First Citizens Bank is the largest community bank in the Carolinas, offering a full range of banking and financial products to meet your needs. Founded in 1898, it's now one of the largest banks in the United States. First Citizens has over 600 branches in 19 states.
First Citizens Bank's mission is to help you manage your finances and advance your life plans. Whether you're buying a home, investing for retirement or looking for the convenience of online banking, they want to make sure that you get quality service and guidance every step of the way.
First Citizens Bank offers a variety of personal banking products and services, including checking and savings accounts, credit cards, loans, and more.
They also have a wide range of business banking products and services to meet the needs of businesses of all sizes.
But is it for you?
- APY: N/A
- Minimum Deposit to Open: $50
- Balance Requirement: $0
- Monthly Fee: $0 (when enrolled in paperless statements)
Pros
- Low minimum account balances to open accounts
- Low monthly fees
Cons
- APY on savings account is low (0.03%)
- Only available in 19 states
Best for
- Those seeking a reliable and affordable bank that offers a full range of personal banking services
About First Citizens Bank
Keep it simple and prepare for wherever life takes you next with First Citizens Free Checking and Personal Savings Accounts. Available for residents across 19 states in the US.
First Citizens BancShares Inc. and CIT Group Inc. recently merged, creating a top 20 US financial institution with more than $100 billion in assets.
As the largest family-controlled bank in the nation, First Citizens is creating a one-stop financial destination providing a full suite of personal, business, commercial, and wealth products and services.
While First Citizens offers a full range of banking services, in this review we are going to primarily focus on two products: free checking and online savings.
Checking Accounts
Free Checking
Keep it simple and take control of your finances with the First Citizens Free Checking account. Some of the main features for this account are:
- No Fees – When you enroll in paperless statements.
- Open with less – Open with as little as $50
- No Minimum Balance – Never worry about maintaining a balance.
- Bank When You Want – Enjoy free Digital Banking, bill pay and 24/7 mobile deposits.
- Use proactive protection to track and manage your money with convenient services, online tools, account alerts and more.
- Instantly move your money wherever you need it – Pay your bills from any device, send money with Zelle® and transfer funds to other accounts.
- APY: N/A
- Minimum Deposit to Open: $50
- Balance Requirement: $0
- Monthly Fee: $0 (when enrolled in paperless statements)
Premier Checking
Achieve your long-term financial goals with the First Citizens Premier Checking account. The main features of this account are:
- Monthly fee of $0 if you meet just one of our qualifiers, otherwise $18
- Minimum opening deposit of $100
- Enjoy preferred rates on EquityLines and CDs
Put your money to work today with a $100 minimum opening deposit with a Premier Checking account.
Prestige Checking
You can also sign up for the VIP experience—an interest-bearing personal checking account with the best features that they offer:
- Monthly fee of $0 if you meet just one of our qualifiers, otherwise $25
- Minimum opening deposit of $100
- Get the best rates on EquityLines and CDs
As with all the checking accounts, you can also enjoy free digital banking, online bill pay and 24/7 mobile deposits.
Online Savings Account
You can count on convenience when you open a First Citizens online savings account. Track your balance and deposit checks anytime, anywhere. Their basic interest-bearing personal savings account gives you simple terms with convenient access:
- No minimum balance – Save as much or as little as you're ready for.
- No Monthly Service Charge – You won't pay a fee to keep your online savings account open.
- Competitive rates – Earn interest on your daily balance and receive monthly credits.
- Open with less – Open with as little as $50
- Easily access your money – Your first two withdrawals or transfers per month are free, then $3 each.
- Spot spending trends – Use the Manage My Money trends tool to visualize your spending habits.
Interested? You can open an online savings account by using this link.
Money Market Account
First Citizens Bank offers a tiered-rate personal savings account helps you reach your savings goals faster.
- Competitive tiered interest rates
- Unlimited withdrawals and transfers in person or at First Citizens ATMs
- Minimum opening deposit of $500
CDs
They also offer CDs with a range of flexible-term certificates of deposit letting you earn a steady rate.
- Higher interest rates
- No monthly service fee
- Minimum opening deposit of $500
Here is a look at the rate and terms offered:
- Six- and 12-month CDs: 0.01% APY
- 18-month CDs: 0.02% APY
- Two- and three-year CDs: 0.05% APY
- Four- and five-year CDs: 0.15% APY
Bottom Line
First Citizens Bank has over 600 branches in 19 states and offers great benefits like no monthly service fees for checking or savings accounts.
They also offer interesting and useful tools such as Manage My Money, which allows you to view categorized spendings, create and manage budgets, and monitor spendings changes over time to plan accordingly.
The biggest down-point is that they are only available to residents in NC, SC, TN, AZ, CA, CO, FL, GA, KS, MD, MO, NM, OK, OR, TX, VA, WA, WV, and WI.
- APY: N/A
- Minimum Deposit to Open: $50
- Balance Requirement: $0
- Monthly Fee: $0 (when enrolled in paperless statements)
- Paperless statements are required. To be eligible for Free Checking, you must sign up to receive First Citizens paperless statements within 60 days of account opening. If you do not sign up and receive paperless 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. The applicable fees and charges will be debited from your account without further notice to you and will appear on your account statement. If you overdraw your account, fees may apply. Refer to our Personal Account Disclosures for full details.
- First Citizens does not charge fees to download or access First Citizens Digital Banking, including the First Citizens mobile banking app or First Citizens Text Banking. Mobile carrier fees may apply for data and text message usage. Check with your carrier for more information. Fees may apply for use of certain services in First Citizens Digital Banking.
