Citizens Bank HomeBuyer Savings℠
Citizens Bank Has A Plan To Help You Save for A Home…
If you’re looking for a way to save for a new home, Citizens Bank has a program that might just help you to achieve your goal of homeownership. The HomeBuyer Savings℠ plan requires that you save a minimum of $100 per month over a 36-month term. In addition, when you purchase your home with a Citizens Bank mortgage, you will receive a $1,000 credit to be used for covering closing costs.
With your HomeBuyer Savings℠ account, there is no limit to how much you can save and you will receive assistance from a Citizens Bank mortgage loan expert when it’s time to buy. A nice feature with this savings plan is that with a checking account and enrollment in Citizens Bank’s Green$ense™ program, you can earn an additional $120 per year to put towards your down payment. In addition, account holders can also take advantage of Citizens Bank’s Steady Save® program where you can set up a monthly automatic transfer between your checking account and your HomeBuyer Savings℠ account.
Make the Dream of Homeownership A Reality with HomeBuyer Savings℠
Like with most savings programs, there are a few catches. First, this plan is only available upon individual approval. You must visit your nearest Citizens Bank and speak with a banker or you can apply for the HomeBuyers Saving℠ plan online. Second, in order to receive the $1,000 credit to be used for closing costs, you must consecutively make net deposits of $100 per month for 36 months and close on a mortgage loan issued by Citizens Bank within three years from the date your initial 36 months ends. You are, however, allowed to miss one deposit per year. To open the account a minimum of $100 is needed.
There is no monthly service fee with this savings account. If you need to withdraw money, you can do so, as long as you bring your balance back to the minimum balance; which is an accumulation of $100 per month.
Related Information
Homes: Don’t Bank On Them
Dateline Pittsburgh: 2/7/2010
About Citizens Bank
$100 Checking Account Bonus and a Savings Program
How Much House Can I Afford?
Keep the Change®
Tags: Automatic Savings, Citizens Bank, Green$ense™, HomeBuyer Savings℠, Savings Programs, Steady Save®
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Comments (5)
This is really great. I’ve never heard of a savings plan from a bank that is specifically designed to save for a home. I wonder how many success stories have come of this program..?
I guess, like with any bank’s savings account, you just need to shop around and find a savings plan that will be the most beneficial for you, or your given situation.
I don’t know about this program.. It sounds like a lot of work for little incentive from Citizens. After 3 years they only offer an $1,000 to help towards closing costs. How about if they’re the bank who does the loan, they waive closing costs all togeter and cover third party costs..?
Interesting savings plan. Doesn’t seem to offer too much in the way of bonuses for the homebuyer. Hmm..
[...] a customer with attractive savings programs. For example, Citizens Bank has a savings account, HomeBuyer Savings℠, which is designed to help people save for a new home, even contributing $1,000 towards closing [...]