Fifth Third Bank Review

Pros Explained

• More than 50,000 fee-free ATMs: Fifth Third Bank customers have access to nearly 1,100 branches within the bank’s geographical footprint of 11 states, and have even more ATMs at their disposal all across the country. The bank belongs to the Allpoint, Presto, and 7-Eleven ATM networks. This means that if you use your Fifth Third Bank debit card at any of these ATMs within the network, you will pay no transaction fees.
• No minimum deposit to open a checking or savings account: Fifth Third Bank accepts accounts of any size. You are required to fund the account within 45 days of opening it, however.
• No minimum balances to earn APY: Interest-bearing accounts pay an annual percentage yield no matter how little you have in your account—even if it’s only one cent.

Cons Explained

• High monthly maintenance fees: Nearly all of Fifth Third Bank’s accounts come with monthly maintenance fees, and they're somewhat steeper than average for consumer accounts.?Checking account fees range from $0 per month to $25 per month, while all savings accounts have a $5 per month fee.
• Low APY on interest-bearing accounts: While the APY offer depends on your location, most Fifth Third Bank accounts offer an APY of 0.01%, lower than other banks offer.

Who Is Fifth Third Bank Best for?

Fifth Third Bank appeals to fairly well-heeled clients in its 11-state region who want to bank with a large, well-established bricks-and-mortar institution. It’ll best fit you if you:

• Reside in FL, GA, IL, IN, KY, MI, NC, SC, OH, TN, or WV
• Want to have multiple accounts at the same bank
• Love earning extra money: bonuses, interest even on small balances, and cashback with a debit card
• Would like the ease and convenience of a contactless debit card

What Does Fifth Third Bank Offer?

Fifth Third Bank carries pretty much the full array of deposit accounts and services to meet the needs of consumers. These include:

• Savings accounts
• Checking accounts
• Money market account
• Certificates of deposit
• Credit cards

Savings Accounts

Fifth Third Momentum Savings Account

As an introductory savings vehicle, the Fifth Third Momentum Savings Account has a lot to offer. You can open the account with no minimum deposit, although you will need to fund it within 45 days. The APY on this account is low: only 0.01% for all balances. There is a $5 monthly service charge, but there are several other ways to avoid the charge:

• Have a Fifth Third Checking Account or Money Market Account
• Maintain an average monthly balance of $500 or more
• Be an account holder under the age of 18
• Enroll in Fifth Third Military Banking

When you pair a Fifth Third Relationship Savings Account with a checking account, you can automatically transfer money from checking to savings.

Checking Accounts

Fifth Third Express Banking

While not exactly a checking account, Fifth Third Express Banking provides customers an account with no maintenance fee that offers many of the benefits of a checking account: You can cash checks and make deposits at Fifth Third Bank branches and deposit checks via the mobile app. However, the account does not allow ATM deposits or check-writing.

While there are no monthly maintenance fees with this account, the services you use each have an associated fee, including in-person check cashing/deposits and mobile deposits. However, these fees are reduced based on the number of transactions you make per month.

Fifth Third Momentum Checking

This non-interest bearing basic checking account has a lot to recommend it:

• A Fifth Third Bank contactless debit card with cashback rewards
• Mobile banking, which includes mobile deposit and account alerts
• Access to online bill pay

There is no monthly maintenance fee and no minimum deposit to open the account.

Fifth Third Preferred Checking

This account is Fifth Third Bank’s high-yield checking option. There is a monthly maintenance fee of $25, which can only be waived if your deposit and investment accounts have a combined total balance of $100,000 at any point during the month.

It’s also important to note that the APY for this checking account is lower than the rates you can find at other banks, particularly online banks.

Money Market Account

Fifth Third Relationship Money Market Savings Account

Like Fifth Third’s Relationship Savings, the Relationship Money Market Savings Account is set up to encourage customers to have multiple accounts within the bank. There are two different APYs depending on whether you only have a Money Market account with Fifth Third, or you also have a relationship with the bank—i.e., a checking or savings account as well.

Though this is called a Money Market Savings Account, you have the ability to write checks and pay bills from it, as well as conduct your business via mobile banking. This account has a $5 per month maintenance fee, which is waived for any of the following:

• Have a Fifth Third checking account
• Maintain an average monthly balance of $500
• Are under the age of 18
• Are enrolled in Fifth Third Military Banking

CDs

Fifth Third Bank offers customers a number of CD options, with a range of terms and rates. Fifth Third offers several CDs with a minimum deposit as low as $500.

The featured CDs have higher rates, but require a higher minimum deposit of $5,000.

Standard CD rates vary based on their term length.

These rates can vary by geographical location, and the rates listed here are those offered by the North Carolina Fifth Third Bank affiliates as of November 16, 2023.

Credit Cards

Fifth Third Bank offers four different credit cards (all MasterCards) to meet the needs of its customers, including two cashback rewards cards, a no-fee card, and a secured credit card:

• Fifth Third Cash/Back Card: This rewards card offers a flat 1.67% cashback on all purchases. There is no annual fee.
• Fifth Third Preferred Cash/Back Card: This Preferred version offers a flat 2% cashback on all purchases. There is no annual fee.
• Truly Simple Credit Card: This no-fee card offers a 0% introductory APR for purchases made and balances transferred during the promotional period. There is also no penalty APR for missed payments.
• Secured Card: Customers who are working to build or rebuild their credit can use the Fifth Third Secured Card. You will place a $300 refundable deposit into your Fifth Third Relationship Savings Account as backing for your card charges. There is a $24 annual fee.

Other Financial Products Offered by Fifth Third Bank

Fifth Third Bank is an excellent option for those who seek financing or investment services. It also offers:

• Car loans
• Purchase mortgages
• Home equity loans
• Home equity lines of credit (HELOCs)
• IRAs
• Managed investment portfolios
• Financial advisors
• Business loans

Fifth Third Bank Customer Service

You can reach live customer service agents via phone at 1-800-972-3030 from 8 a.m. to 6 p.m. EST Monday through Friday, and from 10 a.m. to 4 p.m EST on Saturdays.

The mobile app allows you to handle your banking business, including mobile deposit, money transfers, and bill pay, 24/7. With over 280,000 ratings, the app boasts a 4.7-star rating on the App Store and is ranked #91 in Finance apps as of October 2022. It is also available on Google Play and has a similarly strong score.

Fifth Third ranks third in banking satisfaction J.D. Power’s 2022 U.S. Banking Mobile App Satisfaction survey, which compares the mobile apps of 11 regional banks. That’s just slightly above the industry average. The bank ranked ninth in overall customer satisfaction in J.D. Power’s 2022 Retail Banking Satisfaction Study when compared against other banks in the Southeast region of the United States.

In trying to find accurate information about the rates offered, I called the customer service line to request the rate sheet for various accounts, per the website’s instructions. The customer service agent did not seem to know what I was requesting and told me repeatedly that Fifth Third does not provide a rate sheet, despite what the website says. This was a somewhat frustrating experience.

How to Bank With Fifth Third Bank

Customers in the 11 states served by Fifth Third Bank can easily open an account online or in person at one of the nearly 1,100 available branches. Once you have opened an account, you can make deposits through online transfers from external accounts, mobile check deposit, wire transfer, check deposits by mail, at the ATM (except for Express Banking customers), or in person at a Fifth Third Bank branch.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks including products available, interest rates, fees, and accessibility to ensure that our content helps users make the right decision for their savings and banking needs.