Fifth Third Bank Review 2021

Published January 2021 by Mary Wisniewski

AT A GLANCE
3.3

Bankrate Score

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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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    4.0
  • 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
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Overall

    3.3

    Bankrate Score

    Fifth Third Bank is a regional financial institution with customers in 11 states and more than 1,100 full-service locations.

    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 trouble of calling a 1-800 number.

    What we don't

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

    • Other banks pay savers much higher yields.

    • Overdraft fees are slightly higher than average.

    Checking accounts

    4.0

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    The bank offers several checking accounts, including a free checking account that also doesn’t have a minimum balance requirement.

    Regardless of which account you choose, you will have generous access to free ATMs  — Fifth Third provides you with more than 50,000 fee-free ATMs. These checking accounts also connect to a well-reviewed mobile banking app that comes with a variety of features, like getting instant alerts about account activity, mobile deposit capture and the ability to update your account information.

    Bankrate analyzed Fifth Third’s checking account in September, but the product we evaluated —   Essential Checking —  is no longer there.

    What we like

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

    • The accounts connect to a well-reviewed mobile banking app.

    What we don't

    • The product Bankrate originally analyzed is no longer available.

    CD rates

    2.8

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    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 a 529 CD if they’re setting aside money for a child’s college education.

    The rate on a 12-month CD is very low; however, you only need to deposit $500 to open it.

    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.

    • You can only open CDs in a branch or over the phone.

    Savings accounts

    2.7

    Bankrate Score

    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 savings account pays a very low rate but you only need to deposit $0.01 to open it. You will, however, need to deposit $500 to avoid paying a $5 monthly fee.

    What we like

    • The deposit to open an account is extremely low.

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

    What we don't

    • Other banks offer much higher APYs.

    • You need to deposit $500 to avoid a monthly fee.

    Money market accounts

    2.2

    Bankrate Score

    The Fifth Third Relationship Money Market Savings Account offers a tiered APY based on the balance but even the top yield is low compared to online banks. You’ll want to keep at least $500 in the account or have a Fifth Third checking account or you will have to pay $5 per month.

    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.

    • You might have to pay a monthly fee (depending on your relationship with the bank, including your balance).

    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. In addition to Ohio, Fifth Third Bank also has customers in 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.

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    About the author Mary Wisniewski is a banking editor for Bankrate. She oversees editorial coverage of savings and mobile banking articles as well as personal finance courses. She occasionally writes on fintech trends — a beat she has covered for more than a decade. Mary grew up in the Michigan suburbs and now lives in Los Angeles with a maltipoo, a record player and roller skates. Expertise Banking and fintech Experience Mary is a frequent speaker at a variety of leading digital banking events and podcasts, including: Money Next Summit, the Money Experience Summit, the Future of Fintech, Fintech South, Breaking Banks and more. She was named as one of 200 revolutionists in fintech and one of top 100 fintech influencers in 2019. She was also a judge for the Finovate Awards in 2020 and 2019. Previously, Mary covered fintech for American Banker and edited op-eds for the publication's BankThink section. She was also a blogger and editor at Bank Innovation and served as a fashion editor for National Jeweler, where she reported on fashion shows and jewelry news. Her work has appeared in American Banker, Bankrate, the Associated Press, Star Tribune, Billboard, MSN and more. Her stories are referenced in numerous industry reports, like this one by Deloitte. Education Mary received her B.A. in journalism from Pepperdine University. Media mentions American Banker ABC7 KSL Money Experience Summit