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Convenient for customers within its geographic area, but has higher fees
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Emily Guy Birken
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Emily is a Plutus award-winning freelance writer on personal finance, retirement, behavioral economics, and Social Security.
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Updated June 07, 2024
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Ebony Howard
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Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. She has been in the accounting, audit, and tax profession for more than 13 years, working with individuals and a variety of companies in the health care, banking, and accounting industries.
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Ryan Eichler
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Ryan Eichler holds a B.S.B.A with a concentration in Finance from Boston University. He has held positions in, and has deep experience with, expense auditing, personal finance, real estate, as well as fact checking & editing.
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Fifth Third Bank—a name that reflects the merger of two institutions, the Fifth National Bank and the Third National Bank—is headquartered in Cincinnati, Ohio. Serving both individual and commercial clients, it has a strong bricks-and-mortar presence in 11 states in the Midwest and Southeast, including Fla., Ga, Ill., Ind., Ky, Mich., N.C., S.C., Ohio, Tenn., W.Va. This comprehensive review can help you determine if this large regional bank is the right choice for your financial needs. Pros & Cons Pros More than 50,000 free-fee ATMs No minimum deposit to open a checking or savings account No minimum balances to earn APY Cons High monthly maintenance fees High balance requirements to waive monthly fees Low APY on interest-bearing accounts Company Overview Table of Contents Fifth Third Bank Review Pros Explained Cons Explained Who Is Fifth Third Bank Best for? What Does Fifth Third Bank Offer? Other Financial Products Customer Service How to Bank Methodology Fifth Third Bank Bonus Offers — Expiring June 30, 2024 Fifth Third Bank is currently offering a pair of public bank account bonuses for new checking account customers. These bonuses expire on June 30, 2024. Terms and conditions apply. See otherchecking account bonus offersandsavings account bonus offersto compare promotions from a variety of banks. Fifth Third Bank appeals to fairly well-heeled clients in its 11-state region who want to bank with a large, well-established bricks-and-mortar institution. It’ll best fit you if you: Fifth Third Bank carries pretty much the full array of deposit accounts and services to meet the needs of consumers. These include: Fifth Third Momentum Savings Account As an introductory savings vehicle, the Fifth Third Momentum Savings Account has a lot to offer. You can open the account with no minimum deposit, although you will need to fund it within 45 days. The APY on this account is low: only 0.01% for all balances. There is a $5 monthly service charge, but there are several other ways to avoid the charge: When you pair a Fifth Third Relationship Savings Account with a checking account, you can automatically transfer money from checking to savings. Fifth Third Express Banking While not exactly a checking account, Fifth Third Express Banking provides customers an account with no maintenance fee that offers many of the benefits of a checking account: You can cash checks and make deposits at Fifth Third Bank branches and deposit checks via the mobile app. However, the account does not allow ATM deposits or check-writing. While there are no monthly maintenance fees with this account, the services you use each have an associated fee, including in-person check cashing/deposits and mobile deposits. However, these fees are reduced based on the number of transactions you make per month. The fees associated with the debit card and basic services like check cashing and deposits mean that many customers will pay more in monthly service fees using the Fifth Third Express Banking than they would with a more traditional checking account. Fifth Third Momentum Checking This non-interest bearing basic checking account has a lot to recommend it: There is no monthly maintenance fee and no minimum deposit to open the account. Fifth Third Preferred Checking This account is Fifth Third Bank’s high-yield checking option. There is a monthly maintenance fee of $25, which can only be waived if your deposit and investment accounts have a combined total balance of $100,000 at any point during the month. It’s also important to note that the APY for this checking account is lower than the rates you can find at other banks, particularly online banks. Fifth Third Relationship Money Market Savings Account Like Fifth Third’s Relationship Savings, the Relationship Money Market Savings Account is set up to encourage customers to have multiple accounts within the bank. There are two different APYs depending on whether you only have a Money Market account with Fifth Third, or you also have a relationship with the bank—i.e., a checking or savings account as well. Though this is called a Money Market Savings Account, you have the ability to write checks and pay bills from it, as well as conduct your business via mobile banking. This account has a $5 per month maintenance fee, which is waived for any of the following: Fifth Third Bank offers customers a number of CD options, with a range of terms and rates. Fifth Third offers several CDs with a minimum deposit as low as $500. The featured CDs have higher rates, but require a higher minimum deposit of $5,000. Standard CD rates vary based on their term length. These rates can vary by geographical location, and the rates listed here are those offered by the North Carolina Fifth Third Bank affiliates as of June 4, 2024. Fifth Third Bank offers four different credit cards (all MasterCards) to meet the needs of its customers, including two cashback rewards cards, a no-fee card, and a secured credit card: Fifth Third Bank is an excellent option for those who seek financing or investment services. It also offers: You can reach live customer service agents via phone at 1-800-972-3030 from 8 a.m. to 6 p.m. EST Monday through Friday, and from 10 a.m. to 4 p.m EST on Saturdays. The mobile app allows you to handle your banking business, including mobile deposit, money transfers, and bill pay, 24/7. With over 365,000 ratings, the app boasts a 4.7-star rating on the App Store and is ranked #177 in Finance apps as of January 2024. It is also available on Google Play and has a similarly strong score. Fifth Third ranks third in banking satisfaction J.D. Power’s 2022 U.S. Banking Mobile App Satisfaction survey, which compares the mobile apps of 11 regional banks. That’s just slightly above the industry average. The bank ranked ninth in overall customer satisfaction in J.D. Power’s 2022 Retail Banking Satisfaction Study when compared against other banks in the Southeast region of the United States. In trying to find accurate information about the rates offered, I called the customer service line to request the rate sheet for various accounts, per the website’s instructions. The customer service agent did not seem to know what I was requesting and told me repeatedly that Fifth Third does not provide a rate sheet, despite what the website says. This was a somewhat frustrating experience. Customers in the 11 states served by Fifth Third Bank can easily open an account online or in person at one of the nearly 1,100 available branches. Once you have opened an account, you can make deposits through online transfers from external accounts, mobile check deposit, wire transfer, check deposits by mail, at the ATM (except for Express Banking customers), or in person at a Fifth Third Bank branch. Verdict Fifth Third Bank offers a great deal of convenience for customers within their geographic footprint, enhanced by the fee-free ATM network nationwide. The number of products and services provided, as well as the savings and other incentives Fifth Third offers to customers with multiple accounts, means this can be a great one-stop-shop for all of your banking and financial activities. However, given the high monthly maintenance fees and low APYs, customers may find that their checking accounts cost more and their interest-bearing accounts pay less than competitors'. Although it is possible to eliminate monthly maintenance fees, Fifth Third sets more onerous requirements for waiving these fees than other banks do. If you only need a few services or the most basic of accounts, you may want to bank elsewhere. Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks including products available, interest rates, fees, and accessibility to ensure that our content helps users make the right decision for their savings and banking needs. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. Fifth Third Bank. "Fifth Third Bank in United States." Fifth Third Bank. "Savings Interest Rates (Valid for New Accounts)." Fifth Third Bank. "CD Interest Rates (Valid for New Accounts)." Google Play. "Fifth Third Mobile Banking." App Store. "Fifth Third Mobile Banking." J.D. Power. "Customer Satisfaction with Bank and Credit Card Digital Experience Declines, J.D. Power Finds." J.D. Power & Assoc. "U.S. Retail Banks Struggle to Differentiate, Deliver Meaningful Customer Experience as Economy Sours, J.D. Power Finds." Investopedia is part of the Dotdash Meredithpublishingfamily.:fill(white):max_bytes(150000):strip_icc()/fifth-third-bank-logo-f35a86707d4f4a4288c1b7d9eec2a8c8.png "Fifth Third Bank Review (4)"){kind=logo}
Pros Explained
Cons Explained
Who Is Fifth Third Bank Best for?
What Does Fifth Third Bank Offer?
Savings Accounts
Balance Standard APY Relationship APY $0.01-$9,999 0.01% 0.01% $10,000-$24,999 0.01% 0.01% $25,000-$49,999 0.01% 0.01% $50,000+ 0.01% 0.01% Checking Accounts
Balance APY $0.01-$9,999 0.01% $10,000-$24,999 0.01% $25,000-$49,999 0.01% $50,000+ 0.01% Money Market Account
Balance Standard APY Relationship APY $0.01-$24,999 0.01% 0.01% $25,000-$49,999 0.01% 0.01% $50,000-$99,999 0.01% 0.01% $100,000+ 0.01% 0.01% CDs
Featured CD Rates Terms APY Minimum Deposit 7 Months CD Promo 5.15% $5,000 12 Month CD Promo 4.50% $5,000 24 Months CD Promo 4.00% $5,000 Standard CD Rates Terms APY Minimum Deposit 7 to 89 Day CD 0.01% $5,000 3 to 6 Month CD 0.01% $500 6 to 12 Month CD 0.01% $500 12 to 24 Month CD 0.01% $500 24 to 36 Month CD 0.01% $500 36 to 48 Month CD 0.01% $500 48 to 84 Month CD 0.01% $500 84 Months 0.01% $500 Credit Cards
Other Financial Products Offered by Fifth Third Bank
Fifth Third Bank Customer Service
How to Bank With Fifth Third Bank
Methodology
