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Fifth Third Bank Review 2024

Updated April 3, 2024
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At a glance

3.9
Rating: 3.9 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.3 stars out of 5

Checking

Rating: 4.5 stars out of 5

Savings

Rating: 2.8 stars out of 5

MMA

Rating: 2.8 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
Compare offers
Info
Bank logo
Member FDIC.
Savings Account
5.25
%
APY
APY
Info
As of 4/23/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No fees. Easy deposits and quick withdrawals.
Bank logo
Member FDIC
Savings Account
5.15
%
APY
APY
Info
As of 4/23/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 4/23/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers

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

  • Checkmark

    The bank offers access to more than 40,000 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 12 states.

  • Other banks pay savers much higher yields.

  • Overdraft fees are higher than average.

Fifth Third Bank banking products

2.8
Rating: 2.8 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 but they must be funded within 45 days or the account may be closed. They pay a very low rate, and a $5 monthly fee is charged unless 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.

  • Checkmark

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

Cons

  • Other banks offer much higher APYs.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Fifth Third Bank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC.
Savings Account
5.25
%
APY
APY
Info
As of 4/23/2024
Rating: 5 stars out of 5
Info
$0
Min balance for APY
Promoted offer: No fees. Easy deposits and quick withdrawals.

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

Customer experience

Customer support 

Physical presence. 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. Fifth Third Bank provides access to tens of thousands of ATMs and a highly rated mobile app.

Mixed customer satisfaction. Fifth Third Bank received mixed customer satisfaction scores in J.D. Power’s 2023 U.S. Retail Banking Satisfaction Study, depending on the region. For example, while it scored second in satisfaction in Florida, it scored nearly last in Illinois. 

Digital experience

Highly rated mobile app. The Fifth Third mobile app has a high rating on the Apple App and Google Play stores. Across both platforms, more than 500,000 users have rated the app. Moreover, 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.

Early pay. Fifth Third offers a feature called early pay, which allows customers to get their paycheck via direct deposit up to two days sooner, albeit this feature is not unique to Fifth Third Bank.

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Bankrate staff insights

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.

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 three 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

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.