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The bottom line: 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 the best high-yield savings accounts will probably be more suitable options.
First Citizens Bank Review: Overall Rating
FeatureInsider rating (out of 5)Savings3.75Checking4CD3.75Money market account3.5Trustworthiness5Total4
First Citizens Bank Pros and Cons
ProsCons
Free savings and checking accounts
11-month online promotional CD with a high interest rate
Multiple overdraft protections
Interest compounded daily
Low interest rates on savings accountFee for using overdraft protection
About First Citizens Bank
First Citizens Bank has over 500 branches and ATMs throughout the US. Branches are located in the following states:
ArizonaCaliforniaColoradoFloridaGeorgiaKansasMarylandMissouriNebraskaNevadaNew MexicoNorth CarolinaOklahomaOregonSouth CarolinaTennesseeTexasVirginiaWashingtonWest VirginiaWisconsin
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 4.7 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 received a B grade from the Better Business Bureau. It hasn’t responded to one customer complaint on the BBB website and has five unresolved customer complaints.
We use BBB ratings to help you understand how a bank deals with customer issues. A good BBB rating won’t necessarily mean that your relationship with a bank will be great, so talk to current customers or read online customer reviews to determine if First Citizens Bank is a good fit.
First Citizens Bank also hasn’t been involved in any recent public controversies.
First Citizens Bank FAQs
Is First Citizens Bank legit?
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.
What bank merged with First Citizens Bank?
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.
Are Citibank and First Citizens Bank the same?
No. Citibank and First Citizens Bank are different financial institutions.
Is First Citizens Bank only in North Carolina?
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
The First Citizens Bank Online Savings Account doesn’t charge monthly service fees and has a decent First Citizens Bank Online Savings Account 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
The First Citizens Bank Free Checking Account – Product Name Only 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
Most First Citizens Bank Certificate of Deposit 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
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 First Citizens Bank Money Market Account – Fees Display.
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, and money market accounts using a banking methodology. We also use a CD methodology to review certificates of deposit. Each account receives a rating between 0 and 5.
For all accounts, we evaluate a bank’s ethics, 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.