Fifth Third Bank is a great place to start if you're looking for a checking, savings, or brokerage account that offers competitive rates and good customer service. In this review, we'll look at the different products that online banking company offers 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!
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 various financial products and services for individuals and businesses.
Fifth Third Bank offers various 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 account that earns interest at 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
- 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
- Limited branch locations (mostly in the Midwest)
- No mobile app for Fifth Third Securities accounts
- Low savings rates on some checking & savings products
Where Is Fifth Third Bank Available?
Currently, Fifth Third Bank is available in the following states:
If Fifth Third Bank is currently unavailable in your state, check back occasionally as they are always expanding and growing!
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 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 currently serving in the military or 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.
Fifth Third Savings Accounts
In addition to its checking account options, Fifth Third Bank also offers several savings accounts. Below, we've discussed 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 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 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.
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 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 opened!
Secured Credit Card
The Fifth Third Secured Credit Card is a great option for building or rebuilding 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 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.
What Fees Does Fifth Third Charge?
Here is a list of the most common monthly service fees associated with Fifth Third Bank accounts:
|Account||Monthly Service Fee||Earns Interest|
You can usually lower the maintenance fee by having more than one account that meets the specified minimum requirements.
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.
Banking, loans, & More All In One
Sign-up bonus (Currently at $250)
Need direct deposit to get 3.75% APY
Live support can be slow
High APY savings account (4.05% APY)
Free ATM reimbursements (Up to $30/mo)
No ATM network
Mobile check deposits sometimes take a while to clear
Highest sign-up bonus ($225)
24/7 live support
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 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 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 has 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, PNC can be more expensive than Fifth Third regarding fees associated with its accounts. Additionally, regarding customer service and account options, Fifth Third Bank can generally give a more personalized experience due to being a smaller regional bank.
Is Fifth Third Good?
Is Fifth Third A Good Bank?
Fifth Third Bank is a great option if you are looking for a bank with physical branches in the Midwest and South. The bank offers several checking and savings account options and competitive rates. Fifth Third Bank has no monthly service fees associated with many of its accounts. Regarding customer service, Fifth Third Bank generally provides a more personalized experience than other larger banks.
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 an FDIC member and headquartered in Cincinnati, Ohio.
Why Choose Fifth Third Bank?
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.
- Physical locations
- Network of 50,000+ ATMs
- 24/7 customer support
- Only available in 11 states
- Lower APYs on non-CD products
- App not available for brokerage accounts
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 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.