What you need to open a Citizens Bank savings account
You can open a savings account at Citizens Bank in person at a branch, online through their website, or by phone. The process takes about 15 to 30 minutes. You will need a government-issued photo ID (a driver's license, passport, or state ID card), your Social Security number, and an initial deposit — the amount varies by account type, so check with the bank or their website for the current minimum.
If you do not have a photo ID yet, you can visit your state's Department of Motor Vehicles to get a state ID card. If you do not have a Social Security number, you will need to explore for one through the Social Security Administration before opening the account. Citizens Bank will not open an account without both of these.
You will also need to choose how you want to fund the account. Most people either bring cash or a check to a branch, transfer money from another bank account, or set up a direct deposit from an employer. If you are opening the account online, you will typically transfer money from an existing account at another bank to complete the process.
Key Takeaways
- You need a photo ID, your Social Security number, and an initial deposit to open a Citizens Bank savings account.
- You can open an account in person at a branch, online, or by phone, and the process usually takes 15 to 30 minutes.
- Citizens Bank offers different savings account types with different features and minimum deposit amounts, so compare them before you choose.
- Once your account is open, you can deposit money, set up automatic transfers, and start earning interest on your balance.
Opening an account in person at a Citizens Bank branch
Walking into a branch with your ID and Social Security number is often the simplest route if you are new to banking. Bring your photo ID, write down your Social Security number, and decide how much money you want to deposit to start. A banker will ask you questions about the account — mainly which type of savings account you want and whether you want online banking set up — and will complete the paperwork with you.
The banker will also explain the account features: how much interest the account earns, whether there are monthly fees, and what the minimum balance requirement is. Ask questions about anything you do not understand. Once you sign the paperwork, your account is usually open when ready, and you can deposit your money that same day. You will receive a debit card and checks (if you requested them) in the mail within 7 to 10 business days.
To find a Citizens Bank branch near you, go to their website and use the branch locator tool. You can also call 1-800-922-9999 to ask for the nearest branch address and hours.
Opening an account online
Opening online is faster if you already have a bank account somewhere else. Go to the Citizens Bank website, select "Open an Account," and choose the savings account type you want. You will enter your personal information — name, address, date of birth, Social Security number — and answer questions about your employment and income. This part takes about 10 minutes.
After you submit your information, Citizens Bank will ask you to transfer money from another bank account to fund your new savings account. You will provide the account number and routing number from your existing bank. The transfer usually takes 1 to 3 business days. Once the money arrives, your Citizens Bank account is fully open and ready to use.
If you do not have another bank account to transfer from, you can still open online but will need to complete the account by visiting a branch or calling to arrange a deposit by check or cash.
Opening an account by phone
You can call Citizens Bank at 1-800-922-9999 to open a savings account over the phone. A representative will walk you through the same questions you would answer online or in person: your name, address, Social Security number, and which account type you want. The call usually takes 20 to 30 minutes.
After the call, you will need to fund the account. The bank will either mail you a deposit envelope so you can send a check, or they will arrange for you to transfer money from another bank account. Some customers prefer this route because they can ask questions in real time, though it takes slightly longer than opening online.
Types of savings accounts Citizens Bank offers
Citizens Bank offers several savings account options, and the one you choose affects how much interest you earn and what fees you might pay. A basic savings account usually has a lower minimum deposit and earns a small amount of interest. A high-yield savings account earns more interest but may require a higher minimum balance. A money market account combines features of savings and checking accounts and typically earns higher interest if you keep a larger balance.
Before you open an account, visit the Citizens Bank website or call 1-800-922-9999 to compare the current interest rates, minimum balances, and monthly fees for each type. Interest rates and fees change, so the details today may not be the same next month. Ask the banker or representative which account makes the most sense for how much money you plan to keep in savings and how often you plan to withdraw it.
What happens after your account opens
Once your account is open, you can start using it right away. You can deposit checks by mail, at an ATM, or at a branch. You can transfer money in from another bank account. You can set up direct deposit from your employer so your paycheck goes straight into savings. You can also set up automatic transfers — for example, moving $50 from checking to savings every payday — to help you save without thinking about it.
Your savings account will earn interest, which means the bank pays you a small percentage of your balance each month. The amount depends on the account type and the current interest rate. You can check your balance and interest earnings anytime by logging into online banking, using the mobile app, or calling 1-800-922-9999.
If you have questions after your account opens, you can visit a branch, call the number above, or use the chat feature on the Citizens Bank website.
Frequently Asked Questions
Do I need to have a checking account to open a savings account?
No. You can open a savings account without a checking account. However, if you want to transfer money from another bank to fund your new savings account, that other account can be either checking or savings.
What if I do not have a Social Security number?
Citizens Bank requires a Social Security number to open an account. If you do not have one, you can explore through the Social Security Administration website or by visiting a local Social Security office. The process takes a few weeks, so plan ahead.
Can I open an account if I have had banking problems in the past?
Citizens Bank uses ChexSystems, a banking history report, to review new account requests. If you had unpaid overdrafts or closed accounts due to fraud at another bank, Citizens Bank may decline your request. You can check your ChexSystems report for free at www.chexsystems.com and dispute any errors before you explore.
How much interest will I earn?
Interest rates change frequently and vary by account type. Check the Citizens Bank website or call 1-800-922-9999 for the current rates. Higher-yield accounts earn more but usually require a larger minimum balance.
What fees might I pay?
Most Citizens Bank savings accounts have no monthly fee if you keep the minimum balance. Some accounts charge a fee if your balance drops below a certain amount. Ask about fees before you open the account so there are no surprises.