High Yield Savings
CDs
IRAs
SupportAmerican Express is no longer offering Traditional and Roth Individual Retirement Account (IRA) products.
American Express National Bank has discontinued offering Traditional and Roth IRA High Yield Savings Accounts (HYSA) and IRA Certificate of Deposit (CD) Accounts.
All existing IRA accounts must be closed by November 17, 2025.
Here's what to expect:
October 2, 2024
No new IRA accounts can be opened.
December 31, 2024
Last day for incoming IRA bank-to-bank transfers, rollovers, and conversions. No 2025 tax year contributions will be allowed.
April 15, 2025
Last day for prior year (2024) contributions, up to the IRS limit.
November 17, 2025
Last day for customers to transfer or roll over funds to another financial institution. After this date, we will process an IRA distribution from your account via a check that will be sent to your mailing address we have on file. You may be subject to federal or state taxes and penalties if the funds are distributed to you.
IRA distributions are allowed while your account remains open. However, a form will be required to process the IRA distribution/withdrawal.
Please consult your financial or tax advisor to ensure you take the appropriate steps to meet your retirement needs.
Review and act now
Existing IRA account(s) must be closed by November 17, 2025. Please follow one of the four options below:
Option 1: IRA-to-IRA Transfer
Transfer the funds to an IRA at another financial institution via an IRA-to-IRA Transfer.
You must initiate this transfer with your external financial institution.
Please contact the external financial institution to learn more about their
necessary forms and processes.
IRA-to-IRA Transfers can only be requested via check.
Option 2: IRA Direct Rollover (for Traditional IRAs only)
Please reach out to the external financial institution you are considering
for the Direct Rollover to learn more about their process.
IRA Direct Rollovers can only be requested via check.
IMPORTANT
If you do not close your IRA account by November 17, 2025, we will process an IRA distribution from your account via a check that will be sent to your mailing address we have on file. You may be subject to federal or state taxes and penalties if the funds are distributed to you. You may have the option of rolling over the funds to another financial institution IRA or Qualified Retirement Plan within 60 days of receiving the check. Please consult your financial or tax advisor to ensure you take the appropriate steps to meet your retirement needs.
Option 3: IRA Indirect Rollover
1. Request, complete, and submit a Distribution Request Form.
2. After American Express National Bank receives the Distribution
Request form, the funds will be distributed to you via a check.
3. Deposit the distributed funds into an external IRA or other retirement
plan within 60 calendar days.
There may be federal and/or state tax implications on distributions
depending on your tax circumstances. Additionally, IRA rollovers are
limited to one per 365-day period.
Option 4: Close the account and take an IRA distribution
To request a distribution from your account, please complete the
Distribution Request Form.
There may be federal and/or state tax implications on distributions
depending on your tax circumstances.
We recommend consulting a financial or tax advisor to help you determine
if this is the right option for you.
IMPORTANT
If you do not close your IRA account by November 17, 2025, we will process an IRA distribution from your account via a check that will be sent to your mailing address we have on file. You may be subject to federal or state taxes and penalties if the funds are distributed to you. You may have the option of rolling over the funds to another financial institution IRA or Qualified Retirement Plan within 60 days of receiving the check. Please consult your financial or tax advisor to ensure you take the appropriate steps to meet your retirement needs.
Waiver of CD early withdrawal penalties
If you take action and move IRA CD funds before the term matures, an early withdrawal penalty will not be imposed by American Express National Bank.
Please consult your financial or tax advisor to ensure you take the appropriate steps to meet your retirement needs.
Final notifications
Any 2024 tax year contributions completed by April 15, 2025, will be reported on the 2024 IRS 5498 tax form. This form will be sent to your address on file by May 31, 2025.
Any distributions completed by November 17, 2025, will be reported on the 2025 IRS 1099-R tax form. This form will be sent to your address on file by January 31, 2026.
IRA accounts that have completed the bank-to-bank transfer correctly will not be reported to the IRS.
We're here to help
If you have any questions, please call us at 1-800-446-6307. We’re available 24/7.
We value our relationship with you and thank you for choosing American Express.
No, this change only impacts the American Express Traditional and Roth IRA products. All other relationships/products are not impacted by this change.
No. If you take action and move IRA CD funds before the term matures, an early withdrawal penalty will not be imposed by American Express National Bank. Additionally, you will receive the full amount of interest you would have earned up until the scheduled maturity date of your IRA CD.
You must initiate this transfer with your external financial institution. Please contact the external financial institution to learn more about their necessary forms and processes.
American Express does not endorse any tax planner, but the IRS has a web page that can help you find a tax advisor.
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