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Fifth Third Bank Review 2022

Updated January 4, 2023
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At a glance

3.7
Rating: 3.7 stars out of 5
Bankrate Score
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CDs

Rating: 3.7 stars out of 5

Checking

Rating: 4.5 stars out of 5

Savings

Rating: 2.9 stars out of 5

MMA

Rating: 2.4 stars out of 5

About Bankrate Score

Overview

Fifth Third Bank may be a good choice for those who live within its branch footprint and prefer in-person banking. Customers also have 24/7 access to accounts through the highly rated mobile app. The bank offers accounts with low minimum deposit requirements, along with a large network of fee-free ATMs, but those seeking competitive rates will need to look elsewhere.

Highlights

  • Low Min Deposit
  • Highly Rated App

Overall

Fifth Third Bank is a regional financial institution with customers in 11 states and more than 1,100 branches. It offers multiple checking and savings accounts, a money market account and a wide range of CD terms.

Pros

  • Checkmark

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

  • Checkmark

    There are low minimum deposit requirements for CDs.

  • Checkmark

    There is no minimum deposit required to open a checking or savings account.

Cons

  • Branches are limited to 11 states.

  • Other banks pay savers much higher yields.

  • Overdraft fees are higher than average.

Fifth Third Bank bank products

2.9
Rating: 2.9 stars out of 5
Bankrate Score

Fifth Third Bank savings overview

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

The Fifth Third Momentum savings account allows you to set up savings goals and allocate portions of your funds to them. Savings accounts require no minimum deposit as long as they’re funded within 45 days. They pay a very low rate, and a $5 monthly fee is charged for balances less than $500. The fee can be avoided if the account holder also has a Fifth Third checking account, is enrolled in Fifth Third Military Banking, or is under 18 years of age.

Pros

  • Checkmark

    There is no minimum deposit required to open an account.

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

Cons

  • Other banks offer much higher APYs.

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

Compare Offer
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.9 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right

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 1,100 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 10 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.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.