Fifth Third Bank Review 2020

Published March 2020 by Amanda Dixon

AT A GLANCE
2.7
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Bankrate Score

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Low Fees

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Low Minimum Deposit

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Rewards Checking

You’ll be satisfied with Fifth Third Bank if you’re looking for an innovative regional financial institution that offers the basics features you would expect to find at a brick-and-mortar bank. If you’re looking for a bank that offers more, like budgeting tools or competitive interest rates to savers, you’re better off looking elsewhere.

  • Checking
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    3.5
  • CDs
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    2.8
  • Savings
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    2.6
  • MMAs
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    2.0
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    CIT Bank

    Member FDIC

    MMA

    1.80 % APY

    $ 100

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.70 % APY

    $ 0

    Min. balance for APY

    Capital One

    Member FDIC

    Savings account

    1.50 % APY

    $ 0

    Min. balance for APY

    Overall

    2.7

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    Bankrate Score

    Fifth Third Bank is a regional financial institution with customers in 10 states and more than 1,200 full-service locations.

    What we like

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

    • Low minimum deposit requirement for CDs.

    • The bank owns an app that helps customers reach savings goals.

    What we don't

    • Branches are available to customers in less than a dozen states.

    • Other banks pay savers much higher yields.

    • Personal banking customer service representatives aren't available on Sundays.

    • Overdraft fees are slightly higher than average.

    • Rates on deposits products vary by state.

    Checking accounts

    3.5

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    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Simple

    Member FDIC

    Checking account

    1.75 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Fifth Third's Preferred Checking account offers high interest rates out of Fifth Third Bank’s checking options. Unfortunately, the account might not make sense for the everyday customer. The tiered interest rates are on par with yields tied to the standard savings account.

    Another interest-bearing option is the Fifth Third Enhanced Checking account. There are two options to avoid the $20 monthly service charge: monthly direct deposits totaling $5,000 or combined total balance of $20,000. Fifth Third Essential checking does not earn interest but comes with more accessible options to avoid the $11 monthly fee including maintaining a combined monthly average balance of $1,500 across deposit and investment accounts.

    What we like

    • No minimum deposit required to open a checking account.

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

    • No fees from Fifth Third for up to 10 non-Fifth Third ATM transactions per month for Preferred Checking account holders.

    • Preferred Checking account holders get complimentary checks, notary services, money orders and cashiers checks.

    What we don't

    • You will pay a monthly fee unless your balance is a certain amount.

    • Interest rates for checking product are low.

    CD rates

    2.8

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    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.85 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Fifth Third Bank offers several types of CDs. In addition to the standard certificates of deposit, there are promotional CDs with rates that differ depending on your location. Savers also have the option of opening an IRA CD or a 529 CD if they’re setting aside money for a child’s college education.

    Penalties for early withdrawals vary. For example, for CDs maturing between one year and up to three years, the penalty is 2 percent of the principal amount withdrawn.

    What we like

    • Interest is compounded daily.

    • The minimum deposit for standard CDs is low.

    • CD terms are flexible.

    What we don't

    • Yields are low compared with what online banks offer.

    • CDs can be opened only in a branch or over the phone.

    Savings accounts

    2.6

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    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.70 % 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 Goal Setter Savings account makes it easy to track your progress toward meeting a certain goal.

    The bank's Relationship Savings account lets you earn the Relationship Interest Rate if you have Fifth Third checking and savings accounts. There's a $5 monthly service charge, but there are a few ways to waive it.

    What we like

    • No minimum deposit required.

    • Interest is compounded continuously.

    • The Goal Setter Savings account lets you earn an interest bonus when you reach a savings goal.

    • Savers with Fifth Third checking accounts can earn a higher APY.

    What we don't

    • Other banks offer much higher APYs.

    • Savers with bigger balances aren't rewarded with a substantially higher APY.

    Money market accounts

    2.0

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    Bankrate Score

    OTHER MMA OFFERS YOU MAY LIKE
    CIT Bank

    Member FDIC

    MMA

    1.80 % APY

    $ 100

    Min. balance for APY

    The Fifth Third Relationship Money Market Savings Account has a standard APY that’s below the national average. However, if you have a checking account and are eligible for the Relationship Interest Rate, then you’ll be able to earn a little more than the national average — if you have $250,000 or more in the Relationship Money Market 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 you need to purchase the checks.

    What we like

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

    What we don't

    • Much higher APYs are available for money market accounts at online banks.

    • Check-writing features available, but need to purchase checks.

    Bank experience

    Fifth Third Bank provides access to tens of thousands of ATMs, a well-regarded mobile app and a brand that has been making moves in fintech.

    As a Fifth Third Bank customer, your payment card will work with Apple Pay, Samsung Pay Google Pay and other mobile wallets. You can also use Zelle to pay back people you know.

    You will also have access to more than 1,200 branches to do in-person banking, should you wish. You can’t, however, reach a bank representative for customer service over the phone on Sundays.

    Fifth Third Bank also offers a couple of standalone mobile apps to help inspire people to save money for their shorter-term goals and to pay off college debt.

    About Fifth Third Bank

    Fifth Third Bank is the main subsidiary of the Cincinnati-based financial services company Fifth Third Bancorp. The bank has deep ties to the communities it serves and in 1948 was the first financial institution in America to set up a charitable foundation. Fifth Third Bank also has customers in other Midwestern and Southern states.

    In addition to offering deposit products, the bank supports small businesses and meets their lending and business needs. There are also services for commercial banking customers and wealth management options. The bank strives to offer exceptional customer service and provide innovative solutions, like Dobot, a savings app it powers.

    Amanda Dixon Twitter Created with Sketch. @AMANDAADIXON

    Amanda Dixon Twitter Created with Sketch. @AMANDAADIXON

    Amanda Dixon is a senior reporter covering banking. Prior to joining Bankrate, she served as a writer and editor for SmartAsset, a New York-based fintech startup. Originally from the metro Atlanta area, she's a University of Georgia alum. She enjoys providing an inside look into what banks and credit unions are up to and offering tips and tricks to help consumers save money and build wealth at every stage of their financial lives. Follow her on Twitter: @amandaadixon.