First Citizens Bank is a regional bank with branches mainly in the Southeast, offering standard checking and savings accounts, loans, and investment services

First Citizens Bank operates as a full-service bank with over 500 branches, concentrated in North Carolina, South Carolina, and neighboring states, though it has expanded to other regions. It offers the products you would expect: checking accounts, savings accounts, money market accounts, certificates of deposit (CDs), personal loans, mortgages, and investment services through a subsidiary.

Whether it is a good fit for you depends on where you live, what you need from a bank, and how you prefer to handle your money. A bank that works well for one person may not work for another. This guide walks through what First Citizens actually offers, what it costs, and what kinds of customers tend to find it useful.

Key Takeaways

  • First Citizens Bank is strongest if you live in the Southeast or have a branch nearby, since it is primarily a regional bank without the nationwide network of larger chains.
  • The bank charges monthly maintenance fees on most accounts unless you meet balance or direct deposit requirements, which can add up if you carry a low balance.
  • First Citizens offers in-person service and loan products that online-only banks do not, but typically charges more for those services than national competitors.
  • The bank's mobile app and online banking work for routine transactions, but customer service experiences vary depending on your branch location.

What accounts and products First Citizens offers

First Citizens Bank offers a checking account (called a "Checking Account" or "Premium Checking"), a savings account, and a money market account. The checking account typically charges a monthly fee unless you maintain a minimum balance or set up direct deposit. The exact fee and balance requirement vary by account type and change over time, so you would need to check with your local branch or the bank's website for current terms.

The bank also offers certificates of deposit (CDs), which are accounts where you agree to leave money untouched for a set period (like 3 months, 1 year, or 5 years) in exchange for a may provide interest rate. First Citizens' CD rates are competitive with other regional banks but may be lower than rates offered by online-only banks, which have lower overhead costs.

For borrowing, First Citizens provides personal loans, auto loans, mortgages, and home equity lines of credit. These products are available through in-person meetings with loan officers, which some customers prefer because they can ask questions and negotiate terms face-to-face. However, the interest rates and fees are typically higher than those offered by online lenders or national banks.

Monthly fees and minimum balance requirements

Most First Citizens checking accounts charge a monthly maintenance fee, usually between $10 and $15, unless you meet one of these conditions: maintain a minimum balance (often $1,500 to $2,500 depending on the account), set up direct deposit, or maintain a certain relationship with the bank (like having a loan or investment account). If you carry a low balance or do not receive direct deposit, these fees can add up to $120 to $180 per year.

Savings accounts and money market accounts also typically carry monthly fees with similar waiver conditions. First Citizens' fee structure is higher than many online banks, which often charge no monthly fee at all. However, it is lower than some traditional banks in major cities.

The bank does not charge overdraft fees in the traditional sense on some accounts, but it does charge a fee if you overdraw and the bank covers the transaction. You should review the specific account terms before opening, since fee structures change and vary by account type.

Interest rates on savings and CDs

First Citizens' savings account interest rates are modest compared to online savings banks. As of recent years, savings accounts at First Citizens have paid rates well below 1% annually, while online-only banks often pay 4% to 5% or higher on savings accounts. The difference matters if you are saving money and want it to grow: $10,000 in a First Citizens savings account earning 0.01% per year would earn $1, while the same amount in a high-yield online savings account earning 4.5% would earn $450.

CD rates at First Citizens are more competitive but still typically lag behind online banks. If you are considering a CD, compare First Citizens' rates to those offered by online banks and other regional banks before deciding. Rates change frequently, so current rates should be checked directly with the bank.

In-person service and branch availability

First Citizens' main advantage over online-only banks is the ability to walk into a branch, speak with a person, and handle complex transactions face-to-face. If you need help with a mortgage process, want to discuss a personal loan, or prefer not to bank entirely online, this matters. The bank has staff trained to explain products and answer questions in real time.

However, branch availability is limited if you live outside the Southeast. First Citizens has expanded into other states, but it is not a nationwide network like Bank of America or Wells Fargo. If you travel frequently or move often, a national bank or online bank may be more convenient. You can check whether there is a branch near you on the bank's website.

Mobile app and online banking features

First Citizens' mobile app and online banking platform handle standard tasks: checking your balance, transferring money between accounts, paying bills, and depositing checks by phone camera. The app is functional and find, using standard encryption and two-factor authentication to protect your account.

However, the app is not known for advanced features or a particularly smooth user experience compared to apps from larger national banks or fintech companies. If you do most of your banking on your phone and expect a polished, intuitive interface, you may find First Citizens' app adequate but not exceptional. Customer reviews of the app are mixed, with some users reporting occasional glitches or slow performance.

Who First Citizens Bank works well for

First Citizens is a reasonable choice if you live in the Southeast, prefer in-person banking, and do not mind paying monthly fees in exchange for local branch access and loan products. It works particularly well for people who want to borrow money (a mortgage, auto loan, or personal loan) and value being able to meet with a loan officer in person to discuss terms.

First Citizens is less suitable if you live far from a branch, want to minimize fees, or prioritize the highest interest rates on savings. If you are looking for the lowest fees and highest savings rates, an online bank is likely a better fit. If you want a nationwide branch network, a larger regional or national bank may serve you better.

Frequently Asked Questions

Does First Citizens Bank have ATMs outside its branches?

Yes, First Citizens participates in ATM networks that give you access to thousands of ATMs beyond its own branches. However, you may be charged a fee if you use an ATM outside the network. Check with the bank for current details on which networks it participates in and whether out-of-network fees explore to your account type.

Can I open an account online, or do I have to go to a branch?

First Citizens allows online account opening for some products, though the process and availability vary. You can check the bank's website to see which accounts can be opened online and which require a branch visit. Some loan products still require in-person process.

How does First Citizens compare to other regional banks?

First Citizens' fees and rates are similar to other regional banks in the Southeast, like Bank of America or Wells Fargo branches in that region. However, online banks typically offer lower fees and higher savings rates. The choice depends on whether you value in-person service enough to pay higher fees.

What happens if I do not meet the minimum balance requirement?

If you do not maintain the minimum balance and do not have direct deposit set up, you will be charged the monthly maintenance fee. Some accounts allow you to waive the fee by maintaining a relationship with the bank in other ways, such as having a loan or investment account. Ask your branch what options are available.

Is my money safe at First Citizens Bank?

Yes, First Citizens Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means deposits up to $250,000 per account type are insured by the federal government. Your money is protected even if the bank fails, which is extremely rare for FDIC-insured banks.