Citizens Financial Group launches HomeBuyer Savings and CollegeSaver
Innovative new products help customers save and earn money toward home purchases and college tuition
Providence, R.I.. (April 8, 2009) - Citizens Financial Group today announced the launch of HomeBuyer Savings and CollegeSaver, two new innovative products that will put an extra $1,000 in the pockets of Citizens Bank and Charter One customers who are saving for two significant life events – purchasing homes and funding their children’s college education.
“Citizens is committed to providing its customers helpful solutions,” said Robert E. Smyth, President, Citizens Bank, Massachusetts. “Purchasing a home and paying college tuition are two of the most challenging goals our customers face. We are pleased to provide these innovative savings plans to give our customers a jump start on saving for these important goals.”
Created in response to customer feedback, HomeBuyer Savings and CollegeSaver not only offer an easy and convenient way to regularly save but also reward customers with $1,000 from the bank to put toward the cost of purchasing a home or college tuition. These new savings plans are available to new and existing customers and are insured by the FDIC up to the legal limit.
With HomeBuyer Savings, customers receive the $1,000 towards their new home when they save a minimum of $100 per month for 36 months and finance their home with Citizens Bank or Charter One. At the end of three years, customers can use their accumulated savings towards a down payment with the additional $1,000 applied against their closing costs.
CollegeSaver enables customers who save a minimum of $25 per month until their child is 18 to earn a $1,000 bonus plus interest for opening an account by their child’s sixth birthday. Customers receive the $1,000 bonus plus all the accrued interest when the child turns 18.
With CollegeSaver, it pays to start saving early. Customers who start saving $100 per month when their child is 6 will accumulate about $15,800, including the $1,000 bonus and interest earned when their child turns 18. Customers who start saving $100 per month when their child is born will have approximately $23,500 - a difference of about $7,700.
There is no limit on the amount of money that customers can contribute monthly to HomeBuyer Savings or CollegeSaver. Because the interest rates for both products are tiered, customers can earn more by saving more. Interest rate and product information can be obtained at: www.citizensbank.com/newwaystosave.
Citizens is launching HomeBuyer Savings and CollegeSaver as part of its Spring Ahead Event, offering customers special rates on deposit and loan products, including up to ¼% discount off a new home equity loan or line of credit as well as ⅛% discounts off mortgage rates for eligible customers. Citizens is promoting the offers with broadcast, electronic and print advertising throughout the12 states where it operates retail branches.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is a $160 billion commercial bank holding company. It is headquartered in Providence, R.I., and, through its subsidiaries, has more than 1,600 branches, and approximately 3,700 ATMs and 24,000 employees. Its two bank subsidiaries are RBS Citizens, N.A. and Citizens Bank of Pennsylvania. They operate a 12-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont, and the Charter One brand in Illinois, Michigan and Ohio. CFG has non-branch retail and commercial offices in about 40 states. It is one of the 10 largest commercial banking companies in the United States ranked by assets as of December 31, 2008. CFG is owned by RBS (The Royal Bank of Scotland Group plc).