Because it’s what we’re all about! With an easy online experience and some of the best rates around, we make saving simple. Oh, and if you hadn’t already noticed, we’re not big on fees or funny business – so you’ll save smarter with no promo or teaser rates or fees of any kind.
Plus, we’re backed by Citizens Bank, N.A., an award-winning bank with nearly 200 years of experience and over $150 billion in assets. And, phew, that kind of know-how can do wonders for your finances.
We offer an online savings account in addition to online certificates of deposit (CDs) with some of the best rates available to help you earn more and achieve your savings goals.
Being a digital, online-only bank saves us a bundle. Instead of pocketing those savings for ourselves, we pass them on to you in the form of great rates.
About 5 minutes. Just a few easy steps and you can start earning some of the best rates around.
Yes, the minimum deposit needed to open a Citizens Access® Savings account is $0.01 and the minimum deposit needed to open a CD is $5,000.
That’s right, as an online-only bank, we don’t have any branches. But there are still two easy ways to access money in your savings or CD account. Option 1: Link your Citizens savings or CD account with your account(s) at other financial institutions and set up a one-time or recurring transfer (restrictions apply). Option 2: Ask us to send you a check in the mail. See? Easy peasy.
You bet! Unlike most banks, Citizens charges zero fees for our savings products – no account opening or maintenance fees, and no ancillary service fees. No fees for anything. Really.
We sure do. Any time you need help, call the Relay service at 711 and connect with us toll-free at 1-888-201-6505. We’re here Monday–Friday, 6 am–12 am ET; Saturday, 9 am–5 pm ET; and Sunday, 10 am–5 pm ET.
We're 100% digital. No branches = more savings. Simply log in to access your money.
The routing transit number (ABA) for Citizens Access® Savings accounts and CDs is 011601443.
If you were named as a beneficiary on a Citizens Access account, it means the account owner chose you to receive a share of their account balance upon their death. And if you’re here, then we’re very sorry for your loss. We know you’re handling a lot right now, so we made requesting your beneficiary disbursement as easy as possible.
Just download and complete the Beneficiary Disbursement Request (BDR) form (you’ll need some common info and documents, like a certified copy of the death certificate and the address where we should send your funds). Then get it notarized and send everything back to us.
While both are products designed to help you save, they offer different benefits.
Our Access Savings account is ideal if you like our great rates but want to access your savings more frequently. Withdrawing your money is easy: Just link your Citizens Access Savings account to your account(s) at other financial institutions and set up a one-time or recurring electronic transfer (transfer restrictions apply).
A CD is ideal if you don't need immediate access to your funds. In a CD account, you agree to invest your savings for a predetermined amount of time to earn a higher fixed rate of interest.
Enthusiastically! Oh, that’s not what you meant. With Citizens Access® Savings accounts, interest is compounded daily and paid monthly.
Citizens Access® does not offer IRAs at this time.
Yes, the minimum deposit required is only $0.01
Yup! Your Access Savings accounts are automatically insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum allowed by law. And they’re backed by the full faith and credit of the United States government so... you’re pretty insured. (Fun fact: Since the FDIC was established in 1933, no depositor has lost a penny of FDIC-insured money.) To estimate your own coverage, check out the FDIC's Electronic Deposit Insurance Estimator (EDIE).
Citizens Access® and Citizens Bank, N.A. are treated as the same entity for the purpose of calculating FDIC insurance limits and deposits, under the FDIC certificate #57957.
As much as the law allows! To estimate your own coverage, check out the FDIC's Electronic Deposit Insurance Estimator (EDIE). If you have other accounts with Citizens, you should know that Citizens Access® and Citizens Bank, N.A. are the same entity for the purpose of calculating FDIC insurance limits and deposits, under the FDIC certificate #57957.
A CD is a savings vehicle, also known as a "time deposit," that’s used to grow your money over a given period of time.When you open a Citizens Online CD, you agree that you will not withdraw the funds until the maturity date, which varies from 1 to 5 years. In return, we guarantee you earn a fixed rate of interest.
We offer 1-year, 2-year, 3-year, 4-year and 5-year Online CDs
Yup! Your CDs are FDIC insured up to the maximum allowed by law. Citizens Access® and Citizens Bank, N.A. are treated as the same entity for the purpose of calculating FDIC insurance limits and deposits, under the FDIC certificate #57957. For more information about your own personal level of coverage, please visit the FDIC's Electronic Deposit Insurance Estimator (EDIE).
Yes, the minimum deposit required is $5,000.
No. But you will receive a document that provides all the details of your account. Log in and find it in your Documents & Notices under the Communications section.
You must provide your funding deposit within 10 days of account opening and no additional deposits can be made for the remainder of its term. Additional deposits are allowed only at maturity and during the grace period.
Your CD is a fixed rate account and you will be paid the disclosed interest rate until the original maturity date of your account. Interest is calculated based on your daily balance and is compounded daily and paid monthly.
At maturity (the last day of your CD's term), you’ll have a 10-calendar day grace period in which you can withdraw funds from your account without penalty.
A CD ladder is a savings strategy where you invest your savings across multiple CD terms with staggered maturity dates. When each CD term ends, you can reinvest funds into new CD terms with longer maturities, providing higher interest rates.
CD laddering allows you to invest money in both short-term and long-term CDs so that you can benefit from higher earnings while having greater access to your funds. Benefits include:
Access to longer-term rates
Increased funds availability
Limited interest rate risk
Building a CD ladder is easy. Follow these 3 simple steps:
Divide your total investment across multiple CDs with different maturity terms
At maturity of each CD, roll over your earnings into a new CD with the longest term within your ladder
After the 1st rollover, CDs will automatically renew for the same term at maturity
To maintain the CD ladder, you should reinvest your earnings into a new CD with the longest term within your ladder.
You have two easy options:
Online funds transfer. Using the routing number and account number of your checking or savings account at another US financial institution, you can link that external account to Citizens Access® and then make an online transfer into your Citizens Access® account.
Deposit a check. Ensure the check is made payable to you from another US financial institution (no foreign checks, please). Endorse the back of the check with your signature, your Citizens Access® account number and "For Deposit Only to Citizens" on the endorsement line. You can deposit your check by signing into your account from your phone and selecting Deposit a Check from the Move Money menu and following the prompts. Alternatively, you can mail your check to us at the following address: Citizens Access PO Box 6801 Carol Stream, IL 60197-6801
Please note, you can only make a deposit to a CD when you open the account. Additionally, we will not accept cash deposits or wire transfers. All deposits to your accounts, regardless of how they are made, are subject to verification, final payment and our Funds Availability policy.
No. We cannot accept a cash deposit. Sending cash through the mail is inherently very risky. Please ensure all deposits are made via online transfer, check or mobile deposit. (Wireless carrier, text and/or data charges may apply.)
You bet! Just log in to the Citizens Access mobile app (available free in the Apple App Store and Google Play Store), tap Move Money, then Deposit a Check. Follow the prompts to endorse your check and snap some photos and, voila, you just made a deposit without leaving the couch.
Reach out to your payroll or benefits provider to get started. They’ll need the following info:
Your Citizens Access® account number
Our routing/ABA number: 011601443
Deposits made to your Citizens Access® accounts begin to accrue interest as soon as they are deposited.
If you established the transfer through Citizens Access, log in to your account, tap Manage Externam Transfers from the Move Money menu then Delete Your Transfer. You must delete the transfer the day before it’s scheduled to process. If you prefer to call us to cancel your transfer, we would be happy to assist you but please note that we need at least three days’ notice.
Our savings accounts are designed to help you achieve your savings goals, not to replace your everyday transactional accounts – so we don’t offer ATM cards, debit cards or checks.
You must be a US citizen or resident alien with a valid US address to open a Citizens Access® Savings or CD account.
You must be at least 18 years old to open a Citizens Access® Savings or CD account.
For Citizens Access Savings and CD accounts, you can set up an account in your name alone, share ownership with another account owner or your account can be held in the name of a personal trust.
If you’d like to add a joint account owner, each owner will have equal authority and rights regarding the account. At this time, a joint account may not have more than two account owners.
If you’d like your account held in the name of an established revocable trust, you can convert an individual or joint account as long as the current account owners are the Trustees listed in the Trust Agreement and the Trust tax ID is the Social Security number of a Grantor who is also a Trustee.
If you’d like your account held in the name of an established irrevocable trust, you can convert an individual or joint account as long as the current account owners are the Trustees listed in the Trust Agreement.
We also offer the ability to establish “informal” trust accounts (also known as “Pay on Death” or “Totten Trust” accounts) established in your name as trustee for the benefit of one or more designated beneficiaries. Customers may assign an existing trust as the primary beneficiary on any of our accounts. Please consult your legal counsel to determine if either of these approaches will meet your needs.
Please note, all savings accounts are opened initially as individual accounts, which means the account owner is the sole owner until one of the above steps is taken to designate it otherwise.
While joint account owners have equal authority and rights over their account, the primary account owner is the individual who originally established the account and receives all important account info (e.g., statements, tax documents, etc.).
You can add a joint account owner at any time in less than 5 minutes.
Before you get started, make sure the joint owner is ready to provide their Social Security number, personal details and any additional info needed to verify their identity. Then, sign in to access your account, tap Add Joint Owner from the Manage Accounts menu and select the account(s) you want to add that individual to and follow the prompts.
We understand that you likely aren't with your joint account owner 24 hours a day, so we designed our account opening process to ensure our customers can start saving with us as quickly as possible. The process to add a joint owner is totally simple and they can be added immediately after account opening or any time in the future.
At this time, any single Citizens Access® Savings account may not have more than two account owners.
Citizens Access® does not offer business accounts at this time.
Mortgages
Easy! Give us a call at (833) 461-1706. We’ll ask a few questions, then let you know how much you can borrow. You’ll feel more confident looking for a new home and sellers will feel more comfortable knowing you’re a serious buyer.
It depends. With a fixed rate loan, the interest rate never changes. An adjustable rate mortgage (ARM) has an interest rate that’s fixed for a set number of years, then goes up or down based on a market index. When deciding which is right for you, consider how long you plan to stay in your home or keep your mortgage. Sticking around? A fixed rate may be best. Leaving soon? An ARM might make sense if you think you’ll sell your home before the rate becomes variable.
With an interest-only loan, you’ll only pay interest (no principal) each month for a set number of years. During this time, your monthly payments will be lower, but you won't build any additional equity in your home (unless it appreciates in value) and, when the interest-only period ends, your monthly payment will go up, often substantially, to make sure you repay the outstanding principal before the loan term ends. An interest-only loan isn’t for everyone but, if you’re comfy with the risks, may be a good way to add some flexibility to your monthly expenses. Keep in mind, the interest-only feature is not offered on all loans and is only available to those who are well qualified. Need help deciding? Give us a call: (833) 461-1706.
An appraisal is an opinion of the market value of the home you’re planning to buy. Since the home will be used as collateral against your mortgage, lenders want to make sure the property is worth at least as much as the loan you’re requesting. Appraisals are almost always required and must be performed by an independent, unbiased, qualified, and licensed or certified pro.
Yup! If you’re applying for a first-lien mortgage or home equity loan or line, we’ll automatically send you completed appraisals and written valuations. For any other loans, you can request a copy for free.
Market value is the likely selling price of a home with a willing buyer and a willing seller on the open market.
Comparable sales are properties that have recently sold and are like the home you’re planning to buy in most ways, including size, location and amenities. They’re selected by an appraiser after careful research of the local real estate market and are an important factor in determining market value.
This is one of the most important mortgage questions. When you’re buying a home, the funds are available on the day you sign and finalize your loan.
Points, also known as discount points or mortgage points, are a one-time fee you can pay to get a lower interest rate. One point equals one percent of your loan amount and usually results in a rate that’s one-eighth to one-quarter of a percent lower. Depending on the terms of your loan, that could add up to some serious savings.
The interest rate is the rate at which interest accrues on your outstanding loan balance. The APR (annual percentage rate) includes the interest rate, plus some of the upfront costs of getting the loan, including points and lender fees.
When you make your mortgage payment on the first of the month, you’re actually paying for interest charges that accumulated during the previous month (also called "paying in arrears"). For example, a mortgage payment due on August 1 covers the interest charged from July 1 to July 31. Pre-paid interest is the opposite: it’s paid in advance. It’s the per diem interest charges that begin accumulating on the day your loan is closed until the end of the month in which the closing occurred.
So, for example, if your loan closed on June 15, the pre-paid interest would be calculated based on the number of days left in the month of June, or 15 days (June 16 through June 30). Using this same scenario, your first monthly mortgage payment would be due on August 1. The August 1 payment would cover interest charges that occurred between July 1 and July 31 (covering the days after the pre-paid interest period ended).
Closing costs are due when you close your loan and include things like title insurance fees, attorney fees, pre-paid interest and documentation fees. They vary depending on the type of mortgage, the property location and other factors.
You'll receive a Loan Estimate explaining your closing costs when you formally apply for your mortgage. You'll also receive a Closing Disclosure before closing that will list all the costs, credits and fees needed to complete the purchase of the home.
If you have the cash on hand, consider it. It will lower your monthly payment.
Principal and interest. With most mortgages, your monthly payment will include amounts that go toward loan principal and interest. For an interest-only mortgage, monthly payments will include only the interest that is due on the outstanding principal balance, until the interest-only period ends.
If your home loan requires mortgage insurance, such as private mortgage insurance or PMI, your monthly payment will usually include a mortgage insurance premium.
Your monthly payment may include money to cover real estate taxes, homeowners insurance and, if applicable, flood insurance. We hold this money in an escrow account and pay your tax and insurance bills on your behalf when they’re due. Remember, no matter the type of mortgage you have, you can always make additional payments toward principal without a penalty. That will help you pay off your loan more quickly
Many lenders suggest a down payment of 20% or more to avoid private mortgage insurance, an extra cost added to your mortgage payment until you have enough equity in your home. But that doesn’t mean you don’t still have options! We offer low down payment options for several of our mortgage loans. Give us a call to discuss your options and see if you qualify: (833) 461-1706.
If you're buying a home and have less than a 20% down payment, mortgage insurance, such as private mortgage insurance (PMI) is usually required. Typically, PMI is added to your monthly mortgage payment until you have enough equity in your home (usually 20%).
Yes! For first mortgages, we don’t always need a property address to lock a rate. However, once it’s locked, we need the address within 30 days. Speak with a home loan originator for more details: (833) 461-1706. Restrictions may apply.
LTV stands for loan-to-value. It's used to determine how much you’re eligible to borrow and whether mortgage insurance, such as PMI, will be required. It's also one of the factors used in determining your interest rate. It equals:
The total dollar amount of mortgages on your property Divided by The property's fair market value
When you're buying a house, the fair market value will be the purchase price or the estimated market value as established by the appraisal, whichever is lower.
There are many sources online that can tell you what other homes in the neighborhood are selling for and you can usually check with the local tax authority to find out what the last tax assessment was for the property. However, we’ll verify the value of the home by ordering an appraisal as part of your mortgage application.
Interest you pay on a loan secured by your primary residence may be tax deductible. A tax advisor can let you know for sure.
Our decision is based on 3 things:
Your credit history
Your property, and
Your debt-to-income ratio (the amount of income and assets you have compared to your outstanding debts)
If all three are in good shape, there’s a good chance you are too! If not, don’t worry – we can help find the mortgage that’s right for you and your situation.
There's no way to say what your exact interest rate will be until your application is completed, but we’ll give you our best estimate along the way. Your final interest rate will be influenced by where the market is when you apply as well as factors such as the loan purpose (buy or refi), your credit history , the value of your home, and the loan amount, to name a few.
Nope! A high credit score can unlock better rates and more offers, but a few past issues won't necessarily disqualify you from getting a mortgage. However, your credit history must show both a willingness and ability to repay on time.
An escrow account is a separate account your lender sets up to hold the money it collects each month for your real estate taxes, homeowners insurance and, if applicable, flood insurance and mortgage insurance. To determine how much to collect, the lender takes your estimated annual real estate taxes and insurance premiums and divides that number by 12. This amount is added to your monthly mortgage payment.
Your real estate and insurance bills are sent directly to the lender, who pays them on your behalf with the escrowed funds.
That depends on a few things, like your loan program and down payment amount. We’ll let you know if an escrow account will be required when you apply for your loan. If it is, we'll give you an estimate of your monthly escrow payments, too.
Typically, an escrow account is used to pay real estate taxes and required insurance premiums, like homeowners, flood and/or private mortgage insurance. They don’t usually cover things like homeowner association fees, non-required insurance, special or added tax assessments, supplemental tax bills or any type of non-real-estate-based taxes unless they’re included on your real estate tax bills.
We typically use the most recent tax assessment on the property, as well as information provided by your insurance company.
It’s certainly possible. The amount we collect each month is based on your real estate taxes and insurance premiums – if they go up or down, your escrow amount will too. We'll review your escrow account at least once a year and let you know of any changes to your required payment.
Mortgage refinancing
People refinance their existing home loans for a lot of great reasons, from saving money to paying off debt faster. Here are a few of the things refinancing can help you do:
Lower your monthly payment
Lower your interest rate
Switch from an adjustable rate to a fixed rate, or vice versa
Refinance for a higher amount to get cash or pay off other debts
Shorten or extend the term on your loan
Whatever your needs, we can help you pick the refi plan and loan that’s right for you. Give us a call: (833) 461-1706.
We offer an online savings account in addition to online certificates of deposit (CDs) with some of the best rates available to help you earn more and achieve your savings goals.
It depends. With a fixed rate loan, the interest rate never changes. An adjustable rate mortgage (ARM) has an interest rate that’s fixed for a set number of years, then goes up or down based on a market index. When deciding which is right for you, consider how long you plan to stay in your home or keep your mortgage. Sticking around? A fixed rate may be best. Leaving soon? An ARM might make sense if you think you’ll sell your home before the rate becomes variable.
With an interest-only loan, you’ll only pay interest (no principal) each month for a set number of years. During this time, your monthly payments will be lower, but you won't build any additional equity in your home (unless it appreciates in value) and, when the interest-only period ends, your monthly payment will go up, often substantially, to make sure you repay the outstanding principal before the loan term ends. An interest-only loan isn’t for everyone but, if you’re comfy with the risks, may be a good way to add some flexibility to your monthly expenses. Keep in mind, the interest-only feature is not offered on all loans and is only available to those who are well qualified. Need help deciding? Give us a call: (833) 461-1706.
An appraisal is an opinion of the market value of your home. Since the home will be used as collateral against your mortgage, lenders want to make sure the property is worth at least as much as the loan you’re requesting. Appraisals are almost always required and must be performed by an independent, unbiased, qualified, and licensed or certified pro.
Yup! If you’re applying for a first-lien mortgage or home equity loan or line, we’ll automatically send you completed appraisals and written valuations. For any other loans, you can request a copy for free.
Comparable sales are properties that have recently sold and are like the home you’re planning to refinance in most ways, including size, location and amenities. They’re selected by an appraiser after careful research of the local real estate market and are an important factor in determining market value.
As fast as the law allows! Funds are normally disbursed on the fourth business day after you sign your loan documents. That’s because federal regulations require a three-day rescission period, so you have time to change your mind and cancel your loan.
Points, also known as discount points or mortgage points, are a one-time fee you can pay to get a lower interest rate. One point equals one percent of your loan amount and usually results in a rate that’s one-eighth to one-quarter of a percent lower. Depending on the terms of your loan, that could add up to some serious savings.
Student loan refinancing
Student loan refinancing is the term for taking one or more student loans and combining them into a new, single loan, often with a new interest rate, monthly payment and loan term – and, potentially, big savings.
There are a lot of potential benefits to refinancing your student loans, like reducing your monthly payment, lowering your interest rate or getting out of debt faster. Check your refi rate to see how much you could save or give us a call at (888) 201-6505 to discuss your loans and goals and create a plan that’s right for both.
Absolutely! Discovering your interest rate and monthly savings with a Citizens Education Refinance Loan™ only takes a few minutes – and doesn’t impact your credit score.† Ready to see your savings? Start your rate quote »
We think you’ll like what you see, so we make it super easy to move forward with your favorite rate. Just select your preferred offer, confirm a few things and click Apply Now We’ll review and verify your info, finalize your interest rate and loan terms, then pay off your existing loans. Simplifying your student loans really can be that simple.
Nope, checking your Citizens Education Refinance Loan™ rates is 100% risk free†. And it only takes a few minutes. Check your rates now »
We know you’re excited to see your Citizens Education Refinance Loan™ rates. So to serve yours up as quickly as possible, we skip the lengthy questionnaires and only ask for the basics:
Name
Address
Email address
Phone number
Birthdate
Citizenship status
Social Security number
Monthly rent or mortgage cost
Highest degree earned
Employment status and income
Expected residency completion date (for medical residents/fellows)
To ensure you’re always getting the best rate for your current situation, personalized offers expire 30 days after requested. If your Citizens Education Refinance Loan™ rate expires before you get to lock it in, just get a new one. Remember, rate quotes are always fast and free and never impact your credit score.
Goodness, no – our goal is to save you money, remember? There are no application, origination, pre-payment or disbursement fees associated with a Citizens Education Refinance Loan™.
When we review your application and credit profile, we’re looking for things that show us you’re able to repay your loan. Generally, those include a reasonably strong credit history and annual income of at least $24,000. Got both? Great! You’re in good shape.
Missing one (or both)? Consider applying for a Citizens Education Refinance Loan™ with a cosigner. Since a cosigner agrees to pay your loan if you can’t – and often has a more established credit history – adding one may help you get approved and even get a better interest rate.
Fixed interest rates stay the same for the length of your loan, so you’ll always have the same monthly payments – but they tend to cost more than variable interest rates.
Variable interest rates go up and down, so your monthly payment will too. That means less predictability, but also potential savings: if it dips lower than a fixed interest rate, you’ll pocket the difference.
You can save up to 0.50% off our already low interest rates just for having another Citizens account (0.25% discount) and setting up automatic payments on your Citizens Education Refinance Loan™ (0.25% discount, which kicks in after your first loan payment). Has saving ever been this easy?†
Unlike getting your hands on a decent used textbook, the student loan refinancing process is actually pretty simple:
We present you with different offers based on your eligibility, including new interest rates, terms and monthly payment amounts.
You choose the offer that’s best for you and confirm a few things to officially apply.
We review your (and your cosigner’s, if applicable) credit profile and application to confirm your final interest rate and loan terms.
You sign some paperwork to accept your loan and make everything official.
We pay off those former student loans.
You celebrate and save.
As long as you were the primary borrower or cosigner on the student loans you’re looking to refinance, you can include them in your Education Refinance Loan. We’ll confirm the loans you submit are eligible for refinancing during our review process.
You can’t include any debt that’s not an education loan (e.g., credit card debt or a mortgage), even if it was used to pay education expenses. Other non-collegiate loans are also ineligible, such as primary school (K-12) and college prep loans.
Loans are available from $10,000 up to $300,000 (for those with Bachelor’s degrees or below), $500,000 (for those with Master’s degrees) or $750,000 (for medical residents/fellows and those with professional degrees). We’ll estimate how much you’re eligible to borrow during your rate check and confirm an amount while reviewing your loan application.
If you’re currently pursuing a Professional or Master’s degree, yes, you can refinance your student loans while you’re enrolled. Otherwise, you can’t refinance while still attending school.
No, graduation is not a requirement to apply for a Citizens Education Refinance Loan. If you have not earned at least a Bachelor's degree from a federally accredited college or university, you must have made at least 12 on-time payments of principal and interest on the loans you wish to refinance.
Yes! Borrowers can apply for cosigner release after making 36 consecutive on-time (i.e., within 15 days of your due date) payments of principal and interest.* When applying for release, we’ll review and verify the borrower’s income and credit to make sure they can hold the loan on their own. To apply for cosigner release, please call (888) 201-6505.
*Borrowers who use deferment or forbearance will need to make consecutive on-time payments after reentering repayment to qualify for release.
Parent loan refinancing is the term for combining one or more loans used to pay for another’s education (usually a child or family member) into a new, single loan, often with a new interest rate, monthly payment and loan term. You don’t actually need to be a parent to refinance; you may qualify as long as you’re combining one or more student loans taken out in your name for the benefit of another. Loans for multiple children can be refinanced into one new loan.
Unlike parenting – which can often leave you scratching your head wondering, “Where did I go wrong?” – the parent loan refinancing process is pretty straightforward:
We present you with different offers based on your eligibility, including new interest rates, terms and monthly payment amounts.
You choose the offer that’s best for you and confirm a few things to officially apply.
We review your (and your cosigner’s, if applicable) credit profile and application to confirm your final interest rate and loan terms.
You sign some paperwork to accept your loan and make everything official.
We pay off those former student loans.
You celebrate and save.
As long as you were the primary borrower or cosigner on the student loans you’re looking to refinance, you can include them in your Education Refinance Loan for Parents. We’ll confirm the loans you submit are eligible for refinancing during our review process.
You can’t include any debt that’s not an education loan (e.g., credit card debt or a mortgage), even if it was used to pay education expenses. Other non-collegiate loans are also ineligible, such as primary school (K-12) and college prep loans.
Loans are available from $10,000 to $500,000. We’ll estimate how much you’re eligible to borrow during your rate check and confirm an amount while reviewing your loan application.
Yes! You can start saving while your child is still learning – you can apply for an Education Refinance Loan for Parents at any time.
Nope, graduation is not a requirement to apply for an Education Refinance Loan for Parents.
No, cosigner release is not available through an Education Refinance Loan for Parents.
We got you, doc! Our Education Refinance Loan for Medical Residency fixes loan payments at just $100† per month during your program and has only three requirements:
You have over $10,000 in private or federal student loan debt.†
You have graduated from medical school and are matched to an MD, DO, DDS, DMD, DPM, VMD, PharmD or OD residency or fellowship program at the time of application.
You meet our credit criteria.
With a Citizens Education Refinance Loan™ for Medical Residency, any interest accrued over the fixed $100 monthly payments during your residency will capitalize at the end of your residency and grace period. If the $100 monthly payment exceeds the interest you’ve accrued for the month, we will apply the remainder to your principal.
With a Citizens Education Refinance Loan™ for Medical Residency, full payments of principal and interest begin six months after your residency completion date or 4.5 years after loan disbursement, whichever comes first.
Looking out for your credit – we love it! As part of the Citizens Education Refinance Loan™ application process, we request your full credit report (called a “hard pull”) which gets noted in your credit history and may temporarily affect your credit score (depending on how many other recent hard pulls you’ve requested).
All Citizens Education Refinance Loan™ applicants will need to verify the student loans they’re refinancing by providing recent billing statements. We can grab them from your loan providers auto-magically (you just log in to your provider account from our website and we do the rest), or you can upload them yourself.
Some applicants may need to provide documents which verify their identity, education and/or income, on the rare occasion we’re unable to do so on our own.
You’ll have a few options:
The “Very Fast” Option: Just log in to your account, select the loan you want to provide docs for and upload away (in some cases, you may even be able to automatically import the info we need, no uploading required). Either way, this option ensures your info gets to our processing team instantly for faster review.
The “Kind-of-Fast” Option: Email your documents to educationrefinance@citizensbank.com. JPGs, JPEGs and PNGs (10MB max) and PDFs (500MB max) are preferred, though other file types (20MB max) are accepted. No password protected files, please.
How you’re asked to verify your income depends on how you make that income, but most borrowers should expect to provide a recent paystub, W-2 and/or federal tax return. (Other sources of income, such as Social Security or pension benefits or child support will require additional documentation.) If we’re unable to verify your income using the documents you provide, we may ask for alternate documents.
We’ll let you know exactly what to provide once you’ve applied but, in the meantime, here are some examples:
Income type
Acceptable documents
Employment income
Most recent paystub Most recent W-2(s) Most recent tax returns
Social Security benefits, disability benefits, pension benefits, public assistance, etc.
Award letter indicating the amount and frequency of the benefit Most recent 1099 Most recent paystub
Child support or alimony
A written legal agreement or court decree Bank statement showing proof of payment
Income from a new job
An offer letter or employment contract that confirms employment, start date and salary
US citizens may need to provide a copy of their Social Security card or a recent W-2.
Permanent residents may be asked to provide either a copy of their resident alien card (Form I-551) or a copy of an application to replace their resident alien card (Form I-90).
Not a US citizen or permanent resident? Not a problem. You’ll just need to apply with a cosigner who is a US citizen or permanent resident and may be required to provide a US visa, employment authorization document (Form I-766), or approved Form I-797A.
Easy! Just log in to your account, select your Citizens Education Refinance Loan™ application and head to your Loan Summary. An open task – “Sign your promissory note” – will be waiting for you. From there, it’s just two simple steps:
Download and read your promissory note; and
Electronically sign it
Prefer to hold it in your hands? It takes a lot longer, but that’s also an option. If you called us to opt out of electronic communications, we’ll automatically mail your promissory note to you. Just sign it and mail it back.
Our student lending experts are ready to help! Please call (888) 201-6505 for personalized assistance with your Citizens Education Refinance Loan™ quote or application.
Once you’ve submitted your Citizens Education Refinance Loan™ application, here’s what happens next:
We’ll review your application and verify the info you provided.
We’ll reach out once we’ve made a decision (or if we need anything else from you).
If you’re approved, you (and your cosigner, if applicable) will review and/or sign a few documents to accept your offer, including your Promissory Note and Approval Disclosure.
Once everything is reviewed and signed, we’ll pay off your former student loans.
One quick note on disbursement: Before we use the funds from your new loan to pay off your old loans, we’ll send you a Final Disclosure. Your Final Disclosure will confirm the terms of the refinance loan and include instructions on how you can cancel your loan without penalty.
We’ll let you know when we pay off your former student loans. But those payments can take a while to process, so we recommend you keep making any payments due until you receive your first billing statement from us. Even then, you should still reach out to your prior lender(s) to confirm your loans have been paid in full before you stop making payments.
Depending on when your prior lender credits our payment, the amount owed could change before our payment is credited, potentially leaving a small balance with your prior lenders that you’re responsible for paying. On the flipside, if we paid too much and there are overages, we ask lenders to return those overages, then we apply them as a principal credit to your account. You should know, however, your prior lenders may have different policies related to overpayments. Please reach out to those lenders if you have questions
Have you ever wondered what the world’s biggest abacus looks like? Just kidding. We calculate your payoff amounts based on your interest rate and current balance and include an estimated overage to account for the time it takes to send and process the payment. You’ll find the total amount to be paid to each lender in your Final Disclosure.
Interest accrues daily on your loan, starting on the day funds are sent to your prior lenders. The amount of time it takes to process the disbursement(s) varies by lender. If you receive your first billing statement from us and your prior lender has not yet processed the payoff, please call us at (888) 201-6505.
Principal and interest payments begin 20-50 days after your loans are refinanced. We’ll notify you in advance so you have plenty of time to make your first payment.
Nope! Go ahead and pay more than your minimum monthly payment or pay off the whole thing early. We love your ambition and would never penalize it.
Checking balances, viewing statements, making payments – whatever you need to do with your Education Refinance Loan, you can do it at citizens.firstmarkservices.com. Of course, you can always reach us with any questions at (888) 538-7378.
With autopay, your Citizens Education Refinance Loan™ payment gets automatically deducted from your bank account every month. And your interest rate gets reduced by 0.25% for as long as you’re enrolled, too. (Heads up: This discount kicks in after your first autopay payment has completed.)
There are two ways to set up autopay:
If your loan has been approved but not disbursed: Log in to your account and select the loan you want to set up autopay for Head on over to your Loan Summary page Look for the Set up autopay task in My To-Do List
If your loan has already been disbursed: Visit your loan management portal to set up autopay
Please make checks out to: Citizens. Nice and easy!
Don’t even feel like remembering that? Head on over to your loan management portal and set up autopay on your Citizens Education Refinance Loan™. With autopay, your bill gets automatically deducted from your bank account every month. And your interest rate gets reduced by 0.25% for as long as you’re enrolled, too.
Please mail your Citizens Education Refinance Loan™ payments, refi success stories and fresh-baked cookies to:
Citizens P.O. Box 2977 Omaha, NE 68103-2977
That's all the FAQs in this category. Still have questions?
