Ameriprise ONE Financial Account review
This account offers checks and bill pay, but you must deposit $500 and you may pay quarterly fees.
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
Minimum deposit to open
|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%|
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.
How do I open an Ameriprise ONE Financial Account?
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.
- Go to the provider’s site and follow the steps to apply.
- From the provider website and select Find an advisor.
- Enter your ZIP code in the search box under Search by location, and select Find advisors.
- Narrow down your results by distance or by choosing any areas of focus that are important to you, then hit Refine search.
- Compare nearby advisors by viewing their individual Ameriprise websites.
- Once you’ve identified an advisor that may be right for you, call or email them using the contact information under the Connect with me section of their website.
- At least 18 years of age.
- US citizen
- First and last name
- Date of birth
- Physical address
- Social Security number
- Details from a driver’s license or government-issued identification card
To open an Ameriprise ONE Financial Account, you must meet these requirements:
Have the following information handy when opening an account.
What are the benefits of an Ameriprise ONE Financial Account?
An Ameriprise ONE Financial Account offers a few standout features compared to other cash management accounts.
- Great for high balances. Individual Ameriprise ONE Financial Accounts are FDIC insured for up to $2.5 million and joint accounts are insured for up to $5 million.
- Check-writing privileges. Unlike several other CMAs, an Ameriprise ONE Financial Account lets you write unlimited checks to anyone, but only your first order of checks is free.
- Bill pay. Ameriprise’s on-time bill payment guarantee lets you save time and stamps using an automated bill-paying process online.
What should I look out for?Ameriprise ONE Financial Accounts have several significant drawbacks worth considering before you sign up.
- Can’t open an account online. Open an Ameriprise ONE Financial Account over the phone at 800-297-2012 or in-person with an advisor.
- High opening deposit. Deposit $500 in cash or securities to open an account, but you don’t need to maintain a set balance to keep your account active.
- Maintenance fees. Ameriprise charges $25 per quarter to keep this account open. However, you can avoid that fee by joining the Ameriprise Achiever Circle program. To qualify for this program, you must deposit at least $9,000 in your account per quarter or have at least $100,000 in eligible assets across Ameriprise accounts.
- No APY. Unlike some other cash management accounts, likeWealthfront, Ameriprise ONE Financial Accounts don’t earn interest.
- Limited support. Ameriprise doesn’t offer chat support and you can’t connect with a live representative on weekends. Phone support is available by calling 800-862-7919 weekdays from 7 a.m. to 7 p.m. CT.
Is an Ameriprise ONE Financial Account safe?
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.
Ameriprise ONE Financial Account reviews and complaints
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.
Ameriprise’s ATM network and fees
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.
Compare Ameriprise ONE Financial Account with other cash management accounts
How do I deposit or withdraw my money?
There are several ways to move money into and out of your Ameriprise ONE Financial Account.
- Direct deposit. Your employer can deposit your paychecks directly into your Ameriprise ONE Financial Account.
- Postal mail. Send endorsed checks and deposit slips to Ameriprise Financial, 70200 Ameriprise Financial Center, Minneapolis, MN 55474.
- Wire transfers. Your Ameriprise ONE Financial Account accepts domestic and international wires.
- Asset transfers. Transfer investments from outside firms into your Ameriprise account.
- Mobile deposit. Use your smartphone’s camera and the Ameriprise app to deposit paper checks into your account.
- Incoming ACH transfers. Accept incoming transfers from other financial institutions.
- ATMs. Withdraw funds from more than 1 million ATMs, and you’ll never pay a fee when using an Allpoint ATM.
- Bill pay. Elect to automatically pay bills electronically.
- ACH transfers. Transfer funds to an external bank account for free.
- Cash withdrawals. Withdraw cash from your account at Ameriprise offices, but you must contact Ameriprise support in advance.
- Postal mail. Ameriprise can send you a check via First-Class mail at no cost or overnight mail for $25.
- Wire transfers. Send domestic wire transfers for $25 or international wire transfers for $30.
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