How to Open a Savings Account

A savings account is a great place to store cash, while keeping your funds easily available for when you need them. Savings accounts are ideal places to store emergency funds or to build savings for short-term goals.

Read on to learn how to open a savings account step by step.

Can I open a savings account online?

At Citi, it’s easy to open a savings account online. You can also open a Citi savings account at your nearest branch, or over the phone by reaching out at 1-800-321-2484 from 9AM to 11PM ET (TTY: We accept 711 or other Relay Service.)

How to open a savings account in 4 steps

1. Gather your documentation

Whether you apply for a savings account in person or online, you'll need to have certain information available to confirm your identity. You will need to provide ID, your address, and your social security number. Make sure you have all necessary documentation available when you apply.

2. Provide your personal info

Beyond verifying your identity, applying for a savings account will require you to disclose personal identifying information, including your name and address. You may also need to provide information about your income and the amount you plan to deposit into your account.

3. Choose a joint or individual account

For people with combined finances, consider a joint savings account, which allows two people to add and withdraw funds from a single savings account.

4. Submit your application!

Make sure you get a confirmation email or phone call to confirm that your account is open and ready to receive funds.

Benefits of a savings account

While checking accounts are designed for day-to-day withdrawals and transfers, savings accounts are an ideal place to build your savings for an emergency fund or financial goal.

Savings accounts don't typically come with debit cards and may have a limit on monthly transfers, making them less convenient for daily charges and withdrawals. However, they tend to earn higher interest than checking accounts, and share the benefit of security: Citi savings accounts are FDIC insured up to the maximum allowable limit. They also use Citi's Fraud Early Warning systems to review your accounts for fraudulent activity, free of charge.

How to choose the right savings account

There are several key features to compare when considering which savings account is right for you. These include:

  • Fees: Some savings accounts charge a monthly service fee, others may waive the fee when certain conditions are met or charge no fee at all. A savings account where you can easily avoid fees is ideal.
  • Minimum balance requirements: Some banks will require a minimum balance to earn an advertised interest rate, or simply to keep your account open and avoid fees. Be sure to choose a savings account with minimum balance requirements you can meet.
  • Interest rate: A high yield savings account can be very appealing, but be sure to weigh any interest against potential fees.
  • Mobile banking: If you prefer to do everything possible from your phone, choose a bank with a highly rated mobile banking app. Then you can easily check your balance, make instant transfers and more on the go.

Take your time and choose a savings account that will help you meet your financial goals.

Disclosure: This article is for educational purposes about banking products. It is not intended to provide legal, investment, tax, or financial advice and is not a substitute for professional advice. It does not indicate the availability of any Citi product or service. For advice about your specific circumstances, you should refer to the disclosures financial institutions provide for various products and consult a qualified professional.

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