IRA Savings Plans

Fund your future with an Individual Retirement Account (IRA) from American Express. The sooner you start, the longer your money has to grow.

An Individual Retirement Account (IRA)5 allows you to save for retirement with tax-free growth or on a tax-deferred basis. American Express offers the financial security of FDIC-insured retirement saving in either a Traditional or Roth IRA Plan, with funds deposited in IRA High Yield Savings or IRA Certificate of Deposit accounts.

Advantages of Saving in an American Express IRA Plan5

Tax advantages

IRA savings may be tax-advantaged to help your retirement savings grow faster.

No fees

We do not charge any fees (including custodial fees) to keep more money in your pocket.

Member FDIC

Each depositor is insured to at least $250,000.

Traditional vs. Roth IRA Plan Comparison

Both IRA Plans are used to save for retirement, the difference is in how and when you receive the tax benefits. Eligibility criteria also differ between Traditional and Roth Plans. The below chart highlights the main considerations you should be aware of when choosing an IRA Plan that is right for you. Before opening an IRA Plan, we recommend you consult with your tax advisor.

    Traditional IRA   Roth IRA
Contribution Limit         (2023) $6,500; $7,500, if age 50 or older.         (2023) $6,500; $7,500, if age 50 or older.
Tax Advantages         Earnings are tax-deferred.         Contributions may be withdrawn tax-free. Earnings may be withdrawn tax-free if qualifications are met at time of withdrawal
Tax Treatment of Contributions         Contributions are tax-deductible up to certain income limits.         Contributions are not tax-deductible.
Tax Treatment of Distributions         Funded with pre-tax dollars - taxes are paid on withdrawals, including any earnings.         Funded with after-tax dollars - you won't have to pay taxes on withdrawals of contributions or withdrawals of earnings, if part of a qualified withdrawal
Income Restrictions   Amounts may be contributed but not deducted if annual income threshold is reached         Amounts may not be contributed if annual income threshold is reached
Tax Rate Considerations         Generally most favorable when you are closer to retirement and/or you expect your tax rate to be lower when you withdraw.         Generally most favorable when you are further from retirement and/or you expect your tax rate to be higher when you withdraw.
Withdrawal Rules         Contributions and earnings withdrawn before age 59.5 are generally subject to an additional 10% tax unless specific qualifications are met
        Earnings withdrawn after age 59.5 are tax-free if your account is at least 5 years old. Earnings withdrawn prior to age 59.5 are generally taxable and subject to an additional 10% tax unless specific qualifications are met
Required Minimum Distribution         Distributions are generally required when you reach age 72 (73 if you reach age 72 after 12/31/2022).         Not applicable.
Amex Savings IRA benefits

Enjoy the same savings account benefits you have come to expect from American Express within your IRA Plan.

No monthly fees + no minimum balance1

24/7 world-class customer service

Easy, online access to your account

Deposit funds as often as you like in High Yield Savings

Member FDIC

Strengthened by the service & reliability of American Express

Traditional vs Roth IRAs

Understanding the differences between Traditional and Roth IRAs can help you make the right choice for your future retirement needs.

Amex Savings IRA benefits

Retirement savings simplified

Your high-interest earnings are waiting.


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.

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* 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. 


** 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.


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 Deposit Account Agreement for additional terms and conditions and Truth-in-Savings disclosures.


3 For purposes of transferring funds, 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 Deposit Account Agreement 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 for more information. We recommend you consult with a financial or tax advisor when making contributions to and distributions from an IRA plan account.