Who can open this account?
This account can be opened for a child by anyone - parents, grandparents, uncles or aunts. You are not required to be the child's guardian; all you need is the child's social security number and date of birth to get started.
How many accounts can I have?
CollegeSaverSM is limited to one account per child.
When do I receive the $1000 bonus?
You'll receive the $1,000 bonus, plus any interest earned on the bonus, when your child turns 18. To qualify, you must save the monthly minimum amount every year until your child turns 18.
Can I deposit more than the minimum into the account?
Absolutely. In many cases, saving the minimum won't provide the full amount needed for college expenses. We encourage you to use our College Savings Plan Calculator or ask a banker for a free Fit checkup to determine how much you should save each month to meet your goal.
What is the interest rate on the account?
The interest rate is a variable rate, and can change at any time. For current rates, visit the CollegeSaverSM page.
What happens if I miss a payment?
You're allowed to miss up to (1) monthly deposit each year and still be eligible for the $1000 bonus.
Do I have to maintain a minimum balance in the account?
Yes. To be eligible for the $1000 bonus, your monthly account balance must be at least the minimum savings total accumulated each month. If needed, you can withdraw funds above this minimum.
What is the difference between this account and a 529?
The CollegeSaverSM savings account gives you a bonus as well as the flexibility to use the funds for college or other needs. A 529 plan is an investment plan specifically for college. We encourage customers to meet with a Financial Consultant to discuss the options available to you through Citizens Bank to help achieve your goal.
Do I have to use the money towards my child's tuition?
No, it is not required to use the funds towards college expenses.
What are the tax implications on the $1,000 bonus?
It's recommended that the CollegeSaverSM account be opened as an UTMA account as it may provide tax benefits. The TIN (SSN) of the child is used for tax reporting purposes when opening an UTMA. Please consult with your tax advisor for details on possible tax benefits.
Is my account FDIC insured?
Yes, these deposits are FDIC insured.