How much does it cost to open an Ameriprise ONE Financial Account?

You need at least $500 in cash or securities to open the account. There's no ongoing minimum balance requirement to keep it active, but the $25 quarterly fee applies unless you qualify for a waiver.

Is an Ameriprise ONE Financial Account safe?

Yes. Cash swept through Ameriprise's multi-bank program is FDIC-insured up to $2.5 million for individual accounts and $5 million for joint accounts. Just know that this coverage applies to cash; any invested balances in the brokerage account (stocks, mutual funds, etc.) are not FDIC-insured and can lose value, though they may be covered by SIPC.

Does the Ameriprise ONE Financial Account earn interest?

No. Uninvested cash in the account doesn't earn a stated interest rate.

Can I avoid the quarterly fee?

Yes. You can waive the account's fee by maintaining at least $9,000 in direct deposits per quarter, or by qualifying for Achiever Circle Elite status (a $500,000+ household investment level with Ameriprise). A handful of other conditions can also waive it, too.

Can I withdraw cash for free?

You won't pay a fee at any of the 55,000+ Allpoint network ATMs across the US, Canada, Mexico, Australia and the UK. Using an ATM outside that network may trigger a surcharge from the ATM's owner or operator, though Achiever Circle and Achiever Circle Elite members can get some or all of those surcharges rebated monthly.

Michael Benninger, Staff writer at Finder

Michael Benninger

Staff writer

Michael Benninger is lead editor of banking at Forbes Advisor and a former writer at Finder, specializing in banking. His work and analysis has been featured in Business Insider, Yahoo Finance, GoBankingRates and the Los Angeles Times, among other top media. He holds a B.A. in business administration and marketing from Rowan University in New Jersey.