A savings account can be a great place to deposit money you don’t need immediately. Savings accounts can be ideal places to store emergency funds or to build savings for short-term goals: you can earn interest while keeping your funds easily available for when you need them.
Read on to learn how to open a savings account step by step.
How to open a savings account in 3 steps
1. Gather your documentation and personal information
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. You may also need to provide information about your income and the amount you plan to deposit into your account.
2. Choose a joint or individual account
A joint savings account allows two or more people to be owners of the account.
3. Submit your application
That’s it! Whether you’re applying in-person or online, you should get a confirmation email or phone call to confirm that your account is open and ready to receive funds.
How to 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.)
Benefits of a savings account
While checking accounts are designed for day-to-day withdrawals and transfers, savings accounts can be a good 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 rates than interest checking accounts.