What First Citizens Bank offers in high yield savings

First Citizens Bank does not currently offer a dedicated high yield savings account. The bank's standard savings accounts earn interest, but the rates are typically lower than what you would find at online banks or credit unions that specialize in high yield products.

If you bank with First Citizens and want to earn more on your savings, you have two paths: keep money in their regular savings account for convenience and branch access, or move some funds to a separate high yield account at another institution. Many people do both — they keep a smaller amount at their main bank for everyday access and put larger sums elsewhere to earn more.

Key Takeaways

  • First Citizens Bank's savings accounts earn interest, but rates are lower than high yield accounts offered by online banks and credit unions.
  • The bank does not market a product specifically labeled as high yield savings, though rates and terms vary by account type and location.
  • You can open a high yield savings account at a different bank while keeping your First Citizens checking account for daily use.
  • Interest rates change over time, so checking First Citizens' current rates directly or comparing them to online options helps you decide what works for your situation.

How First Citizens savings accounts work

First Citizens offers several types of savings accounts, including basic savings accounts and money market accounts. Money market accounts sometimes pay slightly higher rates than regular savings, but they typically require a larger opening deposit and may limit how often you can withdraw money.

Interest rates at First Citizens vary by location and account type, and they change when the Federal Reserve adjusts its rates. The best way to know what you would earn is to visit a branch, call the bank, or check their website for your specific state or region.

Why high yield accounts exist at other banks

Online banks and some credit unions offer high yield savings accounts because they have lower overhead costs than banks with physical branches. They pass some of those savings to customers through higher interest rates. A First Citizens branch in your neighborhood costs money to operate — staff, rent, utilities — and that cost gets built into their business model.

This does not make First Citizens a bad choice. If you value being able to walk into a branch, talk to a person, or deposit cash without fees, that convenience has real worth. You are trading some interest earnings for access and service. The question is whether that trade makes sense for your situation.

Comparing First Citizens to high yield options

If you are deciding between keeping savings at First Citizens or moving to a high yield account elsewhere, consider what matters most to you. High yield accounts typically offer rates that are two to five times higher than traditional bank savings, but they are usually online-only, with no branches and no in-person deposits.

A practical approach is to keep a small emergency fund at First Citizens — enough to cover a week or two of expenses — and put larger amounts in a high yield account. This gives you quick access to cash at a branch when you need it, while your main savings earn more elsewhere. You can move money between accounts when needed, though transfers usually take one to three business days.

Money market accounts as a middle ground

First Citizens' money market accounts sit between regular savings and high yield accounts. They typically pay more than basic savings but less than dedicated high yield products. The tradeoff is that they often require a higher opening deposit — sometimes $2,500 or more — and may limit withdrawals to a certain number per month.

If you have a larger amount to save and do not need to withdraw frequently, a money market account at First Citizens might earn you more than their regular savings without requiring you to bank elsewhere. Again, rates vary by location, so ask about what is available in your area.

How to find current rates at First Citizens

Interest rates change regularly, so the rates First Citizens offered last month may not be the rates they offer today. To find out what they currently pay, you can visit a branch in person, call their customer service line, or check their website and look for the savings or deposit rates section.

When you check, ask specifically about any promotional rates they might be running — some banks offer higher rates for a limited time on new accounts. Also ask whether the rate you see is the same across all locations or if it varies by state or region, since First Citizens operates in multiple states.

Opening a high yield account if you decide to switch

If you decide that a high yield account makes sense for your savings goals, you do not have to close your First Citizens account. You can keep your checking account there for paychecks and bill payments, and open a high yield savings account at an online bank or credit union for your larger savings.

Online banks that offer high yield savings typically let you open an account in 10 to 15 minutes using your computer or phone. You will need your Social Security number, a government ID, and information about a bank account to link for transfers. Once the account is open, you can move money back and forth between your First Citizens account and the high yield account as needed.

Frequently Asked Questions

Does First Citizens Bank have any savings account that earns high interest?

First Citizens does not have a product specifically marketed as high yield savings. Their money market accounts pay more than regular savings, but rates are typically lower than what online banks offer. Check with your local branch for current rates in your area.

Can I keep my First Citizens checking account and open a high yield savings account somewhere else?

Yes. Many people maintain a checking account at their main bank for convenience and paychecks, while keeping savings in a separate high yield account elsewhere. You can transfer money between them as needed, though transfers usually take one to three business days.

What is the difference between a money market account and a high yield savings account?

Money market accounts often require a larger opening deposit and may limit withdrawals, but they pay more than regular savings. High yield savings accounts typically have lower minimums and no withdrawal limits, but are usually only available online. Both earn interest, but high yield accounts usually pay more.

How often do interest rates change at First Citizens?

First Citizens adjusts rates when the Federal Reserve changes its rates, which happens several times a year. Rates can also change based on market conditions and the bank's own decisions. Check their website or call to find out the current rate for the account type you are interested in.

Is it safe to bank with an online bank that offers high yield savings?

Online banks that are FDIC-insured offer the same deposit protection as First Citizens — your money is insured up to $250,000 per account type. Check that any bank you consider is FDIC-insured before opening an account. You can verify this on the FDIC website.