Key insights:
- A checking account is used for everyday transactions like deposits, payments and withdrawals
- You can open a checking account online or in person by providing basic personal information
- The process includes completing an application, reviewing account terms and funding your account
A checking account can be a convenient place to keep your money for day-to-day expenses.
Choosing and applying for the right checking account is a matter of considering your priorities when it comes to the way you bank. Do you want a branch right next door? Or a great mobile app? How much money do you plan to keep in your account? Asking questions about how you like to bank may help you decide where to open your checking account.
Let’s learn more about how to open a checking account.
What is a checking account?
A checking account is a deposit account at a bank or other financial institution that allows for daily banking transactions. Checking accounts are designed for regular deposits, withdrawals and transfers. They typically come with a debit card that you can use for making purchases in person or online and withdrawing cash at an ATM.
What do you need to open one?
Different banks may require different documents for your application, but generally you are asked to provide basic documentation to verify your personal information.
Can you open a checking account online?
Yes, opening a checking account is usually a quick and easy process. Many financial institutions allow you to apply for a checking account online. Usually you can open a checking account online with Citi in minutes unless subject to additional verification.
How to open a checking account
Opening a checking account is often simple. Whether you want to go through the process online or in person, just follow the simple steps provided in the instructions.
Fill out your application
When you fill out your application, you’ll need to provide some personal information, including:
- Name
- Address
- Email address
- Social Security number or individual taxpayer identification number
In most cases, you should find out whether your application is approved immediately. Then you can review and sign the account agreement, which outlines key details like fees, minimum balance requirements and other terms and conditions.
Make an initial deposit
You don’t need a minimum deposit to open any checking account with Citi, but you may with other banks. Even if an initial deposit is not required, it's a good idea to fund your account and maintain a balance. Citi checking accounts that have had no client-initiated deposits or withdrawals for 91 calendar days are subject to closure.
You can add funds to your new checking account using a check, cash or an electronic transfer from another checking or savings account.
Disclosure: This article is for general educational purposes. It is not intended to provide financial advice. It also is not intended to completely describe any Citi product or service. You should refer to the terms and conditions financial institutions provide for various products.
