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finder.com’s rating: 3.7 / 5.0
★★★★★
Ameriprise ONE Financial Account is a cash management account (CMA) that offers bill pay and check-writing capabilities, which many other CMAs lack. It’s also FDIC-insured for up to $2.5 million — but it requires a $500 opening deposit, and you’ll have to pay $25 per quarter to keep the account open unless you meet certain deposit and balance requirements.$25 per quarter
Fee
N/A
APY
$500
Minimum deposit to open
APY | N/A |
---|---|
Fee | $25 per quarter |
To waive the fee | You’ll need to deposit at least $9,000 each quarter or maintain a $100,000 balance across your Ameriprise accounts |
Minimum deposit to open | $500 |
ATMs | 55,000 Allpoint network ATMs across the US, Canada, Mexico, Australia and the UK |
ATM transaction fee | $0 |
ATM fee rebates | Ameriprise will reimburse ATM fees if you belong to either the Ameriprise Achiever Circle program or the Ameriprise Achiever Circle Elite program |
Out-of-network ATM fee | $0 |
Foreign transaction fee | 1% |
Review by
Michael Benninger is a staff banking writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Business Insider and the Los Angeles Times. Michael is passionate about all facets of personal finance and has written hundreds of articles about money management during the past decade.
The Ameriprise ONE Financial Account account is best for those who plan to keep high balances as it offers up to $2.5 million in FDIC insurance, which is higher than other cash management accounts provide. Plus, the account offers more ways to move money compared to most other cash management accounts.
However, it requires a hefty opening deposit and a $25 quarterly fee that not everyone can avoid. You’ll need to deposit at least $9,000 each quarter or maintain a $100,000 balance across your Ameriprise accounts. Plus, you can’t open this account online.
If you already have some investments with Ameriprise, this account might be right for you, but if you don’t use this company’s brokerage services, you’re better off comparing other cash management accounts.
You can’t open an Ameriprise ONE Financial Account online, but you can open one by calling 800-297-2012 or visiting a local Ameriprise office. Here’s how to contact an advisor in your area.
To open an Ameriprise ONE Financial Account, you must meet these requirements:
Have the following information handy when opening an account.
An Ameriprise ONE Financial Account offers a few standout features compared to other cash management accounts.
Yes. Ameriprise ONE Financial Accounts are actually among the safest cash management accounts available. That’s because uninvested funds in this account are federally insured for up to $2.5 million for individuals and $5 million for joint accounts. Most other cash management accounts are only insured for $250,000 to $1 million.
Reviews for Ameriprise vary by office location, and reviews for this specific account are few and far between. Some Ameriprise offices are accredited by the Better Business Bureau (BBB), but most are not. Even so, 621 of the 626 Ameriprise locations on the BBB’s website have a rating of A+, A, or A-.
But when it comes to customer reviews on the BBB’s site, ratings for Ameriprise offices range from one star to five stars. Many customers report positive interactions with advisors, but others complain that Ameriprise’s employees are more motivated by commissions rather than by the financial well-being of their customers.
The Ameriprise ONE Financial Account comes with a Visa debit card that supports contactless payments and works with all major digital wallets. Use the card for purchases at 25 million retailers worldwide, though you’ll pay a 1% transaction fee if you’re outside of the US — lower than most accounts that charge 3%. You can also withdraw up to $1,000 in cash per day from more than 1 million ATMs in more than 179 countries.
You’ll never pay a fee when using any of the 55,000 Allpoint network ATMs across the US, Canada, Mexico, Australia and the UK. However, if you use an ATM outside of this network, you’ll likely pay fees to owners and operators of those machines.
Ameriprise will reimburse ATM fees if you belong to either the Ameriprise Achiever Circle program or the Ameriprise Achiever Circle Elite program. Achiever Circle members can have up to five ATM surcharges totaling up to $10 refunded every month. To qualify for the Circle Elite program, you must have at least $500,000 in eligible assets kept with Ameriprise.
Achiever Circle Elite Members qualify for unlimited surcharge transaction rebates. To be eligible for the Achiever Circle program, you must have at least $100,000 in eligible assets kept with Ameriprise and receive at least $9,000 in direct deposits per quarter.
There are several ways to move money into and out of your Ameriprise ONE Financial Account.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.
Ameriprise ONE Financial Account is not currently available on Finder
Have you considered BMO Harris Smart Advantage Account?
Earn a $200 cash bonus after $4,000 deposits in the first 90 days. Pay $0 monthly fees and no minimum balance. Access a large nationwide network of free ATMs.