What First Citizens offers in high yield savings

First Citizens Bank does not currently market a product specifically labeled "high yield savings account." The bank offers a Money Market Account that functions similarly to a high yield savings account—it holds your money, pays interest, and lets you withdraw funds—but the rate it pays depends on your balance tier and changes with market conditions. First Citizens also offers traditional savings accounts with lower rates.

The Money Market Account is the closest product First Citizens has to what other banks call high yield savings. Like high yield accounts elsewhere, it requires a minimum opening deposit (typically $2,500, though this varies by region and account type) and pays tiered interest rates—meaning the more you deposit, the higher your APY. You can make up to six withdrawals per month before fees apply, which is a standard federal limit for savings-type accounts.

If you already bank with First Citizens, opening a Money Market Account is straightforward: you can do it online, by phone, or in a branch. If you do not have an existing First Citizens account, you will need to open a checking or savings account first, then add the Money Market Account to your profile.

Key Takeaways

  • First Citizens Bank's Money Market Account is its closest equivalent to a high yield savings account, though rates vary by balance tier and current market conditions.
  • The Money Market Account typically requires a $2,500 minimum deposit to open, and higher balances earn higher APY tiers.
  • You can make up to six withdrawals per month before incurring a fee, which is a federal limit that applies to most savings-type accounts.
  • First Citizens also offers traditional savings accounts with lower rates if you prefer a simpler product or have a smaller opening deposit.

How First Citizens Money Market rates compare

First Citizens Money Market Account rates are not among the highest available in the market. Online banks and some credit unions typically offer higher APYs on money market and high yield savings accounts because they have lower overhead costs. As of the most recent public information, First Citizens Money Market rates range depending on your balance, but they are generally lower than what you would find at online-only banks.

The trade-off is convenience: if you already use First Citizens for checking or have a local branch nearby, the Money Market Account lets you manage your savings without switching banks. You can move money between accounts online or in person, and you have access to customer service through phone, chat, or branch visits. That accessibility costs you in APY compared to online-only competitors.

First Citizens rates change periodically as the Federal Reserve adjusts its benchmark rate. The bank typically updates its rates in response to broader market movements, but the timing and amount of change is at the bank's discretion. You should check the current rate directly on the First Citizens website or by calling your local branch, because published rates change and vary by region.

Minimum deposit and balance requirements

Opening a First Citizens Money Market Account requires a minimum deposit of $2,500 in most cases, though some regions or account variations may have different minimums. This is higher than many online high yield savings accounts, which often have no minimum or require only $1 to open.

Once the account is open, First Citizens does not typically charge a monthly maintenance fee on the Money Market Account as long as you maintain the minimum balance. If your balance falls below the minimum, you may lose the tiered rate benefit or face a monthly fee—check your account agreement or call your branch to confirm the exact threshold and penalty.

Withdrawal limits and fees

Federal law allows you to make up to six withdrawals or transfers per month from a Money Market Account before the bank can charge a fee. This applies whether you withdraw in person, by phone, online, or by check. After six withdrawals in a calendar month, First Citizens can charge a fee for each additional withdrawal—typically $10 to $25 per transaction, depending on your account type.

This limit exists across nearly all banks and credit unions for savings-type accounts. It is a regulatory rule, not a First Citizens policy. If you need to withdraw money more frequently, a checking account is a better choice, because checking accounts have no withdrawal limit.

Transfers between your own First Citizens accounts (such as from Money Market to checking) usually count toward the six-withdrawal limit, though some banks exempt transfers initiated online or through their app. Ask First Citizens directly whether internal transfers count, because the rule can vary by account type.

How to open a First Citizens Money Market Account

If you are already a First Citizens customer, you can open a Money Market Account online through your banking portal, by calling customer service, or by visiting a branch in person. The process takes a few minutes online and you can fund it immediately from an existing First Citizens account or by transferring money from another bank.

If you do not have a First Citizens account yet, you will need to open a checking or savings account first. You can do this online or in a branch. Once that account is active and funded, you can add the Money Market Account to your profile. The entire process typically takes one to three business days from start to finish.

You will need a valid government-issued ID, your Social Security number, and proof of address (such as a recent utility bill or bank statement) to open any account. First Citizens will also run a background check through ChexSystems, which is a banking history database. If you have had accounts closed for fraud or unpaid overdrafts, this may affect whether you can open an account.

Alternatives if First Citizens rates do not meet your needs

If you want a higher APY without switching banks entirely, consider comparing rates at online banks like Marcus, Ally, or American Express Personal Savings, which typically offer higher yields on high yield savings accounts and money market accounts. These accounts have no minimum deposit or very low minimums, and you can open them without an existing relationship with the bank.

The trade-off is that you cannot walk into a branch or call a local number for immediate help. Most online banks offer phone and email support, and some offer chat, but response times may be longer than at a bank with physical locations. If you value in-person service or already have a First Citizens checking account, the convenience may outweigh the lower rate.

Credit unions are another option if you are a member or can join one. Some credit unions offer high yield savings accounts or money market accounts with competitive rates and lower or no minimum deposits. Membership requirements vary—some are based on where you work, where you live, or your employer.

Frequently Asked Questions

Can I open a First Citizens Money Market Account online?

Yes, if you already have a First Citizens checking or savings account, you can open a Money Market Account online through your banking portal. If you are not yet a customer, you will need to open a checking or savings account first, which you can also do online. The entire process takes one to three business days.

What happens if my balance drops below the $2,500 minimum?

If your balance falls below the minimum, you may lose the tiered interest rate or face a monthly maintenance fee. The exact penalty depends on your specific account agreement. Contact First Citizens or review your account terms to confirm what happens at your balance level.

Do I have to keep money in a First Citizens Money Market Account for a certain time?

No, there is no lock-in period or penalty for withdrawing your money. You can withdraw funds anytime, subject to the six-withdrawal-per-month federal limit. After six withdrawals in a calendar month, First Citizens can charge a fee for each additional withdrawal.

How often does First Citizens change its Money Market Account rate?

First Citizens updates rates periodically in response to Federal Reserve changes and market conditions, but there is no fixed schedule. Rates can change monthly, quarterly, or less frequently. Check the First Citizens website or call your branch to see the current rate, because it may have changed since you opened the account.

Is my money safe in a First Citizens Money Market Account?

Yes, First Citizens Bank is FDIC-insured, which means deposits up to $250,000 per account type are protected if the bank fails. A Money Market Account is a separate account type from checking, so you have $250,000 of FDIC coverage on the Money Market Account and another $250,000 on checking, for example.