Fifth Third Bank Review: An Eclectic Mix of Products
Breadth of Products
Benefits for Multiple Accounts
- Wide variety of products, including investments and insurance
- Better interest rates when you have multiple accounts
- Specialized checking accounts
- Personal finance and savings app
- Regional bank with just 1,200 branches
- Need multiple accounts to get the best rates
About Fifth Third Bank
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 ranking third in Best Regional Banks 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.
Fifth Third Bank 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.
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 0.01% 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.
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 0.01% 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 0.01%. 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 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, but 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.
Fifth Third Bank offers a wide variety of certificates of deposit. These include a promotional 12-month CD that pays 0.05% APY and standard CDs with terms of seven days to 84 months — one of the widest term options 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 0.01% APY. Shop around for better rates before you commit your funds into a CD.
Fifth Third Bank’s variety of options are just one of the bank’s features that push it high in the rankings. 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 nearly everyone young and old, with the option to visit a local branch or bank online using its highly-rated mobile app.
Fifth Third Bank’s specialty products make it easy for those with specific banking needs to get what they want. They have 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 regional, so it may be more appealing to those who live in the area where it has branches. But don’t rule it out if you’re outside that area — the online and mobile banking tools make it easy to do what you want, wherever you are.
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, 6 a.m. to 9 p.m. EST and Saturday from 10 a.m. to 4 p.m.
Mobile and Digital 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 — anytime, anywhere. The Android version from Google Play earned a 4.1 out of 5 stars. iOS users awarded it a 4.5 out of 5 stars.
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.
How To Make a Deposit
You can make a deposit at a Fifth Third Bank location or ATM, on the mobile app using mobile check deposit or by arranging direct deposits.
How To Open an Account
To open an account online, you’ll need to set up a login with an email address and password. You’ll need to provide your personal information including name, address, date of birth and Social Security number.
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 they’ll charge you for common fees.
|Overdraft||$37 ($0 for Express Banking)|
|Return deposit item||$15|
|Outgoing 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.
|Fifth Third Bank||Specialty accounts, benefits for multiple accounts|
|Huntington Bank||Wide variety of products|
|Chase Bank||Nationwide ATMs|
|PNC Bank||Linked accounts|
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 Bank 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.
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 better 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. If you live in the bank’s coverage area, and are looking for a place to park your money, Fifth Third is worth a close look.
Fifth Third Bank FAQSome other details about Fifth Third Bank include:
- Does Fifth Third Bank have 24-hour customer service?
- Live agents are available Monday through Friday from 6 a.m. to 9 p.m. EST, and Saturday from 8:30 a.m. to 5 p.m. EST.
- Is Fifth Third Bank FDIC-insured?
- Checking, savings, money market and CD accounts with Fifth Third Bank are FDIC-insured up to $250,000 per depositor.
- Why is it named Fifth Third Bank?
- What is now Fifth Third Bank was chartered as The Third National Bank in 1863 when it began doing business on Third and Walnut Street in Cincinnati, OH. It later merged with Fifth National Bank, becoming Fifth Third Bank.
- Does Fifth Third Bank charge for wires?
- Outgoing domestic wires are $15, outgoing foreign wires are $50 in foreign currency or $85 in U.S. currency. The charge is $15 for an incoming.
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 Apr. 25, 2022.
Editorial Note: 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.