First Citizens Bank Review, Rates: CDs, Savings, Money Markets, Mortgages
In 1898, this financial institution was known as the Bank of Smithfield. When Johnson County, North Carolina came about, they established their first bank – First Citizens Bank. It is a rarity for a business to stand strong for more than 100 years, but First Citizens Bank is committed to keeping up with the times and providing exceptional service. It is rated one of the Top 5 Best Banks in America by Forbes based on the fact they find new and innovate ways to meet your needs.
Many individuals speak highly of First Citizens Bank and it is due to the personal and business banking they provide. Great customer service and valued employees are also helping lead the way for this bank. First Citizens Bank promises to provide integrity, stability and excellent service to help make you feel comfortable at all times.
First Citizens Bank offers the normal personal banking services such as checking and savings accounts. They also have mortgage, loans and credit cards for their customers. Investment and wealth management is readily available to those who need practical advice for their financials. They offer low minimum deposits for their CD accounts with tolerable rates. The credit cards have exceptionally low interest rates, but are different for each customer.
The business services First Citizens Bank provides are practical tools every business owner needs such as credit card processing or loans. First Citizens Bank wants to help optimize your cash flow, flourish your business and increase efficiency in the workplace. With their easy-to-use tools and specialized business advice, any business will be able to grow greatly.
They realize that time is money, so they aren’t out there to waste it. First Citizens Bank provides quality services to help maximize your time and financial goals.
CD accounts are perfect for those who do not want to dip into their savings at all. It allows you to securely put your money away for a determined amount of time while earning a competitive interest rate. First Citizens Bank CDs are based on balance tiers and the interest rate you receive at account opening is guaranteed for the duration of your term.
The following three tiers apply to all fixed interest rate CDs:
- Minimum deposit up to $9,999
- $10,000 to $49,999
- $50,000 and above
First Citizens Bank CD Rates & Terms:
- 7-31 days – fixed interest rate based on balance tiers – $2,500 minimum deposit
- 32-181 days – fixed interest rate based on balance tiers – $500 minimum deposit
- 182-364 days – fixed interest rate based on balance tiers – $500 minimum deposit
- 12-Month Convertible – fixed interest rate guaranteed to maturity – $500 minimum deposit
- 6-17 Month Quest – fixed interest rate based on balance tiers – $5,000 minimum deposit
- 24-Month Step Rate – fixed interest rate for 6 months at a time. 0.10% APY added to your current fixed APY at 6, 12 and 18 months – $500 minimum deposit
- 36-Month Callable – fixed interest rate based on balance tiers for the first 12 months, after which First Citizens Bank may call the CD. If called, you will be given the option either to continue the CD at the new interest rate, to convert to any other deposit account or to withdraw your funds with no penalty – $500 minimum deposit
- 12-60 months – fixed interest rate based on balance tiers – $500 minimum deposit
First Citizens Bank: CD Rates & Terms – as of 9/27/11
- 12 month – 0.40% Interest Rate – 0.40% APY
- 24 month – 0.65% Interest Rate – 0.65% APY
- 36 month – 1.00% Interest Rate – 1.01% APY
Terms & Conditions: Additional deposits of $50 or more to 6-Month CDs is allowed. To receive the Quest CD, a Quest or UltraQuest Checking account is required.[tab:Money Markets]
First Citizens Bank offers tiered interest rates, so the more you deposit the more interest you will earn. Their Money Market Savings promises to not tie your money up and that it is a convenient way to save. You are given unlimited withdrawals and transfers in person or at ATMs and the account is FDIC insured up to $250,000.
The Money Market Savings requires you to have or to open a First Citizens checking account and to make a minimum opening balance of $5,000 in new funds. You are only allowed up to 6 preauthorized transfers per statement period and these include transfers to third parties, automated transfers or telephonic transfers between your First Citizens Bank accounts. Additional charges will apply to excessive withdrawals; however, you can make unlimited withdrawals or transfers in person, by mail or through an ATM.
First Citizens Bank: Money Market Savings Rates – as of 9/27/11
- $0-$9,999 – 0.05% APY
- $10,000.00-$24,999 – 0.10% APY
- $25,000.00-$49,999 – 0.15% APY
- $50,000.00-$99,999 – 0.20% APY
- $100,000.00 – $499,999 – 0.25% APY
- $500,000 + – 0.30% APY
Terms & Conditions: Continued excessive preauthorized transactions will result in the money market investment account or savings account being closed or converted to a checking account. Balances under a certain level may incur monthly service charges. Consult with bank for the most current rates and terms.[tab:Savings Accounts]
First Citizens Bank savings accounts offer you the opportunity to simplify the way you manage your money. With their savings account, you will be given convenience and accessibility. They promise to provide their customers with an account that meets current needs and future goals.
All the savings accounts include: free Online Banking, free Online Bill Pay, low initial deposit, competitive interest rates and convenient access to local branches and ATM networks.
Retirement accounts are also available through First Citizens Bank such as the Traditional IRA, Roth IRA, SEP-IRA and SIMPLE-IRA.
First Citizens Bank: Regular Savings
This is the ideal account for those who are just starting to save. It offers a low initial deposit and the interest is compounded daily. Every month that interest will be credited to your account. For minors age 17 and under, there are no monthly service charges. This account is allowed up to 6 preauthorized transfers; however, if more transfers are needed they are unlimited and free when done in person, by mail or through an ATM.
First Citizens Bank: e.savings
E.savings is specifically designed to help those who would like the convenience of solely saving online. It offers a competitive interest rate on low account balances and your account is readily available at any time. First Citizens takes active measures to make sure your personal information is secured. Their online security is among the best in the banking industry, so there is no need to worry about your private information getting distorted. The interest on the account is compounded daily and is credited to your account on a monthly basis. It comes with free Online Banking with Bill Pay and you have the ability to sign up online. A maximum of 6 transfers per monthly statement is allowed; however, unlimited transfers or withdrawals can be made in person, by mail or at an ATM.
First Citizens Bank: Military Savings
First Citizens Bank is giving back to the members of the military for their glorified service through their Military Savings. This savings account offers tiered interest rates and you are given worldwide access to your funds. It takes a low initial deposit of $100 to open the account and a minimum daily balance of $300 to avoid monthly maintenance fees. Also, First Citizens Bank offers a Military Checking package designed to provide additional benefits and features.
The tiered interest rates are as follows:
- Less than $5,000
- $5,000 to $9,999
- $10,000 and above
First Citizens Bank: Coverdell Educational Savings Account
This account is for those who need a way to save for their child’s future educational expenses. It is an account that works similarly to a Roth IRA, but it is geared toward education and not retirement. You are allowed to contribute up to $2,000 per child each year and your annual contribution is non-deductible. It takes a $100 minimum opening deposit and comes in 12-17 months fixed-rate terms. The interest on the account is compounded daily and credited monthly and it is completely tax-free earnings.
Terms & Conditions: For current rates and terms, consult with bank. Fees could reduce earnings in accounts.[tab:Mortgages]
First Citizens Bank promises to focus on you, not your loan. With that being said, they want to make sure your loan process is easy and understandable. The professionals at First Citizens Bank are glad to give you their time, personal attention and advice whether it is your first time buying a home or fifth. First Citizens Bank professionals will work diligently to help you select a home of your dreams and terms that will fit your financial budget.
Guidance is definitely offered to customers when it comes to applying or learning more information about their mortgage loans. They have mortgage assistance programs available to those who need credit options and also a specific checklist to follow when applying for a mortgage. First Citizens Bank also gives you the information to obtain your credit score for free.
First Citizens Bank offers ARM, construction-to-permanent and fixed-rated mortgage loans. They also have home equity and jumbo loans. Refinancing is offered by First Citizens Bank as well. To find out more information about current rates on these loans listed, consult with a mortgage banker or call 1-888-323-4732, option 2.
First Citizens Bank: Home Equity Loan Rates – as of 7/29/11
- 5-year balloon/15-year amortization – 5.127% APR
First Citizens Bank: Jumbo Mortgage Rates – as of 7/2911
- Jumbo Mortgage as low as – 3.9482% APR