Fifth Third Bank Review
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Fifth Third Bank has higher balance requirements and high service fees if they're not met. But it offers some unique programs. Read on to see if Fifth Third Bank is a good fit for you.
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Personal Checking Account - $300 Bonus | |||
Overall Score | 3.3 | ||
Savings | 2.0 | ||
CD | 4.0 | ||
Checking | 3.0 | ||
Money Market | 2.5 | ||
Mobile App | 4.5 | ||
Customer Service | 4.0 | ||
Pros and Cons
- Free Express Checking
- Free student checking
- Promo CD with high APY
- Higher balance requirements
- Low savings APY
- Limited branches
Bottom Line
Midwest & Southwest bank with high balance requirements
Primarily located in the Midwest and Southeast, Fifth Third Bank can be found in 11 states with 1,100 branches. They also have 100 Bank Mart locations, which you can find inside grocery stores that operate 7 days a week.
Where Fifth Third thrives is in the relationship rates they offer consumers who hold more than one deposit account at Fifth Third Bank. Is this enough to convince you to open an account at Fifth Third?
Keep reading to find out.
Services Offered
Checking
Fifth Third offers 6 checking accounts for different needs.[1] Each checking account comes with a debit card and access to online/mobile banking.
- Fifth Third Momentum Checking: Like other checking accounts, this account has no monthly service charge and minimum balance requirement. It is free of overdraft protection transfer fee and has access to Fifth Third Early Pay, Extra Time, and unlimited check writing.
- Fifth Third Preferred Checking: If you have a combined balance of $100,000 on deposit at Fifth Third Bank, you'll get even more benefits. In addition to the interest you earn on your checking account, you'll have access to higher CD rates and lower loan interest rates. You'll have access to unlimited check writing, a secondary checking account, and free access to Fifth Third Identity Alert (see more below). You may also conduct 10 non-Fifth Third ATM transactions free of charge each month.
- Fifth Third Student Banking: Students age 13 and up have access to a checking account that has no monthly fee. You don't have to keep a minimum balance and you'll have access to Fifth Third Extra Time and unlimited check writing.
- Fifth Third Military Banking: This account is reserved for current and former military members. You can waive the monthly service fee when you sign up for a Fifth Third Momentum Checking account and get a $5 discount if you have a Fifth Third Preferred Checking account. Members of the military also get 10 free non-Fifth Third ATM transactions per month and special VA home loan rates.
- Fifth Third Express Banking: This account has no service fee, balance requirement, or overdraft fees. But you don't get check writing, ATM check deposits, or online bill pay. You get immediate access to your money when you deposit a check (you do pay a small fee each deposit). There is no credit score requirement to open, so it's good as a "second chance" account if you've had financial trouble in the past.
- Fifth Third ABLE Checking: This account is for people with disabilities and their families. There is no monthly service fee if you maintain an average monthly balance of at least $250 during the statement cycle or if you opt for paperless statements. You can earn interest from this account plus you don't have to pay for overdraft or non-sufficient fund charges and on interest for qualified expenses.
Compare Checking Account Promotion
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 01/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
BMO Smart Advantage Checking Account and BMO Smart Money Checking Account - Earn $300 Cash Bonus*
$300 Cash Bonus* when you have $4,000 in direct deposits within 90 days of opening between 11/1/24 – 2/3/25. *Conditions Apply. Available in the U.S. BMO Bank N.A. Member FDIC
U.S. Bank Smartly® Checking - Up to $450 Bonus
Earn up to $450 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposits(s) totaling $2,000 to $4,999.99 to earn $250, $5,000 to $7,999.99 to earn $350 or $8,000 or more to earn $450.
Fund your new account within 30 days to start qualifying activities. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.
Savings
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You won't find a large selection of savings accounts at Fifth Third, but the accounts they do offer have unique rewards.
- Fifth Third Relationship Money Market: If you have a significant amount of money to deposit in a savings account, consider the Money Market account at Fifth Third. You'll earn tiered interest rates on this account, which means the more you have on deposit, the higher the interest rates you earn. If you have a Fifth Third checking account, you may also earn Relationship interest rates. You can get the monthly service fee waived if you have a Fifth Third checking account, an average daily balance of $500, a Fifth Third Military Banking account, or one owner on the account is under the age of 18.
- Fifth Third Momentum Savings: The monthly service charge for this account is waived for the same conditions in the Relationship Money Market savings account. Moreover, you don't have to pay for the withdrawal and overdraft transfer fees. It has great interest rates and is compatible with Fifth Third Smart Savings.
- 529 Savings: To sign up for this account, you only need $25. In addition to having no monthly service charge, earnings and qualified withdrawals in this account are tax-free.
- Kids Savings Account: You can open a savings account for a minor (someone under the age of 18) free of charge. If you also have a Fifth Third checking account, you'll earn Relationship interest rates.
Compare Savings Accounts
High-Yield Savings Premier - 4.46% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - 4.55% APY
- 4.55% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
CDs
Fifth Third offers a variety of CDs, each of which has the option to be automatically rolled into another CD at maturity. You also have the option to have your interest rolled into the CD investment or disbursed into your Fifth Third Checking or savings account.
- Promotional CD: With $5,000, you can open a promotional CD, which often has more attractive rates than other CD options. You'll have a variety of terms to choose from depending on the promotion at the time of opening the account.
- Standard CD (Short-Term): You'll need $5,000 to open a Standard CD, and you'll choose from maturity dates ranging from 7 days to 89 days.
- Standard CD (Long-Term): You'll need just $500 to open a Standard CD with terms ranging from 3 months to 84 months. The longer the term that you choose for your CD, the higher the interest rate that Fifth Third pays.
- 529 CD: With just $500, you can open a 529 CD which allows tax-free educational savings.
Reasons We Like Fifth Third Bank
- Help pay down student loans.The Fifth Third Momentum app helps you pay your student loans down faster. Every purchase you make with your Fifth Third debit card will be automatically rounded up to the nearest dollar. That spare change is then put towards your student loan. Even though the payments are low, the impact can be large if you stay consistent with your efforts.
- No service fee checking option. The Fifth Third Express Banking program gives you immediate access to your funds without having to wait. You don't have to meet a minimum balance and there's no monthly service charge. You do have to pay for the service (a percentage of your check amount), but you can earn loyalty pricing to get lower rates the more you use the service. This service is often good for those who need a "second chance checking account" because they can't qualify for a standard account.
- Set up automatic transfers from your checking to savings account. You decide the frequency and the amount of the transfers and Fifth Third does the rest for you. This takes the thinking out of savings, and eliminates the risk of you forgetting or overspending, making it impossible to save.
- Save for your kid's education. Fifth Third offers a 529 Savings and CD program, making it easier to save for your child's college education. These tax-advantaged programs have no monthly service charges. You can open an account with as little as $25 and you'll have the guarantee of FDIC insurance.
- Health Savings Account. If you have a High Deductible Healthcare Plan, you can open a tax advantaged HSA. This account allows you to save money pre-tax for your healthcare needs. If you use the funds for qualified medical expenses, you won't pay taxes on withdrawals either. The service charge is only waived if you have a balance of $4,000, though.
- Fifth Third Identity Alert program. This program monitors one credit bureau daily, all three credit bureaus monthly, and offers Social Security monitoring. You also receive up to $25,000 in identity theft insurance. This program is free for Preferred Checking customers. All other checking account customers may receive a discount on the monthly cost of this service.
- See balance without signing in. The Fifth Third mobile app allows you to check balances quickly. All you have to do is swipe left on the login screen and you'll see your balances. You don't have to log in, but you won't be able to conduct any banking transactions without logging into your account, for safety.
- Mobile check deposits. You can deposit your checks via the mobile app. Once you take a picture of the check through the app, you just have to walk through the remaining steps to get your check deposited right from your own home.
- View up to 24 months of your account statements. If you need access to your statements for taxes, budgeting, or any other reason, they are right at your fingertips. You can view them online or in the mobile app.
- Optional enrollment in Overdraft Protection. You can then link your Fifth Third savings account, credit card, or line of credit to your checking account. If you spend more than your balance in your checking account, Fifth Third will transfer the necessary funds from your linked account. You will pay a fee for each transfer, but it's less than the cost of an overdraft.
Reasons You May Want to Look Elsewhere
- Fifth Third Bank is only certain states. If you don't live in one of them, you can't bank there. Fifth Third currently operates in Ohio, Indiana, Florida, Georgia, Illinois, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, and West Virginia.[3]
- High minimum deposit for Promo CD. In order to get the best interest rates on their CDs, you need at least $5,000 to open a Promotional CD. The rates on their standard CDs are minimal. You can get much better rates at online-only banks that don't have physical overhead.
How It Compares
Huntington Bank:
Huntington Bank is a Midwest bank with 1,000 branches. Huntington Bank offers a unique, 24-hour grace period to avoid overdraft charges. They also offer 24/7 customer service.
In order to earn interest on your accounts, though, you'll have to meet some hefty minimum balance requirements.
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| Visit Site | Learn More | |
Fifth Third Bank | Huntington Bank | |
|---|---|---|
Personal Checking Account - $300 Bonus - | Personal Checking Account - $600 Bonus - | |
Benefits and Features | ||
| Savings | 0.01% APY (Premier Savings). $4 monthly fee, unless you have 1) daily average balance of $300, or 2) linked to a Huntington Asterisk-Free Checking Account. Minimum deposit of $50. | |
| CD | 0.01% APY. Terms ranging from 7 days to 84 months, minimum deposit of $500. Featured CD: 2.26% to 4.00% APY. Terms are 4, 8, 12, 24, and 60 months, minimum deposit of $5,000. | 0.50% APY for amounts ranging from $1,000 to $99,999.99. Minimum deposit is $1,000. |
| Checking |
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| Money Market | 0.01% APY Standard Rate (0.01% Relationship Rate) | 0.05% APY for amounts of $25,000 to $2,000,000. $25 monthly maintenance fee unless there is 1) average daily balance of $25,000, or 2) linked to a Huntington Perks or Huntington Platinum Perks Checking account. |
| ATMs | Allpoint® and 7-Eleven® network of ATMs. More than 40,000 fee-free ATMs nationwide. | |
| Customer Service |
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| Locations | ||
| Visit Site | Learn More | |
Fifth Third Bank: Pricing information from published website as of 11/20/2024 based on 45202 zip code. Huntington: Pricing information from published website as of 11/15/2024 based on 43215 zip code. | ||
Wells Fargo:
Wells Fargo has almost 6,000 branches in the US. Wells Fargo is well known for their "second chance checking" and a large variety of accounts. Their interest rates are comparable to what Fifth Third offers and they have steep minimum balance requirements in order to earn interest.
Bottom Line
If you normally keep at least $1,500 in your checking account and you live in one of the 10 states Fifth Third is located, it may serve your needs for a checking account. If you open multiple accounts, you'll get the relationship rates, which means even higher interest rates for you.
When you look for a checking or savings account, take into consideration all fees charged. Don't focus on the interest rate alone, but on what the account will cost you overall, should you incur any fees not necessarily advertised on their website but instead are hidden in the fine print.
References
- ^ Fifth Third Checking Accounts, Retrieved 9/15/2023
- ^ Fifth Third Bank. Customer Service, Retrieved 9/15/23
- ^ Fifth Third Bank. Regions we serve, Retrieved 9/15/23
Personal Checking Account - $300 Bonus
Open an eligible Fifth Third checking account. Make direct deposits totaling $2,000 or more within 90 days of account opening to qualify for bonus. The cash bonus will be deposited into your new checking account within 10 business days of completing qualifying activity requirements.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 01/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
U.S. Bank Smartly® Checking - Up to $450 Bonus
Earn up to $450 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposits(s) totaling $2,000 to $4,999.99 to earn $250, $5,000 to $7,999.99 to earn $350 or $8,000 or more to earn $450.
Fund your new account within 30 days to start qualifying activities. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
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