Citizens Bank has two savings accounts for people looking ahead toward their children’s college education or toward purchasing a home. Both savings accounts offer the potential to earn a $1,000 bonus. Here are the details of both offers.
Open a CollegeSaver account before your child’s sixth birthday, and Citizens Bank will pay you a $1,000 bonus plus interest when your child turns 18. To receive the bonus you must make a minimum deposit of $25 each month every year; you can skip one deposit per year. Other savings features include:
- Annual percentage yield (APY) increases as your balance grows
- No monthly maintenance fee
- Anyone can open a savings for a child with a social security number and birth date.
The second savings account offer is for a $1,000 credit toward closing costs when financing a home with a HomeBuyer Savings account. The terms include:
- Save a minimum of $100 a month for 36 months (you can skip one payment per year)
- Calculator to set up a savings plan for a down payment
- Help getting prequalified for a mortgage
- Close on a Citizens Bank mortgage within three years after the initial 36-month savings period.
Both the CollegeSaver and HomeBuyer Savings accounts allow free transfers from Citizens Bank checking accounts. You can open both accounts at a branch or by phone, but the HomeBuyer Savings can also be opened online.
- 6 Month CD 1.28 %
- 1-year CD 1.57 %
- 2-year CD 1.84 %
- Money Market Account 1.20 %
- Savings Account 1.33 %
- 30-year Fixed Mortgage 4.97 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
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