You may like First Citizens Bank if you don't want to deal with monthly service fees on checking or savings accounts. But if your goal is to earn competitive interest rates, online banks with high-yield savings accounts will probably be more suitable options.
First Citizens Bank Review: Overall Rating
| Feature | Personal Finance Insider rating (out of 5) |
| Savings | 3.5 |
| Checking | 4 |
| CD | 3.75 |
| Money market account | 3.25 |
| Trustworthiness | 5 |
| Total | 4 |
First Citizens Bank Pros and Cons
| Pros | Cons |
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About First Citizens Bank
First Citizens Bank has over 500 branches and ATMs throughout the US. Branches are located in the following states:
- Arizona
- California
- Colorado
- Florida
- Georgia
- Kansas
- Maryland
- Missouri
- Nebraska
- Nevada
- New Mexico
- North Carolina
- Oklahoma
- Oregon
- South Carolina
- Tennessee
- Texas
- Virginia
- Washington
- West Virginia
- Wisconsin
Customer service representatives are available over the phone Monday through Friday from 8 a.m. to 9 p.m. ET and on weekends from 8 a.m. to 8 p.m. ET.
The bank's mobile app is rated 4.6 out of 5 stars in the Google Play store and 4.5 out of 5 stars in the Apple Store.
First Citizens Bank is FDIC-insured. If a bank is FDIC insured, your deposits are protected for up to $250,000 on individual bank accounts.
Is First Citizens Bank Trustworthy?
First Citizens Bank has a B grade from the Better Business Bureau. It hasn't responded to one customer complaint on the BBB website and has several unresolved customer complaints.
First Citizens Bank also hasn't been involved in any recent public controversies.
First Citizens Bank FAQs
First Citizens Bank is a legitimate financial institution. First Citizens Bank accounts are federally insured by the FDIC for up to $250,000 per depositor, per category.
First Citizens Bank agreed to buy all deposits and loans of Silicon Valley Bank in March 2023, according to an FDIC press release. Silicon Valley Bank was shut down in early March to protect consumers and their insured deposits.
No. Citibank and First Citizens Bank are different financial institutions.
No. First Citizens Bank is available in many states besides North Carolina, including Arizona, California, Colorado, Florida, Georgia, Kansas, Maryland, Missouri, Nebraska, Nevada, New Mexico, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia, and Wisconsin.
First Citizens Bank Reviews
First Citizens Bank Online Savings Account
no monthly service fee
0.03%
$50
- $50 minimum deposit
- No monthly service fees
- Low interest rate
- $3 excessive withdrawal fee
The bottom line: You may like First Citizens Bank if you don't want to deal with monthly services fees on checking or savings accounts. But if your goal is to earn competitive interest rates, online banks with the best high-yield savings accounts will probably be more suitable options.
- Over 500 branches in AZ, CA, CO, FL, GA, KS, MD, MI, NE, NV, NM, NC, OK, OR, SC, TN, TX, VA, WA, WV, WI
- $3 excessive withdrawal fee on transactions when you exceed 2 withdrawals per month
- Interest compounded daily deposited monthly
- Member FDIC
The First Citizens Bank Online Savings Account doesn't charge monthly service fees and has a decent $50 minimum deposit.
Be mindful of the excessive withdrawal fee, though. If you make more than two withdrawals per month, there is a $3 withdrawal fee for each transaction after.
First Citizens Bank Free Checking Account
no monthly service fee
None
$50
- $50 minimum opening deposit
- No monthly fees when you enroll in paperless statements
- Budget and trends tools
- Multiple overdraft protection options
- $10 overdraft fee when you overdraw by more than $5
- $10 overdraft transfer fee
- $2.50 fee if you use an out-of-network ATM
You may like First Citizens Bank if you don't want to deal with monthly services fees on checking or savings accounts. But if your goal is to earn competitive interest rates, online banks with the best high-yield savings accounts will probably be more suitable options.
- To be eligible for Free Checking, you must sign up to receive First Citizens electronic statements within 60 days of account opening. If you do not sign up to receive electronic statements,your account will be converted automatically and without prior notice to you to a Select Checking account and will be subject to the fees and charges applicable to a Select Checking account.
- Over 500 branches and ATMs in AZ, CA, CO, FL, GA, KS, MD, MI, NE, NV, NM, NC, OK, OR, SC, TN, TX, VA, WA, WV, WI
- Multiple overdraft protection options: link to a savings account or apply for a revolving line of credit
- If you use overdraft protection, you'll have to pay a $10 transfer fee
- Member FDIC
The First Citizens Bank Free Checking Account may be a good choice if you'd like to avoid a monthly service.
It also offers overdraft protection that lets you link to a savings account or apply for a line of credit, but you'll pay a $10 transfer fee if you use it. If you're worried about overdrawing, other banks offer free overdraft protection, which could be more fitting.
First Citizens Bank CD
0.01% to 5.00%
$500 ($5,000 for 11 Month promotional CD)
- $500 minimum opening deposit
- Low-to-standard early withdrawal penalties
- High interest rate on 11-month promotional CD
- Interest compounded daily
- Low interest rates on standard CDs
- 11-month promotional CD pays 5.00% APY; You must deposit money from an external bank account and the account can only opened online by customers who live near a branch
- Over 500 branches in AZ, CA, CO, FL, GA, KS, MD, MI, NE, NV, NM, NC, OK, OR, SC, TN, TX, VA, WA, WV, WI
- Terms range from 6 months to 5 years
- Early withdrawal penalties: All interest earned on terms between 7 days and 90 days; 3 months of interest on terms between 91 days and 1 year; 6 months of interest on terms over 1 year
- Interest compounded daily, deposited monthly
- Member FDIC
Most First Citizens Bank First Citizens Bank CD pay low interest rates. The one exception is the 11-month promotional CD, which pays 5.00% APY. This account is only available online.
Customers who live near a First Citizens Bank branch can open the promotional CD. You must deposit at least $5,000 into the CD, and it has to be new money (money from an external bank account)
First Citizens Bank Money Market Account
$10 monthly service fee
0.05% to 0.15%
$500
- $500 minimum opening deposit
- Possible to waive monthly service fee
- Low interest rate
- $10 monthly service fee
- Over 500 branches in AZ, CA, CO, FL, GA, KS, MD, MI, NE, NV, NM, NC, OK, OR, SC, TN, TX, VA, WA, WV, WI
- To avoid the $10 monthly service fee, keep at least $1,000 in your account daily
- Earn 0.05% APY on account balances $24,999 or under
- Earn 0.07% APY on account balances between $25,000 and $99,999
- Earn 0.10% APY on account balance between $100,000 and $499,999
- Earn 0.15% APY on balances of $500,000 or more
- Interest compounded daily deposited monthly
- Member FDIC
The First Citizens Bank Money Market Account has a low minimum opening deposit. However, you'll need to keep at least $1,000 in your account daily to avoid the $10 monthly service fee.
How First Citizens Bank Compares
First Citizens Bank vs. Woodforest National Bank
Woodforest National Bank and First Citizens Bank have branches in some of the same states, such as Florida, Georgia, Maryland, North Carolina, Texas, Virginia, and West Virginia.
First Citizens Bank will likely be the best option if you want to open fee-free bank accounts. At Woodforest National Bank, the regular checking and savings accounts have monthly service fees unless you qualify to waive them.
If you're looking to earn a high interest rate on your savings account, neither bank offers a high-yield savings account. However, Woodforest may be appealing if you'd like to open a CD. It offers better interest rates on regular CDs than First Citizens Bank. Woodforest also has limited-time 8-month and 13-month CDs that are on par with First Citizens Bank's 11-month promotional CD.
Woodforest National Bank Review
First Citizens Bank vs. Regions Bank
First Citizens Bank and Regions Bank both have branches in Florida, Georgia, Missouri, North Carolina, South Carolina, Tennessee, and Texas.
First Citizens Bank will likely be a better choice if you're looking for a free checking account. Regions standard checking accounts all have monthly service fees unless you're eligible to waive them.
You might prefer Regions Bank if you are searching for specialized bank accounts for kids, teens, and seniors. Regions notably has one of the best checking accounts for seniors. First Citizens Bank, on the other hand, focuses on standard and premium checking accounts.
Why You Should Trust Us: How We Reviewed First Citizens Bank
At Personal Finance Insider, we rate savings, checking, CDs and money market accounts using a banking methodology. Each account receives a rating between one and five stars.
For all accounts, we evaluate a bank's ethics, security, miscellaneous features, customer service, and mobile app. We'll also consider specific features for different types of bank accounts. For example, we look at overdraft fees for checking accounts and early withdrawal penalties for CDs.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
