At Citizens Bank, we want to help you save for your child's future - and give you one less thing to worry about. That's why we're introducing Citizens Bank CollegeSaver.
CollegeSaver is an easy, manageable savings plan that will help you meet your college savings needs.
Start saving in three easy steps:
1) Open a CollegeSaver account before your child's sixth birthday. 2) Save a minimum of $25 a month every year. 3) Receive a $1,000 bonus plus interest when your child turns 18.
While this plan is designed to help you get started, you may need to save more to achieve your goals. Use our online calculator or ask a banker for a free Fit checkup to determine the right savings plan for you.
Your Citizens Bank CollegeSaver account has the following features:
Receive reminders so you won't miss a deposit and can easily stay on track. Set up free Steady Save® transfers from a Citizens Bank checking account to ensure regular, automatic deposits so you won't lose your bonus. Open a personal checking account and enroll in Green$ense™. Earn money when you use your debit card to help fund your savings. There is no limit to how much you can save - the more you save, the more interest you can earn. It is not required to spend CollegeSaver funds or the $1,000 bonus on education. Give your child a head start and Stop by your nearest Citizens branch or call us at 1-877-360-CIRCLE today.
Glitch99 said: It takes alot of faith to wait 12+ years for a bonus payout. It sure does, and that is assuming the bank doesnt fail in the next 12 years.
In any case, the interest rates are abysmal (<0.5% for one of the zip codes I tried).
LtWaldo
Thrifty Member
posted: Nov. 3, 2009 @ 3:57p
Is it even worth it?...I assume the rates of this bank account are sub-par compared to the HYS accounts FWF knows about, especially over 12 years!
lagerberries
Member
posted: Nov. 3, 2009 @ 3:58p
do you think this offer would still be available in 5 years?
digital330
Ancient Member
posted: Nov. 3, 2009 @ 4:12p
Best case scenario with this account - 12 years at 0.5 % and monthly contribution of $25 ==> Final balance = $3710 + $1000 bonus = $4710
With regular interest bearing account - 12 years at 5% and monthly contribution of $25 ==> Final balance = $4920
Nothing spectacular when you consider that market interest rate will definitely go up in next 12 years. And this bank may get bought/sold in that time frame with no guarantee that the bonus will be honored then. Its tough to get even a $100 bonus after 90 days with many banks!
digital330 said: Best case scenario with this account - 12 years at 0.5 % and monthly contribution of $25 ==> Final balance = $3710 + $1000 bonus = $4710
With regular interest bearing account - 12 years at 5% and monthly contribution of $25 ==> Final balance = $4920
Nothing spectacular when you consider that market interest rate will definitely go up in next 12 years. And this bank may get bought/sold in that time frame with no guarantee that the bonus will be honored then. Its tough to get even a $100 bonus after 90 days with many banks!
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