First Citizens Bank Review 2024

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At a glance

3.8

Rating: 3.8 stars out of 5

Bankrate Score

CDs

Rating: 4.3 stars out of 5

Checking

Rating: 4.3 stars out of 5

Savings

Rating: 3 stars out of 5

MMA

Rating: 2.4 stars out of 5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

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Overview

First Citizens Bank accounts are available to those who live within its 23-state branch footprint. It could be a good choice for those looking for a full-service bank with options such as a free checking account. However, those seeking competitive rates on savings accounts will need to look elsewhere.

Highlights

Free Checking
Highly Rated App

Overall

First Citizens Bank originated more than 120 years ago and maintains branches in 23 states. The bank offers a free checking account as well as two that pay interest. While the minimum deposit required to open some accounts is low, higher yields can be found elsewhere on savings accounts, money market accounts and CDs.

Pros

A free checking account is offered, as well as two checking accounts that earn interest and provide other perks.
CDs come in a wide range of terms, and specialty CDs are offered.

Cons

Yields are lackluster on CDs, as well as savings and money market accounts.
Savings account holders are only allowed two free withdrawals or transfers each month.

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First Citizens banking products

3.0

Rating: 3 stars out of 5

See methodologyCompare savings rates

SCORE BREAKDOWN

APY offering:

0.10%

Rating: 1 stars out of 5

1/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.

Minimum balance for APY:

$50.00

Rating: 5 stars out of 5

5/5

The lowest deposit amount an account must have before it can earn interest.

Monthly service fee:

$0.00

Rating: 5 stars out of 5

5/5

A monthly charge a financial institution deducts from an account if certain requirements are not met.

Minimum balance to avoid fee:

$0.00

Rating: 5 stars out of 5

5/5

The lowest balance an account must maintain in order to avoid a fee.

Access to funds:

Great

Rating: 5 stars out of 5

5/5

A procedure that allows an individual or organization to access and manage the funds of another account holder.

FEATURES

0.10% APY

APY last updated between 8/14 and 8/20.

$50 minimum balance for APY

$50 minimum deposit to open

First Citizens savings overview

First Citizens Bank’s Online Savings Account requires a minimum opening deposit of $50, and there is no monthly service fee. The account earns an annual percentage yield (APY) that’s well below the national average. You’re only allowed two free withdrawals or transfers per statement cycle, with each additional one costing a fee of $3. (For context, most other banks, even if they limit withdrawals, give you at least six per month before charging a fee.)

The account can be linked to a First Citizens checking account for overdraft protection purposes.

Pros

No monthly service fees

Cons

The APY is very low.
Only two free withdrawals or transfers are allowed per month, and a $3 fee is charged for each transaction beyond that.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

First Citizens

APY

APY last updated between 8/14 and 8/20.

APY

APY last updated between 8/14 and 8/20.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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First Citizens CD overview

First Citizens Bank offers seven standard terms of CDs that range from six months to five years. CDs need to be opened in a branch, and rates may vary depending on your area. Rates are not competitive with those offered by many other banks, based on the rates listed on the bank’s website. You’ll need a minimum deposit of $500 to open a CD.

Specialty CDs that are available include a six-month automatic saver CD and a one-year convertible CD. The bank also offers a higher-yielding 12-plus-month CD term, which requires a $5,000 minimum opening deposit and is available to customers who also have a First Citizens Premier Checking account.

Pros

The minimum opening deposit for most CDs is relatively low.
CDs are available in a wide range of terms, making them suitable for laddering.

Cons

Better CD yields can be found from other banks.

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

First Citizens

APY

APY last updated between 8/14 and 8/20.

APY

APY last updated between 8/14 and 8/20.

National average APY

Term length

How do we get this data?

2.4

Rating: 2.4 stars out of 5

See methodologyCompare MMA rates

SCORE BREAKDOWN

APY offering:

0.05%

Rating: 1 stars out of 5

1/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.

Minimum balance for APY:

$500.00

Rating: 4 stars out of 5

4/5

The lowest balance an account must maintain in order to earn interest.

Monthly service fee:

$10.00

Rating: 3 stars out of 5

3/5

A monthly charge a financial institution deducts from an account if certain requirements are not met.

Minimum balance to avoid fee:

$1,000.00

Rating: 4 stars out of 5

4/5

The lowest amount an account must maintain in order to avoid a fee.

Check writing:

Yes

Rating: 5 stars out of 5

5/5

The ability to write a certain amount of checks within a statement cycle.

Debit/ATM access:

Good

Rating: 4 stars out of 5

4/5

The ability to withdraw funds from an account through the use of debit or ATM card.

First Citizens money market overview

The First Citizens Money Market Account requires $500 to open, and maintaining a daily balance of at least $1,000 will enable you to avoid the $10 monthly service fee. While the account doesn’t come with check-writing privileges, it does include an ATM card.

The Money Market Account pays tiered interest rates, yet yields are lower than the national average for all balances.

Pros

An ATM card is provided.

Cons

Better money market rates can be found elsewhere.
Check-writing privileges are not included.
A balance of $1,000 is required to avoid the monthly fee.

4.3

Rating: 4.3 stars out of 5

Bankrate Score

Compare top checking rates

First Citizens checking overview

The First Citizens Bank Free Checking account charges no monthly fee as long as you’re enrolled in paperless statements. It requires $50 to open, and checks and a debit card are included.

The first five ATM transactions are free when an out-of-network ATM is used, and the per-transaction fee after that is $2.50.

The fee for overdrafts is $10, which is lower than what many other banks charge. There’s also a $10 fee for overdraft protection transfers from a linked savings account or line of credit.

First Citizens also offers Premier and Prestige checking accounts, both of which pay interest. Having one of these accounts also enables you to earn more favorable rates on the bank’s CDs and lines of credit. Both charge a monthly fee ($18 and $25, respectively), which can be avoided by maintaining a set minimum balance across select First Citizens accounts.

Pros

Free Checking account holders pay no maintenance fee when enrolled in paperless statements.
The fee for overdrafts is well below the national average.

Cons

Free Checking requires $50 to open, which is higher than what some banks charge.

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Bank fees

Fee	Charged?
Overdraft fee	$10
Non-sufficient funds fee	None
Monthly maintenance fees	$0 - $25
Out-of-network ATM fee	$2.50*
Excessive transaction fee	$3

*The first five ATM transactions are free when an out-of-network ATM is used.

Customer experience

Physical Presence: First Citizens is a family-owned bank that’s been in operation for more than 120 years. The regional bank maintains more than 500 branches in 21 23 states. Accounts are available to those who live in the bank’s branch footprint.

Customer service: Customer service representatives can be reached by phone Monday through Friday from 8 a.m. to 9 p.m. ET, as well as Saturday and Sunday from 8 a.m. to 8 p.m. ET.

Mobile app: The First Citizens digital banking app is highly rated by both Android and Apple users. The bank’s Manage My Money tool allows you to see your full financial picture by viewing all of your bank accounts, investment accounts, credit cards and mortgage accounts in one place. You can categorize expenses to see where your money is going across all accounts.The bank also provides access to peer-to-peer payment service Zelle, and customers can link debit cards to mobile wallets such as Apple Pay and Samsung Pay.

About First Citizens

First Citizens Bank is a family-owned institution that has been in operation for more than a century. The bank is based in Raleigh, North Carolina, and maintains more than 500 branches in 23 states.

First Citizens accounts can be opened either in person or online, but they’re only available to those who live in the states where the bank has branches.

The regional bank works with organizations that support young people with cancer, including Teen Cancer America and Prisma Health Cancer Institute in Greenville, South Carolina.

In January 2023, First Citizens announced that its merger with CIT Bank was complete. The combined company operates under the First Citizens Bank name. The company stated it plans conversions for CIT Bank to First Citizens’ operations and systems in the coming months.

How does First Citizens Bank compare to other banks?

First Citizens Bank vs. Regions Bank

Both First Citizens and Regions are regional banks, mainly operating in southern states. While First Citizens operates in seven additional states, Regions has more than double the physical locations.

You’ll generally find the same rock-bottom yields that are characteristic of banking institutions with a solid number of branches. (As such, you’re better off with an online-only bank, which tend to offer very competitive rates, such as Ally and Synchrony banks.) That noted, Regions Bank is offering a few promotional CDs with high yields.

First Citizens Bank FAQs

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

First Citizens Bank Review 2024 | Bankrate (2024)

At a glance

Overview

Highlights

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Overall

Pros

Cons

We want to know what you think about First Citizens Bank

First Citizens banking products

First Citizens savings overview

Pros

Cons

First Citizens savings rates

Advertiser Disclosure

How We Make Money

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First Citizens CD overview

Pros

Cons

First Citizens CD rates

First Citizens money market overview

Pros

Cons

First Citizens checking overview

Pros

Cons

Advertiser Disclosure

How We Make Money

SoFi

Bank fees

Customer experience

About First Citizens

How does First Citizens Bank compare to other banks?

First Citizens Bank vs. Regions Bank

First Citizens Bank FAQs

Review methodology