Ameriprise^® Bank Certificate of Deposit Account FAQs

The Ameriprise Bank CD is an FDIC insured,¹ traditional bank CD offered in individual, joint and payable on death ownership categories.

Features of the Bank CD include:

• Minimum opening deposit of $1,000.
• Available in 3-month, 6-month, 7-month and 12-month terms.
• The 7-month CD will only accept funds from external sources outside of Ameriprise Bank, FSB and its affiliates. Deposits made by internal transfers from any other Ameriprise accounts into the 7-month CD will be returned. For additional details regarding the 7-month CD funding options, please visit ameriprise.com for additional details.
• Easy application through the secure site on ameriprise.com.
• Allows you to see all your Ameriprise accounts in one location.
• Fully digital account that you interact with through secure site and the Ameriprise Financial app.²
• Service and support available from the Ameriprise Bank Customer Service Center.
• Any withdrawal before Bank CD maturity, will incur an early withdrawal penalty.³
• Automatic renewal unless action is taken during the 10-day grace period.

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

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

• Prefer the convenience of consolidating financial assets with one company.  
• Want to have cash in an FDIC insured¹ account for safety and security.
• Use secure site and the Ameriprise Financial app² and value the convenience of digital banking.

• Seek a predictable yield on deposits for a defined period of time.
• Won’t need use of the funds during the term of the Bank CD.

To apply for Bank CD, you will need:

• To be at least 18 years of age or older.
• To be a U.S. citizen or U.S. resident alien.
• A valid Social Security number (SSN) or other taxpayer identification number (TIN).
• A valid U.S. residential address, phone number and email address.

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

The Bank 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 and log in to your secure site profile. Fill in the required fields to complete the application process. Once opened, fund the account with a one-time 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.

Joint account holders must be selected from within a client's existing household group(s). Account holders must be at least 18 years or older and meet account eligibility requirements noted above. A maximum of one joint owner is allowed.

Yes, Bank 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 deceased owners or POD beneficiary(ies) owe us or our affiliates.

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

You simply login to their secure site account and visit the Beneficiaries Section located within Account Settings of your profile to add, edit or remove beneficiaries. Once on the Account Settings page, you will scroll down to the Beneficiaries section on the page. Next, select ‘Go to Beneficiaries’ and follow the onscreen instructions to complete the required fields. Required fields are full name, relationship to account owner, address, date of birth and social security number.

Current rates are available at ameriprise.com. Interest compounds daily and is paid to the account at maturity.

The relationship rates are available for clients who have $50,000 or more in household group combined balances in eligible Ameriprise accounts. To qualify for the relationship APY and interest rate, the Bank CD account primary owner must meet the following requirements at the time of the Bank CD account opening:

• Have household group combined prior month-end Ameriprise consolidated statement balances of at least $50,000 in Ameriprise^® Bank Savings Accounts, Ameriprise Bank Certificate of Deposit accounts, Ameriprise^® Bank Checking Account, Ameriprise brokerage accounts and Ameriprise^® Certificate accounts (“Ameriprise Accounts”).

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. Bank CD customers without a brokerage account may deposit up to $3,000 at time of funding their Bank CD account.

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

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

At maturity and during the 10-day grace period:

• You may take no action and let the Bank CD automatically renew.
  • Ameriprise Bank CDs automatically renew at the end of a term, unless clients take action during the 10-day grace period. If no action is taken, the 3-month, 6-month and 12-month Bank CDs will renew for the original term at the interest rate in effect on the maturity date. Bank CDs with a 7-month term will renew with a 6-month term at the interest rate in effect for the 6-month term on the maturity date.
• You may request partial withdrawals or close the Bank CD and transfer the funds to their Ameriprise Bank Savings Account, eligible brokerage account or another bank on file. 
  • Clients must keep at least $1,000 in the Bank CD account after one-time withdrawal.
• You may open a new Bank CD to add funds, change term or make changes to ownership.

You cannot add additional funds to your Bank CD during the grace period, or at any time.

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

If withdrawal is within 10 days of funding the Bank CD, the early withdrawal penalty is 10 days of interest. Any withdrawal after 10 days of the funding date will be charged an early withdrawal penalty of three months interest, unless the Bank CD is in the Grace Period.  An early withdrawal penalty may reduce the principal balance.

NOTE:  Early withdrawal penalties will be waived if a Bank CD account owner dies or is deemed to be legally incompetent by a court.

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

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

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 Bank CD outside of the 10-day grace period.

You can make deposits 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.

No. Advisors cannot accept any form of funds to be deposited into your Ameriprise Bank CD. You can easily do a mobile deposit from anywhere by taking a picture of your check using the client mobile deposit tools in the Ameriprise Financial app.^2,5 Restrictions may apply, refer to the mobile deposit question above.

For additional information how to do this please call the Ameriprise Bank Customer Service Center at 800.862.7919.