Fifth Third Bank Review 2022: A Regional Bank With an Account for Everyone
GOBankingRates Score
-
APYs
4.4
-
Benefits
4.7
-
Products
4.9
-
Customer Service
4.8
Pros
- Wide variety of products, including investments and insurance
- Better interest rates when you have multiple accounts
- Specialized checking accounts
Cons
- Regional bank with just 1,300 branches
- Need multiple accounts to get the best rates
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 Top 100 Bank as well as number three in the annual 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.
Key Features
The following Fifth Third Bank reviews dive into the top-performing categories.
APYs
Fifth Third’s interest rates aren’t as competitive as other banks. Savings accounts earn % APY and money market accounts earn % APY for all balance levels. And unless you select a 12-month promotional CD, all certificates of deposit only yield %.
Benefits
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.
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.
Products
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.
Checking Accounts
Fifth Third Bank offers several checking accounts to choose from. Momentum Checking is GOBankingRates’ pick for one of the best checking accounts available 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 % APY 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.
If check writing isn’t needed, the Express account comes with no fees or minimums. 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. Once you enroll at a branch, you can take an advance 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.
Savings Accounts
Fifth Third Bank offers one 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, you’re under 18 or in the military. Otherwise, the service fee is $5 per month. However, the interest rate is low at % APY, making it best for short-term goals.
Money Market Account
The Fifth Third Bank Money Market Account offers check writing convenience with an APY of %. The monthly service charge is waived if you have any of the Fifth Third Checking accounts except Express Banking. There is no minimum opening deposit required, although a $500 minimum balance is another way to avoid the monthly service fee.
Money market accounts are a great option when you need to pay an occasional bill or write a check sometimes — federal law limits you to six withdrawals per month. For more transaction activity, a checking and savings account combination from Fifth Third would be less restrictive.
CDs
Fifth Third Bank offers a wide variety of certificates of deposit. These include a promotional 12-month CD that pays a higher APY 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 12 month term, 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.
Customer Service
If you need to reach Fifth Third Bank, you can phone for help by dialing 1-800-972-3030. 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 virtual assistant any time or a live agent from 6 a.m. to 9 p.m. Monday to Friday or 8:30 a.m. to 5 p.m. on weekends.
If you prefer to speak with someone face to face, you can schedule a meeting on the bank’s website.
How Fifth Third Stands Out
One of the features that pushes Fifth Third Bank higher in rankings is the bank’s variety of options. There is more available than just deposit accounts. You can also find loans, insurance and investments.
Your loyalty will be rewarded — multiple account holders can save on service fees and even receive better rates on Fifth Third’s products. 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 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 Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Tennessee and West Virginia, however, you’ll find more of a hometown bank feel.
Fifth Third Bank vs. PNC
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.
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.
To Apply
Once you’ve provided your information and opened your account, you can fund it using your debit card or bank account number and routing number.
Who Fifth Third Is Best For
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.
However, if you don’t live in Fifth Third Bank’s service area or want higher APYs, you should look at other options.
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.
Fifth Third Bank FAQ
Some other details about Fifth Third Bank include:- Is Fifth Third a good bank?
- Fifth Third Bank is a GOBankingRates Top 100 Bank as well as #3 in Best Regional Banks for its full range of banking products, including checking and savings accounts, CDs, loans, investment accounts and even insurance.
- Is Fifth Third better than Chase?
- 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.
- 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 14th place in the Federal Reserve's list.
Cynthia Bowman contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Aug. 3, 2022.
Editorial Note: This content is not provided by Fifth Third Bank, Huntington Bank or PNC. 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 Fifth Third Bank, Huntington Bank or PNC.
Editorial Note: This content is not provided by Chase. 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 Chase.
Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.
- Federal Reserve Statistical Release. 2022. "Large Commercial Banks."
