Trusts & Beneficiaries
What are the steps to set up a Savings account for my trust? Can I re-title my existing Account in the name of a Trust by calling you or mailing a form? What are the conditions for re-titling an existing Account in the name of a Trust? What forms of Trusts are allowed to hold Savings accounts? What if a Trust has more trustees than an Account has owners? If I re-title my existing Account as a revocable living trust Account, does this change my authority to perform Account-related transactions? If I re-title my existing account, does this change the interest rate? Can I change the title of an Account from a trust back to individual or joint owners? Can I change the name of an Account that has been re-titled as a trust Account to a trust with a different name? What happens to my existing beneficiaries when I re-title my Account as a revocable living trust Account? After I re-title my Account, can I add beneficiaries to my Savings account? What happens if an Account owner dies or becomes legally incompetant after an Account is re-titled as a revocable living trust Account? How often can I withdraw funds from a Savings account re-titled in the name of a Revocable Living Trust? Can I request a check payable to me as an individual Account owner from an Account retitled as a trust? Can I link an external bank account that is not titled as a trust? If I re-title my CD Account as a revocable living trust, does it change the maturity date or other CD account terms?
*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.
‡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.