Ameriprise Does Not Have a Checking Account Product
Ameriprise Financial does not offer checking accounts. Ameriprise is an investment and wealth management company, not a bank. They manage brokerage accounts, retirement accounts, and advisory services, but they do not issue debit cards, process checks, or provide the deposit and withdrawal services that come with a checking account.
If you are looking for a checking account, you will need to open one at a bank or credit union instead. Ameriprise can work alongside a checking account — for instance, you might transfer money from your bank checking account into an Ameriprise brokerage account to invest — but they cannot replace one.
Some people confuse Ameriprise with banks because they offer financial services and have customer accounts. The distinction matters: banks hold your money in deposit accounts and are insured by the FDIC. Ameriprise holds investments and is regulated by the SEC as a broker-dealer and investment adviser.
Key Takeaways
- Ameriprise is an investment company, not a bank, so they do not offer checking accounts, savings accounts, or debit cards.
- You can open a brokerage account or retirement account at Ameriprise to invest money, but you cannot use it to pay bills or write checks.
- If you want a checking account, you need to open one at a bank or credit union — this is separate from any investment accounts you may have.
- Money you deposit at a bank checking account is FDIC-insured up to $250,000; money you invest through Ameriprise is not bank insurance protected.
What Ameriprise Actually Offers Instead
Ameriprise offers brokerage accounts, which let you buy and sell stocks, bonds, mutual funds, and other investments. They also offer retirement accounts like IRAs and rollovers from employer 401(k) plans. These accounts are managed through Ameriprise's online platform or with a financial adviser.
A brokerage account is not a checking account. You cannot write checks from it, and you do not get a debit card. You can transfer money into the account to invest, and you can withdraw money by selling investments or requesting a transfer back to your bank, but the process is not the same as writing a check or using a debit card at a store.
Ameriprise also offers advisory services, where a financial adviser helps you plan investments and manage your money. This is a service layer on top of accounts, not a replacement for a checking account.
How to Set Up a Checking Account Elsewhere
To open a checking account, you will contact a bank or credit union directly. Most banks let you open an account online in 10 to 15 minutes. You will need a government-issued ID, a Social Security number, and an initial deposit (which varies by bank — some have no minimum, others require $25 or more).
Common banks that offer checking accounts include Chase, Bank of America, Wells Fargo, and most regional banks. Credit unions also offer checking accounts and often have lower fees. You can search for banks and credit unions in your area using the FDIC's bank locator or the CO-OP network for credit unions.
Once you have a checking account, you can link it to an Ameriprise brokerage account if you want to invest. Many people keep a checking account at a bank for everyday spending and a brokerage account at Ameriprise (or another investment firm) for long-term investing.
The Difference Between a Checking Account and a Brokerage Account
| Feature | Checking Account (Bank) | Brokerage Account (Ameriprise) |
|---|---|---|
| Write checks | Yes | No |
| Debit card | Yes | No |
| Pay bills online | Yes | No |
| Buy investments | No | Yes |
| FDIC insurance | Yes (up to $250,000) | No |
| Interest on deposits | Usually yes (varies by bank) | No |
If You Already Have an Ameriprise Account
If you already have an Ameriprise brokerage or retirement account, you can keep it and open a checking account at a bank at the same time. The two accounts serve different purposes and do not interfere with each other.
To move money between your bank checking account and your Ameriprise account, you will link them through Ameriprise's online platform. Ameriprise will ask for your bank account number and routing number. Transfers typically take one to three business days.
Some people use this setup intentionally: they keep their paycheck and monthly bills in a bank checking account, and they transfer extra money to Ameriprise to invest for retirement or other long-term goals.
Where to Open a Checking Account
You have three main routes: a traditional bank, an online bank, or a credit union. Traditional banks have physical branches where you can deposit cash and speak to someone in person. Online banks have no branches but often have lower fees and higher interest rates on savings. Credit unions are member-owned and often have lower fees than banks.
If you want to open an account quickly and do not need a physical branch, online banks like Ally, Charles Schwab Bank, or Discover Bank can open an account in minutes. If you want a branch nearby, search for banks in your area or use the FDIC's bank locator at fdic.gov/resources/bankers/bank-locator.
For credit unions, use the CO-OP network locator at co-opshared.org to find one near you. Credit unions often have lower fees and may not require a minimum deposit.
Frequently Asked Questions
Can I use Ameriprise to pay my bills?
No. Ameriprise is an investment account, not a checking account. You cannot pay bills directly from Ameriprise, and you do not get a debit card. You need a checking account at a bank to pay bills by check, debit card, or online bill pay.
Does Ameriprise have FDIC insurance?
No. Ameriprise is not a bank, so deposits are not FDIC-insured. Money in an Ameriprise brokerage account is protected by SIPC (Securities Investor Protection Corporation) up to $500,000, but this is different from FDIC insurance and covers investment losses, not bank deposits.
Can I get a debit card from Ameriprise?
No. Ameriprise does not issue debit cards. You need a checking account at a bank to get a debit card. Some online banks issue debit cards immediately after you open an account.
What if I want both a checking account and an investment account?
Open a checking account at a bank and keep your Ameriprise account separate. Link them so you can transfer money between them. This is a common setup: use the checking account for everyday spending and the Ameriprise account for investing.
How long does it take to open a checking account?
Most banks and online banks let you open a checking account in 10 to 15 minutes online. You will need a government ID, Social Security number, and an initial deposit. Some banks approve you instantly; others take one business day to verify your information.