Fifth Third Bank Review 2019

Fifth Third Bank Logo

3.6/5

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

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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.

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.

 Pros

  • Access to more than 50,000 fee-free ATMs nationwide.
  • Many features, including account alerts, bill pay and a mobile wallet.
  • The bank owns an app that helps customers reach savings goals.

 Cons

  • 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.

Fifth Third Bank Services

CDs Rating

3.4/5

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For example, for CDs maturing between one year and up to three years, the penalty is 2 percent of the principal amount withdrawn.

 Pros

  • Interest is compounded daily.
  • The minimum deposit for standard CDs is low.
  • CD terms are flexible.

 Cons

  • Yields are low compared with what online banks offer.
  • CDs can be opened only in a branch or over the phone.

CDs available from other banks

Goldman Sachs Bank USA Logo
2.70% APY
$500 MINIMUM DEPOSIT
Rising Bank  Logo
2.87% APY
$1,000 MINIMUM DEPOSIT
Live Oak Bank Logo
2.85% APY
$2,500 MINIMUM DEPOSIT
Savings Rating

2.5/5

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.

 Pros

  • 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.

 Cons

  • Other banks offer much higher APYs.
  • Savers with bigger balances aren't rewarded with a substantially higher APY.

Savings accounts available from other banks

Goldman Sachs Bank USA Logo
2.25% APY
$0 MINIMUM DEPOSIT
Vio Bank Logo
2.46% APY
$100 MINIMUM DEPOSIT
UFB Direct Logo
2.45% APY
$10,000 MINIMUM DEPOSIT
Checking Rating

2.5/5

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.

 Pros

  • 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.

 Cons

  • Requires combined total balance of $100,000 to avoid monthly fee.
  • Interest rates for checking product are low.
MMAs Rating

2.7/5

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.

 Pros

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

 Cons

  • Much higher APYs are available for money market accounts at online banks.
  • Higher APYs are available elsewhere with smaller balance requirements.

MMAs available from other banks

Capital One Logo
2.00% APY
$10,000 MINIMUM DEPOSIT
Sallie Mae Logo
2.30% APY
$0 MINIMUM DEPOSIT
State Farm Bank Logo
2.25% APY
$1,000 MINIMUM DEPOSIT
Bank Experience Rating

3.6/5

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 1,173 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.

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