How do I open a savings account?

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: 1-800-374-9500 (TTY 1-800-788-0002). If you prefer, you can visit your nearest Citi branch and apply for an account in person. If you're already a Citi customer, you can link your existing account to your savings account online for an easier way to meet balance requirements and avoid monthly fees. To learn more about our different account pricing packages, please visit our online banking platform.Once you're ready to apply, you can select the savings account that best suits your needs. Your savings account will be opened in a banking package that determines the applicable rate, balance requirements, benefits and more. Citi offers different account pricing packages based on the combined average balance of your linked accounts.

What do I need to open a savings account?

If you're interested in opening a new savings account online, you will need to meet the following criteria and have all the required documents with you: 1. You must be a U.S. citizen or resident with a valid taxpayer identification number. 2. You must have proof of age and be at least 18 years old. 3. Make sure you have your Social Security number with you. 4. You'll also need a valid government-issued ID (such as a driver's license or state-issued ID). 5. You will need to fill out an online application form and verify your information. You can also check with your bank before taking the first step to open an account since requirements can vary from bank to bank.

How does interest work?

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. Interest benefits you because 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 different checking and savings accounts.

What is a high-yield savings account?

High-yield savings accounts typically pay a higher interest rate on deposits than traditional savings accounts. Also known as a high-interest savings account, high-yield savings 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 retirement and education planning for kids. 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. There may be other methods of saving for retirement and education, such as 529 plans and 401(k) plans. 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.

How do I fund my savings account?

To open your account, you can bring the funds to a branch in person 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.

What are some of the benefits/advantages of having a savings account?

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. Likewise, you can make a dent in your college costs — or your kids' college costs down the road. 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: 1. Motivation: See how your money is growing and the progress you're making toward your goals. 2. Organization: Track your savings as often as you want and link to your various accounts for easy access and convenience. In addition to being easy to open and maintain, another benefit of a savings account is the safety of your money. Savings deposits are insured up to $250,000 per depositor per FDIC-insured bank. You can save with peace of mind, focusing on your financial goals.

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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 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.

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