First Citizens Bank does not currently offer a dedicated high yield savings account

First Citizens Bank's standard savings accounts earn interest rates well below what you can find elsewhere. As of now, the bank does not market a high yield savings product under its own brand. If you bank with First Citizens and want a savings account that actually grows your money faster, you will need to look at other banks or keep your money in a different type of account.

This matters because the difference between a standard savings rate and a high yield rate can add up quickly. A $10,000 balance earning 0.01% annually (typical for First Citizens savings) grows by $1 per year. The same $10,000 at 4.5% (common for high yield accounts at online banks) grows by $450 per year. Over five years, that gap becomes thousands of dollars.

Key Takeaways

  • First Citizens Bank's regular savings accounts pay rates far below what online banks and credit unions offer for high yield savings.
  • You can keep your First Citizens checking account and move savings to a higher-paying account at a different institution without closing your First Citizens relationship.
  • High yield savings accounts at online banks typically pay 4% to 5% annually, with no monthly fees and no minimum balance requirements.
  • Money market accounts at some banks offer rates close to high yield savings but may require higher opening deposits.

What First Citizens savings accounts actually pay

First Citizens Bank offers a basic savings account, but the interest rate is minimal. The exact rate varies by branch and account type, but most customers see rates between 0.01% and 0.05% annually. This rate does not keep pace with inflation and is not competitive with what other banks offer.

First Citizens also charges a monthly maintenance fee on some savings accounts unless you meet balance requirements (usually $500 to $1,000 minimum). These fees eat into whatever small interest you earn. If your balance drops below the minimum, you may pay $5 to $10 per month just to keep the account open.

Where to find high yield savings if you leave First Citizens savings

Online banks consistently offer the highest savings rates because they have lower overhead costs than brick-and-mortar banks. Banks like Marcus by Goldman Sachs, Ally Bank, American Express Personal Savings, and Discover Bank currently offer rates between 4% and 5.35% annually on high yield savings accounts. These rates change based on Federal Reserve decisions, but online banks typically move faster than traditional banks when rates shift.

Credit unions can also offer competitive rates on savings accounts and share certificates. If you belong to a credit union or can join one (many allow membership based on where you work, live, or worship), check what they offer before opening an account at an online bank. Some credit unions pay 5% or higher on savings balances up to $500 or $1,000.

Opening an account at another bank does not require you to close your First Citizens checking account. Many people keep checking at a local bank for deposits and bill pay, then move savings to a high yield account elsewhere. Transfers between banks take one to three business days via ACH, so your money is not locked away.

Money market accounts as an alternative

A money market account is a hybrid between a savings account and a checking account. It typically pays interest rates close to high yield savings (currently 4% to 5% at many banks) but also gives you a debit card or check-writing privileges. The trade-off is that money market accounts often require a higher opening deposit—sometimes $2,500 to $10,000—and may limit how many withdrawals you can make per month.

If you have a larger balance and want both competitive interest and easy access to your money, a money market account might work better than a high yield savings account. Banks like Ally, Marcus, and Discover offer money market accounts alongside their savings products, so you can compare rates directly.

How to move money from First Citizens to a high yield account

Once you open a high yield savings account at another bank, transferring your balance is straightforward. Most online banks let you link your First Citizens checking account and initiate an ACH transfer directly from their website. You provide your First Citizens account number and routing number (which you can find on a check or by logging into First Citizens online banking), and the transfer typically completes in one to three business days.

If you want to move money gradually rather than all at once, you can set up recurring transfers. This approach lets you test the new bank's customer service and interface before committing your full savings balance. Some people keep a small amount at First Citizens for convenience and move the bulk to a high yield account.

Certificates of deposit as another option

If you do not need immediate access to your savings, a certificate of deposit (CD) can pay more than a high yield savings account. CDs lock your money away for a set term—typically three months to five years—but pay higher interest rates in exchange. Current CD rates at online banks range from 4.5% to 5.5% depending on the term length.

The downside is that withdrawing money early from a CD usually costs you a penalty, often equal to several months of interest. CDs work best for money you know you will not need for a specific period. If you might need your savings in an emergency, a high yield savings account is more flexible because you can withdraw anytime without penalty.

Frequently Asked Questions

Can I keep my First Citizens checking account and move savings elsewhere?

Yes. Checking and savings are separate accounts, and moving your savings balance to another bank does not affect your checking account at First Citizens. You can maintain your First Citizens checking for direct deposit and bill pay while keeping savings at a bank that pays higher interest.

How long does it take to transfer money from First Citizens to another bank?

ACH transfers between banks typically take one to three business days. Weekends and holidays can add time. Some online banks offer faster transfers if you link your First Citizens debit card, though this is less common. Check the receiving bank's website for their specific timeline.

Will opening a high yield savings account hurt my credit?

No. Opening a savings or money market account does not trigger a hard credit inquiry and does not affect your credit score. Banks may do a soft check to verify your identity, but this does not show up on your credit report.

What happens if I need my money before a CD matures?

You can withdraw early, but you will pay an early withdrawal penalty. The penalty amount varies by bank and CD term—it might be 30 days of interest or 150 days of interest, depending on the product. High yield savings accounts have no penalty for withdrawals, making them more flexible if you are unsure how long you can leave money untouched.

Do high yield savings accounts have monthly fees?

Most online banks do not charge monthly maintenance fees on high yield savings accounts. Some require a minimum opening deposit (often $0 to $25) but no ongoing balance minimum. Always check the bank's fee schedule before opening an account, as policies vary.