Fifth Third Bank is the 17th-largest bank in the United States, and it’s headquartered in Cincinnati, Ohio. Fifth Third operates over 1,000 branches in 11 states, including Indiana, Florida, Michigan, and more. Consumers have access to several different services, including savings accounts, checking accounts, certificates of deposit (CDs), and a range of loans, credit cards, and insurance through in-person or online banking.
All rates and fees are current as of June 11, 2024, and are subject to change.
Fifth Third Bank
| Checking accounts: | Starting at $0 per month |
| Savings accounts: | Open with as little as $0 |
| CD rates: | Earn up to 5.15% annual percentage yield (APY) |
Pros
- Fee-free accounts: Most of Fifth Third’s accounts don’t have fees or have fees that are easily waived.
- Full spectrum of services: Fifth Third is a full-service bank, so you can handle all of your banking business in one place.
Cons
- Nontransparent, low APYs: Fifth Third requires you to input your ZIP Code to see the APYs for your local area rather than having a set APY for everyone. But in all the areas we checked, the APYs were far below the national average.
- Must live in a service area to open an account online: While Fifth Third does have a lot of locations, they’re mostly in the Midwest. If you live elsewhere, you won’t be able to open an account.
If you live near a Fifth Third location, this bank can be good if you want accounts at an in-person bank. You’ll be able to do all of your banking in one place thanks to the wide variety of accounts. Also, Fifth Third has great overdraft protection, including an extended 24 hours to correct overdrafts before charging a fee.
Those who live outside of Fifth Third’s service area will need to look elsewhere as you can’t open an account. Even if you do live near a branch, Fifth Third Bank doesn’t offer good APYs on most of its accounts. Those who value earning a lot of interest will need an alternative.
Fifth Third Bank rates and products
Fifth Third Bank offers three checking accounts, four savings accounts, a money market account (MMA), and CDs. However, it obscures APYs for all of them, making it hard to know if they’re a good option for your area.
| Checking accounts | 0.01% APY |
| Savings accounts | 0.01% APY |
| MMA | 0.01% APY |
| CDs | Up to 5.15% APY |
Checking accounts
There are three checking account options with Fifth Third Bank. One is a basic free checking account while the other two are paid options. All get you access to over 40,000 fee-free partner ATMs and identity theft monitoring tools. None come with a checking account bonus.
Fifth Third Bank checking account features
| Account opening bonus | None |
| Minimum opening deposit | $0 |
| Monthly fees | $0–$25 |
| Top APY | 0.01% |
| Dormant account fee | $5 a month |
| Overdraft fee | $37 per item (no fee on overdraws $5 or less) |
| Non-Fifth-Third ATM fee | $3.50 for United States transactions$5 for international transactions |
| Cashier’s check | $10 |
| Money order | $2 each |
| Stop payment | $33 per item |
| Incoming wire transfer | $15 each |
| Outgoing wire transfer | $30 for U.S. dollars (USD) domestic $50 for foreign currency international $85 for USD international |
The Fifth Third Momentum Checking account has no monthly service fee and no minimum balance requirements. You just need to make sure you fund your account before 90 days or the bank might close it. Also, if you don’t make any deposits or withdrawals for 12 months, you may pay a dormant account fee every month. This account doesn’t earn any interest.
Upgrading to the Preferred Checking account costs $25 per month, but you can have that fee waived if you have a combined balance of $100,000 or more across your accounts. One of the advantages of upgrading is that this account earns interest, but right now, the APY is 0.01%. In addition, you’ll get 10 ATM surcharge rebates a month, a complimentary safe deposit box, and free incoming wire transfers, cashier’s checks, and money orders.
Finally, the Fifth Third Express account costs $5 a month. There are no overdraft fees, and you have the option to get paid two days early with Early Pay. One downside is that you can’t write checks with this account or use it for online bill pay. It’s best if you want a debit account for everyday spending.
Savings accounts
The Fifth Third Momentum Savings account has a very low APY of 0.01%, meaning it’s not a high-yield savings account. If earning a lot of interest is a priority, check out some of these current high-yield savings accounts instead.
Fifth Third Bank savings account features
| Minimum opening deposit | $0 |
| Monthly fees | $5 |
| Top APY | 0.01% |
| Dormant account fee | $5 per month |
It’s relatively easy to have the $5 monthly fee waived—you just also need to have a Momentum or Preferred checking account. The main feature of this account is its savings goals, which allow you to create set goals and then contribute to them individually. You can also set up scheduled savings transfers as well as overdraft protection for a linked Fifth Third Bank account.
Fifth Third Bank also offers a free Kids Savings account for children under 18, a 529 Savings account to help pay for higher education, and a Health Savings account to cover qualified health expenses.
Fifth Third Bank savings rates compared to current top rates*
While Fifth Third is a great option, there are some institutions that offer higher interest rates. Compare the rates above to this list of competitors:
Money market account
The Fifth Third Relationship Money Market account has a $5 monthly fee, but it's also waivable with a Momentum or Preferred checking account. Learn more about MMAs to see if they're the right option for your banking needs.
Fifth Third Bank MMA features
| Minimum opening deposit | $0 |
| Monthly fees | $5 |
| Top APY | 0.01% |
| Dormant account fee | $5 per month |
Fifth Third says that its MMA earns higher rates based on how much money you deposit, but when we checked, all tiers were earning the same low APY of 0.01%. This is far from being one of the best MMA rates.
Otherwise, this account has many of the same features as the savings account, including automatic transfers and free overdraft protection.
Certificates of deposit
Fifth Third Bank CDs have a minimum deposit of $500 for terms over three months and a $5,000 minimum deposit for terms under three months and special promotional terms. If you're not sure if a CD is right for you, check out this primer on CDs first.
Fifth Third Bank CD features
| Minimum opening deposit | $500–$5,000 |
| Available term lengths | 7 days to 144 months |
| Top APY | 5.15% (7-month CD promo) |
| Early withdrawal penalty | 7 to 364 days: 1% of principal withdrawn 365 days to 36 months: 2% of principal withdrawn 36 months or greater: 3% of principal withdrawn |
| Renewal grace period | Terms less than 32 days: 1 day Terms 32 days or more: 10 days |
Fifth Third does have some decent promo APYs—the highest we found was 5.15%. However, there are better CD rates available without promotional term restrictions.
The early withdrawal penalty may seem harsh, but luckily, it cannot exceed the interest earned. The only exception is if you withdraw your money during the first six days of your term, as there is a minimum seven-day interest penalty. Partial withdrawals are not allowed.
Interest may be deposited monthly, quarterly, semi-annually, annually, or at maturity, depending on the term. You can choose to have it paid into your CD or Fifth Third checking or savings account or have it sent to you as a check.
Other services Fifth Third Bank offers
- Personal loans and lines of credit: Apply for up to $50,000 of funding for your personal needs.
- Auto loans: Loans are good for buying a new or used car, or you can choose to refinance. You may also qualify for a 0.25% rate discount when you pay with a Fifth Third checking account.
- Home equity loans: Borrow from the value you've built into your home with rates ranging from 8.50% to 16.40%.
- Mortgages: Choose between a fixed-rate mortgage, adjustable-rate mortgage, jumbo loan, Federal Housing Administration (FHA) loan, and more.
- Credit cards: Fifth Third offers both cash back and secured cards.
- Life insurance: You can buy term life insurance, universal life insurance, variable life insurance, and whole life insurance policies. Fifth Third also offers long-term care insurance and disability income insurance.
- Individual retirement accounts (IRAs): You can open a Roth or traditional IRA with $500.
- Estate planning: Create your will or trust-based estate plan that will safeguard your assets upon your death.
Online banking
Fifth Third does offer online banking, but it's not an online-only bank, so its services are limited. You can use the website to pay bills, receive paperless statements, set up account alerts, and get account support.
The Fifth Third platform and customer support
The Fifth Third mobile app lets you check your balance, pay your bills, and send money. You can also use it for mobile check deposits. You'll have access to 24 months of account history as well as peer-to-peer (P2P) transactions via Zelle.
There are many ways to contact Fifth Third Bank. A 24/7 virtual banking assistant named Jeanie can answer many of your questions. If you need to talk to a real person, you can call between 8 a.m. and 6 p.m. Eastern time Monday through Friday as well as 10 a.m. to 4 p.m. ET on Saturdays.
Is Fifth Third Bank secure?
Fifth Third Bank has a history of data breaches. In 2010, a data leak through a third-party vendor forced the company to issue new cards to some customers. More recently, a group of Fifth Third employees engaged in a fraud ring that compromised the data of around 100 customers.
Fifth Third Bank user reviews
Many online reviews complain about poor customer service and fraud issues with Fifth Third. One user had recurring charges every month that weren't theirs, and it took Fifth Third months to stop the issue. Others have complained about customer service and their lack of helpfulness, especially when getting help over the phone or handling payments quickly.
Compare Fifth Third Bank alternatives
 Fifth Third Bank |  SoFi Bank |  Ally Bank |
|---|---|---|
| Top savings APY | Top savings APY | Top savings APY |
| 0.01% | 4.60% | 4.20% |
| Top checking APY | Top checking APY | Top checking APY |
| 0.01% | 0.50% | 0.25% |
| Top CD APY | Top CD APY | Top CD APY |
| 5.15% | N/A | 4.50 |
| Other services | Other services | Other services |
| Personal loans and lines of credit Auto loans Home equity loans Mortgages Credit cards Life insurance Individual retirement accounts Estate planning | Investments Student loan refinancing Personal loans Mortgage loans Auto loan refinancing Credit cards Estate planning Financial insights Business financing and solutions | Credit cards Investment accounts Home loans Auto loans Personal loans |
| Learn more | Learn more | Learn more |
| Read more online bank comparisons | View offer at SoFi | View offer at Fiona |
Is Fifth Third Bank right for you?
Fifth Third Bank could be ideal for consumers who live near a branch and don't mind banking in person. You won't get rich off of interest rates or enjoy many additional account benefits, but if you're looking for a simple series of accounts that get the job done, Fifth Third might be right for you.
Frequently asked questions
What bank did Fifth Third merge with?
Fifth Third Bank mostly recently merged with MB Financial in 2020.
Is Fifth Third Bank at risk of failure?
As of Fifth Third's first quarter of 2024, the bank is ahead of revenue estimates. Management also decreased adjusted expenses by 1%, meaning the bank is working on increasing efficiency.
What bank was Fifth Third before?
Fifth Third Bank was created from the merger of Fifth National Bank and Third National Bank in 1908.
