HomeBuyer Savings Account

Open a savings account & make buying a home a reality

Citizens Bank makes it easy for you to build your home savings plan. Our HomeBuyer^SM savings account helps you get in the habit of saving to buy a house. Our account sends you reminders to help you stay on track and links other Citizens Bank products to make buying a home as quick and easy as possible.

Overview

Details

FAQ's

Home buyer savings account introduction

At Citizens Bank, we want to give you a jump start on saving for the important things in life, like buying a home. That's why we're introducing Citizens Bank HomeBuyer Savings. HomeBuyer Savings is a manageable and rewarding home savings plan that will help you achieve your goal of buying a home.

When you’re saving to buy a home, choose an account that helps you achieve your dreams. HomeBuyer Savings is a manageable and rewarding savings plan that will help you reach your goal of buying a home.

Open your HomeBuyer savings account, and get one step closer to owning the home you've always wanted.

Start saving for the home buying process in three easy steps:

Save a minimum of $100 a month for 36 months.
Receive $1,000 credit towards the closing costs on your Citizens Bank mortgage.
Get help from Citizens Bank to find the right mortgage and learn about ways to check your credit while you save.

While this home savings plan is designed to help you get started, you may need to save more to achieve your goals. Use our online calculator to determine the right home savings plan for you.

Your Citizens Bank Homebuyer Savings account features:

Receive reminders so you won't miss a deposit and can easily stay on track.
Once you get closer to buying a home, Citizens Bank can help you prepare to get your mortgage by pre-qualifying and reviewing your credit report with you.
Set up Steady Save^® transfers from a Citizens Bank checking account to ensure regular, automatic deposits so you won't lose your bonus.
There is no limit to how much you can save - the more you save, the more interest you can earn.

A new home is one of the biggest purchases you'll ever make. Apply online, stop by your nearest Citizens branch or call us at 1-877-360-2472 today and get off to a great start with HomeBuyer Savings.

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	To receive the $1,000 credit, you must make net deposits of $100 minimum per month for 36 months and close on a mortgage from Citizens Bank within 3 years after the end of the initial 36-month savings period. One missed deposit allowed per year. $1,000 will be credited toward the closing costs on your Citizens Bank mortgage. Account must be open to receive credit. One account per property.
Interest Rate	View rates

Annual Percentage Yield (APY)

What is a Checking Account?
A checking account is an account where funds are easily available through different channels (checks, ATM, online bill pay). Because money is available on demand these accounts are also referred to as demand accounts or demand deposit accounts.

What is a Savings Account?
Savings accounts are variable APY accounts that pay interest and are often used in conjunction with a checking account to manage and grow your money. These accounts let customers set aside a portion of their money to grow safely over time.

What is a Money Market Account?
A money market account is a variable APY account similar to a savings account which typically earns a higher interest rate compared to savings for customers who do not need frequent access to their funds. Typically checks can be written; however check and ATM access varies by account.

What is a Certificate of Deposit?
CDs are similar to savings accounts but they are set to a fixed term (usually ranging from three months to five years), and a fixed interest rate. It is expected that a CD be held to the end of the term, at which time the money may be withdrawn with the accrued interest. Early withdrawals may result in a fee, so ensure you will not need access to these funds for the term of the account before opening your CD.

What is a debit card?
A debit card (also known as a bank card or check card) is an alternative payment method to cash when making purchases. Similar to using cash, funds are immediately withdrawn from your account.

What is APY?
Annual Percentage Yield (APY) expresses an annual rate of return taking into account the effect of compounding.

What is compound interest?
Compound interest is the concept of adding accumulated interest back to the principal, so that interest is earned on interest from that moment on.

What is interest rate?
Interest rate is the rate at which a financial institution agrees to pay you back for holding your money.

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© 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.

HomeBuyer Savings Patent Pending

Citizens Bank is a brand of RBS Citizens, N.A. (NMLS ID# 433960) and Citizens Bank of Pennsylvania (NMLS ID# 522615).

Terms, conditions and withdrawal limitations apply. This does not represent a formal commitment for a mortgage loan. Participation in this savings plan does not guarantee that we will provide you with a mortgage loan. You must separately qualify, be approved and obtain a purchase-money mortgage loan from us. If you do not, you will not receive the $1,000 credit. We reserve the right to discontinue this program at any time without notice. In the event this occurs, eligible depositors will receive a prorated credit against closing costs.

Mortgages are offered and originated by RBS Citizens, N.A. and Citizens Bank of Pennsylvania. All loans are subject to individual approval.