Fifth Third Bank Review [2022] – Get A $250 Welcome Bonus

Last Updated on September 20, 2022 by Harrison Brown
7.8/10 (Expert Score)
Product is rated as #9 in category Banking

If you're looking for a checking, savings, or brokerage account that offers competitive rates and good customer service, Fifth Third Bank is a great place to start. In this review, we'll take a look at the different products that online banking company has to offer and see how they compare to other banks in the industry.

We'll also discuss the bonus that Fifth Third Bank is currently offering for new customers – so if you're thinking about switching banks, keep reading this Fifth Third Bank review!

Fifth Third Bank Review Hero Image

What Is Fifth Third?

Who is Fifth Third Bank?

Fifth Third Bank is a financial institution headquartered in Cincinnati, Ohio. The bank has over 1200 branches across ten states and offers a wide range of financial products and services for both individuals and businesses.

Fifth Third Bank offers a variety of checking account options, including a free basic checking account with no minimum balance requirements. The bank also offers several savings account options, including a high-yield savings account that earns interest at a rate of 0.60% annual percentage yield (APY).

For those who are looking to invest, Fifth Third Bank offers brokerage accounts through its affiliate, Fifth Third Securities. Accounts can be opened with as little as $500 and there are no annual fees or commissions on trades.

Pros & Cons

Pros & cons of Fifth Third Bank

Pros
  • Wide range of checking, savings, and investment options
  • Competitive rates and fees
  • 27/7 customer service (Messaging, calling, and email)
  • Access to a large network of ATMs totaling over 50,000
Cons
  • Limited branch locations (mostly in the Midwest)
  • No mobile app for Fifth Third Securities accounts
  • Low savings rates on some checking & savings products

Availability

Where Is Fifth Third Bank Available?

Currently, Fifth Third Bank is available in the following states:

Ohio
Indiana
Kentucky
Michigan
North Carolina
Florida
Georgia
Tennessee
South Carolina
West Virginia
Illinois

If Fifth Third Bank is currently not available in your state, be sure to check back occasionally as they are always expanding and growing!

Bonus

Does Fifth Third Bank Offer A Bonus?

Currently, Fifth Third Bank is offering a $250 bonus for those who open a new checking account and meet the qualifying deposit requirements. To learn more about this offer, please view the offer below for the most up-to-date and relevant bonus offerings.

To qualify for the $250 welcome bonus, you must sign up using a link on this page and make a direct deposit of $1,000 or more within 90 days of the account opening.
We may receive compensation if you sign up with links on this page

Checking Accounts

Fifth Third Bank Checking Accounts

One of the great things about the Fifth Third checking account is that there are several different checking account options to choose from.

Whether you're looking for a basic account with no monthly fees or an account that earns interest, Fifth Third has something to meet your needs.

Fifth Third Momentum Checking

The free Fifth Third Momentum Checking is Fifth Third Bank's most popular product, and it is a great option for those who want to avoid monthly maintenance fees.

This account has no minimum balance requirements and offers features like online and mobile banking, bill pay, direct deposit, no minimum balance requirements, and early direct deposit, which lets you get your money up to 2 days early! The Momentum Checking account also offers overdraft protection as well as a unique feature called Fifth Third Extra Time, which gives you more time to make a deposit to avoid overdraft fees.

Fifth Third Student Banking

The Fifth Third Student Banking account is another great option for those who are looking for a no-fee checking account.

This account has no minimum balance requirements and offers features like online and mobile banking, bill pay, and direct deposit. The Student Banking account also offers a free debit card and discounts on other Fifth Third products and services.

Fifth Third Military Checking

The Fifth Third Military Checking account is a great option for those who are currently serving in the military or are veterans.

This account has no monthly maintenance fees and offers features like online and mobile banking, bill pay, direct deposit, and overdraft protection. Additionally, the account will provide special VA home loan rates and 10 free non-Fifth Third ATM transactions per month.

Fifth Third Preferred Checking

The Fifth Third Preferred Checking account is a good option for those who are looking for an account that earns interest. The account provides no ATM fees at any ATM (Limit 10 per month), Fifth Third Exclusive personal checks, exclusive rates on loans, Identity Alerts, and a 24/7 dedicated customer service line.

This account has a monthly maintenance fee of $25, but it can be waived if you maintain a balance of $100,000 or more in any of your Fifth Third accounts. Like the other accounts, the Preferred Checking account offers features like online and mobile banking, bill pay, and direct deposit.

Savings Accounts

Fifth Third Savings Accounts

In addition to its checking account options, Fifth Third Bank also offers several savings accounts. Below, we've gone into detail regarding the differences, benefits, and drawbacks of all the savings accounts offered.

Fifth Third Momentum Savings

The Fifth Third Momentum Savings account is a great option for those who are looking for an account with no monthly maintenance fees. This account offers features like online and mobile banking, bill pay, and direct deposit. The Momentum Savings account also offers a free debit card and the ability to set up automatic transfers to your Fifth Third checking account. The account offers competitive interest rates, automatic check-to-savings transfers, combined savings and checking statements, and more.

Fifth Third Relationship Money Market

The Fifth Third Relationship Money Market Savings account is a great option for those who are looking for an account that earns interest. Currently, with the Relationship Money Market account, you can enjoy some of the best savings rates with tiered rates that provide a higher return as more money is deposited into the account. Take a look at the current rates here.

529 Education Savings & 529 CD Accounts

Fifth Third also offers a 529 Savings Plan and a CD Plan. The Fifth Third Direct 529 Savings Plan is a great option for those who want to start saving for college. There is a $25 minimum to open a 529 savings account and a $500 minimum to open a 529 CD. For both accounts, there are no monthly service charges. The 529 CD account offers a guaranteed rate of return and both accounts are fully FDIC insured. Finally, all earnings will grow tax-free, so you can start focusing on saving for college with no ongoing monthly fees.

Credit Cards

Fifth Third Bank Credit Cards

Fifth Third offers a variety of credit card options, so you can choose the one that best suits your needs. However, if you don't find a card you like here, take a look at our review of the top 3 no-fee credit cards right now!

Fifth Third Cash Back Card

The Fifth Third Cash Back Card is a great option for those who are looking for a credit card with no annual fee. This card offers features like 1.67% unlimited cash back, no changing categories, no point expiration, and no annual fee.

Truly Simple Credit Card

The Truly Simple Credit Card from Fifth Third is a great option for those who are looking for a credit card with no annual fee and no balance transfer fees. For a limited time, get a 0% introductory APR for the first 18 billing cycles after the account is hoped as well!

Secured Credit Card

The Fifth Third Secured Credit Card is a great option for those who are looking to build or rebuild their credit. This card has a $24 annual fee and you can open an account when you deposit $300 into a new Fifth Third Checking Account to secure this card. This $300 deposit is also fully refundable.

Fifth Third Preferred Cash Back Card

The Fifth Third Preferred Cash Back Card is a great option for those who are looking for a credit card with no annual fee and no foreign transaction fees. The card gives you unlimited 2% cash back, no revolving categories, no point expiration, and an annual fee of $0.00.

Fees

What Fees Does Fifth Third Charge?

Here is a list of the most common monthly service fees associated with Fifth Third Bank accounts:

AccountMonthly Service FeeEarns Interest
Momentum Checking$0No
Preferred Checking$25Yes
Student Banking$0Yes
Military Checking$5Yes
Express Banking$0No

You can usually lower the maintenance fee by having more than one account that meets the specified minimum requirements

Compare

Fifth Third Bank vs. Competitors

Now that we've looked at some of the products and services offered by Fifth Third Bank, let's compare it to some of its competitors.

Pros
Cons
Sofi Logo
SoFi Bank
SIGN UP
Pros
Zero fees or account minimums
Banking, loans, & More All In One
Sign-up bonus (Currently at $300)
Cons
No physical locations
Need direct deposit to get 2.50% APY
Live support can be slow
CIT Bank Logo
CIT Bank
SIGN UP
Pros
Zero monthly fees
High APY savings account (2.40% APY)
Free ATM reimbursements (Up to $30/mo)
Cons
No physical locations
No ATM network
Mobile check deposits sometimes take a while to clear
Fifth Third Bank Logo
Fifth Third Bank
SIGN UP
Pros
Has physical branches
Highest sign-up bonus ($250)
24/7 live support
Cons
Only available in 11 states
Some accounts don't earn high-interest
Service fees can be high

If you're interested in either of these competitors, read our SoFi review where you can get a $300 bonus for signing up, and read our NorthOne review where you can get a $20 bonus once you open an account!

Fifth Third Bank vs. Chase Bank

Chase is a national bank with more than 4,000 branches and 166,000 ATM outlets which should make it easy to locate. While Chase Bank certainly has more physical branches and is available in all 50 U.S. states, and the bank's mobile app ranks higher, Fifth Third Bank will certainly give you more tailored one-on-one support with easier access to exclusive checking and credit card offerings.

Fifth Third Bank vs. CIT Bank

CIT Bank is an online banking company with no physical locations. The bank offers a full range of banking products, including checking, savings, and investment accounts. However, it doesn’t have as many account options as Fifth Third Bank. Additionally, CIT has higher fees for some of its services. When it comes to customer service, CIT has a good reputation, but it can’t match the personal touch that Fifth Third Bank can provide since it is a regional bank.

Fifth Third Bank vs. PNC Bank

Pittsburgh National Corporation (PNC) Bank is a national bank with more than 2700 branches and 9000 ATM outlets. PNC offers a full range of banking products, including checking, savings, and investment accounts with a lower minimum opening deposit. However, when it comes to fees associated with its accounts, PNC can be more expensive than Fifth Third. Additionally, when it comes to customer service and account options, Fifth Third Bank can generally give a more personalized experience due to it being a smaller regional bank.

Is Fifth Third Good?

Is Fifth Third A Good Bank?

If you are looking for a bank with physical branches in the Midwest and South, Fifth Third Bank is a great option. The bank offers several checking and savings account options as well as competitive rates. Additionally, Fifth Third Bank has no monthly service fees associated with many of its accounts. When it comes to customer service, Fifth Third Bank generally provides a more personalized experience than other larger banks.

FDIC Insurance

Is Fifth Third Bank FDIC Insured?

All of Fifth Third Bank's deposit products are FDIC-insured. This means that your money is safe and protected for up to $250,000 per account type.

Is It A Real Bank?

Is Fifth Third Bank A Real Bank?

Yes, Fifth Third Bank is a real bank. It is one of the largest banks in the United States with over $141 billion in assets. The bank has over 1200 branches across ten states. It is a member of the FDIC and is headquartered in Cincinnati, Ohio.

Bottom Line

Why Choose Fifth Third Bank?

8Expert Score
Great bank if you live in the right area

Fifth Third Bank is a great all-in-one option for those looking for great savings, checking, and money market accounts with low fees and high-interest rates. Additionally, with the competitive loan and credit card rates, Fifth Third Bank is a great option for anyone looking for a new bank. However, because Fifth Third bank is only available in 11 states, it's not the best choice for everyone - especially if you don't have a physical address in an accepted state

Customer support
9
CD rates
7
Fees & charges
7
Products & tools
8
Positive
  • $250 sign-up bonus
  • Network of 50,000+ ATMs
  • 24/7 customer support
Negatives
  • Only available in 11 states
  • Lower APYs on non-CD products
  • App not available for brokerage accounts

FAQ

Fifth Third Bank FAQ

Does Fifth Third Bank Have Zelle?

Yes, Fifth Third Bank does have Zelle, which is supported by its checking and savings accounts.

Does Fifth Third Bank have 24/7 Support?

Yes, Fifth Third Bank does have 24/7 messaging support through their mobile app and online platform. However, phone support is only available Monday - Friday from 6 a.m. to 9 p.m. Eastern Time and Saturday to Sunday from 8:30 a.m.–5 p.m. Eastern Time.

How Much Will Fifth Third allow You To Overdraft?

Fifth Third Bank will allow you to overdraft by up to $36, but they may charge you a fee of up to $25 for each overdraft. Additionally, they may also charge you a daily overdraft fee of $36 if your account is overdrawn for more than two consecutive days.

Does Fifth Third Charge Overdraft Fees?

Fifth Third Bank may charge you a fee of up to $25 for each overdraft, but it depends on the product you are using.

What Is The Minimum Deposit To Open A Fifth Third Bank Account?

The minimum opening deposit needed to open a Fifth Third Bank account is $25. However, you will need to maintain a minimum balance which changes depending on the checking or savings product you are using.

How Big Is Fifth Third Bank?

Fifth Third Bank is one of the top 20 largest banks in the United States, and it currently has over $141 billion in assets under the name Fifth Third Bancorp.

How Many Customers Does Fifth Third Bank Have?

Fifth Third Bank is one of the largest consumer banks in the Midwestern United States with over 4 customers across their various products.

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