Fifth Third Bank Review 2023
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At a glance
CDs
Checking
Savings
MMA
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
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
Fifth Third Bank is a regional financial institution with customers in 12 states and nearly 1,100 branches. It offers multiple checking and savings accounts, a money market account and a wide range of CD terms.
Pros
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The bank offers access to more than 40,000 fee-free ATMs nationwide.
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There are low minimum deposit requirements for CDs.
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There is no minimum deposit required to open a checking or savings account.
Cons
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Branches are limited to 12 states.
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Other banks pay savers much higher yields.
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Overdraft fees are higher than average.
Fifth Third Bank banking products
FEATURES
Fifth Third Bank savings overview
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
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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
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Other banks offer much higher APYs.
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A $500 balance is needed for some customers to avoid a monthly fee.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Fifth Third BankAPYAPYNational average APYHow do we get this data?
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | $37 |
| Non-sufficient funds fee | None |
| Monthly maintenance fee | $0-$5 |
| Out-of-network ATM fee | $3 |
| Excessive transaction fee | None |
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 11 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.
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 nearly 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.
How does Fifth Third Bank compare to other banks?
Fifth Third Bank vs. M&T Bank
Both Fifth Third Bank and M&T Bank offer a wide array of banking products for consumers and businesses. Either bank can help consolidate your banking under one roof, but savers will generally find better yields at M&T Bank, which offers highly competitive APYs for its CDs.
Moreover, while both banks have roughly the same amount of branches, M&T’s geographical footprint extends to four more states over Fifth Third Bank, mainly concentrated in the New England and East Coast area of the U.S.
That noted, Fifth Third Bank has better access to fee-free ATMs, offering thousands more than M&T. Moreover, Fifth Third Bank generally has higher ratings for its Android app.
Fifth Third Bank FAQs
Review methodology
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.
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