Fifth Third Bank products: Savings, Checking and CDs

If you’re on the East Coast, Fifth Third Bank has multiple personal accounts to choose from.

Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto. Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt. Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others. Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio

• Personal finance
• Banking
• Auto loans
• Insurance
• Cryptocurrency and NFTs

• Our verdict
• Fifth Third Bank in the news
• Is Fifth Third Bank right for you?
• How Fifth Third Bank stacks up
• Fifth Third Bank's checking accounts
• Fifth Third Bank savings accounts
• Fifth Third Bank money market savings accounts
• Fifth Third Bank CDs
• Other Fifth Third Bank products
• Compare with leading bank accounts
• Customer service experience
• Fifth Third Bank alternatives

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Our verdict

With its roots in Ohio, Fifth Third Bank is among the 20 largest banks in the US. It features a variety of personal and business banking products, including specialty accounts for kids and military families. Some of its accounts have monthly service fees, but most have reasonable fee waivers. But if you’re after a high-yield savings account, look somewhere else. The majority of its savings and CD accounts have a low 0.01% APY, and exact rates can vary by location. Its highest APY comes with a promotional CD term, offering up to 5.15% APY for seven months, but it requires a high opening deposit of $5,000.

Best for: Those who live on the East Coast and prefer traditional banking.

Pros

• High rates on promotional CDs
• Simple checking and savings accounts
• Large variety of personal and business options
• Specialty accounts for kids, health savings and military
• Low monthly fees that can likely be waived

Cons

• Poor APYs on savings
• $5,000 opening deposit for best CDs
• May need to apply for an account in person

Fifth Third Bank in the news

On July 9, 2024, Fifth Third Bank entered into a settlement agreement with the Consumer Financial Protection Bureau (CFPB) and agreed to pay a total of $20 million in penalties. Between July 2011 and December 2020, Fifth Third was illegally triggering vehicle repossessions, and charging illegal fees by requiring borrowers to obtain duplicative auto coverage policies in over 37,000 instances, as reported by the CFPB. For the issues around duplicate coverage, Fifth Third agreed to pay a $5 million penalty. The other $15 million is from Fifth Third employees opening fake accounts in the names of its customers.

In addition to the penalties, the court banned Fifth Third from setting employee sales goals that would encourage employees to open fake accounts. Fifth Third is also working with the CFPB supervisory arm for remediation plans to assist customers who were impacted. The bank put out a press release and stated, “We are pleased to put these historical matters behind us so we can continue to focus on creating sustainable long-term value for our shareholders, customers, employees and in our communities.”

Is Fifth Third Bank right for you?

If you like branch access and want variety in personal checking options, Fifth Third is worth checking out. It has no-frill bank accounts with reasonable monthly service fees (most of which can be waived) and free checking options. Its account fees, perks and disclosure are also transparent. It has more than 1,200 branch locations in 11 states on the East Coast: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee and West Virginia.

If you want the ability to open accounts online or branch access on the West side of the US, this probably isn’t the bank for you. Most of Fifth Third’s accounts require you to schedule an appointment to open, and some require visiting a physical branch.

How Fifth Third Bank stacks up

Fifth Third Bank has multiple personal checking and savings accounts, as well as business accounts, CDs, a money market account, education savings, health savings accounts and more. If you want variety, you’re looking at the right bank. It’s also among the 20 biggest banks in the US based on asset size, holding over $200 billion in assets.

Where it shines

If you like traditional banking and you’re on the East Coast, this might be the bank for you:

• Variety of accounts. Fifth Third Bank isn’t a one-trick pony with six checking accounts, multiple savings accounts, a variety of CD terms and business banking.
• Affordable service fees. There are a few accounts with no monthly service fees, and the ones that do typically offer easy ways to waive them. Additionally, there are no opening deposit requirements on its personal accounts.
• Same-day mobile check deposit. With an Express Banking checking account, Fifth Third Bank offers fast mobile check deposits in which funds can clear within seconds.
• Branch access. With over 1,200 branches on the East Coast, in-person banking is definitely an option if that’s what you prefer.
• Transparent. We didn’t have to dig at all to locate fees, APYs, disclosures or details on Fifth Third Bank’s various accounts, which is always a green flag in our book.
• Specialty accounts. Kids savings accounts, military accounts and health savings accounts are sort of novel. We like seeing a large bank with accounts suited for families in all sorts of situations and needs.
• Young Bankers Club. Fifth Third offers a free online financial education program called Young Bankers Club, which teaches kids about financial literacy through its character, Maximillion Money.
• Signup bonus. When you open an eligible Fifth Third checking account, you can earn a $325 bonus by setting up direct deposit of at least $2,000 within 90 days of account opening.

Where it falls short

If you’re looking for high APYs on savings, look elsewhere:

• Low APYs. On its personal savings accounts and CDs, you’re likely to get a meager 0.01% APY — significantly lower than the national average rate of 0.46% for savings accounts, as reported by the FDIC. However, APYs may vary based on location. (1)
• High opening deposit for some CDs. If you want the best APYs Fifth Third Bank offers, you’ll need a high $5,000 opening deposit for its promotional CDs. Its other CDs require opening deposits of $500 but have low rates.
• Open accounts in person. Most banks and credit unions let you open accounts online. While Fifth Third Bank has a few with that capability, you need to visit a branch to open some of its checking, savings and CDs.

Fifth Third Bank’s checking accounts

There are six personal checking accounts to choose from, with no opening deposit requirements or balance requirements. But four require you to schedule an appointment to apply, and you may need to visit a branch.

• Fifth Third Momentum Checking. A free account with no monthly fees, balance requirements or opening deposit requirements. You’ll get identity theft monitoring and checkwriting privileges, and you can open this account online.
• Fifth Third Express Banking. Has a $5 monthly service fee but no balance requirements, overdraft fees or opening deposit requirements. Features early direct deposit, but it doesn’t have checkwriting or support cash deposits at ATMs. You can open this account online.
• Fifth Third Preferred Checking. An interest-bearing account with a $25 monthly service fee and no opening deposit requirement. Earns 0.01% APY, but the actual rate may vary depending on your zip code. You must schedule an appointment to open this account and can waive the monthly fee with a balance over $100,000, and you’ll get a dedicated banker.
• Fifth Third Student Checking Account. For ages 13 and up, this account has no monthly fees, opening deposit requirements or balance requirements. Also has checkwriting privileges. You must schedule an appointment to open this account.
• Fifth Third Military Checking. Made for military families, this account has no monthly fees if you also have a Fifth Third Momentum Checking account and offers a $5 discount on the $25 Fifth Third Preferred Checking monthly fee. Gives you access to special VA home loan rates and 10 free out-of-network ATM transactions per month. You must schedule an appointment to open this account, and it has no opening deposit requirements.
• Fifth Third ABLE Checking. With a balance of at least $250 each month, you can waive the small $2 monthly service fee. It’s designed for individuals and families to save for qualified expenses without losing access to federal benefits. It features checkwriting privileges, has no overdraft fees and is interest-bearing. You must schedule an appointment to open this account, and availability may depend on your home state.

Fifth Third Bank savings accounts

Fifth Third offers two main personal savings accounts, but the APYs are not great — or even average.

• Fifth Third ABLE Checking. A waivable $5 monthly service fee with no opening deposit requirements and offers an APY of 0.01%, but exact rates may vary by zip code. Can offer overdraft protection if linked to a Fifth Third Momentum Checking Account.
• Kids Savings Account. Like the name suggests, this account is for kids under 18. There are no monthly service fees for those under 18 (otherwise $5 per month), and it has no opening deposit or balance requirements. However, it has a low rate of 0.01%, which can vary depending on your location.

Fifth Third Bank money market savings accounts

Fifth Third Bank’s money market account earns interest and has checkwriting privileges but doesn’t have a debit card. The APY is low, around 0.01% APY, but the rate can vary based on your zip code.

Fifth Third Bank’s money market account has a low $5 monthly service fee, but you can waive it in multiple ways:

• Have a Fifth Third Bank checking account (excluding Express Banking)
• Maintain an average monthly balance of $500
• An account owner is under 18
• Are enrolled in Fifth Third Military Banking

Fifth Third Bank CDs

Fifth Third Bank offers certificates of deposit (CDs), which are locked deposit accounts designed to save and earn interest over its term. Like all other CDs, these deposit accounts have no monthly fees. However, you must open a CD at a branch location.

Other Fifth Third Bank products

Fifth Third also features health savings accounts, business banking and more.

• Health Savings account. Save for medical expenses with this interest-bearing account when you’re enrolled in a high-deductible health plan.
• 529 Savings Accounts. These accounts are designed to save for education expenses. Requires a $25 opening deposit, and after-tax contributions are invested to grow savings.
• Fifth Third Business Standard Checking account. With a $10 monthly fee that can be waived with a combined balance across your Fifth Third accounts of just $1,000, it’s designed for small businesses with basic banking needs.
• Fifth Third Business Premium Checking account. Has a $25 monthly fee with multiple ways to waive it, earns interest and higher transaction limits than the Standard account and is made for larger businesses that need payment processing.
• Fifth Third Business Elite Checking account. A $50 monthly fee with fee waivers available, has the highest transaction limits available.
• Business Savings. Ideal for businesses with short-term savings goals, it allows for up to 20 deposits and three withdrawals per month with tiered interest rates. Has a $5 monthly fee that can be waived with an average monthly of at least $10,000.

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