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Fifth Third Bank Review 2022

Published January 2022 by Mary Wisniewski

AT A GLANCE
3.5

Bankrate Score

bank-logo

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
    UFB Direct

    Member FDIC

    Savings account

    3.01 % APY

    $ 0

    Min. balance for APY

    Quorum

    Insured by NCUA

    Savings account

    3.00 % APY

    $ 10,000

    Min. balance for APY

    Valley Bank

    Member FDIC

    Savings account

    2.85 % 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

    2.50 % 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
    Banesco USA

    Member FDIC

    CD

    3.60 % APY

    18mo

    Term

    $ 1,500

    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
    UFB Direct

    Member FDIC

    Savings account

    3.01 % APY