First Citizens Bank Business Banking Review (2025)

When you run a business, having the right bank can make a big difference. You need a partner who understands your needs, whether you’re just starting or expanding into new markets. In this review, we’ll take a deep look at First Citizens Bank business banking options.

We’ll explore the different account types, features, fees, pros and cons, and how it compares to other business banks in 2025. Let’s dive in.

What Is First Citizens Bank?

First Citizens Bank is one of the oldest banks in the U.S., founded in 1898. Based in Raleigh, North Carolina, it is now one of the largest family-owned banks in the U.S. First Citizens operates in over 500 locations across 23 states and has recently expanded its reach significantly by acquiring Silicon Valley Bank’s assets in 2023.

Its business philosophy, “Forever First”, emphasizes long-term client relationships, community engagement, and stability. That mission directly reflects in how First Citizens Bank business banking supports small and medium-sized businesses.

The bank offers a wide range of business banking services, including:

• Business checking and savings accounts
• Treasury and cash management tools
• Business credit cards and loans
• CDs and money market accounts
• Mobile and online banking
• FDIC-insured deposit protection

If you’re a small or medium-sized business looking for personalized support and flexible banking options, First Citizens Bank business banking may be a strong choice.

Types of First Citizens Bank Business Accounts

First Citizens Bank business banking offers a variety of checking and savings options to meet different needs, budgets, and operational scales.

Business Checking Accounts

There are four main types of First Citizens Bank business checking accounts for small businesses and two expanding business checking solutions:

Business Banking

This is the simplest account and a great entry point for startups, sole proprietors, and side hustlers.

• $100 to open
• No monthly fee if you enroll in paperless statements
• 100 free transactions per month
• $5,000 in cash deposits free per cycle
• Access to mobile and online banking

This account keeps things affordable and straightforward, perfect if you want the basics without worrying about extra fees.

Business Banking I

As your transaction volume increases and your business expands, you might need a bit more flexibility.

• $100 minimum to open
• 250 free transactions per month
• $25 monthly fee (waived with account activity or balance)
• Treasury services are available at a discount

With more transactions and added treasury tools, this tier of First Citizens Bank business banking supports businesses that are building momentum.

Business Banking II

This option is ideal for professional practices or growing companies handling hundreds of payments or deposits each month.

• 500 free transactions
• $50 monthly fee (waivable with balance/activity)
• More access to treasury tools

It gives more room for transaction volume while still allowing you to keep costs low if you meet First Citizens Bank business account requirements.

Business Banking III

If your company processes a high number of monthly transactions or handles large cash deposits regularly, this top-tier account offers the most flexibility and tools.

• 750 free transactions
• $75 monthly fee (waived if you meet one of these conditions):
  • Maintain a $75,000 average daily balance
  • Use First Citizens merchant services
• Maximum treasury service discounts
• Free cash deposits up to $20,000/month

This level of First Citizens Bank business banking is perfect for companies that require advanced features without incurring excessive fees.

Analysis Business Checking

For nonprofits or businesses with more complex needs, the bank also offers Core Business Checking and Analysis Business Checking. These come with additional treasury features and account analysis tools.

This is the most advanced account offered by First Citizens. The Analysis Business Checking is designed for complex financial needs.

• Monthly fee: Based on account activity, but offset by earnings credits
• Earnings Credit Rate (ECR): Helps reduce or eliminate service charges
• Cash management services: Available, including ACH, wires, fraud tools, and account grouping
• Monthly analysis statement: Gives a detailed look at usage and balances

It’s tailored for larger businesses that need detailed reporting, cash flow management, and flexible fee structures.

CORE Business Checking

If you’re running a small nonprofit, religious organization, or handling a temporary estate, this account provides a no-fee, no-fuss solution.

This account offers flexible features with simplified pricing and can be paired with treasury services if needed. It includes 100 free transactions and no monthly fees, with no balance requirement. It’s a great way to manage funds responsibly while keeping costs to a minimum.

Quick Comparison Table of First Citizens Bank Business Checking Accounts:

Business Savings and Money Market Accounts

Managing daily expenses is important, but so is growing your business savings. Therefore, First Citizens Bank business banking gives you options to earn interest on your extra cash while keeping it accessible when needed.

First Citizens Bank Business Savings Account

This is a straightforward savings option with a low entry point. It’s great for setting aside emergency funds, saving for future expenses, or separating tax reserves from operating funds.

• $100 to open
• $5 monthly fee (waived with $2,500 minimum balance)
• APY: 0.15% to 0.25%

Business CD (Certificate of Deposit) Account

If you don’t need to touch your money for a while, a CD can help your business lock in a guaranteed interest rate and plan ahead with confidence.

• Open with $500
• No monthly maintenance fee
• APY: 0.01% to 5.00%, depending on term
• Best rates for customers with Premier or Professional checking

Business CDs are an excellent choice for long-term planning, like equipment purchases, office expansions, or major projects.

Premium Business Money Market

If your business has extra cash sitting idle, the Premium Money Market account helps you put that money to work. It blends higher interest earnings with the convenience of easy access.

• $25,000 minimum deposit
• $10 monthly fee
• APY: Up to 4.25%
• Includes debit card access

With check-writing ability and better rates, this account is perfect for businesses that want higher returns without sacrificing flexibility.

Commercial Savings

Running a large-scale business? First Citizens also offers commercial savings options that help maximize returns while keeping your savings strategy aligned with your business goals.

• High-yield accounts are designed for larger balances
• Tiered rates to help your money grow faster
• Also available for commercial clients, with steady interest and flexible terms

Whether you’re managing large cash reserves or planning for expansion, commercial savings accounts offer flexibility, steady returns, and the financial control that enterprise-level operations need. This expands the reach of First Citizens Bank business banking into the commercial segment.

Key Features of First Citizens Business Accounts

One of the strengths of First Citizens Bank business banking lies in its core features designed to support growth, simplify operations, and reduce costs:

First Citizens Bank Business Online Banking

First Citizens offers mobile banking for all business customers. It includes helpful features like:

• Remote check deposit: Snap a photo and deposit checks in seconds
• Bill pay and recurring transfers: Automate payments and simplify operations
• Account alerts: Get notifications for low balances, large withdrawals, and more
• Custom user roles: Add team members with limited access for better security

Their app has a 4.6/5 rating on the Apple App Store and 4.5/5 on Google Play. These tools are perfect for business owners who are always on the move or managing multiple accounts.

Treasury Management

For larger or more complex businesses, First Citizens offers powerful treasury services through its Commercial Advantage platform, including:

• Remote deposit capture
• Fraud prevention tools
• ACH payments and wire transfers
• EDI reporting
• Cash flow optimization

These features are essential for businesses that deal with high transaction volumes or payroll.

Bundling Options

By bundling checking, savings, credit, and merchant services, First Citizens Bank business banking customers may qualify for reduced fees and extra features.

Bundling also simplifies cash flow and reporting, which is ideal for growing businesses.

Cash Handling and FDIC Protection

If your business deals with physical cash regularly, like a retail shop, salon, or restaurant, First Citizens is a strong banking partner with:

• High Cash Deposit Limits: Depending on the business checking account you choose, you can deposit between $5,000 to $20,000 in cash each month without paying any deposit fees. For example, the Business Banking III account includes $20,000/month in free cash processing, which is more than many other traditional banks offer.
• Safe and Secure with FDIC Insurance: Like any trusted U.S. bank, First Citizens provides FDIC insurance for its business accounts. Your deposits are insured up to $250,000 per legal entity. That means your funds are protected whether you’re an LLC, a corporation, or a partnership.

These policies ensure that First Citizens Bank business banking keeps your funds protected and accessible, even for high-volume businesses.

First Citizens Bank Business Credit Cards

First Citizens Bank business banking offers several business credit cards, each designed to meet different spending habits and business needs. These cards help businesses earn rewards, manage expenses, and control employee spending more effectively.

• Premium Rewards Business Visa: Ideal for companies that travel often or invest in marketing. You can earn 50,000 bonus points after spending $4,500 within the first 90 days. Get 3 points for every $1 spent on dining, travel, and advertising, and 1.5 points per $1 on all other purchases. The first year’s annual fee is waived, then it’s $95 starting the second year.
• Rewards Business Visa: This card has no annual fee and comes with a 10,000-point bonus when you spend $3,000 in the first 90 days. It gives you 3x points on gas, 2x points on restaurants and travel, and 1x on all other spending.
• Cash Rewards Business Visa: Also with no annual fee, this card provides a $100 cash-back bonus after spending $3,000 in the first 90 days. You get 5% back on wireless and utility bills for the first year (then 3%), 2% back on gas and office supplies, and 1% back on everything else.
• Low-Interest Business Visa: Great for businesses that may carry a balance month to month. Enjoy 0% interest on purchases and balance transfers for the first 12 months. After that, the variable APR ranges from 15.24% to 24.24%. This card also has no annual fee.

All cards include tools for expense tracking, strong fraud protection, and settings to control employee card usage, making them flexible, safe, and useful for small business operations.

First Citizens Bank Business Loans

First Citizens Bank offers a variety of loan solutions to help small and mid-sized businesses grow, manage operations, or cover seasonal needs.

• SBA Term Loans: These include SBA 7(a), 504, and small SBA loans. They’re great for buying equipment, real estate, or expanding your business. You can borrow up to $500,000 with competitive interest rates, flexible repayment terms, and minimal down payments.
• Business Lines of Credit: A flexible option that works like a credit card. You can borrow funds when needed, repay them, and reuse the credit line as needed. Ideal for short-term expenses or managing cash flow.
• USDA Business Loans: Perfect for businesses in rural areas. These loans come with long repayment periods and lower down-payment requirements, helping rural companies invest in property, equipment, or operations.
• Equipment Financing & Leasing: Need new machinery or vehicles? This option allows you to finance up to 100% of new or used equipment. Repayment terms are flexible and can extend up to five years, based on what works best for your cash flow.
• Commercial Loans & Lines of Credit: For larger businesses, First Citizens offers custom loan packages, including real estate financing (starting at $250,000), working capital loans, and revolving credit lines. Each comes with flexible terms tailored to your business strategy.

To apply for any of these loans, you’ll typically need documents like your business tax returns, financial statements, and a clear outline of how you plan to use the loan. A First Citizens banker will guide you through the application and approval process from start to finish, making it easy to get the funding you need.

First Citizens Business Banking Fees

One of the things that make First Citizens Bank business banking stand out is its transparency around fees. While no bank account is ever completely free of charges, knowing what to expect upfront can help you manage your costs better.

Here’s a simple breakdown of common fees:

Many of these First Citizens Bank business banking fees can be avoided or reduced. For example, if you sign up for eStatements and maintain a specific average daily balance, your monthly maintenance fee can be waived entirely. Some credit cards or merchant service enrollments also qualify you for fee waivers.

While most fees are avoidable, you still should always monitor your monthly activity. Choosing the right account tier based on your expected number of transactions and deposits can save you a lot in overage costs.

First Citizens Bank Business Banking Customer Services

One of the standout strengths of First Citizens Bank is its commitment to personalized service. Unlike many big banks where you may feel like just another number, First Citizens brings a more human touch to business banking, especially if you prefer in-person support.

Wide Branch Network in Key Regions

First Citizens operates in over 500 branches across 23 states, with a strong presence in the Southeast, Mid-Atlantic, and parts of the Midwest. If your business is located in one of these areas, chances are there’s a branch nearby.

• You can walk in, speak with a real banker, and get help quickly
• Great for businesses that deal with cash or need frequent support

Extended Support Hours

Need help after typical 9-to-5 hours? First Citizens Bank business customer service offers extended phone support, making it easier for busy business owners to get assistance without rearranging their schedules.

The bank offers support 7 days a week:

• Hotline: 866-322-4249
• Monday – Friday: 8:00 AM – 9:00 PM (EST)
• Automated system available 24/7

First Citizens Bank business banking phone support covers a wide range of services: account questions, transaction issues, online banking, and more.

You can also reach out through their secure online messaging system or mobile app

Dedicated Business Bankers

If your business is growing or has more complex needs, you can request a dedicated business banker. This person will work closely with you to:

• Understand your business structure and goals
• Recommend the right banking products and services
• Assist with loan applications, treasury management, and account optimization

Having a go-to contact makes a big difference, especially when you’re making big financial decisions or need fast answers. This human-centered model makes First Citizens Bank business banking stand out from competitors.

How to Open a First Citizens Bank Business Account

Opening a business account with First Citizens is a quick and hassle-free process. Whether you prefer doing things online or stopping by a branch, the steps are clear and easy to follow.

Two Ways to Open an Account

• Online: Start your application through the First Citizens website. Some businesses may need to visit a branch to finalize the process.
• In-branch: Visit a local branch to get one-on-one assistance. Great for those who want help choosing the right account or submitting paperwork.

First Citizens Bank Business Account Requirements

To get started, make sure you have these basic documents ready:

• Employer Identification Number (EIN): Issued by the IRS for tax purposes
• Business Formation Documents: Articles of Incorporation or Organization, depending on your structure (LLC, corporation, partnership)
• Valid Government-Issued ID: For all account signers and owners
• Business License (if applicable): Especially if your industry or state requires it.

Depending on the account you’re opening, some products may require minimum deposits (typically $100). For fee waivers or advanced account types, you may need a credit card, merchant services, or higher daily balances (e.g., $25K–$75K) .

If your documents are in order, most accounts are approved within 1–2 business days.

Steps to Open A Business Account

1. Choose your account type (Checking, Savings, or both)
2. Gather documents:
   • EIN (or SSN for sole proprietors)
   • Business license
   • Articles of incorporation
   • Valid ID
3. Fund the account (minimum $100 for checking)
4. Sign up for online banking and mobile access

During the application process, you may be asked a few simple questions about your company, such as what type of products or services you offer, how you receive payments, and what kind of banking services you expect to use. This helps the bank recommend the right account and tools for your needs.

Pros and Cons of First Citizens Business Bank

Every bank has its strengths and weaknesses, and First Citizens is no exception. If you’re considering opening a business account, it’s helpful to weigh the benefits and potential drawbacks before making a decision.

Pros:

• Free basic checking with no hidden gimmicks
• Competitive cash deposit allowances
• Excellent treasury and digital banking tools
• Personalized service through local branches
• Strong FDIC protections for business accounts

Cons:

• Fees for extra transactions and wires can add up
• Limited physical presence in the Western U.S.
• Some services (like mobile check deposit) occasionally report bugs

Still, for many businesses, First Citizens Bank business banking strikes a solid balance between cost, flexibility, and service.

However, not every business has the same banking needs, and First Citizens Bank isn’t trying to be everything to everyone. Instead, it focuses on serving the types of businesses that benefit most from a balance of local support and reliable financial tools.

First Citizens Bank business banking is an excellent choice for:

• Brick-and-mortar businesses with cash deposits
• Nonprofits needing low-cost checking
• SMBs looking for personalized banking
• Companies managing payroll via ACH
• Businesses in the Southeast, Mid-Atlantic, and Texas regions.

It’s especially well-suited for community-rooted businesses that want both local support and solid digital banking features.

FAQs About First Citizens Bank Business Banking

Is First Citizens Bank FDIC insured?

• Yes, business deposits are FDIC insured up to $250,000 per account owner, per ownership category.

Can I open a First Citizens business account online?

• Yes. You can start the process online, but some businesses may be required to finalize setup at a branch.

How much does it cost to open a business checking account at First Citizens?

• You can open a business checking account at First Citizens Bank with as little as $100. Monthly maintenance fees range from $0 to $75, depending on the account type, but many fees can be waived by enrolling in eStatements, maintaining a minimum balance, or using merchant services.

Can I link my business account to accounting software?

• Yes. First Citizens integrates with QuickBooks and other accounting platforms through online banking.

Does First Citizens Bank business banking offer SBA loans for small businesses?

• Yes. First Citizens Bank is an SBA Preferred Lender and offers Small Business Administration (SBA) loans, including 7(a) and 504 loan programs. These loans can help cover working capital, equipment purchases, or real estate investments, with flexible terms and lower down payments.

Whether you’re a small nonprofit or a growing company with hundreds of transactions a week, First Citizens Bank Business Banking gives you room to grow. This bank is a solid choice for businesses that value personal service, flexible account options, and reliable digital tools. It’s especially well-suited for those handling cash or needing branch access. If you prefer relationship-driven banking with practical features, this could be the right fit.