Projo Biz Blog

Citizens Financial Group this week launched two new savings programs for people saving up to buy a house or put a student through college.

The HomeBuyer Savings and CollegeSaver accounts each will earn a $1,000 bonus payment from the bank, if account-holders meet certain requirements.

To qualify for the payment with a HomeBuyer Savings account, customers must save a minimum of $100 per month for three years and finance their home with Citizens. With a CollegeSaver account, customers must open the account by their child's sixth birthday and must save a minimum of $25 per month until the child turns 18.

There is no limit on the accounts and no early-withdrawal penalties, though customers would forfeit the bonus. CollegeSaver accounts come with a tiered interest rate that depends on the balance.

The new savings plans are available to new and existing customers and are insured by the Federal Deposit Insurance Corp.

 Tags  bank Citizens Financial college mortgage savings

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