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First-Citizens Bank & Trust Company Review

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First-Citizens Bank & Trust Company Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

First-Citizens Bank & Trust Company first started operating in 1898 and is headquartered in Raleigh, North Carolina. It owns assets of $34 billion along with $29 billion in deposits, classifying it as a very large bank. First-Citizens Bank & Trust Company lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. We ranked the bank at a 3.8 stars out of 5, indicating that First-Citizens Bank & Trust Company is an average bank that leaves room for improvement. First-Citizens Bank & Trust Company has a varied choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, brokerage accounts, mortgage products and credit cards. First-Citizens Bank & Trust Company has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, First-Citizens Bank & Trust Company's standard checking account does not have a monthly fee. Locating a bank with no-fee checking, in addition to a high savings APY is the best bet for returning the highest income on your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.8/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.2
SmartAsset Average: 3.5

With a savings rate of 0.15%, First-Citizens Bank & Trust Company ranks poorly in comparison to other U.S. banks. Its one-year CD has a rate of 0.60% and the five-year CD earns at a rate of 1.15%, while its highest-yielding money market account earns at a rate of 0.35%. Given its below average savings rate, you should think about taking a look at other banks for savings accounts.

How First-Citizens Bank & Trust Company's Savings Rates Compare

First-Citizens Bank & Trust Company Savings 0.15 National Average 0.26 Compare Offers
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Fees

4.0
SmartAsset Average: 4.4

On average, First-Citizens Bank & Trust Company charges its customers average fees compared to the average U.S. bank. With no monthly fee, First-Citizens Bank & Trust Company is perfect for those who want a simple banking experience. Additionally, First-Citizens Bank & Trust Company has an overdraft fee of $36.00, which is marginally steeper than the national average. First-Citizens Bank & Trust Company unfortunately doesn't reimburse out-of-network ATM charges, meaning you'll be required to find a First-Citizens Bank & Trust Company ATM or pay the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $36.00 National Average: $35.00
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Service Quality

3.2
SmartAsset Average: 3.7

First-Citizens Bank & Trust Company is a brick-and-mortar bank, with 552 total bank locations in Arizona, California, Colorado, Florida, Georgia, Kansas, Missouri, New Mexico, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia and Wisconsin. It also offers access to mobile and web apps for simple access and banking on the go. It does not offer all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Sunday and 7:00 a.m. to 11:00 p.m. ET. First-Citizens Bank & Trust Company's online and mobile banking platforms receive poor feedback from customers. With 2,900 customer reviews across Apple and Android platforms, the First-Citizens Bank & Trust Company mobile app is scored at 2.6 out of 5 (compared to the national average of 3.8). First-Citizens Bank & Trust Company's mobile app allows you to manage your finances by checking monthly statements, transferring money as well as reaching customer service. First-Citizens Bank & Trust Company receives a superb consumer satisfaction rating due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 2.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

First-Citizens Bank & Trust Company ranks as a very large bank and has $34 billion in assets and $29 billion in deposits. Its Texas Ratio is 5.67%, suggesting that First-Citizens Bank & Trust Company is in good financial condition and improbable to fail. Additionally, First-Citizens Bank & Trust Company is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

5.67%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare First-Citizens Bank & Trust Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $100
Checking Account 0.15% APY $2500
Certificates of Deposit
  • 12 Month: 0.60% APY
  • 24 Month: 0.70% APY
  • 36 Month: 2.74% APY
  • 48 Month: 1.01% APY
  • 60 Month: 1.15% APY
$1000 for all terms
Money Market Account 0.25% APY $10000

First-Citizens Bank & Trust Company has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. First-Citizens Bank & Trust Company does not have the best savings rate, which means you should consider taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. First-Citizens Bank & Trust Company's CD rates are fair in comparison to the national average.

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Find a First-Citizens Bank & Trust Company Near Me

First-Citizens Bank & Trust Company has 552 physical locations in the U.S.

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