Your Savings Made Simple

The one-stop shop for everything you need to know about saving for your future. Explore relevant articles, get answers to frequently asked questions, and discover how Citi can help you grow your savings.

Savings Accounts: Frequently Asked Questions

A savings account can help you save for everything from a new bike to a vacation to a new house.

If you have questions about savings accounts, check out the following frequently asked questions for more information, tips for success and guidance for online application forms.

Opening a savings account with Citi is quick and simple. You can apply online or you can open a savings account over the phone by calling: 1-800-321-2484 (TTY: We accept 711 or other Relay Service). If you prefer, you can visit your nearest Citi branch and apply for an account in person.

If you're interested in opening a new savings account online, you will need to meet the following criteria:

  • You must be a U.S. citizen or a U.S. resident alien.
  • You must have proof of age and be at least 18 years old. 
  • You'll need to provide a physical address in the U.S., date of birth and applicable identification documentation which may include a Social Security Number or Individual Taxpayer Identification number.

You can also check with your bank before taking the first step to open an account since requirements can vary from bank to bank.

When you put money in a savings account, interest is the amount your financial institution agrees to pay you for keeping your money with them. It is calculated as a percentage of the money you have saved based on that bank's interest rate. You will begin earning interest as soon as your funds are available in your savings account.

You earn money simply by placing it in the account  — you don't have to do anything else, although additional deposits will increase the amount of interest you accrue. It can help you reach your financial goals that much faster. Want to learn more about how interest works? Read our guide to interest rates here.

Find Citi's current interest rates online, so you can compare various rates on savings  accounts.

High-yield savings accounts typically pay a higher interest rate on deposits than traditional savings accounts and can help you achieve your financial goals faster. 

If you're trying to save for a specific goal such as a new vehicle, college, a house or a bucket-list vacation, a high-yield savings account typically offers a rate designed to boost your savings. You might also want to consider big-picture goals like planning for retirement or your kids’ education.  Most accounts allow easy withdrawals and don't require a long-term commitment — you can save for a couple months, years or decades depending on your goals.

We've put together a more detailed guide about high-yield savings, which you can read if you're interested in finding out more about how a high-yield savings account could help you reach your savings goals.

To open your account, you can bring the funds directly to a branch  using a check, cash or debit card. If you'd rather open an account online, you will simply use your debit card, or you can provide account/routing numbers to transfer money from another bank account. You can also open an account via phone with a customer service representative who will walk you through the funding process and answer any questions along the way.

If you want to save money for your upcoming wedding or honeymoon, a savings account can help you organize your funds and prepare for the big day. You can save for the big and little things in life with the help of interest. It helps to have a goal: Consider saving 10% of each paycheck or putting money aside for your next vacation.

Maintaining a savings account separate from your other accounts can also improve your saving strategy:

  • Motivation: See how your money is growing and the progress you're making toward your goals
  • Organization: Track your savings as often as you want by managing your account online for easy access and convenience

In addition to being easy to open and maintain, savings accounts are also insured by the Federal Deposit Insurance Corporation (FDIC) up to allowable limits1 .

You can learn more online about a Citi savings account and discover how to increase your savings. If you're interested in finding out more about savings accounts in general, read our Savings Accounts guide.

  1. The funds in your Deposit Account at each Program Bank are eligible for insurance by the FDIC up to $250,000 (including principal and accrued interest) per depositor in each insurable capacity (e.g., individual, joint account, IRA, etc.). To learn more please visit

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.

Additional Resources

  • Utilize these resources to help you assess your current finances & plan for the future.

  • Learn how FICO® Scores are determined, why they matter and more.

  • Review financial terms & definitions to help you better understand credit & finances.