applications are possible through the bank’s main website. You just need to prepare the necessary documents to prove your identity and mailing address. Just prepare a scanned image file of your driver’s license to prove that you’re of legal age and current utility bills to verify your mailing address. Usually, banks ask for these to be emailed or faxed to them.

AIG is a Delaware-based insured member of FDIC. The bank has an average soundness rating of 3 stars (performing) from Bankrate.com.