06/15/2020
Citizens Bank launches SpeciFi Save & GrowTM and wins Digital Initiative of the Year
SpeciFi Save & Grow helps customers earn more on their cash while investing at their own pace, all in one account.
June 15, 2020 (Providence, RI) -- Citizens Bank has launched a new and innovative investment solution, SpeciFi Save & Grow, which integrates digital investing and high-yield cash in a single account.
Save & Grow builds upon the award-winning SpeciFi® digital advisor that Citizens launched in 2017. With Save & Grow, customers are able to accelerate their growth with this solution that pairs high-yield, FDIC-insured cash with a personalized investment portfolio. Today, Aite Group, a global research and advisory firm, recognized Citizens Bank’s Save & Grow as the winner of the 2020 Digital Wealth Management Impact Innovation award for “Digital Initiative of the Year.” Awards were judged by a global panel of external experts in digital wealth management.
“We’ve created an experience that’s a huge leap forward in the integration of banking and investing,” says John Bahnken, President, Citizens Wealth Management. “It’s personalized and built in a way that delivers a seamless, exceptional experience across all touchpoints.”
Save & Grow was designed to keep the customer in control. The customer decides how much money to keep in cash as an emergency fund or for near-term needs, while SpeciFi keeps the customer’s investment portfolio aligned with his or her longer term goals. Customers can change the cash allocation at any time with free transfers between cash and investing. Save & Grow also helps the customer to accelerate growth by linking a periodic savings feature and automatically sweeping any excess cash into the investment side of the account. As always, clients have access to financial advisors through phone and chat features.
Save & Grow was developed to address unmet customer needs identified through primary research. Peter Fishman, Head of Digital Investment Solutions explained, “Our target customer is not new to investing. They are likely already contributing to their 401Ks, but they know they need to do more to prepare for their future. They value the ability to earn more on their cash while investing at their own pace, and to have automated help accelerating their growth. Save & Grow does just that while keeping the customer in the driver’s seat.”
SpeciFi Save & Grow is available for individual and joint accounts. SpeciFi IRATM is also offered for tax advantaged accounts, without the Save & Grow feature. Both SpeciFi Save & Grow and SpeciFi IRA have a minimum investment requirement of $2,000. Save & Grow currently offers 1.25% APY on cash balances and no management fee is charged on the cash portion of a Save & Grow account. This interest rate is variable and subject to change without notice.
For additional information on SpeciFi, please visit:
SpeciFi Save & Grow
SpeciFi Save & GrowTM is a digital investment solution helping clients accelerate their growth and achieve their financial goals by offering a solution that pairs high-yield, FDIC-insured cash with SpeciFi®, an award-winning digital investment advice platform. The platform allows customers to set a target cash rate and seamlessly invests excess cash – or sells investments to generate cash – in order to stay aligned with that target cash level. This solution is fully integrated into Citizens Bank Online®, providing an aggregated view of a client’s SpeciFi Save & Grow account, along with his or her other bank and investment accounts.
Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $176.7 billion in assets as of March 31, 2020. 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 2,800 ATMs and approximately 1,000 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 a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
