First Citizen Bank Review
In this fast-paced era, the banking choices from the investment point of view are thought to be as diverse as the needs and preferences that these banks serve. In this regard, the First Citizens Bank appears to be a notable financial institute.
With its exceptional financial solutions, the First Citizens Bank provides an extraordinary blend of traditional banking values and modern convenience. If you thoroughly want to get the details and understand the query of how First Citizens Bank stacks up in the vast and modern financial landscape, here is the comprehensive review guide for the bank stated next.
We will also delve into the details that set this bank apart from other competitive options and how it has been compared with giant financial institutes like M&I Bank and Bank of America.
First Citizens Bank is primarily headquartered in Raleigh, North Carolina. It first appeared and was established in January 1898. Initially, it was operated as a subsidiary of First Citizens Bancshares, Inc. but later on, the bank started to be classified as a commercial bank, state charter, and Fed nonmember.
All of them are insured and supervised by the authorities of FDIC.
Overall, First Citizens Bank is an FDIC-insured financial institute that ensures and provides an extra layer of security for the trust of its customers.
First Citizen Bank Locations
First Citizens Bank has a vast network presence with approximately 547 branches that are located across a total of 19 states.
This extensive network of branches is also very convenient to ensure accessibility for customers in these states. Whereas, for specific locations and services of the bank, it is precisely suggested to visit their official website.
- North Carolina: 216 branches
- South Carolina: 122 branches
- California: 61 branches
- Virginia: 42 branches
- Georgia: 28 branches
Other branches are also located and available in Arizona, Colorado, Florida, Kansas, Maryland, Missouri, Nebraska, Nevada, New Mexico, Oklahoma, Oregon, Tennessee, Texas, Washington, West Virginia, and Wisconsin.
Each state is bound with a varying number of branches that swiftly cover the regional banking needs of the investors. So the residents can choose the type and area of location as per their own convenience.
Checking Accounts at First Citizens Bank
First Citizens Bank offers checking accounts that are aligned with versatile features. These features are significant enough to meet the different needs of the customers.
These checking accounts are specifically designed for ease of access, provide flexibility, and hold versatile additional benefits for managing the day-to-day finance requirements of investors.
The supporting additional features that checking accounts hold are;
|Customers can make payments directly from their mobile phones, providing a convenient option for splitting bills or paying friends and family.
|Some checking accounts at First Citizens Bank allow customers to earn interest. This typically requires maintaining a high balance to avoid fees or be eligible for interest accrual.
|While the bank offers free checking accounts, certain accounts with more features or interest-earning potential may have monthly fees. Fees can be waived by meeting specific criteria, such as a minimum balance or direct deposit.
|Accessibility and Additional Services
|The bank provides a broad range of services including online banking, mobile deposits, and traveler’s checks in foreign currencies. However, branch access is limited to the states where it operates, as it is not a national bank.
In addition to this, the Versatility of the checking account by the concerned bank includes;
|Minimum Opening Deposit
|$0 (with paperless statements)
|Basic account management
|Preferred rates on EquityLines and CDs
|VIP features, best rates on EquityLines and CDs
Savings Accounts at First Citizens Bank
Same as the checking accounts, the First Citizens Bank is known to provide a wide range of savings account options. Each account holds distinctive features that are ultimately bound to support the saving goals and preferences of the individual.
|No Monthly Fees
|The e.Savings account, such as, does not charge monthly fees, making it an attractive option, especially for those starting with saving.
|The bank offers competitive rates for a brick-and-mortar bank, although they may not be as high as those offered by fully online banks. Interest earned helps counter the effects of inflation on savings.
|Accessibility and Deposits
|Customers can make deposits at any of First Citizens Bank’s ATMs, providing convenient access. The bank also offers the flexibility of mobile check deposits.
|Options for overdraft protection are available, providing an extra layer of security for customers’ finances.
CD Rates and Money Market Accounts
The CD rates offered by the banks are competitively advantageous. It makes sure that the interest rates remain the highest in comparison to the regular savings accounts.
These CDs have a fixed interest rate and vary depending on different factors. These factors are bound to the needs of customers. The popular CD offerings include;
- 6 Months: 0.01% APY
- 1 Year: 0.01% APY
- 18 Months: 0.02%
- 2 Years: 0.05% APY
- 3 Years: 0.05% APY
- 4 Years: 0.15% APY
- 5 Years: 0.15% APY
On the other hand, if we consider the Money Market Account, it is still competitive to provide an enhancement in perspective of interest rate. In short, the money market accounts offer higher yields only for higher balances.
It tends to combine the benefits of both a savings and a checking account. Ultimately it ensures flexibility as well as the opportunities to earn more interest.
|Minimum Opening Deposit
|Competitive rates, compounded daily
|Tiered-rate, unlimited withdrawals at ATMs
|Certificates of Deposit (CDs)
|Higher interest rates, no monthly service fee
Mortgage Loans and Other Loan Products
First Citizens Bank is known to deliver highly edge consistency in terms of loan considerations. This considerable product mainly includes mortgage loans.
Their mortgage options tend to deliver a wide range of borrowers. This borrower list adds up the;
- First-time homebuyers
- Those looking to refinance
- Customers purchasing investment properties.
The bank also authentically offers loan products, i.e. personal loans, auto loans, and lines of credit.
Every category is designed to meet the different financing needs along with competitive rates and terms of authenticity.
Additional Products and Services
In addition to traditional banking products, First Citizens Bank provides a range of other financial services. These include investment services, wealth management, and insurance solutions.
The bank also offers digital banking services, facilitating easy online and mobile banking experiences. These additional services are aimed at providing a comprehensive financial solution to meet the diverse needs of their customers.
Comparison Overview with Other Institutes
|First Citizens Bank
|Bank of America
|Checking Account Options
|Free, Premier, Prestige
|Varied options with different features
|Standard, Interest Checking, Student, etc.
|Savings Account Options
|Online Savings, Money Market, CDs
|Savings, Money Market, CDs
|Savings, Money Market, CDs
|Less competitive than online banks
|Varies, often competitive
|Varies, often competitive
|Primarily in 19 states
|Limited to certain regions
|Comprehensive online and mobile banking
|Extensive online and mobile services
Pros and Cons Analysis
First Citizens Bank offers a variety of banking services with notable pros such as;
- No monthly fees on certain accounts
- The availability of ATM cards
- Mobile banking apps.
However, there are certain cons as well including;
- Limited geographical presence
- Less competitive interest rates compared to online banks.
Customer reviews of First Citizens Bank show a mix of experiences. Some customers appreciate the convenience and accessibility of the bank’s services, including its online and mobile banking options. They often commend the friendly customer service and the variety of account options available.
On the other hand, some reviews highlight challenges with account management and dissatisfaction with certain fees. As with any financial institution, experiences can vary widely based on individual needs and interactions.
Another thing to note is that the individual experience varies and every visitor comes across different conditions based on their own individual needs and preferences.
Final Personal Review – Services, Customer-Centric Approach
First Citizens Bank contains the high profile approach that seems to be related to customer-centric credibility. It offers a wide range of services that appear to be suitable for varied financial needs.
Their variety in account types and additional services like wealth management indicates a deep focus on accommodating diverse customer profiles.
First Citizens Bank offers a range of products suitable for various financial needs.
While it offers competitive rates for a traditional bank, online banks might provide higher interest rates, especially for savings accounts.
The bank’s checking accounts offer flexibility and additional benefits for those who maintain higher balances or have specific account types. CDs at First Citizens are a good option for those looking for fixed-rate returns, especially with the rising rates.
It varies based on different factors, i.e. $50 is reserved for some savings accounts, whereas $100 for certain checking accounts.
Some accounts have monthly fees, but they can often be waived by implementing required conditions and maintenance.
Yes, they offer comprehensive online and mobile banking services.
Yes, they provide various loan products including mortgages and personal loans.
Yes, deposits are insured by the FDIC up to the legal limit.