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Fifth Third Bank is a major U.S. bank that serves 11 states in the Midwest and Southeast. It currently has branches and ATMs in Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, and West Virginia. The bank offers checking and savings accounts, certificates of deposit, credit cards, loan products, insurance, and investing services.
- Pros and Cons
- Company Overview
More than 1,100 branches in the Midwest and Southeast, and 50,000 fee-free ATMs nationwide
Multiple low-fee options for checking and savings accounts
Low interest rates on traditional CDs and savings accounts
Relatively small selection of credit cards
- Official Website www.53.com
- Bank Product Offerings Savings, checking, money market, CDs, and credit cards
- Customer Service Available in branches, via online form, or by calling 1-800-972-3030 Monday through Friday 8 a.m. to 6 p.m. Eastern, and on Saturday from 10 a.m. to 4 p.m.
- Year Founded 1858
Who Is Fifth Third Bank Best For?
As of March 31, 2021, Fifth Third Bank managed $207 billion in assets, making it one of the 20 largest U.S. banks. It may be a good fit if you:
- Live in the Midwest or Southeast
- Want a variety of account options
- Prefer the convenience of a full-service bank
- Aren't concerned with maximizing your interest on checking and savings balances
What Does Fifth Third Bank Offer?
As a major U.S. bank, Fifth Third Bank offers enough to hold its own against any other banking institution. Its long list of accounts include:
Fifth Third Bank offers traditional savings accounts to help customers set aside emergency funds or save for a big purchase. All have a $5 per month service fee that can be easily waived by meeting certain requirements.
This high-interest savings account is designed to help clients maximize their savings. This type of account lets you set up savings goals and create automatic checking-to-savings transfers, helping you reach your savings goals without putting too much thought into it. The monthly service charge for this account is $5 a month, but you can avoid this if you maintain a balance of $500 or more in the account, are under 18, are enrolled in Fifth Third Military Banking, or if you have a Fifth Third Checking Account.
Fifth Third Relationship Savings
This account offers benefits for customers who also maintain a checking account. As long as you maintain both accounts, you'll earn 0.01% interest and avoid monthly fees. Those younger than 18 will have their fees waived regardless, as will those with a minimum balance of $500, or those also enrolled in Fifth Third Military Banking.
Savings accounts are limited to six withdrawals per month. If a customer surpasses those limitations in three out of the past 12 months, the funds in the savings account will be transferred to a checking account.
Fifth Third Bank offers six different checking accounts to address the needs of various customer bases. The bank offers one traditional account that works for anyone, while the remaining five serve specific customers including students and military service members.
This basic account allows for unlimited check writing and early access to your paycheck. There is no minimum deposit required to open an account, and no minimum balance to keep the account open. Additionally, the bank gives you extra time to deposit money and avoid an overdraft fee with their "Extra Time" program — as long as you make a deposit any time before midnight ET the next business day, you will not be charged an overdraft fee. You will also have access to 50,000 fee-free ATMs.
This account comes with a $25 per month service fee that can be waived by achieving a balance of $100,000 or more across all deposit and investment accounts at least once per month. Customers with this account have access to better rates on CDs and loans, in addition to online bill pay, unlimited check writing, and free identity theft monitoring.
This account offers the same services as Essential Checking, but the account fee is waived for any high school or college student aged 13 or older. There aren't any minimum balance requirements. Students with this account also have unlimited check writing and access to online bill pay.
This account is similar to Essential Checking, but service members can get special rates on VA home loans and 10 free non-Fifth Third ATM transactions per month. It's available to current and former U.S. military members.
A basic account with no service fee, Express Banking offers a debit card, check cashing, direct deposit, and discounts on fees for other Fifth Third services. This account does not allow check writing or check deposits at ATMs.
This account allows individuals with disabilities to use basic checking account services without losing access to federal benefits. Depending on where you live and how you use the account, you may enjoy special tax advantages. A $2 monthly service fee is waived if you sign up for paperless billing or maintain a minimum average balance of $250.
In addition to these checking accounts, Fifth Third Bank offers specialized debit cards that customers can use to earn rewards and process cashless transactions without opening up a line of credit.
Certificates of Deposit
Fifth Third offers a variety of certificates of deposit with minimum deposits ranging from $500 to $5,000, including promo CDs offering higher interest rates.
With CDs, you can earn higher interest rates in exchange for keeping your money in the account for a specified term. The longer you keep your money in the CD, the more interest you'll earn. Early withdrawal penalties are 1% of principal withdrawn for terms of under one year, 2% of principal withdrawn for terms of between one and three years, and 3% of principal withdrawn for terms of more than three years.
Most standard CDs come with a minimum deposit of $500. Terms range between seven days and 84 months, but terms under three months require minimum deposits of $5,000. Customers may want to keep an eye out for special promotional CDs, which come with higher annual percentage yields (APYs) but require minimum deposits of $5,000.
The chart below lists standard CD offerings and their APY. Keep in mind that the exact offerings may vary by a customer's location.
|CD Account Rates (as of July 29, 2021)|
|7 to 89 days||0.01%|
|3 to 6 months||0.01%|
|6 to 12 months||0.01%|
|12 to 14 months||0.01%|
|24 to 36 months||0.01%|
|36 to 48 months||0.01%|
|48 to 60 months||0.01%|
|60 to 84 months||0.01%|
Money Market Account
The Fifth Third Relationship Money Market account offers higher rates than traditional savings accounts. These accounts come with a $5 monthly service fee, but that fee can be waived by maintaining a checking or Military Banking account (Express checking accounts don't apply), or by maintaining an average monthly balance of $500. Those under the age of 18 also have their fees waived. The rates start at 0.01%, but they're tiered, so the higher your balance the higher your interest earnings.
Fifth Third offers four credit cards:
- Fifth Third Cash/Back Card
- Truly Simple Credit Card
- Secured Card
- Fifth Third Preferred Cash/Back Card
Other Financial Products From Fifth Third Bank
Fifth Third Bank customers can conduct most of their financial business through the bank. The full list of financial products offered by Fifth Third include:
- Personal loans
- Auto loans
- Equity lines of credit
- Brokerage services through Fifth Third Securities
- Automated investing through OptiFi
- Health savings account
- 529 education savings account
- Term and whole life insurance
- Disability insurance
- Long-term care insurance
- Auto insurance
Fifth Third Bank Customer Service
Customers can reach out to Fifth Third Bank for help by filling out an online form, visiting a branch in person, or by calling 1-800-972-3030. Phone lines are open for customer service Monday through Friday between 8 a.m. and 6 p.m. EST, and on Saturday from 10 a.m. to 4 p.m.
How to Bank With Fifth Third Bank
As with any bank, those seeking to open a bank account with Fifth Third Bank should prepare to hand over personal information that will verify their identity. The application process can be started on Fifth Third's website by picking the account you'd like to open. You can also open an account by visiting a bank branch.
Fifth Third is a full-service bank offering a wide selection of checking and savings accounts, CDs, investment and insurance products, and loans. You can truly use Fifth Third as your “one-stop-shop” for banking. Bank branches and ATMs are easy to find as long as you live in the Midwest or Southeast.
Those concerned with maximizing their interest earnings will likely be disappointed with Fifth Third, and it’s possible you’ll get dinged with service fees on many accounts. Being a regional bank, it may also be inconvenient for people who travel. If you aren't in one of the 10 states where the bank operates, you're out of luck.
Fifth Third Bank. "Fifth Third ABLE Checking." Accessed May 6, 2020.