How to Open a Savings Account
Learn more about the benefits of opening a savings account
When you're thinking about opening a savings account, start by investigating the benefits of the accounts you're considering, and decide how you want to save. Savings accounts allow you to earn interest on money you put aside for a home, new baby, college education, family vacation or just a rainy day. Putting your money for these events into a separate account means there's less chance you'll draw on it for everyday spending. However, it also allows you to have access to it when you need it, which is why it's a good idea to at least have an emergency fund savings account for those unexpected times when you need extra money.
With unique savings programs from Citizens Bank, you can even link your checking account once you open your savings account so that it automatically transfers money into your savings every month. This could be as little or as much as you need, but even a few dollars a month can make a difference in savings. The more money in the account, the more interest you'll be able to accrue.
How to open a savings account for your child
If you're a parent trying to teach your kids good savings habits, Citizens Bank has savings accounts that feature lower minimum balances. For older children, you can get them involved in saving for their college education by opening a savings account like the CollegeSaver™ to which you can both contribute. If they save the minimum amount each month, they could earn a bonus when they turn 18. You will need to be on the account with them until they are 18, which will allow you to keep an eye on their savings and help you coach them. When you apply for a savings account with your children, think of creative rewards for saving that they will understand, and set tangible, realistic goals for them.
How to compare savings account options
Based on how you want to save, there are several different options to consider when you want to open a savings account. Do you want to open a money market account, a certificate of deposit or a basic savings account? When you're new to saving, your best option is to start with the savings account for a few reasons:
- It provides you with flexible access to deposit and withdraw funds.
- You can find accounts with no or low fees.
- Some accounts offer rewards for meeting your savings goals.
Once you decide which savings account option is best for you, it's time to start your application.
Apply for a savings account online, on the phone or in person
Opening a savings account is a fairly easy process, especially if you already have a checking account at a bank. Make sure you actively use and maintain the account otherwise you could be charged with fees for too many withdrawals or too few deposits. You may need your social security number, date of birth, home address and phone number to open a savings account.
The sooner you start saving, the more prepared you will be for the future. Learn more about how to apply for a savings account online, find a branch location, or speak to a representative at 1-877-360-2472 to start your application.