First Citizens Bank Online Savings Account Review 2024: Access To Money Management Tools

Victoria DanielJanuary 6, 2024

First Citizens‌ ‌Bank‌ strives ‌to‌ offer ‌all-around‌ ‌banking‌ ‌services‌ ‌that‌ allow its customers to make the most of their finances.‌ ‌They ‌offer savings‌ ‌and‌ ‌checking‌ ‌accounts‌ ‌along‌ ‌with‌ ‌investment‌ ‌options,‌ ‌credit‌ ‌cards,‌ ‌loans,‌ ‌and mortgages for‌ ‌individuals‌ ‌and‌ ‌businesses.‌

Overall rating

Reviews

Features

HQ	Raleigh, North Carolina, United States
Deposit Insurance	Yes, Up to $250,000
Monthly Fee	$0
Min. To Open	$50
Min. Deposit For No Fee	$0
Min. Balance For APY	$50
Interest Compounded	Daily
State Restrictions	Available in 19 states

In depth review on First Citizens Online Savings Account

First Citizens‌ ‌Bank‌ ‌is‌ ‌the‌ ‌primary‌ ‌subsidiary‌ ‌of‌ ‌First-Citizens‌ ‌Bancshares,‌ ‌Inc.‌ ‌They are a‌ ‌bank‌ holding‌ ‌company‌ that was ‌founded‌ ‌in‌ ‌1898 and is ‌headquartered‌ ‌in‌ ‌Raleigh,‌ ‌North‌ ‌Carolina.‌

First Citizen Bank savings account is an online account that charges no monthly fees. This account is only available in 18 states, which limits the number of people that can access this service. You also need to make a minimum deposit of $50 to open this account. However, the account comes with features such as an ATM Card, money management tools, etc. You can also schedule bill payments from your savings account using First-Citizen’s bill pay service.

First Citizens Bank Online Savings Account is best for

• Online banking: This account offers a fully online experience that can be a great option for people that are comfortable operating an account online. It allows users 24×7 access along with a user-friendly app to conduct their banking activities.
• Money management tools: With your account, you get access to money management tools that you can use to create a budget and track your spending. You can connect different types of financial accounts to this tool to get an overall picture of your finances.

First Citizens Bank Online Savings Account benefits

• No monthly fees: This bank does not charge any monthly maintenance fee or require you to maintain a minimum balance to waive the fee. 
• ATM card available: You can request a free ATM card linked to your savings account. You can use the card to withdraw from First Citizen branches and ATMs.
• FDIC insured: In case of bank failure, your account is insured by Federal Deposit Insurance Corporation (FDIC) for up to $250,000.

First Citizens Bank Online Savings Account drawbacks

• Limited no-fee withdrawals: After the first two free withdrawals or transactions per month, you are charged $3 per withdrawal. 
• High wire transfer fee: For every domestic incoming wire transfer, you are charged $16, and for domestic outgoing wire transfers, $30 is charged which is considerably higher than the average wire transfer fee.

Account opening

5

You can easily open this account by going online and visiting First Citizens Bank’s website. To open this account you must:  

• Be at least 18 years old, 
• Be a U.S. citizen, 
• Open with a minimum deposit of $50 and 
• Be a resident of Arizona, California, Colorado, Florida, Georgia, Kansas, Maryland, Missouri, New Mexico, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia, and Wisconsin

You will also be asked for some basic information such as your full name, email id, date of birth, social security number, etc. 

Fees 

4

The bank does not charge any monthly fee but account holders should be aware of other charges related to this account.

• $3 per withdrawal (after 2 free withdrawals per month)
• $15 for withdrawals after the 6th per month
• $16 for Incoming Wire Transfers
• $30 for outgoing Wire Transfers
• $35 stop Payment Fee
• $12 returned Item Fee

Features

3

Some of the features offered by First Citizens Bank Online Savings Account are:

• No monthly fee
• APY of 0.03%
• Wire transactions
• ATM card availability
• Mobile app availability
• FDIC insurance

Deposits and withdrawals

5

The bank offers deposits through wire transfer, direct deposits, cash deposits at their ATMs. You can also make wire transfers and ATM withdrawals. However, you may be charged a fee depending on what mode of transaction you choose. 

Customer service

4.5

You can get in touch with First-Citizen Bank’s representatives at their toll-free number 888-FC DIRECT (888-323-4732). Their customer representatives are available Monday – Sunday 7 am to 11 pm ET. You can also visit their physical branches and receive in-person assistance.

Safe and secure

5

First Citizens Bank is a safe place for you to deposit your funds. Its savings account is insured by FDIC which means your funds will be insured for up to $250,000. This means, in case of bank failure, your funds will be saved and will be reimbursed up to $250,000. 

Additionally, they use data encryption, unique identification, session timeout, and many security layers to provide you with safe online banking. They follow stringent internal and external security standards and have trained staff on the importance of confidentiality. 

First Citizens Bank is federally regulated and supervised by the Office of the Comptroller of the Currency (OCC). The bank is accredited by Better Business Bureau (BBB) and insured by the Federal Deposit Insurance Corporation (FDIC).  

Is First Citizens Bank Online Savings Account right for you?

The account does not have a monthly maintenance fee, and it offers an ATM card which is rare with savings accounts. First Citizens Bank also offers a user-friendly app for you to access your account. However, the account pays a considerably low APY and requires a minimum deposit of $50 to open the account. You also get a limited number of free transactions.

If you’re looking for a money management tool or an ATM card with a savings account, First Citizen Bank might be a good option. Otherwise, it’s best to look elsewhere as the low APY will not help much towards your savings.