Meeting Savings Goals
Choose savings account options that will help you meet your goals
Saving for a wedding, home or child's education? Wondering which savings account option is right to help you meet your goals? Citizens Bank has personal savings accounts and programs designed to help you save for whatever your goals are. It's important to maximize your savings wherever you can, so why wouldn't you choose an account with a higher interest rate, or a reward related to your savings goal? Learn more about the personal savings accounts we offer and which ones to use as you plan for the future.
Standard personal savings accounts
Green Savings and Passbook Savings are your typical, simplified personal savings accounts designed to help you set aside money for a rainy day, emergency fund or to build your deposits until you're ready to open an account with a larger balance requirement and higher interest rate. These are also great for use as a joint account when you're teaching your kids to save. Use GoalTrack Savings® to motivate yourself to reach goals within these accounts whether you're planning for a new car, anniversary gift, family vacation or other savings goals. With low fees and balance requirements, these are perfect accounts for someone just starting to save or setting aside funds for a specific short-term savings goal.
Savings account options for specific goals
If you're saving money for the down payment on a home or to cover your child's education, consider the savings goal-focused HomeBuyer Savings® and CollegeSaver® accounts. With HomeBuyer Savings, you will earn interest on your funds and receive $1,000 in credit1 toward the closing cost of your Citizens Bank mortgage when you save the minimum monthly amount in the time frame laid out. While you may need to save more than this for your dream home, the reward at the end can help you stay on track and get in the habit of regularly saving.
With the CollegeSaver account, regular monthly contributions of a set amount will result in a $1,000 bonus 2when your child turns 18. (If the account is opened before your child turns six, the minimum monthly contribution will be lower, as will the opening balance, but the reward will be the same.) If you want to use a high-interest savings account like a money market to save more, it's a great addition to a savings plan, but it may be wise to open both accounts for optimal savings and rewards.
High-interest savings: money markets and bank CDs
When you're saving for a long-term goal, money markets and bank CDs have higher interest rates than other savings account options. This makes them beneficial for retirement funds and large purchases or events like home repairs, weddings and new additions to the family. Money markets and bank CDs have withdrawal restrictions which allow the banks to offer higher interest rates, so before you decide to open one, make sure you can leave your funds in the account until the end of the designated term. (Money markets will provide you with more access than bank CDs, so if you're looking for a flexible, long-term savings account option, they may be the way to go.)
Use savings goal calculators for more help choosing between savings account options
If you're still not sure which personal savings account is right for you, use. Then, speak to a Citizens Bank representative to learn more about the components and benefits of our various savings account options. They can help you find the right account, or combination of accounts to obtain your goals in a timely manner. When you're ready, you can either open an account online, or stop by your local branch to start saving for the important events and purchases in your life.