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First Citizens Bank Reviews

9

bestfor-icon People Looking For Low Barrier-to-Entry Online Banking

andrewo
Written by Andrew Omalley

About First Citizens Bank | Read More

9

LS Score

10

Credibility

9

Support

8

Accessibility

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Opening Hours Opening Hours drop-down-btn
Mon - Fri 8AM - 9PM ET
Sat - Sun 8AM - 8PM ET
Contact Information Contact Information drop-down-btn
  • 888-323-4732
  • 239 Fayetteville St, Raleigh, NC 27601
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First Citizens Bank Online Banking Review

The focus of this online banking review will be on three core product types – checking, savings, and certificates of deposit (CDs). First Citizens Bank caters to a wide range of needs, which is ideal for people who are looking for a flexible approach.

The account setup process also is very streamlined, so you won’t be wasting much time before getting up and running.

First Citizens Bank Online Banking Highlight

$50

Min Deposit

500+

ATM Network

$10

Overdraft Fees

Yes

Other Fees

Online Banking Savings

$50

Min Deposit

Min 0.10%

Min APY Savings

Online Banking Checking

$50

Min Deposit

Max 0.05%

Min APY Checking

Pros & Cons

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  • con-icon Wide selection of account options
  • con-icon Low minimum deposit and account balance requirements
  • con-icon Monthly fees are avoidable with paperless statements
  • con-icon Ability to earn interest on certain checking accounts
  • con-icon Account setup can be done online or in-branch
  • con-icon Not the most competitive APYs generally
  • con-icon Not available in all states

Account types

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  • Checking
  • Savings
  • Certificates of Deposit (CD)
  • Money Market Deposit Account (MMDA)
  • Business
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APY's

Account 1 Year 3 Years 5 Years
Premier Checking 0.05% 0.05% 0.05%
Prestige Checking 0.05% 0.05% 0.05%
Online Savings 0.10% 0.10% 0.10%
Money Market 0.05%-0.15% 0.05%-0.15% 0.05%-0.15%
CDs 0.01% 0.05% 0.15%

APY Checking (Annual Percentage Yield)
Free Checking: 0%
Premier Checking: 0.05%
Prestige Checking: 0.05%

APY Saving (Annual Percentage Yield)
Online Savings: 0.10%
Money Market: 0.05%-0.15%
CDs: 0.01%-0.15% (5% APY limited time offer available)

Features Benefits & Rewards

Online exclusive 11-month certificate of deposit with a 5% APY

Opening an Account With First Citizens Bank

There are three main types of accounts that you can open with First Citizens Bank. These are a checking, savings, and certificate of deposit (CD) account. Each option will have its own features and benefits that you need to consider.

Free Checking Account

First Citizens Bank asks people to start off by setting up a straightforward checking account. It doesn’t carry any monthly fees when you opt for Free Checking with paperless statements or e-statements and there won’t be any minimum balance that you have to maintain.

The minimum necessary deposit is as little as $50 and you get access to free mobile check deposits. Customers can easily manage their money online and access a network of fee-free ATMs with a free debit card. Accountholders can get free overdraft protection if they link this checking account to a savings or line of credit account.

Premier Checking Account

This account type is similar to the Free Checking account in a lot of ways, with a few key exceptions. There is a monthly fee of $18 in place that is avoidable if you either have a combined balance of $5,000 across your various First Citizens accounts, make at least $4,000 in monthly ACH direct deposits, or have a certain type of loan from the bank.

The minimum opening deposit this $100 and you get access to preferred rates for home equity loans and CDs, free checks, and a Together Card which is a reloadable card that helps you manage family spending. You also will earn a 0.05% APY on your money.

Prestige Checking Account

The top-of-the-line checking account that First Citizens Bank offers is the Prestige Checking Account. This sees you getting access to a range of perks, including no overdraft transfer fees, higher purchase, and ATM limits, as well as being able to use non-First Citizens Bank ATMs without having to pay any fees. You’ll earn an APY of 0.05% on your funds.

You can avoid paying the $25 monthly fee if you have a combined balance of at least $25,000 across your various accounts or make at least $6,500 in monthly ACH direct deposits to your account or you have a certain type of loan from First Citizens Bank.

Online Savings Account

You’ll be able to open a savings account with First Citizens Bank with a minimum deposit of $50 and there won’t be any monthly fees you have to pay or a minimum balance requirement.

The current APY is 0.10% and this will compound on a daily basis. There are two free transfers or withdrawals available each month, with additional ones costing you $3 apiece. You’ll be able to access your account digitally, as well as at ATMs and in physical First Citizens Bank branches.

Certificates of Deposit

Just like most types of online banking offerings these days, First Citizens Bank gives you the ability to put your money into a variety of certificates of deposit (CD). The terms start at six months and go as high as five years.

The highest APY available at the time of writing was 5% APY for an 11-month CD and it requires a $5,000 minimum deposit. It is exclusively available online, with the APYs being significantly lower for other term lengths.

The minimum deposit required varies by CD, with the smallest amount you can invest being $500. There is usually an early withdrawal penalty in place if you decide to put your money into a CD and try to access it before the maturity deadline.

Money Market Account

Many people use a Money Market account to try to build up their savings. You’ll be able to earn an APY of between 0.05% and 0.15% depending on the size of your balance. This interest compounds daily and will be paid out on a monthly basis

There are unlimited withdrawals and transfers at ATMs or physical branches, while digital banking is also available. You won’t have to pay the $10 monthly fee if you maintain a daily balance of at least $1,000. The required opening deposit is just $500.

First Citizens Bank - Homepage - Checking Overview
Step 1

First Citizens Bank Homepage

First Citizens Bank - Open a Free Checking Account
Step 2

First Citizens Bank - Open a Free Checking Account

First Citizens Bank - Tell Us About Yourself
Step 3

First Citizens Bank - Personal Information

First Citizens Bank - Tell Us More About Yourself
Step 4

First Citizens Bank - Confirm Identification

If you’ve decided that you want to open an account with First Citizens Bank, then you can get started online or visit a physical branch.

The online process is very straightforward and only takes a few minutes to complete.

  1. You need to first decide which account you wish to open and then go to that specific page on the website.
  2. Then you can click the relevant button to start the account creation process. This launches another tab and you will have to answer some basic questions and decide if you want to open any other types of accounts at the same time. Proceeding means that you agree to all of the First Citizens Bank terms and conditions.
  3. You can then fill out the relevant personal information, including your Social Security Number, and add a security question. You’ll need to be a US citizen to open up an account.
  4. The next step is providing info about your current home address and providing details about one of your government-issued IDs.
  5. Then you will just confirm the account types you wish to open and then you’re ready to add funds to your newly created account. The entire process from start to finish only takes a few minutes to complete.

State Availability

Available - 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,

Not Available - Alabama, Alaska, Arkansas, Connecticut, Delaware, Hawaii, Idaho, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Minnesota, Mississippi, Montana, New Hampshire, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Rhode Island, South Dakota, Utah, Vermont, Wyoming,

andrewo
Written by Andrew Omalley facebook-icon twitter-icon

Andrew is a freelance writer who has been crafting valuable pieces of content relating to personal finance for more than five years. Previously, he studied Economics & Finance at university and he has professional qualifications relating to financial advice.

faq-icon

FAQ’s

Does First Citizens Bank charge monthly fees for its accounts?

Some First Citizens Bank accounts won’t carry any monthly fees, while others do. Many of the accounts that do carry these charges have requirements that allow you to pay nothing each month if you meet them.

What is the usual minimum required deposit at First Citizens Bank?

This varies by account type but for regular accounts, it will typically be as low as $50 or $100.

Can you earn interest with a First Citizens Bank checking account?

The Premier and Prestige checking account options at First Citizens Bank allow you to earn interest on your money.

Customer Support

First Citizens Bank has a comprehensive support section that will offer the answers to many of the burning questions that you might be having. The help center is nicely broken down into various sections depending on the topic that you’re looking to focus on.

Taking a browse through this area can help educate you about many core aspects of this offering. If you’re still searching for a solution to an issue, you’re able to call the support team seven days a week.

The opening hours of these phone lines do vary, so double-check this before proceeding and there are different phone numbers depending on the subject matter you wish to discuss.

First Citizens Bank also has more than 550 physical branches across 23 states, so you can go in person if you prefer to speak directly with a member of staff. Then there’s the ability to send the team an email directly from your First Citizens Bank account. First Citizens Bank really leaves no stone unturned in ensuring that its customers have quick answers to their important questions.

Privacy & Security

First Citizens Bank has developed quite a reputation over its 125+ years in business. It has a stellar track record of looking after its customers so you know that you’re dealing with a legit institution.

One of this FDIC-insured company’s main priorities is keeping all of the personal information of its customers safe and secure at all times. First Citizens Bank makes sure to only collect vital data and keep it confidential. It only keeps personal information on record as long as necessary and there are special considerations for minors.

In terms of security, there is top-of-the-line measures in place to make sure that your accounts are always fully protected. This is especially important in this day and age when a lot of fraudsters are trying to get access to your sensitive information.

Some of the protocols that are in place for anyone using online banking with First Citizens Bank include having to use unique access codes to access your account, the deployment of TSL encryption technology to protect data when it’s being transported, as well as time outs when your account has been inactive for a certain period of time.

In Conclusion

First Citizens Bank is a highly reputable option for anyone who’s in one of the supported US states and wants to get access to a wide range of useful banking products. It has catered to the needs of individuals for over 100 years so it must be doing something right.

First Citizens Bank makes sure to offer an account option for every need, so it’s truly a one-stop shop for anyone who wants to quickly get up and running with a high-quality and low-fee online bank account. 

Brand Disclaimer

The types of Personal Information we collect depends on your interaction with us, including the types of products or services you applied for or use. We, or entities that we contract with to provide services to support our business and delivery of our products and services (“Service Providers”), may collect Personal Information.