Fifth Third Bank Review: Regional Bank With an Account for Everyone
- Wide variety of products, including investments and insurance
- Better interest rates when you have multiple accounts
- Specialized checking accounts
- Regional bank with just 1,100 branches
- Low rates except on promotional CDs
Fifth Third Overview
Fifth Third Bank is a regional bank headquartered in Ohio. The bank has over 1,300 locations in Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Tennessee and West Virginia.
Fifth Third Bank is a GOBankingRates Best Banks of 2023 finalist and ranked No. 3 in the 2022 Best Regional Banks rankings for its full range of banking products, including checking and savings accounts, CDs, 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.
Best of all, banking is available to everyone young and old, with the option to visit a local branch or bank online using the highly rated mobile app.
Fifth Third Bank offers checking and savings products for every stage of your financial life. From a basic, Express checking account to CDs to save for retirement, you can find just what you need.
Fifth Third Bank offers several checking accounts to choose from. Momentum Checking, which was one of GOBankingRates’ 2022 picks for Best Checking Accounts, is a free checking account with no minimum balances required to open or maintain the account. Plus, direct deposits come in up to two days earlier.
Other accounts include the Preferred Checking account, which pays annual percentage yield regardless of your balance and offers better rates on loans. The account offers unlimited check writing but comes with a $25 monthly maintenance fee. The fee is waived when you reach a total balance of at least $100,000 across your deposit and investment accounts one time per month.
If check writing isn’t needed, the Express account comes with no fees or minimums and gives access to over 50,000 fee-free partner ATMs. There are also specialized accounts for students, military and those with disabilities. Monthly service fees can be waived with deposit or balance qualifications.
Eligible Fifth Third checking account customers can set up MyAdvance, which is short-term credit in the form of an advance on your next qualified direct deposit. Once you enroll and are approved, you can take an advance online, by phone or at a branch. Funds are available immediately. The credit line ranges from $50 to $1,000 and is based on your direct deposit history.
Fifth Third Bank offers one regular savings account known as the Momentum Savings account. Momentum Savings is free as long as you link a Fifth Third checking account, maintain at least $500 and are under 18 or in the military. Otherwise, the service fee is $5 per month. The interest rate is low at APY, making it best for short-term goals. The account doesn’t allow check deposits at ATMs.
Those with larger balances might consider the Relationship Money Market account, which allows limited check writing and offers tiered APYs based on account balance. The account has a $5 fee, which is waived for customers who have a Fifth Third checking account other than Express Checking, maintain a $500 balance and are under age 18 or are enrolled in Fifth Third Military Banking.
Fifth Third also has several specialty savings accounts. They include Minor Savings, health savings and a tax-advantaged 529 Savings and CD account offered through the CollegeAdvantage Direct 529 Savings Plan.
Fifth Third Bank offers a wide variety of certificates of deposit. These include promotional six- and 12-month CDs — with a minimum deposit of $5,000 — that pay higher APYs, and standard CDs with terms of seven days to 84 months — one of the widest term ranges available from a bank.
Unless you plan on locking in the promotional rates, Fifth Third’s current offers for all terms only pay out APY. Shop around for better CD rates before you commit your funds into a CD.
Banking with Fifth Third has a number of benefits that make for a positive banking experience.
Fifth Third Bank has online banking and a mobile app that let you manage your accounts on your computer or on the go. Pay bills, view statements, deposit checks, transfer money and more — any time, anywhere. The mobile app has 4.1 out of 5 stars on Google Play and 4.7 out of 5 stars in the App Store.
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 Bank also has a savings app called Dobot that helps you identify your savings goals and reach them.
If you need to reach Fifth Third Bank, you can phone for help by dialing 800-972-3030. Customer service hours are Monday to Friday from 8 a.m. to 6 p.m. EST and Saturday from 10 a.m. to 4 p.m. EST. You can also log in to your account online to chat with a digital assistant 24/7.
If you prefer to speak with someone face to face, you can schedule a meeting on the bank’s website.
Fifth Third Bank vs. Competition
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.
Fifth Third Bank vs. Huntington
Huntington Bank offers a wide variety of banking products and features, including a 24-hour grace period to fix an overdraft before you are charged a fee.
Fifth Third Bank encourages customers to maintain multiple accounts by offering better interest rates if you have more than one account.
Fifth Third Bank vs. Chase
Chase has over 4,700 branches and 16,000 ATMs nationwide, so you can almost always find one nearby.
If you’re located in Fifth Third Bank’s service area of Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee and West Virginia, however, you’ll find more of a hometown bank feel.
How To Apply
Opening a Fifth Third Bank account online takes about 5 minutes. You’ll need to have your Social Security number, state-issued ID, a smartphone with a camera and — if you want to fund your account right away — a debit card or bank account information.
Once you’ve provided your information and opened your account, you can fund it any time within 45 days using your debit card or bank account number and routing number.
Fifth Third Bank’s specialty products make it easy for those with specific banking needs to get what they want. It 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 is a good choice if you want to have all your accounts at one bank and you live in the bank’s coverage area — or don’t mind banking online or on the mobile app. However, if competitive interest rates are a priority, you’ll likely want to look elsewhere.
Fifth Third Bank FAQHere are some of the most commonly asked questions about Fifth Third Bank:
- Is Fifth Third a good bank?
- Yes. Fifth Third Bank is a GOBankingRates Best Banks of 2023 finalist due to its its full range of banking products, including checking and savings accounts, CDs, loans, investment accounts and even insurance.
- Which bank is better, Chase or Fifth Third?
- Fifth Third Bank and Chase are comparable in terms of account offerings and APYs, but Fifth Third is a smaller, regional bank while Chase is the largest bank in the country. This means Chase is more easily accessible, but you may find more personal service from Fifth Third.
- Is Fifth Third Bank better than Wells Fargo?
- Fifth Third might be better for some customers, especially those who don't want to be overwhelmed with banking options that don't meet their needs.
- How secure is Fifth Third Bank?
- Fifth Third Bank is FDIC insured. This means that your deposits are insured for up to $250,000.
- What rank is Fifth Third Bank?
- Fifth Third Bank is one of the largest commercial banks in the U.S. It ranks in 16th place in the Federal Reserve's list.
- What are the pros and cons of Fifth Third Bank?
- Pros include a good selection of products and services, highly rated mobile apps and a positive banking experience overall. The primary con is that Fifth Third's rates are low except on promotional CD accounts.
To discover the Top Banks, GOBankingRates looked at the top national institutions (excluding credit unions) with over $100 billion in total assets. To determine rankings, GOBankingRates looked at the following factors: (1) checking product minimum deposit; (2) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (3) savings product minimum deposit; (4) savings product APY; (5) Bauer rating (out of 5 stars); (6) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (7) the average mobile app rating between the Android and Apple app stores. All factors were then scored and combined, with the lowest score being best. Factors (1) and (3) were weighted 0.5 times, factor (4) was weighted 2.5 times, and factor (6) was weighted 1.5 times.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 8, 2022.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
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- Federal Reserve Statistical Release. 2022. "Large Commercial Banks."