Can I designate a beneficiary for my IRA plan?

 

 

Yes, we strongly encourage you to designate beneficiaries to your IRA Plan. To manage your beneficiaries, log in to your Savings account and select the "Account Services" tab at the top of the page. Next, select “Manage Retirement Beneficiaries”, “Add Beneficiary”, then choose the account you would like to add a beneficiary to. Below is some helpful information about adding beneficiaries to your account:

  • Beneficiary designations are plan-specific, so if you have multiple accounts in your IRA plan, you only set your beneficiaries once to cover your IRA plan.
  • Beneficiaries do not need to be the same on each of your accounts.
  • Beneficiaries must be natural persons. Trusts, businesses, charities, and pets are not permitted.
  • Please provide the beneficiary’s full name, date of birth, Social Security number and physical address, which are required in order to add them to your account.

Once we receive all the appropriate paperwork confirming the account owner’s death (or the death of the last surviving joint account owner, if applicable), the balance of the account will be distributed equally among the living beneficiaries listed at that time. You are not able to specify different proportions to be distributed to each beneficiary.

It’s important to let you know that adding beneficiaries will designate your account as a Payable on Death (POD) account. Certain state law restrictions apply to POD accounts. Please consult an attorney or a qualified estate planning professional before designating your account as a POD account.

Please see our POD accounts page for more information.

 

 

 

 

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Terms & Conditions

 

 

Accounts offered by American

Express National Bank. Member FDIC. Each depositor is insured to at least $250,000 per depositor, per insured bank, per ownership category.

Learn More at FDIC.gov

* The Annual Percentage Yield (APY) as advertised is accurate as of . Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened. Interest Rate and APY of a Certificate of Deposit account is fixed once the account is funded.

 

** The national rate referenced is from the FDIC's published Monthly Rate Cap Information for Savings deposit products. Visit the FDIC website for details.

 

1 There is no minimum balance required to open your Account, to avoid being charged a fee, or obtain the Annual Percentage Yield (APY) disclosed to you.

 

2 For a CD account, rates are subject to change at any time without notice before the account is funded. The rate received will either be (i) the rate reflected during your application process or (ii) the rate being offered when your CD is funded, whichever is higher. All CDs must be funded within 60 calendar days from the time we approve your application or will be subject to closure. The interest rate and Annual Percentage Yield (APY) will be disclosed in your account-opening documents, which you will receive after completing your account-opening deposit. After a CD is opened, additional deposits to the account are not permitted. Early CD withdrawals may be subject to significant penalties which could cause you to lose some of your principal. Please see the Consumer Deposit Account Agreement and Savings Schedules for additional terms and conditions and Truth-in-Savings disclosures.

 

3 For purposes of transferring funds to or from an external bank, business days are Monday through Friday, excluding holidays. Transfers can be initiated 24/7 via the website or phone, but any transfers initiated after 7:00 PM Eastern Time or on non-business days will begin processing on the next business day. Funds deposited into your account may be subject to holds. See the Funds Availability section of your Consumer Deposit Account Agreement and Savings Schedules for more information.

 

4 Calculations are estimates of expected interest earned. Actual results may vary, based on various factors such as leap years, timing of deposits, rounding, and variation in interest rates. The first recurring deposit is assumed to begin in the second period after any initial deposit.

 

5 IRA Contributions are subject to aggregate annual limits across all IRA plans held at American Express or other institutions. IRA distributions may be taxed and subject to penalties based on IRS guidelines. Required minimum distribution, if applicable, is only relevant to this IRA plan and does not take into consideration other IRA plans held at American Express or other institutions. Please see IRS.gov for more information. We recommend you consult with a financial or tax advisor when making contributions to and distributions from an IRA plan account.