First Citizens Bank Review
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At a glance
Overview
First Citizens Bank accounts are available to those who live within its 22-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 AppHighlights:
CDs
Checking
Savings
MMA
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.6/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
First Citizens Bank has roots stretching back over 125 years and currently has branches in 22 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
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A free checking account is offered, as well as two checking accounts that earn interest and provide other perks.
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CDs come in a wide range of terms, and specialty CDs are offered.
Cons
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Yields are lackluster on CDs, as well as savings and money market accounts.
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Savings account holders are only allowed two free withdrawals or transfers each month.
First Citizens banking products
First Citizens savings overview
Pros
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No monthly service fees
Cons
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The APY is very low.
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Only two free withdrawals or transfers are allowed per month, and a $3 fee is charged for each transaction beyond that.
First Citizens CD overview
Pros
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The minimum opening deposit for most CDs is relatively low.
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CDs are available in a wide range of terms, making them suitable for laddering.
Cons
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Better CD yields can be found from other banks.
First Citizens money market overview
Pros
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An ATM card is provided.
Cons
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Better money market rates can be found elsewhere.
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Check-writing privileges are not included.
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A balance of $1,000 is required to avoid the monthly fee.
First Citizens checking overview
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Overdraft fees:Average3/5Charges applied when a customer spends more money than is available in their account, resulting in a negative balance.NSF fees:Great5/5Non-sufficient funds fees are incurred when a transaction is attempted without enough money in the account to cover it.APY offering:0.00%0/5APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.ATM network:Good4/5Accessibility to ATMs for account holders within a specific network or financial institution, facilitating cash withdrawals and transactions.
Pros
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Free Checking account holders pay no maintenance fee when enrolled in paperless statements.
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The fee for overdrafts is well below the national average.
Cons
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Free Checking requires $50 to open, which is higher than what some banks charge.
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 | None |
*For the Premier, Prestige and Executive Checking Accounts, ATM transactions are free when an out-of-network ATM is used.
Customer experience
Physical Presence: First Citizens maintains more than 500 branches in 22 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.
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Review methodology
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.
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