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Citizens Financial launches direct-to-consumer digital bank

Published 11 July 2018

Citizens Financial Group has launched Citizens Access, a nationwide, direct-to-consumer digital bank in the US.

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.

Citizens Access president John Rosenfeld said: “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.

“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.

Rosenfeld said: “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.

Source: Company Press Release