Citizens launches mortgage, tuition-planning programs

PROVIDENCE – Citizens Financial Group has announced the launch of HomeBuyer Savings and CollegeSaver, two new products that the company says will reward Citizens Bank and Charter One customers who are saving to either purchase a home or pay for their children’s college education.
Under the HomeBuyer Savings program, customers will receive a $1,000 discount on the closing costs on their home loan if they are able to save at least $100 a month for three years and take out a mortgage with Citizens or Charter One. The saved money can be used for the down payment on the house.
The CollegeSaver program enables customers who save a minimum of $25 per month until their child turns 18 to earn a $1,000 bonus plus interest. An account must be opened before the child turns 6.
“Citizens is committed to providing its customers helpful solutions,” said Joseph J. MarcAurele, president of Citizens Bank Rhode Island. “Purchasing a home and paying college tuition are two of the most challenging goals our customers face. We are pleased to provide these innovative savings plans to give our customers a jump start on saving for these important goals.”
Citizens said it is launching HomeBuyer Savings and CollegeSaver as part of its Spring Ahead Event, offering customers special rates on deposit and loan products, including up to 0.25 percent discount on a new home equity loan or line of credit as well as 0.5 percent discounts off mortgage rates for eligible customers.
Citizens Financial Group Inc. – a division of the Edinburgh-based Royal Bank of Scotland Group plc. (London Stock Exchange: RBS.L; NYSE: RBS) – is a commercial bank holding company founded in Providence in 1828. It has $161 billion in assets and about 24,300 employees at 1,618 Citizens Bank and Charter One branches in 12 states plus non-branch offices in about 40 states, most of which Citizens Financial operates through its RBS Citizens NA subsidiary. Additional information on the new savings programs is available at CitizensBank.com/newwaytosave .