Navigating First Citizens Bank: Your Complete Account Guide

If you’re weighing options for a new checking or savings solution, First Citizens Bank often pops up in the conversation. With a history that stretches back over a century, the institution blends traditional brick‑and‑mortar service with a surprisingly robust digital platform. This guide walks you through the main types of accounts they offer, the typical fees you might encounter, and a few tips for getting the most bang for your buck.

Checking Accounts – Everyday Transactions Made Simple

First Citizens’ flagship checking product is the Standard Checking account. It’s designed for daily use: pay‑checks, bill payments, debit‑card purchases, and occasional ATM withdrawals. Most customers find the monthly maintenance fee waived if they keep a minimum daily balance (usually around $500) or set up a recurring direct deposit.

For those who travel frequently or prefer a higher‑yield option, the bank also offers a Premium Checking tier. This version typically includes:

• Unlimited reimbursed ATM fees worldwide
• Interest on balances (though modest compared to savings accounts)
• Enhanced customer‑service lines

Because the Premium tier carries a higher monthly fee, you’ll want to confirm that the added perks offset that cost. A quick calculation—divide the fee by the number of reimbursed ATMs you’d otherwise pay for—can help you decide.

Savings Accounts – Building a Cushion

The basic First Citizens Savings account works like any traditional savings product: it earns interest, limits the number of withdrawals (usually six per month under federal regulation), and carries no minimum balance requirement. Interest rates are modest, reflecting the bank’s conservative approach, but the account is FDIC‑insured up to $250,000.

If you’re looking for a higher yield, consider the High‑Yield Savings option. While the bank’s advertised APY is typically a shade above the standard savings rate, you’ll often need to maintain a larger minimum balance—often $1,000 or more—to avoid a monthly service charge.

Money Market Accounts – A Hybrid Approach

Money market accounts (MMAs) sit somewhere between checking and savings. They usually offer better interest than a regular savings account while still allowing limited check writing and debit‑card access. First Citizens’ MMA requires a higher opening deposit—often $2,500—but rewards you with tiered interest rates that climb as your balance grows.

One thing to watch: some MMAs impose a “tiered fee” that kicks in if your balance dips below a certain threshold for more than a few days in a month. Keep an eye on the account’s minimum balance policy to avoid surprise charges.

Certificates of Deposit (CDs) – Locking in a Rate

If you have a lump sum you can set aside for a fixed period, First Citizens’ CD lineup is worth a look. Terms range from three months to five years, and the longer the term, the higher the interest rate you’ll typically earn. Unlike savings accounts, you can’t add money once the CD is opened, and early withdrawal usually incurs a penalty—often a few months’ worth of interest.

For flexibility, the bank also offers “no‑penalty” CDs that let you withdraw after a short grace period (usually seven days) without losing accrued interest. These are ideal if you think you might need access to the funds before the term ends.

Retirement Accounts – Planning for the Future

First Citizens supports several retirement‑savings vehicles, including traditional IRAs, Roth IRAs, and rollover IRAs. While the bank doesn’t market these as “investment” accounts, they provide a safe, interest‑bearing environment for cash that you intend to keep until retirement age.

Key considerations:

• Traditional IRAs may offer tax‑deductible contributions, but withdrawals are taxed.
• Roth IRAs are funded with after‑tax dollars, allowing tax‑free growth and withdrawals.
• Both account types typically have contribution limits set by the IRS (for 2024, $6,500 for individuals under 50).

If you prefer a more aggressive growth strategy, you’ll need to link the IRA to a brokerage platform, but the bank can still serve as the custodian.

Business Accounts – Tailored for Small Enterprises

For entrepreneurs and small‑business owners, First Citizens offers a Business Checking account with features like free online bill pay, multiple authorized signers, and a suite of merchant services. The bank also provides a Business Savings option that helps you set aside cash for tax payments or emergency reserves.

One practical tip: many business customers qualify for a waiver of the monthly fee by maintaining an average daily balance of $5,000 or more, or by processing a minimum number of electronic transactions each month.

Digital Banking – Managing Money on the Go

Even though First Citizens leans heavily on personal relationships, its mobile app and online portal are surprisingly capable. You can:

• Deposit checks remotely via photo capture
• Set up custom alerts for low balances or large transactions
• Link external accounts for easy transfers
• Pay bills automatically on a schedule you choose

The app also features a budgeting tool that categorizes spending—useful if you’re trying to stay within a monthly envelope.

Common Fees and How to Avoid Them

While First Citizens strives to keep fees transparent, a few charges can sneak up on the unwary:

• Monthly maintenance fees – Usually waived with a minimum balance or direct deposit.
• Out‑of‑network ATM fees – Reimbursed on premium accounts, otherwise you’ll pay the ATM operator’s charge plus a $2‑$3 bank surcharge.
• Overdraft fees – Typically $35 per incident; consider opting into overdraft protection linked to a savings account to mitigate this.
• Excess transaction fees – Savings and money market accounts may charge $10‑$15 after the sixth withdrawal in a month.

Understanding the conditions for fee waivers can save you a few hundred dollars a year, especially if you keep a steady balance or use direct deposit.

How to Open an Account – Step by Step

Opening a First Citizens account can be done in three ways:

• In‑branch – Walk into any local office with a valid ID, Social Security number, and an initial deposit (usually $25 for checking).
• Online – Complete the application on the bank’s website, upload your ID, and fund the account via an external transfer.
• Phone – Call the customer‑service line, verify your identity, and arrange an initial deposit by mail or electronic transfer.

Once the account is active, you’ll receive a debit card within 7‑10 business days and can set up online access immediately.

Frequently Asked Questions

What is the minimum balance to avoid fees on a First Citizens checking account?

Generally, maintaining a daily balance of $500 or receiving a regular direct deposit will waive the monthly maintenance fee, but exact thresholds can vary by account type.

Can I earn interest on a checking account?

Yes, the Premium Checking option offers a modest interest rate, though it’s usually lower than what you’d find on savings or money market accounts.

Are First Citizens Bank accounts FDIC insured?

All deposit accounts are insured up to $250,000 per depositor, per ownership category, by the Federal Deposit Insurance Corporation.

How do I transfer money to an external bank?

Use the online banking portal to set up an ACH transfer. Transfers typically clear within one to two business days, and there are no fees for standard ACH moves.