Citizens Financial Group, Inc. (NYSE: CFG) today announced the launch of Citizens Access, a nationwide, direct-to-consumer digital bank. This new online platform offers compelling deposit products to serve an increasing number of digitally-savvy customers who value the unique benefits and convenience of a digital bank.
Citizens Access safely and securely offers Member FDIC-insured online savings and CD accounts with attractive rates and no fees. Customers across the United States may now access the new platform and open accounts through CitizensAccess.com.
“Over the last several years, direct bank deposits have grown six times faster than deposits at traditional banks as consumers have sought innovative new ways to save money,” said John Rosenfeld, President of Citizens Access. “To address these evolving customer needs, we designed Citizens Access to provide an exceptional digital experience where every task is intuitive and easily accomplished, even on a mobile phone.”
Citizens Access’ customers will be able to open and fund a new account in five simple steps that take fewer than five minutes to complete. Everything can be done either on a mobile device or computer and every aspect of the experience is digital. All documents will be delivered electronically to customers in a secure manner. Citizens Access also provides savings tools to customers to help them think creatively about how to save. For example, a customer can use the platform’s digital tools to construct a CD ladder that will allow the customer to benefit from higher, longer-term rates without locking all of their money up for the entire duration.
“The industry is seeing a renewed interest in CDs as consumers turn their attention to digital-savings’ products,” Rosenfeld continued. “After ten years of declining popularity with consumers, recent trends have shown that CD growth have begun to outpace savings and MMA growth. Citizens Access is initially offering differentiated CD offerings and we want to help consumers understand how to best utilize these products in their savings plans.”
While many direct banks offer higher deposit rates than their traditional counterparts, many also still charge fees for typical bank services such as official checks, returned deposit items or excessive transactions. Citizens Access has eliminated all fees to make things easier for its customers while offering them even greater value to help them achieve their savings goals.
The digital bank will be marketed outside the Citizens’ current branch footprint and will operate separately from Citizens Bank’s current retail offerings.
To learn more about the Citizens Access experience, please click here.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $153.5 billion in assets as of March 31, 2018. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,300 ATMs and approximately 1,150 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services, including lending and deposits, capital markets, treasury services, foreign exchange and interest rate products and asset finance. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
Rory Sheehan, 781 655 3931