How do I open an account?
It's easy. Open an account online, over the phone or in a branch.
When will I receive the $1,000 towards a mortgage?
You must save a minimum of $100 a month for 36 months (one skipped deposit allowed per year). You will then have an additional 36 months to find a property, apply and qualify for a mortgage with Citizens Bank.
Is this only for first time home buyers?
No, anyone who is looking to buy a home can open a HomeBuyer Savings account.
How can I determine how much to save?
In many cases, saving the minimum won't be enough for a down payment on your home. We encourage you to use our HomeBuyer SavingsSM Calculator, or ask a banker for a free Fit checkup, to determine how much you need to save per month to meet your goal.
What happens if I miss a monthly deposit?
You're allowed to miss up to (1) monthly deposit each year and still be eligible for the $1,000. But don't worry; you'll be provided tools and alerts to help you stay on track.
What happens to my savings if I don't qualify for a mortgage from Citizens Bank?
Once you get closer to purchasing your new home, Citizens Bank can help you prepare to get your mortgage by pre-qualifying you. After the initial 36 month period, you have up to 3 additional years to close on your mortgage with Citizens Bank.
Do I have to maintain a minimum balance in the account?
Yes. To be eligible for the $1,000 off closing costs, your monthly account balance must be at least the minimum savings total accumulated at $100 per month. If needed, you can withdraw funds from the account provided that you bring your balance back up to the minimum required balance.
Do I need to obtain my mortgage through Citizens Bank?
Yes, the $1,000 only applies when obtaining a mortgage through Citizens Bank. And once you qualify for the $1,000, you have up to 3 years to get a mortgage.
How will I know if I can get a mortgage once I have reached the saving requirement?
While this account provides $1,000 off the closing costs of a mortgage, you'll need to apply for and be approved for your mortgage separately from this product. Talk to a banker about options available for how to monitor your credit along the way.
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 HomeBuyer SavingsSM page.
Is my account FDIC insured?
Yes, these deposits are FDIC insured.
How many accounts can I have?
The HomeBuyer SavingsSM account is restricted to one $1,000 offer per property.