Savings Made Simple

Opening a savings account with Citi is quick and simple. You can apply online for most Citibank savings accounts or you can open a savings account over the phone by calling: 1-800-321-2484 (TTY: We accept 711 or other Relay Service). Most Citibank savings accounts can also be opened by visiting your nearest Citi branch. If you're looking to open a Citibank savings account with a special title, such as Trusts, you can do so by visiting a branch.

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 by applying a periodic rate to the money you have saved and is based on that bank's interest rate. Typically, you will begin earning interest as soon as your funds are treated as being received by the bank. You should carefully review your account disclosures for details on when interest begins to accrue.

Your savings earn interest simply by placing money 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 available, a high-yield savings account can help you save for a specific goal such as a new vehicle, college, a house or a bucket-list vacation.

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.

When you 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, deposits in Citi’s savings accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to allowable limits¹ .

You can learn more online about a Citi’s savings account products 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.