Ameriprise Bank Certificate of Deposit Frequently Asked Questions

General

What is the Ameriprise® Bank Certificate of Deposit (CD)?

The Ameriprise® Bank Certificate of Deposit is FDIC insured1 and offered in individual, joint and payable on death account ownership categories. CDs are available in 3-, 6-, and 12-month terms, each paying a fixed interest rate for the term length providing predictability and security. At times, Ameriprise Bank may offer promotion terms and rates, please see Ameriprise Bank CD Rates for current information.

 

Features of the CD include:

  • Easy to apply on the secure site on ameriprise.com.
  • Once opened, view and manage your CD from the secure site on ameriprise.com or the Ameriprise Financial app.2
  • Minimum opening deposit of $1,000.
  • Automatic renewal unless action is taken during a 10-day grace period. 
  • Any withdrawal before CD maturity will incur an early withdrawal penalty.3
  • Service and support is available from the Ameriprise Bank Customer Service Center.
Is the Ameriprise Bank CD FDIC insured1?

Yes, the Ameriprise Bank CD is FDIC insured1 up to applicable limits. For information about FDIC deposit insurance, please visit FDIC: Your Insured Deposits.

How do I know if a CD is right for me?

The Ameriprise Bank CD is a valuable solution for those who:

  • Seek a predictable yield on deposits for a defined period of time. 
  • Want to hold cash in an FDIC insured1 account for safety and security.
  • Value the convenience of digital banking and are comfortable using the secure site and the Ameriprise Financial app.
  • Won’t need to use the funds during the term of the CD.
  • Prefer the convenience of consolidating financial assets with one company.  
What are the eligibility requirements for a CD?

To apply for a CD, you must:

  • Be at least 18 years of age or older and be a U.S. citizen or U.S. resident alien.
  • Have a valid Social Security number or other taxpayer identification number and have a valid U.S. residential address, phone number and email address.

 

If you have questions, please call the Ameriprise Bank Customer Service Center at 800.862.7919.

Opening an account

How do I open a CD?

The CD application is easy to complete in just a few minutes. The application is located on the secure site on ameriprise.com. From the home screen on ameriprise.com, select Products > Banking & cash management > Ameriprise Bank Certificate of Deposit. Click the Log in and apply button, then log in to your secure site profile and fill in the required fields. Once opened, fund the account with a one-time, minimum deposit of $1,000 or more.

 

Note: You cannot open an account using the Ameriprise Financial app2 but can use the app to maintain your account once it is established.

Who can I select as joint account applicants?

Your joint account applicant must be selected from within your existing household group(s). Both joint account owners must be at least 18 years or older and meet the account eligibility requirements noted above.

Can I designate beneficiaries on the account?

Yes, CD owner(s) may name up to five natural persons as payable on death (“POD”) beneficiaries. At the time of death of all account owners, the funds of the account will be allocated in equal shares to all beneficiaries listed on the account, subject to our right to charge the account for any amount the deceased owner(s) or POD beneficiary(ies) owe us or our affiliates. Please see the Ameriprise Bank, FSB Deposit Account Agreement for more details.

 

NOTE: Organizations, trusts and estates are not supported beneficiaries at this time.

How do I designate beneficiaries on my CD?

You can add, edit or remove beneficiaries by logging in to your secure site account > select your Ameriprise Bank CD > Manage Beneficiaries > Add a Beneficiary > Complete and submit the online form. Required fields include full name, relationship to account owner, address, date of birth and social security number.

 

Ameriprise CD product details

What is the Annual Percentage Yield (“APY”) on the Bank CD?

Current rates are available at Ameriprise Bank CD Rates. Interest compounds daily and is paid to the account on the maturity date.

How do I qualify for the relationship rate4?

Eligibility for the Ameriprise Bank CD relationship rate requires $50,000 or more in household group balances including Ameriprise® Bank Savings Accounts, Ameriprise Bank Certificate of Deposit accounts, Ameriprise® Bank Checking Accounts, Ameriprise brokerage accounts and Ameriprise® Certificate accounts (“Ameriprise Accounts”) as of the prior month-end statement ("Relationship Status Requirements").

What are the mobile deposit limits5?

Deposits up to $100,000 are allowed if you have an Ameriprise brokerage account, as part of your total mobile deposit daily limit across all Ameriprise accounts. Customers without a brokerage account may deposit up to $3,000.

NOTE: You may only make a deposit upon initial CD funding.

What happens when my Ameriprise Bank CD reaches the maturity date?

You will receive a letter 30 days prior to the CD maturity date alerting you of the approaching maturity.

At maturity and during the 10-day grace period (“Grace Period”):

  • You may choose to take no action and let the CD automatically renew.
  • Ameriprise Bank CDs automatically renew at the end of a term, unless you take action during the 10-day Grace Period. If no action is taken, the 3-month, 6-month and 12-month CDs will renew for the same term length at the current interest rate in effect on the maturity date. Current rates are available at Ameriprise Bank CD Rates.
  • You may request a partial withdrawal or close the CD and transfer the funds to your Ameriprise Bank Savings Account, eligible brokerage account or another bank on file. You can also receive your funds by requesting that Ameriprise send you an official check. You must keep at least $1,000 in the CD after a one-time withdrawal.
  • If you want to add funds, change the term or make changes to ownership you must close your current CD and open a new CD.
  • The Grace Period begins on the maturity date of your CD. If the last day of the 10-day Grace Period is a non-Business Day, the Grace Period ends on the last Business Day before the non-Business Day. During the Grace Period you can make one-time withdrawal of all or portion of funds and/or close your CD without an early withdrawal penalty.

 

NOTE: You cannot add additional funds to your CD during the Grace Period, or at any time.

Fees and penalties

Are there account fees?

There are no monthly maintenance fees6 on the Ameriprise Bank CD. Early withdrawal penalties3 may apply if funds are withdrawn prior to maturity. 

What happens if I make a withdrawal prior to the maturity date3?

If the withdrawal occurs after 10 days of opening a CD, the early withdrawal penalty will be 3 months of interest. If the withdrawal occurs within the first 10 days of opening a CD including the day the CD was opened, the early withdrawal penalty will be 10 days of interest. An early withdrawal penalty may reduce the principal balance. Early withdrawal penalties will be waived if a CD owner dies or is deemed to be legally incompetent by a court.  

 

 

Using My Account

How can I access my account?

You may access your account from anywhere using the secure site on ameriprise.com or on the Ameriprise Financial app.2 You may also sign up for email and text alerts by making selections in your secure site account profile

Who do I contact if I need assistance or have questions about my CD?

Please contact the Ameriprise Bank Customer Service Center for assistance regarding your CD at 800.862.7919

How do I make withdrawals from my CD?

Withdrawals can be made by internal transfer to another eligible Ameriprise account, ACH to external account, domestic wire or you can request an official check which will be sent by mail from Ameriprise.

 

NOTE: Partial withdrawals are only allowed during the 10-calendar-day Grace Period. Penalties apply for early withdrawals and closing the CD outside of the 10-day Grace Period. 

How do I make a deposit to my CD?

You can make deposit using mobile deposit on the Ameriprise Financial app.2,5 Restrictions may apply, refer to the mobile deposit question above.

Additionally, deposits can be made by ACH transfer from an external account, domestic wire, transfer from an eligible Ameriprise account or by mail using this Deposit Slip located on ameriprise.com. 

 

Deposits made by mail should be sent to:

70209 Ameriprise Financial Center

Minneapolis, MN 55474

 

NOTE: To complete account opening, a minimum opening deposit must be made in a single transaction that meets or exceeds the minimum opening deposit requirement of $1,000.

Can I make a CD deposit by giving a check to my advisor?

No. Advisors cannot accept any form of funds to be deposited into your Ameriprise Bank CD. You can do a mobile deposit from anywhere by taking a picture of your check using the mobile deposit tool in the Ameriprise Financial app.2,5 Restrictions may apply, refer to the mobile deposit question above. For assistance, please call the Ameriprise Bank Customer Service Center at 800.862.7919.

Disclosures:
Ameriprise Bank CDs are subject to approval. Other terms and conditions apply. The terms, conditions, fees and features of the Ameriprise Bank CDs may change. For terms and conditions of the Ameriprise Bank CD, please see the Ameriprise Bank, FSB Deposit Account Agreement.
 
1 For information regarding FDIC deposit insurance, please visit FDIC: Your Insured Deposits.
 
2 Eligibility requirements and restrictions apply. Wireless, message and data rates may apply. Please refer to the Ameriprise Mobile Deposit Addendum, Ameriprise Bank, FSB Deposit Account Agreement and Mobile Deposit FAQ for information.
 
3 There is a penalty for withdrawals prior to the maturity date of an Ameriprise Bank Certificate of Deposit account (“CD Account”). If the withdrawal occurs after 10 days of opening a CD Account, the early withdrawal penalty will be 3 months of interest. If the withdrawal occurs within the first 10 days of opening a CD Account including the day the CD Account was opened, the early withdrawal penalty will be 10 days of interest. We may not permit withdrawal if funds have not been credited to the CD Account. The amount of the early withdrawal penalty may be deducted from principal. Please see the Ameriprise Bank, FSB Deposit Account Agreement for more details.
 
4 Relationship Annual Percentage Yield ("APY"). The relationship rates may change in our sole discretion at any time without notice before an Ameriprise Bank Certificate of Deposit (“CD”) account (“CD Account”) is opened or a CD Account renewal term begins. The relationship rates are fixed for the term of the CD Account and will be determined at CD Account opening or renewal date. The relationship APY and relationship interest rate on your CD Account assume interest will remain on deposit until maturity. A withdrawal will reduce earnings. Fees could reduce earnings. A penalty may be imposed for early withdrawal. Interest is compounded daily and will be credited to your CD Account on the maturity date. Please see Ameriprise Bank Certificate of Deposit Rates and Ameriprise Bank, FSB Deposit Account Agreement for more information.
The minimum deposit required to open a CD Account and obtain the relationship APY and relationship interest rate is $1,000.
Eligibility for the Ameriprise Bank CD relationship rate requires $50,000 or more in household group balances including Ameriprise® Bank Savings Accounts, Ameriprise Bank Certificate of Deposit accounts, Ameriprise® Bank Checking Accounts, Ameriprise brokerage accounts and Ameriprise® Certificate accounts (“Ameriprise Accounts”) as of the prior month-end statement ("Relationship Status Requirements").
 
A household group consists of accounts owned by an individual, their spouse or domestic partner, and their unmarried children under the age of 21 who reside at the same address. The relationship status will be determined at CD Account opening only and will not be changed. Any subsequent CD Accounts opened after obtaining the Relationship Status Requirements may be eligible for the relationship APY. If you do not meet the Relationship Status Requirements, your CD Account will earn standard APY(s) and standard interest rate(s).
 
5 A CD Account opened through the use of mobile deposit will be limited in total balance to the maximum amount the account holder is eligible to mobile deposit daily. Typically, clients without a brokerage account are limited to $3,000 in mobile deposits daily and $100,000 for clients with existing brokerage accounts. If you would like a CD Account balance above these mobile deposit limits please make the initial deposit through another deposit method.
 
6 For information about Ameriprise Bank, FSB CD fees, please see the Ameriprise Bank, FSB Deposit Account Agreement and Ameriprise Bank, FSB Deposit Accounts Consumer Pricing Disclosure.
 

Ameriprise Bank, FSB provides deposit, lending, and personal trust products and services to its customers, including clients of Ameriprise Financial Services, LLC. (“AFS”). Ameriprise Bank, FSB and AFS are subsidiaries of Ameriprise Financial, Inc. AFS financial advisors may receive compensation for selling bank products.

  
Neither Ameriprise Bank, FSB nor AFSI financial advisors are authorized to give legal or tax advice. For specific legal or tax matters, clients should consult with their own legal and/or tax advisors.
 
Ameriprise Bank, FSB. Member FDIC.
 
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