Individual Retirement Accounts (IRAs)
The Basics
What is the difference between a Traditional and a Roth IRA plan?
What is the minimum deposit to open an IRA High Yield Savings or IRA CD account?
How many IRA accounts can I open?
I do not have a financial or tax advisor - how can I find one? Can a Traditional IRA be converted to Roth IRA? Is my IRA account FDIC insured? Can I designate a beneficiary for my IRA plan? How is interest credited and when will I receive my IRA statement to view it? Can I change my IRA statement date?
Contributions
How much can I contribute to my IRA each year?
What are the different contribution methods to fund my IRA?
Are contributions tax-deductible?
Can I contribute to both Roth and a Traditional IRA in the same year?
What is the deadline to contribute?
How frequently can I contribute to my IRA? Does my IRA CD renew automatically, or am I able to contribute funds to the IRA CD at maturity? What is the process for submitting a check to fund my IRA Plan? What is the difference between a bank-to-bank transfer and a rollover? Can I contribute for my spouse?
Distributions
Can I withdraw or borrow money from my IRA account?
What are the different ways I can take a distribution from my Traditional IRA?
What are the different ways I can take a distribution from my Roth IRA?
When can I take distributions from my IRA without incurring an IRS penalty?
How do I designate my annual Traditional IRA contributions as pre-tax or after-tax?
What is an RMD, and am I required to take an RMD every year?
Looking for something else?
Support Shortcuts
Tax answers, forms and 24/7 help from a human.
Understanding Your Account
Quick links to get you—and keep you—on the right track.
Accessing and Managing Your Account
Privacy & Protection
Your savings are safe with us. And so are you.
Accounts offered by American
Express National Bank. Member FDIC. Each depositor is insured to at least $250,000.
*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.
For a CD account, rates are subject to change at any time without notice before the account is opened. Your rate will be fixed on the business day‡ we receive your completed application, provided we receive your deposit within 30 days after your application is approved. 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.
**The national rate referenced is from the FDIC's published Monthly Rate Cap Information for Savings deposit products. Visit the FDIC website for details.
†You are generally permitted to make up to nine (9) withdrawals or transfers out of your High Yield Savings Account during a monthly statement cycle. However, please note that there are strict rules for withdrawing money from an IRA plan (including an IRA High Yield Savings Account) before retirement age without incurring a penalty. Read More in FAQs.
‡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 to be processed on the next business day.
♢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.
§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.