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Fifth Third Bank Review 2022

Published January 2022 by Mary Wisniewski

AT A GLANCE
3.5

Bankrate Score

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Low Minimum Deposit

You’ll be satisfied with Fifth Third Bank if you’re looking for a regional financial institution that offers the basic features you would expect to find at a brick-and-mortar bank.

  • Checking
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    4.8
  • CDs
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    2.8
  • Savings
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    2.7
  • MMAs
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    2.2
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.70 % APY

    $ 0

    Min. balance for APY

    Capital One

    Member FDIC

    Savings account

    0.60 % APY

    $ 0

    Min. balance for APY

    American Express National Bank

    Member FDIC

    Savings account

    0.60 % APY

    $ 1

    Min. balance for APY

    Overall

    3.5

    Bankrate Score

    Fifth Third Bank is a regional financial institution with customers in 11 states and more than 1,090 branches.

    What we like

    • The bank offers access to more than 50,000 fee-free ATMs nationwide.

    • There are low minimum deposit requirements for CDs.

    • The bank supports a mobile app that includes card features that help you avoid the hassle of calling a toll-free number.

    What we don't

    • Branches are limited to 11 states.

    • Other banks pay savers much higher yields.

    • Overdraft fees are slightly higher than average.

    Checking accounts

    4.8

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    1.25 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Fifth Third Bank offers several checking accounts. The Momentum checking account doesn’t require any deposit to open nor does it charge a monthly fee, but it also doesn't pay any interest.

    Regardless of which account is chosen, customers have generous access to more than 50,000 fee-free ATMs. Checking accounts also can be accessed through a well-rated mobile banking app that comes with a variety of features, such as instant alerts on account activity, mobile deposit capture and the ability to update account information.

    What we like

    • Access to more than 50,000 fee-free ATMs.

    • The accounts can be accessed through a highly rated mobile banking app.

    What we don't

    • Interest isn’t paid on any balance.

    CD rates

    2.8

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Synchrony Bank

    Member FDIC

    CD

    2.00 % APY

    16mo

    Term

    $ 0

    Min. deposit

    Fifth Third Bank offers several types of CDs. The rate offered on a one-year CD is very low, but it requires only $500 to open.

    In addition to the standard certificates of deposit, there are promotional CDs with rates that vary depending on location. Savers also have the option of opening a 529 CD, for setting aside money for a child’s college education.

    What we like

    • The minimum deposit for standard CDs is low.

    • The bank offers a variety of CD terms.

    What we don't

    • Yields are low compared with what online banks offer.

    Savings accounts

    2.7

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.70 % APY

    $ 0

    Min. balance for APY

    Fifth Third Bank offers several savings accounts, including one for minors and a health savings account.

    The Fifth Third Momentum savings account makes it easy to track your progress toward meeting a certain goal. Savings accounts require just a penny to open but pay a very low rate, and balances of less than $500 are subject to a $5 monthly fee.

    What we like

    • The deposit to open an account is extremely low.

    • Savers will get the ability to set a personal savings goal and track their progress.

    What we don't

    • Other banks offer much higher APYs.

    • A $500 balance is needed to avoid a monthly fee.

    Money market accounts

    2.2

    Bankrate Score

    The Fifth Third Relationship Money Market Savings Account offers tiered rates based on account balance, but even the top yield is low compared to online banks. Balances of less than $500 are subject to a $10 monthly fee, unless you also have a Fifth Third checking account.

    The Fifth Third Relationship Money Market Savings account has check-writing privileges, a feature that's not always offered on money market accounts. But checks must be purchased.

    What we like

    • The Fifth Third Relationship Money Market Savings Account offers check-writing privileges.

    What we don't

    • Online banks offer much higher APYs on money market accounts.

    • Accounts with balances below $500 are subject to a monthly fee.

    Bank experience

    Fifth Third Bank provides access to tens of thousands of ATMs and a highly rated mobile app.

    Fifth Third debit and credit cards work with Apple Pay, Samsung Pay, Google Pay and other mobile wallets. Zelle, for peer-to-peer payments, is also available.

    Customers also have access to more than 1,090 branches to conduct in-person banking. The bank’s call center is closed Sundays, but 24/7 support is available via a chat function on its website.

    About Fifth Third Bank

    Fifth Third Bank is the main subsidiary of the Cincinnati-based financial services company Fifth Third Bancorp. In addition to Ohio, Fifth Third Bank also has customers in other Midwestern and Southern states.

    The bank has deep ties to the communities it serves. In 1948, it was the first financial institution in America to set up a charitable foundation.

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski is a banking editor for Bankrate. She oversees editorial coverage of savings and mobile banking articles as well as personal finance courses. She occasionally writes on fintech trends — a beat she has covered for more than a decade. Mary is a frequent speaker at a variety of leading digital banking events and podcasts, including: Money Next Summit, the Money Experience Summit, the Future of Fintech, Fintech South, Breaking Banks and more. She was named as one of 200 revolutionists in fintech and one of top 100 fintech influencers in 2019. She was also a judge for the Finovate Awards in 2020 and 2019. Previously, Mary covered fintech for American Banker and edited op-eds for the publication's BankThink section. She was also a blogger and editor at Bank Innovation and served as a fashion editor for National Jeweler, where she reported on fashion shows and jewelry news. Her work has appeared in American Banker, Bankrate, the Associated Press, Star Tribune, Billboard, MSN and more. Her stories are referenced in numerous industry reports, like this one by Deloitte. Mary grew up in the Michigan suburbs and now lives in Los Angeles with a maltipoo, a record player and roller skates.