First Citizens Bank Review: Full-Service Bank With Relationship Rates

3.9

GBR RATING

GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

One-Stop Shop for All Your Accounts

First Citizens Bank may be the right place for you given its wide breadth of products and accessibility.

First Citizens Bank provides full-service bank accounts and has all the products and services most people need, including checking accounts, savings accounts, CDs, credit cards, mortgages and other loans, investment accounts and insurance. 

GOBankingRates has given it the Gold in North Carolina, Gold in South Carolina and Silver in Virginia for the Best Banks by State 2025.

First Citizens Bank Checking Account

First Citizens Bank has three checking account options which include Free Checking, Premier Checking and Prestige Checking accounts. 

• First Citizens Bank’s Premier Checking account requires a $100 minimum opening deposit and also pays interest. Like the Free Checking account, you can choose your level of overdraft protection.
• The Premier account also has a $18 monthly service charge, it can be waived with one of the following: a $5,000 combined daily balance on select accounts, at least $4,000 in monthly ACH direct deposits, an equity line of at least $25,000 or a consumer loan that’s a minimum of $10,000.
• The bank’s Prestige Checking account has a $100 minimum opening deposit and a $25 monthly service charge. However, you can waive the charge with one of the following: a $25,000 combined daily balance on any of the bank’s deposit accounts, at least $6,500 in monthly ACH direct deposits, an equity line of at least $100,000 or a consumer loan of at least $25,000.
• Other perks of the Prestige account include no overdraft transfer fees, higher purchase and ATM limits, fee-free use of out-of-network ATMs, preferred rates and free cashier’s checks, money orders and traveler’s checks.

As both the Premier and Prestige Checking accounts do have some perks such as earning interest, the Free Checking account is usually the winner when it comes to overall customer satisfaction.

4.8

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

First Citizens Bank Checking Account

Start Banking

Best For

Mobile App

Low Monthly Fees

Banking in North Carolina

Banking in South Carolina

Banking in Virginia

$0 Monthly Fees With Paperless Statements

First Citizens Bank offers three checking account options–Free Checking, Premier Checking, and Prestige Checking for different needs with features like fee waivers, interest earnings and premium perks.

Fees

$0 if all waiver requirements are met

APY

N/A

Min Opening

$50

Pros

• There are no monthly maintenance fees if you enroll in paperless statements
• This account allows you to choose your level of overdraft protection.

Cons

• The Free Checking account requires a $50 minimum opening deposit which is higher than some leading competitors

Quick Take

You won’t have a shortage of checking options to choose from so you can opt for fee-free or go with other check accounts with featured perks including preferred rates on CDs and home equity lines of credit.

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First Citizens Bank Savings Account

First Citizens Bank offers a no-muss, no-fuss online savings account. Here are some key takeaways: 

• The Online Savings account requires a minimum opening deposit of $50.
• No minimum balance requirement or a monthly service charge — and no monthly service charge means your savings balance will increase faster. 
• You’ll earn an annual percentage yield, or APY, on your account balance, and interest is compounded daily and credited monthly.
• With this account, your first two transfers or withdrawals per month are free, then a $3 charge per transaction applies, which is different from other banks that allow up to six free transactions. 
• This account also qualifies for overdraft protection.

First Citizens Bank Savings Account

Start Banking

Best For

Mobile App

Low Monthly Fees

Banking in North Carolina

Banking in South Carolina

Banking in Virginia

No Monthly Fees, $50 Minimum To Open

First Citizens Bank’s Online Savings account offers fee-free savings with optional overdraft protection, but its low APY and limited free transactions may not be competitive with leading online banks.

Fees

No monthly service fee

APY

Min Opening

$50

Pros

• No monthly service or maintenance fees
• Optional overdraft protection

Cons

• Low APY for an online account
• Only two free withdrawals or transfers are allowed per month; after that there is a $3 fee charged for each transaction exceeding that limit

Quick Take

Though there are no fees, the APY is lower than many other online leading competitors. 

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First Citizens Bank CD Accounts

First Citizens Bank allows you to choose the minimum opening deposit on some of its certificates of deposit — as long as it’s at least $500. Here are some other things to consider before opening a CD:

• You can earn up to APY depending on the term you select, but rates vary by location, so you will need to contact a local branch to be sure of the rate you’ll earn. 
• Terms range from six months to five years.
• The bank also offers a six-month automatic saver CD, a one-year convertible CD and a Premier CD with a 12-plus month term, which is available to Premier Checking account holders and requires a much larger $5,000 minimum opening deposit.

3.1

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

First Citizens Bank CD Accounts

Start Banking

Best For

Mobile App

Low Monthly Fees

Banking in North Carolina

Banking in South Carolina

Banking in Virginia

Term Lengths Up to 5 Years

First Citizens Bank CDs offer flexible term lengths and low minimum deposits starting at $500, but their APYs may be lower than competing banks.

Fees

No monthly service fee

APY

Up to

Min Opening

$500

Pros

• Low minimum opening deposit requirements
• Wide range of terms, making CDs suitable for laddering

Cons

• Lower APYs than some other bank competitors 

Quick Take

You can get a CD term length ranging from three months to five years for a $500 minimum opening deposit and balance requirement to earn the corresponding APY.

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First Citizens Bank Money Market Accounts

If you are looking for a variety of savings products including the First Citizens Bank’s Money Market account. Here are a few key takeaways:

• There is a $500 minimum opening deposit. 
• A $10 monthly maintenance fee does apply, but you can avoid it by maintaining a minimum daily balance of $1,000. 
• The account pays interest that depends on your balance but you should note that the top rate requires at least a $500,000 balance. 
• Unlimited withdrawals and transfers — in person or at a First Citizens ATM — are included.

4.0

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

First Citizens Bank Money Market Accounts

Start Banking

Best For

Mobile App

Low Monthly Fees

Banking in North Carolina

Banking in South Carolina

Banking in Virginia

Waive $10 Fee with $1,000 Balance

First Citizens Bank’s Money Market account offers interest and ATM access with a $500 minimum opening deposit, but higher balances are needed for top rates, and better APYs may be available elsewhere.

Fees

$10, waivable

APY

Up to

Min Opening

$0

Pros

• An ATM card is included with your account.
• You can waive the $10 monthly service fee if you maintain the $1,000 minimum daily balance.

Cons

• Better rates can be found at other financial institutions.

Quick Take

The Money Market Account pays tiered interest, but even the highest interest rate might not be what you think of as competitive. 

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Banking Experience

The banking experience at First Citizens Bank is solid. First of all, the bank has customer service phone hours every day of the week. You can reach someone Monday-Friday from 8 a.m. to 9 p.m. EST and on Saturday and Sunday from 8 a.m. to 8 p.m.

First Citizens Bank is also a full-service bank, offering everything from checking accounts to insurance, plus small business, commercial and wealth services. You can conveniently do all of your banking in one place, which will save you the trouble of trying to open and manage accounts at other institutions.

The bank also has a wide range of accounts and loans and a digital app, so you can handle your banking tasks anytime, from anywhere.

Mobile App

First Citizens Bank’s digital banking experience is the same whether you log in from a computer or from your phone. And if you add all of your accounts to the bank’s Manage My Money feature, you can get a big picture of all of your finances — even if you have accounts at other banks.

The bank’s mobile app is highly rated by both iOS and Android users. The app has a 4.6-star rating on the App Store and Google Play, which means the user experience with the bank’s app is largely positive.

How Does First Citizens Bank Compare?

It’s always a good idea to look at a few different options when you’re deciding which bank to choose. Here’s how First Citizens Bank stacks up to the competition.

Checking

Savings

CDs

Money Market

SELECTED BANK

4.8

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

First Citizens Bank Checking Account

Start Banking

MOST COMPARABLE

4.7

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Wells Fargo Everyday Checking Account

Read Review

MOST COMPARABLE

4.8

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Huntington Checking Accounts

Read Review

Fees

Fees

Fees

$0 if all waiver requirements are met

$5 to $35 waivable monthly fee

$10 to $25

APY

APY

APY

N/A

Up to

N/A

Min Opening

Min Opening

Min Opening

$50

$25

$0

SELECTED BANK

First Citizens Bank Savings Account

Start Banking

MOST COMPARABLE

Wells Fargo Savings Account

Read Review

MOST COMPARABLE

Huntington Bank Savings Accounts

Read Review

Fees

Fees

Fees

No monthly service fee

Up to $12 monthly service fee – can be waived

$4 to $10

APY

APY

APY

Up to for Platinum Savings accounts

Up to

Min Opening

Min Opening

Min Opening

$50

$25

$50

SELECTED BANK

3.1

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

First Citizens Bank CD Accounts

Start Banking

MOST COMPARABLE

3.3

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Wells Fargo CD Account

Read Review

MOST COMPARABLE

3.3

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Huntington Bank CD Accounts

Read Review

Fees

Fees

Fees

No monthly service fee

Early withdrawal penalty may apply

No monthly service fee

APY

APY

APY

Up to

Up to

on 5-month promo CD

Min Opening

Min Opening

Min Opening

$500

$2,500 to $5,000

$1,000

SELECTED BANK

4.0

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

First Citizens Bank Money Market Accounts

Start Banking

MOST COMPARABLE

4.0

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

U.S. Bank Money Market Account

Read Review

MOST COMPARABLE

Huntington Bank Money Market Accounts

Read Review

Fees

Fees

Fees

$10, waivable

$10, waivable

No monthly service fee

APY

APY

APY

Up to

Up to

As high as

Min Opening

Min Opening

Min Opening

$0

$100

$1

First Citizens Bank vs. Wells Fargo

Though First Citizens Bank slightly edges out Wells Fargo in both South Carolina and Virginia on the list of Best Banks by State 2025, they both still medalled so it’s a good side-by-side comparison. They both have relatively low APYs but Wells Fargo has Thousands of retail banking branches and ATMs nationwide as well as rewards and bonus interest rates for high-balance accounts.

First Citizens Bank vs. Citizens Bank

Citizens Bank offers a Citizens Peace of Mind feature that allows you until 10 p.m. ET on the day you overdraw your account to reset your balance to $0 or more without an overdraft fee, whereas First Citizens Bank does not offer that particular feature.

However, First Citizens Bank shines with its robust mobile app that lets you manage all your accounts — even those at other financial institutions, which is not a feature that Citizens Bank offers at this time.

First Citizens Bank vs. Bank of America

Bank of America, Member FDIC, offers a checking account specifically targeted at students, with no monthly maintenance for students under 25 and checkless banking to help students avoid overdraft fees, whereas First Citizens Bank does not offer an account tailored to students.

However, First Citizens Bank’s Free Checking account has only a $50 minimum opening deposit and no monthly maintenance fee if you enroll in paperless statements, which makes it a good choice for student account holders.

Final Take

The bottom line is that First Citizens Bank offers all the banking and investment products and services most people need, so it’s best for people who are seeking a brick-and-mortar bank that’s a one-stop shop to help them manage their finances. GOBankingRates has given it the Gold in North Carolina, Gold in South Carolina and Silver in Virginia for the Best Banks by State 2025.

First Citizens Bank, founded in North Carolina in 1898, offers incentives to have multiple accounts at the bank, and the interest rates, while not groundbreaking, are reasonable for a brick-and-mortar bank. From a technical perspective, the robust online and mobile banking tools make it competitive with online banks.

Cynthia Measom and Karen Doyle contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 11, 2024. 

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

To discover the Best Banks by state, GOBankingRates analyzed the top institutions (excluding online banks and neobanks) by state branch locations. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking product minimum deposit; (3) monthly checking fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); (4) savings product minimum deposit; (5) savings product APY; (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (4) were weighed 0.5 times, factor (5) was weighed 2.5 times and factor (7) was weighed 1.5 times. All products and offerings had to be available as of Nov. 8, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 11, 2024. To qualify as one of the Best Banks in the state, the institution needed at least five branch locations in the respective state, with some exceptions for larger and/or smaller states.

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