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SupportWhat are the different contribution methods to fund my IRA?
There are multiple options for funding an IRA, each of which may be subject to contribution limits, limits on deductibility, and / or specific procedural requirements. Accordingly, we recommend that you consult your financial or tax advisor for advice on the best IRA funding strategy for your particular circumstances. Options for funding your Traditional or Roth IRA include the following:
Normal Contributions: Your deposits are applied to your annual IRA allowable contribution limit, including allowable catch-up contributions, if applicable. You can process this contribution online with a funds transfer, or by submitting the IRA Contribution Direction form.
Prior Year Contribution: Your deposits in the current year that are applied to your annual IRA allowable contribution limit for the prior year, including allowable catch-up contributions, if applicable. You can process this contribution by the income tax filing deadline (typically April 15th) either online with a funds transfer, or by submitting the IRA Contribution Direction form.
Bank to Bank Transfers: Your IRA funds held at an external bank made payable to AENB that you request to be directly transferred to your AENB IRA. You can process this contribution by submitting the IRA Bank to Bank Transfer form.
IRA Rollovers: Your IRA funds that you received made payable to you from an external bank IRA or from your employer retirement plan that you now request to be applied to your AENB IRA within 60 calendar days. You can process this contribution by submitting the appropriate Rollover form for your situation.
Other Contributions: Your other deposits such as military contributions, beneficiary death payment, or a recharacterization treating a contribution made to one type of IRA as having been made to a different type of IRA for tax purposes. You can process this contribution by submitting the IRA Contribution Direction form.
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Accounts offered by American
Express National Bank. Member FDIC. Each depositor is insured to at least $250,000 per depositor, per insured bank, per ownership category.
* The Annual Percentage Yield (APY) as advertised is accurate as of . Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened. Interest Rate and APY of a Certificate of Deposit account is fixed once the account is funded. [There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you]
** The national rate referenced is from the FDIC's published Monthly Rate Cap Information for Savings deposit products. Visit the FDIC website for details.
1 There is no minimum balance required to open your Account, to avoid being charged a fee, or obtain the Annual Percentage Yield (APY) disclosed to you.
2 The interest rate and Annual Percentage Yield (APY) will be disclosed in your account-opening documents, which you will receive after funding your Account. The interest rate and APY for your CD will be fixed and will either be (i) the rate reflected at application submission or (ii) the rate being offered when your CD is funded, whichever is higher. All CDs must be funded within 60 calendar days from the time we approve your application or will be subject to closure. After the CD is opened, additional deposits are not permitted. Early CD withdrawals may be subject to significant penalties which could cause you to lose some of your principal. Please see the Consumer Deposit Account Agreement and Savings Schedules for additional information.
3 For purposes of transferring funds to or from an external bank, business days are Monday through Friday, excluding holidays. Transfers can be initiated 24/7 via the website or phone, but any transfers initiated after 7:00 PM Eastern Time or on non-business days will begin processing on the next business day. Funds deposited into your account may be subject to holds. See the Funds Availability section of your Consumer Deposit Account Agreement and Savings Schedules for more information.
4 Calculations are estimates of expected interest earned. Actual results may vary, based on various factors such as leap years, timing of deposits, rounding, and variation in interest rates. The first recurring deposit is assumed to begin in the second period after any initial deposit.
5 IRA Contributions are subject to aggregate annual limits across all IRA plans held at American Express or other institutions. IRA distributions may be taxed and subject to penalties based on IRS guidelines. Required minimum distribution, if applicable, is only relevant to this IRA plan and does not take into consideration other IRA plans held at American Express or other institutions. Please see IRS.gov for more information. We recommend you consult with a financial or tax advisor when making contributions to and distributions from an IRA plan account.