RBS Citizens Bank has launched a new current account that cuts maintenance fee of $9.99 per month if customers make at least one deposit every month, reported The Boston Globe.
The new account will allow RBS Citizens to get back some of the deposits it has lost recently.
Go deeper with GlobalData
Though, the maintenance fees have been reduced, RBS Citizens charges customers $3 for paper account statement, and separate charge for buying cheques.
Citizens Bank consumer banking vice chairman, Brad Conner, said the bank wanted to keep customers engaged in their finances and the bank, which can lead to more profitable business with them, such as car loans and mortgages.
"We want to be their bank and have a relationship with them," Conner added.
Many banks are, reportedly, offering current accounts without charging maintenance fees to attract customers.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAccenture North America banking practise managing director, Wayne Busch, was quoted by the website as saying that banks used to toss customers freebies such as toasters and digital clock radios to encourage them to open accounts.
"But now the teaser is a checking account with simple ways to get around the maintenance fees," Busch added.
Other banks to offer such services include Santander Bank and Bank of America (BofA), which offer free current account only if customer deposits $1,500 and $250 per month, respectively.
