Citizens Bank CollegeSaver℠: Savings Account for College

A rewarding way to save today for tomorrow

At Citizens Bank, we want to help you save for your child's future—and give you one less thing to worry about. That's why we're introducing Citizens Bank CollegeSaver. Earn the rewards you want from a savings account, which offers some of our highest yields for individuals with limited transaction needs.

Open an Interest Savings Account,—Start Saving for a Rewarding Future

CollegeSaver is an easy, manageable savings plan that can help you meet your college savings needs. Receive attractive savings account interest rates that assist you in successfully saving for college.

Overview

Details

FAQ's

Start saving in three easy steps:

Open a CollegeSaver account before your child's 12th birthday.
Save the monthly minimum amount every year.
Receive a $1,000 bonus plus interest when your child turns 18.

Child's Age at Account Opening	Minimum Monthly Contribution Until 18th Birthday	Minimum Opening Balance	Bonus awarded at end of successful program
Before 6th birthday	$25	$25	$1,000
On 6th birthday and before 12th birthday	$50	$500	$1,000

While this plan is designed to help you get started saving for college, you may need to save more to achieve your goals. Use our online calculator or ask a banker for a Fit checkup to determine the right savings plan for you.

Your Citizens Bank CollegeSaver Savings Account Features:

Reminders so you won't miss a deposit and can easily stay on track.
Steady Save® transfers from a Citizens Bank checking account to ensure regular, automatic deposits so you won't lose your bonus.
No limit to how much you can save—the more you save, the more interest you can earn.
No requirement to spend CollegeSaver funds or the $1,000 bonus on education.

Learn More About Saving for College

Give your child a head start! Apply online, stop by your nearest Citizens Bank branch or call us at 1-877-360-2472 today.

All accounts, loans, and services are subject to individual approval. See a banker for details. Other fees may apply.
Fees may reduce earnings. See a banker for details and transaction limitations.

FDIC Insurance	Yes
ATM Card	ATM or debit card unavailable
Steady Save^®	Available, you can set up automatic transfers from checking to this savings account.
Checkwriting	N/A
Overdraft Protection	N/A
Other Fees / Requirements	Account must be opened before child's 6th birthday. To receive the $1,000 bonus plus interest, you must make net deposits of $25 minimum per month. One skipped deposit allowed per year. $1,000 bonus plus interest will be deposited into the account on the child's 18th birthday. Account must be open to receive bonus. One account per child.
Interest Rate	View rates

Annual Percentage Yield (APY)

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?
CollegeSaver^SM 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 CollegeSaver^SM 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 CollegeSaver^SM 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 CollegeSaver^SM 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.

Personalize This Site

Your Current ZIP.

Branch/ATM Locator

Over 1,400 branches close by.

Contact Information

We'll Contact You
1-888-574-0600

Receive Email Updates

© Copyright 2013 RBS Citizens Financial Group, Inc. All rights reserved.
Citizens Bank is a brand name of RBS Citizens, N.A. and Citizens Bank of Pennsylvania. Deposit accounts held at RBS Citizens, N.A. and Citizens Bank of Pennsylvania are separately insured.

CollegeSaver Patent Pending.

Because the time period of savings plans may vary, the minimum balance to obtain the bonus varies. Terms, conditions and withdrawal limitations apply. We reserve the right to discontinue this program at any time without notice. In the event this occurs, eligible depositors will receive a prorated bonus and any accrued interest on that bonus.

Important Information About Our Standard Overdraft Practices