First Citizens Business Banking Review

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The bottom line: First Citizens Bank First Citizens Bank Business Checking Account strongest business account is its Basic Business Checking Account. It's a great account, however, the best business checking accounts allow more free monthly transactions. And if you're looking for high interest rates on savings or a variety of CD options, you may want to look at other options.

First Citizens Bank Overall Business Rating

First Citizens Bank Pros and Cons

First Citizens Bank Business Savings

The First Citizens Bank Business Savings Account may be a solid option if you can keep at least $2,500 in your account daily — that way you can avoid monthly fees. 

However, the interest rate is fairly low, and there are better options available through online banks.

First Citizens Bank Business Checking

The First Citizens Bank Business Checking Account is the bank's strongest business account. It has a low minimum opening deposit, you can also deposit $5,000 in cash in your account monthly.

However, if you're likely to make more than 150 monthly transactions or deal with many wire transfer fees, then this account may not be the best option for you. You may be bogged down with additional fees. 

First Citizens Bank Business CD

First Citizens Bank offers decent rates on First Citizens Bank First Citizens Bank Business CD and only requires a $500 minimum opening deposit.

You can get more competitive rates if you have a Premier Business Checking account or Professional Business Checking account and can deposit a minimum of $5,000. However, you'll need to contact your local branch to learn more about additional CD offerings.

First Citizens Bank Business Money Market Account

The First Citizens Bank Premium Money Market Account is a decent option if you're looking for an account that comes with an ATM card or a Visa business debit card option. However, the interest rate is fairly low and the minimum deposit is fairly steep at $25,000.

How First Citizens Bank Works

First Citizens Bank has both personal banking and business banking.  Branches and ATMs are located across 21 states, including:

• Arizona
• California
• Colorado
• Florida
• Georgia
• Hawaii
• Kansas
• Maryland
• Missouri
• Nebraska
• New Mexico
• North Carolina
• Oklahoma
• South Carolina
• Tennessee
• Texas
• Virginia
• Washington
• West Virginia
• Wisconsin

Customer service hours tend to vary at the location. You can call an automated system if it's after hours or gets help from customer service reps who are available from 7 a.m. to 11 p.m. ET.

If you are a fan of mobile banking, the bank's mobile app may be one of the best features for you. The banking app has a 4.6 out of 5 rating from the Apple Store and a 4.5 out of 5 rating from the Google Play store.   

First Citizens Bank is FDIC insured. If a bank is FDIC insured, that means your business banking deposits are insured for up to $250,000 on individual accounts and $500,000 on joint accounts. 

Is First Citizens Bank Trustworthy?

First Citizens Bank received an B rating from the Better Business Bureau. We use BBB ratings to help you understand how a bank deals with customer complaints.

First Citizens Bank also hasn't been involved in any recent public controversies.

How First Citizens Bank Compares

We compared First Citizens Bank business banking with two other institutions: Citizens Bank and IberiaBank.

First Citizens Bank vs Citizens Bank

Something important to consider is that First Citizens Bank First Citizens Bank Business Checking Account business banking is available in 19 states, whereas you can get Citizens Bank business accounts in 12 states. Depending on where you live, one may be available to you. 

If you are looking for a checking account with no minimum opening deposit or a variety of short CD options, Citizens Bank may be the better option. But if you are looking for a checking account that doesn't charge out-of-network ATM fees or has longer term CDs, then First Citizens Bank may be more appealing.

First Citizens Bank vs IberiaBank

Both banks offer a variety of business banking accounts, so either could be a good option if you're looking for a bank where you can do it all.

The IberiaBank Statement Savings account has a lower minimum opening deposit and a slightly higher APY. However, it's only available in 10 states, while First Citizens Bank First Citizens Bank Business Savings Account is available in 19 states. 

Another factor to consider is how many transactions you'll make monthly. If you think you'll make more than 175 transactions per month on your checking account, then IberiaBank may be better. You can make up to 500 free monthly transactions through the business checking account. 

Why You Should Trust Us: How We Reviewed First Citizens Bank

We rate bank accounts on a scale from one to five stars. For First Citizens Bank's business checking, savings, and money market accounts, we used Personal Finance Insider's bank account ratings methodology. The exact factors we evaluate vary depending on the type of account — for example, we look at overdraft fees for checking accounts and interest rates for savings and money market accounts.

For First Citizens Bank's business CDs, we used our CD rating methodology which looks at interest rates, minimum opening deposits, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, and the security and ethics of the company.

We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.

Sophia Acevedo

Banking Editor

Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics. ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, budgeting, and general saving. Sophia was also a part of Business Insider's 2024 series "My Financial Life," which focused on telling stories that could help people live and spend better.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE Accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circumstances and overcoming their fears around money.ExpertiseSophia's expertise includes:

• Bank accounts
• Savings and CD rate trends
• Budgeting
• Saving
• How banks operate

EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.Sophia is a member of the National Association of Hispanic Journalists.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.

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Evelyn He

Compliance and Operations Associate

Evelyn He is a compliance and operations associate for Business Insider’s Personal Finance team. Evelyn ensures content accuracy and editorial independence so readers get the most up-to-date and objective financial advice, enabling them to make informed financial decisions.ExperienceAs part of the compliance team, Evelyn helps fact check Personal Finance stories and works to make sure that the language is clear, precise, and compliant with government regulations and partner guidelines. Previously, Evelyn worked as a compliance specialist for Apellis Pharmaceuticals and a legal assistant at the law firm Morrison Mahoney.ExpertiseEvelyn is an expert in the following areas:

• Compliance
• Quality assurance
• Affiliate marketing
• Search engine optimization (SEO)
• Content strategy

EducationEvelyn earned a bachelor’s degree in business administration from UMass Amherst and a master’s in marketing from Boston University.Evelyn has two dogs, Money and Tibber.

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