Fifth Third Bank Review: An Eclectic Mix of Products
GOBankingRates Score
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Breadth of Products
5.0
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Digital Experience
5.0
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Accessibility
4.0
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Benefits for Multiple Accounts
5.0
Pros
- Wide variety of products, including investments and insurance
- Better interest rates when you have multiple accounts
- Specialized checking accounts
- Personal finance and savings app
Cons
- Regional bank with only about 1,200 branches
- Need multiple accounts to get the best rates
About Fifth Third Bank
Fifth Third Bank offers a full range of products, including checking and savings accounts, certificates of deposit, loans, investment accounts and even insurance. By having banking and investment accounts at Fifth Third Bank, customers can get better rates on loans and deposit accounts.
Fifth Third Bank is headquartered in Ohio. The bank has over 1,200 locations in Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Tennessee and West Virginia. GOBankingRates has ranked Fifth Third Bank as one of the Best Regional Banks of 2021.
Fifth Third Bank Products
Fifth Third Bank offers checking and savings products for every stage of your financial life. From a basic Express Banking checking account to CDs to save for retirement, you can find just what you need.
| Product | Key Details |
|---|---|
| Savings Accounts |
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| CDs |
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| Money Market Accounts |
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| Checking Accounts |
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Fifth Third Bank Checking Accounts
Fifth Third Bank offers several checking accounts to choose from. The gold standard is the Preferred Checking account, which pays an annual percentage yield of 0.01% regardless of your balance and offers better rates on CDs and loans. There’s also a Free Checking account with no maintenance fees, no minimum opening deposit and no minimum balance, and an Express Banking checking account, also with no fees or minimums and with no check-writing privileges. Specialized accounts for students, military and those with disabilities are also available.
Eligible Fifth Third checking account customers can set up Early Access, which is short-term credit. Once you enroll at a branch, you can take an advance on a qualified direct deposit online, by phone or at a branch. Funds are available immediately. The credit line ranges from $200 to $1,000 and is based on your direct deposit history.
Features
- Account features tailored to your needs
- Monthly service fees waived with deposit or balance qualifications
- Free Checking and Student Banking have no minimum opening deposit
- Early Access for short-term emergencies
Pros
- Cost-effective, no-frills accounts for those who write few or no checks
- Online bill pay
- No minimum balance for Free Checking, Student Banking and Express Banking accounts
Cons
- $100,000 balance across deposit and investment accounts needed to waive $25 monthly fee on Preferred Checking account
Fifth Third Bank Savings Accounts
Fifth Third Bank offers two traditional savings accounts: Goal Setter Savings and Relationship Savings. Goal Setter Savings is for customers who want to put money away and forget about it — you have to go to a branch or call customer service to make a withdrawal.
Features
- 0.01% APY on Goal Setter Savings account
- 0.01% standard APY on Relationship Savings account; relationship rate is 0.02% APY
- Automatic transfers
- No minimum opening deposit for Goal Setter Savings and Relationship Savings accounts
Pros
- No monthly service fee for customers under 18 or who have a Fifth Third Bank checking account or maintain a $500 balance
- Combined checking and savings statements
Cons
- No ATM access with Goal Setter Savings account
Fifth Third Bank Money Market Account
The Fifth Third Relationship Money Market account offers check-writing convenience with savings account rates. You can earn a higher interest rate on your money market account when you also have a Fifth Third Bank checking account.
Features
- 0.01% standard APY
- 0.02% APY relationship rate for checking account customers
- Can write up to six checks per month
Pros
- Monthly service charge waived if you have a Fifth Third checking account (except Express Banking checking account)
- No minimum deposit required
Cons
- Need a checking account or $500 average balance to avoid $5 monthly service fee
Fifth Third Bank CD Accounts
Fifth Third Bank offers a wide variety of CDs. These include a promotional five-month CD that pays 0.10% APY, a standard CD with terms ranging from three to 84 months, a short-term standard CD with terms of seven to 89 days and a 529 CD to save for college.
Features
- IRA and 529 CDs for retirement or college
- $500 minimum opening deposit for some CDs
- 0.10% APY with a $5,000 minimum deposit for promotional five-month CD
Pros
- Interest can be credited back to CD or to checking or savings account
- Interest compounded continuously
Cons
- Early withdrawal penalties based on the amount withdrawn
Banking Experience
Fifth Third Bank is regional, so it may be more appealing to those who live in the area where it has branches. But don’t rule Fifth Third out if you’re outside that area — its online and mobile banking tools make it easy to do what you want, wherever you are.
Technology
Fifth Third Bank’s online banking platform and mobile app let you manage your accounts on your computer or on the go. Pay bills, view statements, deposit checks or transfer money — any time, anywhere.
Customers of Fifth Third Bank can send and receive money electronically with Zelle through the mobile app, even if the other party uses a different bank. Fifth Third also has a savings app called Dobot that helps you identify your savings goals and reach them.
How To Make a Deposit
You can make a deposit in any of these ways:
- At a Fifth Third Bank location
- At a Fifth Third Bank ATM
- On the mobile app (checks only)
- Direct deposit
Customer Service
Assistance is available by phone Monday through Friday from 8 a.m. to 6 p.m. EST and on Saturdays from 10 a.m. to 4 p.m. EST. Fifth Third Bank customers can also log in to the online banking platform to reach a representative via live chat.
Key Information
Customer service number: 800-972-3030
Routing number: See routing numbers by state
Promotions: See Newest Fifth Third Bank Promos and Bonuses
Login: Fifth Third Bank Login Help
Fifth Third Bank Fees
At Fifth Third Bank, you can usually avoid the monthly maintenance fees by having multiple accounts, but there are some other fees you may encounter. Here’s what Fifth Third Bank charges for common fees.
| Fee | Amount |
|---|---|
| Overdraft | $37 ($0 for Express Banking) |
| Return Deposit Item | $15 |
| Money Order | $1 |
| Cashier’s Check | $4 |
| Outgoing Domestic Wire Transfer | $30 |
Fifth Third Bank vs. Competitors
Fifth Third Bank stacks up well to the competition, especially if you’re looking for a bank where you can have all your accounts in one place.
| Bank | Best For |
|---|---|
| Fifth Third Bank | Specialty accounts, benefits for multiple accounts |
| Huntington | Overdraft fee relief |
| Chase | Nationwide ATMs |
| PNC Bank | Linked accounts |
Fifth Third Bank vs. Huntington
Huntington offers a 24-hour grace period to fix an overdraft before you are charged a fee on your checking, savings or money market account. Fifth Third Bank encourages customers to maintain multiple accounts by offering relationship rates if you have more than one account. The Fifth Third Relationship Savings account also offers a benefit for minors: The $5 monthly service fee is waived for account owners under age 18.
Fifth Third Bank vs. Chase
Chase has over 4,700 branches and 16,000 ATMs nationwide, so you can almost always find one nearby. However, you’ll find more of a hometown bank feel if you’re located in Fifth Third Bank’s service area of Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Tennessee and West Virginia.
Fifth Third Bank vs. PNC Bank
While both Fifth Third Bank and PNC encourage customers to do all their banking in one place, PNC does a better job of linking your checking, savings and other accounts. Fifth Third Bank, on the other hand, has more options for different kinds of checking and savings accounts.
Final Take
Fifth Third Bank is a good choice if you want to have all your accounts at one bank and you want to be rewarded for that with higher rates. If you live in the bank’s coverage area, or if you don’t mind doing your banking online or on the mobile app, you can get everything you might need from Fifth Third Bank.
More Banks With Great Perks
Bank Branches
- City National Bank
- Bank of the West
- BECU
- First Citizens Bank
- Fulton Bank
- Radius Bank
- Wells Fargo Bank
Credit Unions
- American Airlines Federal Credit Union
- Bethpage Federal Credit Union
- Delta Community Credit Union
- Digital Federal Credit Union
- ESL Federal Credit Union
- Mountain America Credit Union
- Patelco Credit Union
- United Nations Federal Credit Union
Editor’s Favorite
Fifth Third Bank’s specialty products make it easy for those with specific banking needs to get what they want. The bank has products specifically for those under 18, students, members of the military, college and retirement savers, and those with disabilities who want to save without jeopardizing their eligibility for government assistance.
Fifth Third Bank FAQ
Here are the answers to some commonly asked questions about Fifth Third Bank.- Does Fifth Third Bank have 24-hour customer service?
- Customer service is available Monday through Friday from 8 a.m. to 6 p.m. EST and on Saturdays from 10 a.m. to 4 p.m. EST. To reach customer service, call 800-972-3030.
- Assistance is available 24/7 for customers with a lost or stolen bank card. Customers can call 800-782-0279 to report a lost or stolen card.
- Is Fifth Third Bank FDIC-insured?
- Yes. Checking, savings, money market and CD accounts are FDIC-insured up to $250,000 per depositor.
- Why is Fifth Third Bank called that?
- What is now Fifth Third Bank was chartered as The Third National Bank in 1863 when it began doing business on Third and Walnut streets in Cincinnati. It later merged with Fifth National Bank, becoming Fifth Third Bank.
- Does Fifth Third Bank charge for wires?
- Yes. Incoming domestic and international wires are $15. Outgoing domestic wires and outgoing international wires in foreign currency are $50. Outgoing international wires are $85 in U.S. currency.
- Does Fifth Third Bank offer free money for signing up for an account?
- Right now, Fifth Third Bank is not offering bonuses for opening an account. However, the bank recently offered bonuses of up to $350 for new banking and credit card customers, so it's possible that Fifth Third will run more promotions in the future.
Sean Dennison contributed to the reporting for this article.
Rates are subject to change. Information on accounts is accurate as of Dec. 10, 2020.
This content is not provided by Fifth Third Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Fifth Third Bank.
