Citizens Financial Group making it easier for parents to save for children’s college educations
Children enrolled before their 12th birthday now eligible for popular CollegeSaver program
Providence, R.I. (November 18, 2010) - In response to customer demand, Citizens Financial Group today announced it has doubled the availability of its successful CollegeSaver account to include enrolling children before their 12th birthday. Previously, only children up to the age of six could be enrolled in a CollegeSaver account, which rewards customers who commit to saving monthly with a $1,000 bonus plus all the accrued interest when the child turns 18.
The announcement comes as the College Board released a study that reports tuition increased by 7.9 percent at public four-year colleges and 4.5 percent at private colleges this year.
“Since launching CollegeSaver a little more than a year ago, our customers have opened more than 20,000 CollegeSaver accounts, paving the way for more than $20 million in bonus money plus interest to go toward the college educations of loved ones,” said Theresa McLaughlin, Group Executive Vice President and Chief Marketing Officer. “By increasing the age limit, we are increasing the number of customers who we can help address one of the most critically important financial challenges they face. As good citizens, we are happy to help them save and earn money toward the college educations of their loved ones.”
CollegeSaver accounts opened for children after their sixth birthday and before their 12th birthday must be funded with an opening balance of $500 and a minimum monthly deposit of $50 until their child turns 18. Customers who open an account before their child’s sixth birthday must save a minimum of $25 a month until their child turns 18. Customers receive the $1,000 bonus plus all accrued interest once their child turns 18.
There is no limit on the amount of money that customers can contribute monthly to CollegeSaver. The savings plan is available to new and existing customers and is insured by the FDIC up to the legal limit.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is a $136 billion commercial bank holding company. It is headquartered in Providence, R.I., and, through its subsidiaries, has more than 1,500 branches, approximately 3,800 ATMs and approximately 22,600 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. CFG is owned by RBS (The Royal Bank of Scotland Group plc).