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Investing

Review of Altfest Personal Wealth Management

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone and is not intended to be a source of investment advice. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Altfest Personal Wealth Management is an investment management firm based in New York City. The firm typically only accepts clients with a minimum investment of $1 million. For these high net worth clients, Altfest Personal Wealth Management provides customized investment portfolios with comprehensive financial planning services. The firm has 16 employees who provide investment advisory services, and currently oversees $1.21 billion in assets under management (AUM).

All information included in this profile is accurate as of February 10th, 2020. For more information, please consult Altfest Personal Wealth Management’s website.

Assets under management: $1,210,000,000
Minimum investment: $1 million (waivable at the firm’s discretion for young professionals)
Fee structure: A percentage of AUM, ranging from 0.50% to 1.40%, depending on account size; hourly fees; fixed fees
Headquarters: 445 Park Avenue
Sixth Floor
New York, NY 10022
www.altfest.com
212-406-0850

Overview of Altfest Personal Wealth Management

Dr. Lewis Altfest launched Altfest Personal Wealth Management in 1983. He is still the majority owner of the firm and acts as CEO. He runs the organization along with his wife, Dr. Karen Altfest, the firm’s executive vice president, and their son, Andrew Altfest, the firm’s president. Both Lewis and Karen hold Ph.Ds; Lewis is an associate professor of finance at Pace University.

Including the Altfests, the firm has 37 total employees, 16 of whom provide investment advisory services. Altfest Personal Wealth Management specializes in creating customized, actively managed investment portfolios for high net worth clients. The firm and the Altfest family have won numerous awards for their performance, and both Lewis and Karen are regular contributors to financial news programs and publications.

What types of clients does Altfest Personal Wealth Management serve?

Altfest Personal Wealth Management primarily works with individual investors. A client usually needs a portfolio of at least $1 million to open an account with the firm — however, Altfest does make exceptions to this account minimum for “young professionals” who they believe will become high net worth clients in the future. The firm’s individual client base is currently split 40/60 between individuals and high net worth individuals, with the SEC defining high net worth individuals as those with at least $750,000 under management or a net worth of at least $1.5 million.

While the firm works with a diverse range of clients, it specializes in advising women, executives and healthcare professionals. In addition to individual investors, Altfest Personal Wealth Management also works with pension plans, profit-sharing plans, trusts, estates, corporations and other business entities.

Services offered by Altfest Personal Wealth Management

Altfest Personal Wealth Management specializes in investment management and financial planning. However, the firm’s investment management services are available to individuals and small businesses only; these services are not offered to investment companies, pooled investment vehicles, large businesses and institutional clients.

Most of the firm’s investment accounts are run on a discretionary basis, meaning that Altfest Personal Wealth Management advisors can make trades on behalf of the client. The firm does have a few nondiscretionary accounts, where the client must approve all trades themselves.

If a client only wants a few investment recommendations, rather than the management of their entire portfolio, the firm can provide this service as well.

Altfest Personal Wealth Management also offers comprehensive financial planning, as many of its advisors hold the certified financial planner (CFP) designation, a professional certification for financial planners. The firm’s financial planning services include the creation of a detailed financial plan outlining the necessary steps to achieve their goals and objectives. The plan can address specific areas, such as college savings, estate planning and debt management.

More specifically, Altfest’s services include:

  • Investment advisory services and portfolio management (mainly discretionary but some non-discretionary)
  • Financial planning
    • Retirement planning
    • Trust and estate planning
    • Charitable planning
    • Education planning
    • Tax planning
    • Cash flow forecasting
    • Budgeting and strategic planning
    • Long-term care planning
    • Debt management
    • Divorce planning
  • Insurance and risk management
  • Workshops and seminars
  • Newsletters and publications

How Altfest Personal Wealth Management invests your money

Altfest Personal Wealth Management builds unique, customized portfolios for each client based on their time horizon, risk tolerance, income level and long-term goals.

As part of this analysis, the firm follows a system called Total Portfolio Management. Rather than only looking at a client’s investment history, the firm also gets to know their entire financial plan, including income, debts, spending requirements and future earnings potential. The firm uses this information to finetune a portfolio comprised of stocks, bonds, mutual funds, ETFs and private funds.

Altfest Personal Wealth Management follows an active investment approach: this means the firm is regularly trading in an attempt to earn above-average portfolio returns.

Fees Altfest Personal Wealth Management charges for its services

For portfolio management services, Altfest Personal Wealth Management charges a fee based on a percentage of assets under management, with the rate ranging from 0.50% to 1.00%, depending on the size of the client’s portfolio. Altfest does not charge trading commissions or performance-based fees.

Portfolio Size Annual Asset-Based Fee
First $3 million* 1.00%
Between $3,000,001 and $6,000,000 0.75%
Over $6,000,000 0.50%
*If a portfolio falls below $2 million in value at the end of the quarter, the firm will assess an additional 0.10% fee on top of the asset-based fee listed above.

For “young professional” clients who don’t meet the firm’s portfolio minimums, Altfest charges the following fee schedule:

  • In the first year, the firm charges an annual fee of either 1.10% of assets under management or $2,500 whichever is greater.
  • After the first year, the firm charges 1.10% of the portfolio value or $1,500 per year whichever is greater.

This rate includes cash flow analysis, investment analysis, investment management and 401(k) recommendations. Clients who want additional financial planning services will be billed at a rate of $250 per hour.

If a client only wants standalone investment recommendations, Altfest Personal Wealth Management charges either an hourly fee ranging from $500 to $800 an hour, or a fixed fee of at least $3,500 for specific investment recommendation requests.

Finally, some of the investments included in Altfest’s portfolio recommendations may carry additional fees. Clients are responsible for covering these costs, though the money won’t go to Altfest Personal Wealth Management.

Altfest Personal Wealth Management’s highlights

  • Wide range of awards: Over the past few years, Altfest Personal Wealth Management has been recognized as a top investment advisor by publications including Barron’s, Forbes, Financial Times and Financial Advisor magazine.
  • Highly educated management team: The heads of the firm, Dr. Lewis Altfest and Dr. Karen Altfest, both hold Ph.Ds; Lewis is also an associate professor of finance at Pace University. In addition, many of the financial advisors at the firm hold the CFP designation.
  • Customized investment approach: Altfest Personal Wealth Management designs a customized portfolio for every client, tailored to their specific needs, and don’t lump people into one-size-fits-all funds as some firms may do.
  • Extensive financial planning in addition investing: Altfest Personal Wealth Management also specializes in financial planning. When the firm creates a portfolio recommendation, it goes over a client’s entire financial situation before designing the portfolio, not just their existing investments.
  • Specialty in advising women, executive and healthcare clients: The firm specializes in advising women, executives and professionals in healthcare. Additionally, Forbes named Dr. Karen Altfest one of the top women advisors in the country in 2017, 2018 and 2019.

Altfest Personal Wealth Management’s downsides

  • Above-average investment fees: Altfest Personal Wealth Management charges an annual 1.00% asset-based fee on the first $3 million in a client’s account (plus an additional 0.10% per quarter if their portfolio value falls below $2 million). In comparison, the median investment management fee charged by firms for accounts over $2 million is 0.75%, according to Kitces.
  • High minimum to open an account: It takes at least $1 million to open an account with Altfest Personal Wealth Management. While the firm does waive the minimum at its discretion for “young professionals,” the typical investor would need to be quite wealthy to make use of the firm’s services.
  • Only has one location in New York City: The only way to visit the Altfest Personal Wealth Management office in person is in New York City, the firm’s only location.

Altfest Personal Wealth Management disciplinary disclosures

Whenever an SEC-registered firm or its employees or affiliates face disciplinary action, including a criminal charge, a regulatory infraction or a civil lawsuit, the firm is required to report that incident in its Form ADV, paperwork filed with the SEC. Altfest Personal Wealth Management reports in its Form ADV that it has faced no such incidents over the past 10 years, indicating a clean disciplinary record.

Altfest Personal Wealth Management onboarding process

To start the onboarding process with Altfest Personal Wealth Management, you can request a free consultation with one of its advisors. You can contact the firm either by phone at 212-406-0850, by email at [email protected] or by filling out a form on the firm’s website. As part of the onboarding form, the firm asks you to share your story, which helps the firm start determining whether you are a good fit based on your income and profession.

If it seems like a good match, the firm’s advisors will then get to work designing your customized investment portfolio based on your goals, risk tolerance and overall financial situation. When you’re ready to launch, the firm’s advisors would then take care of opening your new accounts, transferring over your existing accounts, making the necessary investments and keeping up with the records for your portfolio.

The bottom line: Is Altfest Personal Wealth Management right for you?

If you’re a high net worth individual or a young professional who wants personalized investment recommendations combined with financial planning, Altfest Personal Wealth Management could be a good choice. This may be especially true if you are in one of the firm’s specialty client categories: women, executives and healthcare professionals. Since Altfest Personal Wealth Management only has one location in New York City, however, the firm might be a better choice if you live in the Northeast rather than other parts of the country.

On the other hand, Altfest Personal Wealth Management’s comprehensive services do not come cheap. The firm’s fees are higher than average, and you’d need at least $1 million to open an account (unless Altfest waives the minimum because you’re a young professional). If you want a simpler investment strategy or prefer to manage your portfolio more on your own, you could find less expensive advisors than Altfest Personal Wealth Management.

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Reviews

USAA Bank Review: Checking, Savings, CD and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

USAA Bank checking account options

USAA Classic Checking

A low-cost checking account with decent ATM access. However, the interest rate is so low it’s practically non-existent.
APYMinimum Balance Amount to Earn APY
0.01%$1,000
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fees: 10 free transactions per month at all ATMs. After 10, transactions at USAA ATMs are free but out-of-network transactions are $2 each.
  • ATM fee refunds: Up to $15 per statement cycle.
  • Overdraft fee: $25 per item

You can open a USAA Classic Checking account with a starting deposit of only $25. After that, there is no minimum balance requirement and no monthly fee. You can earn interest with a daily balance of $1,000 or more, but the rate is extremely low.

With this account, you can make 10 withdrawals per month from any ATM without paying a fee to USAA. The bank will refund up to $15 of fees charged by out-of-network ATM owners per statement cycle. If you make more than 10 ATM transactions in a month, USAA Bank will charge $2 for each additional transaction at an out-of-network ATM. You can make unlimited free withdrawals from USAA ATMs.

SEE DETAILS Secured

on USAA Bank’s secure website

Member FDIC

USAA Cashback Rewards Checking

This account doesn’t offer interest, but instead earns a dime every time you make a debit card purchase.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fees: 10 free transactions at all ATMs per month. After 10, transactions at USAA ATMs are free but out-of-network transactions are $2 each.
  • ATM fee refunds: None
  • Overdraft fee: $25 per item

The USAA Cashback Rewards Checking account does not earn interest. Instead, it earns cash back every time you buy something on the debit card. It earns 10 cents per transaction. Terms apply.

You can open this account with a deposit of only $25. After that, there is no minimum balance requirement and this account does not charge a monthly fee.

With this account, you can make 10 withdrawals per month from any ATM without paying any fees to USAA Bank. If you make more than 10 ATM transactions in a month, you can still make unlimited free withdrawals from USAA ATMs, but USAA Bank will charge $2 for each additional transaction at out-of-network ATMs. In addition, this account does not refund fees from out-of-network ATM owners.

This account is not available nationwide, and can only be opened if you live in the following states: Alabama, Arkansas, Arizona, Colorado, Connecticut, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Louisiana, Maryland, Michigan, Minnesota, Montana, North Dakota, New Mexico, Nevada, New York, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas and Washington.

SEE DETAILS Secured

on USAA Bank’s secure website

Member FDIC

USAA Youth Spending account

USAA Bank’s Classic Checking account for kids under the age of 18.
APYMinimum Balance Amount to Earn APY
0.01%$1,000
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fees: 10 free transactions at all ATMs per month. After 10, transactions at USAA ATMs are free but out-of-network transactions are $2 each.
  • ATM fee refunds: Up to $15 per statement cycle.
  • Overdraft fee: $25 per item

If you have children younger than 18, you could set up a USAA Youth Spending account on his or her behalf. This account offers the same features as Classic Checking, except that you have control over the child’s account. For example, you can set limits on how much can be taken out per month or restrict transfers to other accounts. When the child turns 18, this account automatically converts into a USAA Classic Checking account.

This account requires an opening deposit of at least $25, but after that there is no minimum balance requirement or monthly fee. The account earns interest with an average daily balance of $1,000 or more, but the rate is very low.

With this account, the child can make 10 withdrawals per month from any ATM without owing a fee to USAA Bank and the bank will refund up to $15 of fees charged by out-of-network ATM owners per statement cycle. If the child makes more than 10 ATM transactions in a month, USAA Bank will charge $2 for each additional transaction at an out-of-network ATM. However, they can make unlimited free withdrawals from USAA ATMs.

SEE DETAILS Secured

on USAA Bank’s secure website

Member FDIC

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How USAA Bank’s checking accounts compare

USAA Bank does a nice job keeping fees low on its checking accounts. We also like that you can open an account for only $25, and that ATM refunds are on offer for two of its accounts (Classic Checking and Youth Spending). If you frequently spend money using your debit card, being able to earn some cash back with Cashback Rewards is a nice feature that’s otherwise become much harder to find — most banks only offer rewards for credit cards and not debit cards.

Still, despite these positive features, we are reluctant to endorse the USAA Bank’s checking accounts because of their low interest rates. Cashback Rewards doesn’t pay interest, while the other two accounts pay so little that the rate may as well be nothing.

If you want a low-fee checking account that actually earns interest, these top online checking accounts could be a better alternative than USAA Bank ’s accounts.

USAA savings account options

USAA Savings

Pays more interest than the USAA checking accounts but still doesn’t earn much, although the fees are low.
APYMinimum Balance Amount to Earn APY
0.09%$0.01 (less than $1,000)
0.10%$1,000
0.10%$5,000
0.15%$10,000
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fees: 10 free transactions at all ATMs per month. After 10, transactions at USAA ATMs are free but out-of-network transactions are $2 each.
  • ATM fee refunds: Up to $15 per statement cycle.
  • Overdraft fee: $25 per item

You can open a USAA Savings account with a deposit of only $25; after that, there is no minimum balance requirement and no monthly fee. This account earns interest on all balances. However, the interest rate at all levels is low, even if you earn the highest possible rate by having a daily balance of $10,000 or more.

With this account, you can make 10 withdrawals per month from any ATM without owing a fee to USAA Bank and the bank will refund up to $15 of fees charged by out-of-network ATM owners per statement cycle. If you make more than 10 ATM transactions in a month, USAA Bank will charge $2 for each additional transaction at an out-of-network ATM. You can make unlimited free withdrawals from USAA ATMs.

Since this is a savings account, Federal Reserve Regulation D limits certain transfers out of the account up to six per statement cycle. If you ever make more than six in a statement cycle, USAA Bank will not charge a fee for the first transaction. The second time it happens within 12 months, a $5 fee will be charged. If this happens three times in 12 months, USAA Bank will charge a $5 fee and convert your savings account into a checking account.

SEE DETAILS Secured

on USAA Bank’s secure website

Member FDIC

USAA Performance First

Offering better rates than the regular USAA Savings account, but still doesn’t earn enough considering the high deposit requirement.
APYMinimum Balance Amount to Earn APY
0.05%$0.01 (less than $10,000)
0.20%$10,000
0.55%$50,000
0.73%$100,000
0.85%$250,000
1.00%$500,000
1.06%$1,000,000
  • Minimum opening deposit: $10,000
  • Monthly account maintenance fee: None
  • ATM fees: 10 free transactions at all ATMs per month. After 10, transactions at USAA ATMs are free but out-of-network transactions are $2 each.
  • ATM fee refunds: Up to $15 per statement cycle.
  • Overdraft fee: $25 per item

The USAA Performance First savings account is meant for larger deposits — you must deposit $10,000 to open this account. After that, there is no minimum balance requirement and this account does not charge a monthly fee. However, if your daily balance falls below $10,000, you earn a much lower interest rate.

As with the USAA Savings account, with this account you can make 10 withdrawals per month from any ATM without owing a fee to USAA Bank ; the bank will refund up to $15 of fees charged by out-of-network ATM owners per statement cycle. If you make more than 10 ATM transactions in a month, USAA Bank will charge $2 for each additional transaction at an out-of-network ATM. However, you can make unlimited free withdrawals from USAA ATMs.

As a savings account, the USAA Performance First product is limited in how often you can make certain transfers out of the account up to six per statement cycle, per Federal Reserve Regulation D. If you ever make more than six in a statement cycle, USAA Bank will not charge a fee for the first transaction. The second time it happens within 12 months, they will charge a $5 fee. If this happens three times in 12 months, USAA Bank will charge a $5 fee and close your savings account, turning it into a checking account.

SEE DETAILS Secured

on USAA Bank’s secure website

Member FDIC

USAA Youth Savings

A savings account for children under the age of 18. Offers the same interest rates as USAA Savings.
APYMinimum Balance Amount to Earn APY
0.09%$0.01 (less than $1,000)
0.10%$1,000
0.10%$5,000
0.15%$10,000
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fees: 10 free transactions at all ATMs per month. After 10, transactions at USAA ATMs are free but out-of-network transactions are $2 each.
  • ATM fee refunds: Up to $15 per statement cycle.
  • Overdraft fee: $25 per item

USAA Bank also offers a savings account for children under the age of 18. With this account, you control how your child has access to his or her money: you are able to set a maximum number of ATM withdrawals or prevent them from transferring to other accounts. When your child turns 18, this account automatically turns into the USAA Savings account in his or her name.

This account earns interest on all deposits and there is no minimum balance required to earn interest. However, the interest rate at all levels is fairly low, even at the highest possible rate when there is a daily balance of $10,000 or more.

With this account, your child can make 10 withdrawals per month from any ATM without owing a fee to USAA Bank and the bank will refund up to $15 of fees charged by out-of-network ATM owners per statement cycle. If your child makes more than 10 ATM transactions in a month, USAA Bank will charge $2 for each additional transaction at an out-of-network ATM. He or she can make unlimited free withdrawals from USAA ATMs.

Since this is a savings account, it limits certain transfers out of the account up to six per statement cycle. If you ever make more than six in a statement cycle, for the first transaction USAA Bank will not charge a fee. The second time it happens within 12 months they will charge a $5 fee. If this happens three times in twelve months, USAA Bank will charge a $5 fee and close the savings account, turning it into a checking account.

SEE DETAILS Secured

on USAA Bank’s secure website

Member FDIC

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How USAA Bank’s savings accounts compare

USAA Bank’s savings accounts have the same problem as its checking accounts — that they do not earn enough interest. While the savings rates are a step up over the checking rates, they are still low compared to the best online savings accounts on the market today.

The USAA savings accounts do have some nice features. None of them charge a monthly fee or have a minimum balance requirement to earn interest. They also refund fees from out-of-network ATMs, which gives you more convenient access to your money than the average savings account. Still, these benefits are not enough to make up for the low interest rates.

USAA CD rates

Fixed Rate CDs

USAA Bank offers a wide variety of fixed CD terms. The rates on short-term CDs aren’t great, but they get better for CDs of at least 2 years.
TermAPY Standard
($1,000 - $94,999)
APY Jumbo
($95,000 - $174,999)
APY Super Jumbo
($175,000 and up)
30 daysN/A0.15%0.15%
91 days0.25%0.35%0.35%
120 daysN/A0.40%0.40%
150 daysN/A0.45%0.45%
182 days0.56%0.66%0.66%
7 months0.56%0.66%0.66%
270 days0.56%0.66%0.66%
1 year1.74%1.81%1.81%
15 months1.74%1.74%1.74%
18 months1.79%1.79%1.79%
2 years1.71%1.71%1.71%
30 months1.61%1.61%1.61%
3 years1.76%1.76%1.76%
4 years1.78%1.78%1.78%
5 years1.86%1.86%1.86%
7 years1.87%1.87%1.87%
  • Minimum opening deposit: $1,000 for Standard, $95,000 for Jumbo and $175,000 for Super Jumbo.
  • Minimum balance amount to earn APY: $1,000 for Standard, $95,000 for Jumbo and $175,000 for Super Jumbo.
  • Early withdrawal penalty: The penalty depends on the length of your CD term (detailed below)

USAA Bank offers fixed rate CDs with terms that range anywhere from 30 days all the way up to 7 years, with many options in between. They break the CD rates into three groups depending on how much you deposit: Standard requires at least $1,000, Jumbo requires $95,000 and Super Jumbo requires at least $175,000.

Three of the CD terms are not available at the Standard level (30 days, 120 days and 150 days). Even though USAA Bank has split the CDs into three categories, it currently pays the same rates on Jumbo and Super Jumbo.

Once you sign up for a Fixed Rate CD, you cannot add more money to the account. These CDs charge an early withdrawal penalty if you take money out before the end of the term, which depends on the length of your CD term:

  • For CD term 30 days or less, the penalty is 30 days of interest.
  • For terms more than 30 days and up to 1 year, the penalty is 90 days of interest.
  • More than 1 year but less than 5 years, the penalty is 180 days of interest.
  • For terms of 5 years that were opened or renewed before March 1, 2014, the penalty is 180 days of interest.
  • For terms of 5 years or more, opened or renewed on or after March 1, 2014, the penalty is 365 days of interest.

SEE DETAILS Secured

on USAA Bank’s secure website

Member FDIC

USAA Adjustable Rate CDs

If USAA Bank starts offering higher rates, you can increase the rate on these CDs before the end of the term.
TermAPY Standard
($1,000 - $94,999)
APY Jumbo
($95,000 - $174,999)
APY Super Jumbo
($175,000 and up)
3 years0.91%0.96%0.96%
4 years1.22%1.27%1.27%
5 years1.49%1.54%1.54%
7 years1.54%1.59%1.59%
  • Minimum opening deposit: $1,000 for Standard, $95,000 for Jumbo and $175,000 for Super Jumbo.
  • Minimum balance amount to earn APY: $1,000 for Standard, $95,000 for Jumbo and $175,000 for Super Jumbo.
  • Early withdrawal penalty: The penalty depends on the length of your CD term (detailed below)

When you sign up for a long-term CD, there is always the risk that interest rates will go up after you sign up, meaning you’re earning less than if you had signed up later. With the variable rate CDs, USAA Bank gives you the chance to increase your rate when this happens.

If USAA Bank starts paying higher rates on its variable CDs, you can increase the rate on an existing Variable CD to make up the difference. You can increase your rate by up to 2% above what you originally signed up for. When you choose to increase your rate, you also have the option to add more money into the CD, with a deposit of at least $25.

These CDs charge an early withdrawal penalty if you take money out before the end of the term. The penalty depends on the length of your CD:

  • For CD terms more than 1 year but less than 5 years, the penalty is 180 days of interest.
  • For CD terms of 5 years that were opened or renewed before March 1, 2014, the penalty is 180 days of interest.
  • For CD terms of 5 years or more, opened or renewed on or after March 1, 2014, the penalty is 365 days of interest.

SEE DETAILS Secured

on USAA Bank’s secure website

Member FDIC

USAA Variable Rate CDs

Short-term CDs structured more like a savings account. You can add money whenever you want and the interest rate can change daily.
TermAPY Standard
($250 and Over)
182 days2.53% Variable
1 year2.46% Variable
  • Minimum opening deposit: $250
  • Minimum balance amount to earn APY: $250
  • Early withdrawal penalty: For CD terms more than 30 days and up to 1 year, the penalty is 90 days of interest.

You can open a USAA Variable Rate CD and earn the APY with a deposit of only $250. These CDs only come in two terms: 182 days and 1 year. Both terms currently earn the same interest rate, one that’s significantly lower than the other types of USAA Bank CDs.

After you sign up, you can add more money into the account whenever you want. USAA Bank also has the option to change the interest rate on this account daily, based on market interest rates.

These CDs charge an early withdrawal penalty if you take money out before the end of the term. The penalty for CD terms more than 30 days and up to 1 year is 90 days of interest.

SEE DETAILS Secured

on USAA Bank’s secure website

Member FDIC

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How USAA Bank’s CD rates compare

USAA Bank’s CDs are better than its typical large bank competitors. Its fixed rate CDs come in a wide variety of terms and pay an OK rate, especially for CD terms of at least 2 years.

While its adjustable and variable CDs do not earn as much, they offer other additional benefits. The Adjustable Rate CD could be a good choice if you are worried about interest rates going up in the future while the Variable Rate CD can be opened for just $250, which is low compared to the typical CD.

Still, while USAA Bank offers better CDs than the typical bank, there are better rates out there. If you want to earn the best return on your savings, check out these top CDs instead.

USAA IRA options

USAA Fixed IRA CD rates

These IRA CDs can be opened for just $250. The rates are OK, but not the greatest.
TermAPY Standard
($250 - $94,999)
APY Jumbo
($95,000 - $174,999)
APY Super Jumbo
($175,000 and up)
1 year1.74%1.81%1.81%
2 years1.71%1.71%1.71%
3 years1.76%1.76%1.76%
4 years1.78%1.78%1.78%
5 years1.86%1.86%1.86%
7 years1.87%1.87%1.87%
  • Minimum opening deposit: $250 for Standard, $95,000 for Jumbo and $175,000 for Super Jumbo.
  • Minimum balance amount to earn APY: $250 for Standard, $95,000 for Jumbo and $175,000 for Super Jumbo.
  • Early withdrawal penalty: The penalty depends on the length of your CD term (detailed below)

USAA Bank offers several of their fixed rate CDs as part of an IRA. You can open IRA CDs for terms ranging from 1 year up to 7 years. You can open an IRA CD for only $250, smaller than the $1,000 minimum deposit on USAA Bank’s CDs. These accounts do not charge an account setup fee, or an annual maintenance fee.

If you end your CD before the end of the term, USAA Bank will charge an early withdrawal penalty, which depends on the length of your CD:

  • For CD terms more than 1 year but less than 5 years, the penalty is 180 days of interest.
  • For CD terms of 5 years that were opened or renewed before March 1, 2014, the penalty is 180 days of interest.
  • For CD terms of 5 years or more, opened or renewed on or after March 1, 2014, the penalty is 365 days of interest.

SEE DETAILS Secured

on USAA Bank’s secure website

Member FDIC

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How USAA Bank’s IRA CD rates compare

USAA Bank’s IRA CDs are not a bad choice if you want to open a small retirement account. You can open these accounts for a deposit of just $250, and there are no setup or annual maintenance fees — and these IRA CD rates are better than average.

However, if you can deposit more than $250 in your IRA CD, there are better options available. These top IRA CDs require a larger contribution — some as high as $5,000 — but if you can deposit this much, your retirement savings will earn a better return.

How to get USAA’s banking products

For any of USAA’s banking products, you’ll need to become a USAA Bank member. You can sign up online, by phone or by visiting one of its financial centers. You will need to provide your contact information, date of birth, Social Security number and the reason why you are eligible for USAA Bank membership. After you join USAA Bank, you can set up the accounts of your choice. You will need to provide your membership number and other personal information, along with your initial deposit for the account. You can make the initial deposit by credit card or a transfer from another bank account.

Overall review of USAA’s banking products

If compared only against other large national banks, USAA Bank looks like a star. At a time when large banks are increasing fees and account balance requirements, USAA Bank’s ultra-low fees are a welcome change. In addition, nearly all of its deposit accounts refund out-of-network ATM fees and its savings accounts, CDs and IRA CDs all pay more than the ultra-low rates at the other national banks.

Still, if you look beyond the big players, there are other banks which do an even better job than USAA Bank on deposit accounts. Others pay more interest, include more account benefits and also keep their fees low.

If you decide to use a USAA Bank deposit account, you won’t be making a bad choice. Maybe you plan on using the company’s insurance or financial products and want to keep all your accounts in one place, or you’re just a loyal USAA Bank member. There’s nothing wrong with — but if you want the very best account for your money, you should look elsewhere.

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Reviews

Fifth Third Bank Reviews: Checking, Savings, CD and Money Market Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Fifth Third Bank Checking accounts

Fifth Third Enhanced Checking

Barely earns any interest but could be worth a look for perks.
 

APY

Minimum Balance Amount

0.01%

$0.01 - $9,999

0.01%

$10,000 - $24,999

0.01%

$25,000 - $49,999

0.01%

$50,000 - over

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $20
  • ATM fees: None if using a Fifth Third Bank ATM or ATM that is part of the Allpoint, Presto! or 7-11 networks. $2.75 per transaction at other ATMs.
  • ATM fee refunds: None.
  • Overdraft fees: $37 for each item, up to five items per day.

Though the Fifth Third Enhanced Checking account claims to pay interest, it’s so low you probably wouldn’t even notice it. It’s definitely not high enough to justify this account on its own. The monthly maintenance fee is $20 and to avoid that charge, you either need to have $5,000 of monthly direct deposits or your combined balance across all Fifth Third investment and deposit accounts needs to reach $20,000 at some point during the month.

However, if you have this account, you are eligible for higher rates on Fifth Third CDs, lower interest rates on loans, and discounts on brokerage services. If you plan on using any of those services, adding a Fifth Third Enhanced Checking account could make sense.

You can open a Fifth Third Enhanced Checking account by phone or at a Fifth Third Bank branch. You cannot open this account online.

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Fifth Third Preferred Checking

Premium account with many bells and whistles, along with a huge deposit requirement.

APY

Minimum Balance Amount

0.01%

$0.01 - $9,999

0.01%

$10,000 - $24,999

0.05%

$25,000 - $49,999

0.10%

$50,000 - over

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $25
  • ATM fees: None if using a Fifth Third Bank ATM or ATM that is part of the Allpoint, Presto! or 7-11 networks. 10 free transactions per month at non-Fifth Third Bank ATMs, then $2.75 per transaction.
  • ATM fee refunds: 10 free transactions per month at non-Fifth Third Bank ATMs. Fifth Third will refund the ATM fee charged by the other company on the same day.
  • Overdraft fees: $37 for each item, up to five items per day.

The interest rate on the Fifth Third Preferred Checking is still extremely low, especially considering the high deposit requirements. You need to reach a total balance of $100,000 in your Fifth Third deposit and investment accounts, or else you’ll be hit with the $25 monthly maintenance fee.

This account is loaded with other benefits at Fifth Third Bank. It includes free checks, money orders, notary services, a 3×5 safety deposit box, 10 free transactions at non-Fifth Third Bank ATMs and a World Debit™ Mastercard, which normally costs $3.95 a month.

You also receive better rates on Fifth Third CDs, loans and discounts on investment accounts. If you want these other benefits, this account could be worthwhile especially since the money in your investment and CD accounts will help you reach the $100,000 monthly limit.

To open a Fifth Third Preferred Checking account, you must meet with a Fifth Third Bank advisor in-person or call them by phone. You can’t open this account online.

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Fifth Third Essential Checking

A no-frills checking account with a variety of ways to avoid its monthly fee.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $11 ($8 if monthly direct deposits total $500 or more.)
  • ATM fees: None if using a Fifth Third Bank ATM or ATM that is part of the Allpoint, Presto! or 7-11 networks. $2.75 per transaction at other ATMs.
  • ATM fee refunds: None.

The Fifth Third Essential Checking could be worth a look if all you want is a checking account with ATM services. To avoid the monthly maintenance fee of $11, you need to keep an average monthly balance of $1,500 across all your Fifth Third deposit and investment accounts.

That’s a little high for such a basic account especially since it does not offer interest. The good news is there are other ways to avoid the fee, like spending at least $500 per month on a Fifth Third Bank credit card.

You can open an Essential Checking account online, over the phone or at a Fifth Third Bank branch. They estimate it takes less than 10 minutes to open an account online. To set things up, you’ll need to provide your basic personal information, a valid driver’s license or state ID and a way to fund your account.

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Fifth Third Student Banking

A basic account for students that waives the standard checking fees.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fees: None if using a Fifth Third Bank ATM or ATM that is part of the Allpoint, Presto! or 7-11 networks. Up to five free transactions per month at other ATMs, then $2.75 per transaction.
  • ATM fee refunds: None.
  • Overdraft fees: $37 for each item, up to five items per day.

Fifth Third Student Banking uses the same setup as Essential Checking but with a discount on the fees. There is no monthly fee or minimum balance requirement on this account. Fifth Third Bank will also not charge a fee on up to five transactions per month at non-Fifth Third Bank ATMs. However, if the ATM owner charges a fee, Fifth Third Bank will not refund it. This account also does not earn interest.

To open this account, you must be at least 16 years old and have a valid student ID. The account discounts will last until you turn 23. At this point, you can apply for one more year if you can prove you are still a student. Otherwise, this account will turn into an Essential Checking account.

You can open an Student Banking account online, over the phone or at a Fifth Third Bank branch. They estimate it takes less than 10 minutes to open an account online. To set things up, you’ll need to provide your basic personal information, a valid driver’s license or state ID and a way to fund your account.

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Fifth Third Military Banking

A discounted checking account for current and former military members.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $11
  • ATM fees: None if using a Fifth Third Bank ATM or ATM that is part of the Allpoint, Presto! or 7-11 networks. Up to 10 free transactions per month at other ATMs, then $2.75 per transaction.
  • ATM fee refunds: None.
  • Overdraft fees: $37 for each item, up to five items per day.

Fifth Third Bank offers a discounted checking account for military families. This includes active duty, veterans, retired and members of the reserve/guard as well as commissioned officers of the U.S. Public Health Service and the National Oceanic and Atmospheric Administration. This account is like Essential Checking except that if you make $500 a month in direct deposits, you completely avoid the monthly maintenance fee.

This account also includes 10 free transactions at non-Fifth Third Bank ATMs, though Fifth Bank will not reimburse any fee charged by the owner of the ATM. This account does not earn interest. If you are eligible for Military Banking but want another type of checking account, Fifth Third Bank offers a $5 discount on the monthly maintenance fees for its other checking accounts.

You can open a Fifth Third Military Banking account online, over the phone or at a Fifth Third Bank branch. They estimate it takes less than 10 minutes to open an account online. To set things up, you’ll need to provide your basic personal information, a valid driver’s license or state ID and a way to fund your account.

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Fifth Third Express Banking

Immediate access to deposited checks in exchange for a steep fee.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fees: None if using a Fifth Third Bank ATM or ATM that is part of the Allpoint, Presto! or 7-11 networks. $2.75 per transaction at other ATMs.
  • ATM fee refunds: None.
  • Overdraft fees: None

Fifth Third Express Banking is a mix of a check cashing service and a checking account. When you cash or deposit a check with Fifth Third Bank, they will give you the money immediately. You don’t have to wait for the check to clear.

But this convenience doesn’t come cheap. Fifth Third charges a fee that ranges from 1-4% of the check amount, with a minimum fee of $4 to $5 per transaction. The amount depends on which type of check you deposit and the number of transactions you make with this account. Another downside is this account does not earn interest.

You can open a Fifth Third Express Banking account online, over the phone or at a Fifth Third Bank branch. They estimate it takes less than 10 minutes to open an account online. To set things up, you’ll need to provide your basic personal information, a valid driver’s license or state ID and a way to fund your account.

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How Fifth Third Bank’s checking accounts compare

Firth Third Bank’s basic checking accounts are straightforward and offer a range of ways to avoid the monthly fee, especially for students and military families. Its premium accounts offer some attractive perks for other Fifth Third Bank services like CDs and loans, and are worth a look if you plan on using any of these services.

The main downside of Fifth Third’s checking accounts is that most do not earn interest and even their premium accounts earn very little. If earning interest on your checking account is a priority, you should look at these top online checking account recommendations.

Fifth Third Bank Savings Accounts

Fifth Third Goal Setter Savings

A savings account that earns barely any interest, even with its one-time bonus.

APY

Minimum Balance Amount

0.01%

$0.01 - $9,999

0.01%

$10,000 - $24,999

0.01%

$25,000 - $49,999

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $5
  • ATM fees: None if using a Fifth Third Bank ATM or ATM that is part of the Allpoint, Presto! or 7-11 networks. $2.75 per transaction at other ATMs.
  • ATM fee refunds: None.
  • Overdraft fees: $37 for each item, up to five items per day.

The Fifth Third Goal Setter Savings barely earns any interest at all, which is disappointing for a savings account. Its main selling feature is that you can pick a savings goal for yourself, between $500 to $25,000. Once you’ve put that much in your account, Fifth Third will pay you a one-time bonus equal to all the interest you’ve earned up to that point. That might sound good, but realistically most people will earn less than a dollar for this bonus. This account also only pays interest on balances up to a maximum of $50,000.

The upside of this account is that it charges a low $5 monthly fee that’s waived for the first six months. After six months, there are a number of ways to avoid the monthly fee so at least this account is not expensive.

You can open a Fifth Third Goal Setter Savings account online, over the phone or at a Fifth Third Bank branch. They estimate it takes less than 10 minutes to open an account online. To set things up, you’ll need to provide your basic personal information, a valid driver’s license or state ID and a way to fund your account.

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Fifth Third Relationship Savings

Low fees to go along with equally low interest rates.

APY with standard rate

APY with relationship rate

Minimum Balance Amount

0.01%

0.02%

$0.01 - $9,999

0.01%

0.02%

$10,000 - $24,999

0.05%

0.02%

$25,000 - $49,999

0.05%

0.02%

$50,000+

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $5
  • ATM fees: None if using a Fifth Third Bank ATM or ATM that is part of the Allpoint, Presto! or 7-11 networks. $2.75 per transaction at other ATMs.
  • ATM fee refunds: None.
  • Overdraft fees: $37 for each item, up to five items per day.

The Fifth Third Relationship Savings account earns a higher interest rate than Goal Setter Savings, but it still doesn’t earn much. This account has two types of interest rates: standard and relationship. To qualify for the higher relationship rate, all you need is to own a Fifth Third checking account to go along with your savings account.

On the bright side, the fees are low on this account as it only charges a $5 monthly maintenance fee that’s also easy to avoid. Still, if you’re opening a savings account you likely want to earn at least some return on your money, and that won’t happen with this account.

You can open a Fifth Third Relationship Savings account online, over the phone or at a Fifth Third Bank branch. They estimate it takes less than 10 minutes to open an account online. To set things up, you’ll need to provide your basic personal information, a valid driver’s license or state ID and a way to fund your account.

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Fifth Third Minor Savings

Minors get to use Fifth Third’s savings accounts for free.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fees: None if using a Fifth Third Bank ATM or ATM that is part of the Allpoint or 7-11 networks. $2.75 per transaction at other ATMs.
  • ATM fee refunds: None.
  • Overdraft fees: $37 for each item, up to five items per day.

Fifth Third allows people under the age of 18 to use its savings accounts for free. The person opening a Minor Savings account can choose between using either Goal Setting Saver or Relationship Savings.

Whichever account they pick will be exactly the same as the adult version, except that the $5 monthly fee will be automatically waived until the account holder turns 18. At this point, the account holder will need to either pay the monthly fee or meet the account requirements to have the fee waived.

You can open a Fifth Third Minor Savings account online, over the phone or at a Fifth Third Bank branch. They estimate it takes less than 10 minutes to open an account online. To set things up, you’ll need to provide your basic personal information, a valid photo ID and a way to fund your account.

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Fifth Third 529 Savings and CDs

Tax breaks to help you save for future educational expenses.

Fifth Third’s savings accounts and CDs can be used as part of a Direct 529 Savings Plan through CollegeAdvantage. These accounts offer tax breaks to help you save for a family member’s future college expenses.

You earn the same interest rate as if you had a normal Fifth Third savings account or CD. However, with a 529 plan, you delay income taxes on your interest earnings. If you spend your 529 savings on college expenses, those earnings will be tax-free. With a normal savings account or CD, you’d owe income tax on your interest each year.

You can set up a Fifth Third 529 plan with a minimum deposit as low as $25. To get started, you create an account online with CollegeAdvantage. You’ll need to enter in some basic personal information about yourself and the account beneficiary (the person whose college you’re saving for). You also need to enter your bank information to fund the account. Once you’ve set up, you can choose Fifth Third’s Savings accounts or CDs as your investment choice.

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Fifth Third Health Savings Account

A savings account with tax advantages to help pay for medical expenses.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: See below.
  • ATM fees: N/A
  • ATM fee refunds: N/A
  • Overdraft fees: $37 for each item, up to five items per day.

Monthly fees:

  • Average daily account balance is less than $500, monthly fee = $3.50
  • Average daily account balance is between than $500.01 and $2,000, monthly fee = $3.00
  • Average daily account balance is between than $2,000.01 and $3,000, monthly fee = $2.50
  • Average daily account balance is between than $3,000.01 and $4,000, monthly fee = $2.00
  • Average daily account balance is above $4,000, there is no monthly fee

If you are enrolled in a High Deductible Health Plan, either at work or on your own, you can use a Fifth Third Bank Health Savings Account (HSA). When you add money to an HSA, you get a tax deduction for whatever you put in. From there, you can spend your account on qualified health expenses.

Fifth Third provides a debit card for its HSA to pay for health expenses. You can also pay medical expenses online or by writing checks for this account. Fifth Third pays interest on your account balance, though they do not publicly release their HSA interest rates.

Fifth Third charges a monthly fee if your average month HSA balance is less than $4,000. The lower your average monthly balance, the higher the fee, up to a maximum of $3.50 per month.

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How Fifth Third Bank’s savings accounts compare

Fifth Third’s savings accounts don’t inspire much of a reaction, good or bad. The good news is they all charge a low fee that’s easy to get waived. But they don’t pay much in interest, especially for smaller balances.

Out of its regular savings accounts, Relationship Savings is the better choice because it earns a higher interest rate. While Goal Setter Savings offers a one-time bonus, it’s so small it’s not worth the lower interest rates. Still, there are better savings accounts out there that can earn a much higher interest rate on your savings.

Fifth Third Bank Money Market Accounts

Fifth Third Money Relationship Money Market Account

Easy to set up and manage but the interest rates aren’t great.

APY with standard rate

APY with relationship rate

Minimum Balance Amount

0.01%

0.02%

$0.01 - $9,999

0.01%

0.02%

$10,000 - $24,999

0.05%

0.10%

$25,000 - $49,999

0.05%

0.10%

$50,000 - $99,999

0.05%

0.10%

$100,000 - $249,999

0.10%

0.20%

$250,000+

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $5
  • ATM fees: None if using a Fifth Third Bank ATM or ATM that is part of the Allpoint, Presto! or 7-11 networks. $2.75 per transaction at other ATMs.
  • ATM fee refunds: None.
  • Overdraft fees: $37 for each item, up to five items per day.

The Fifth Third Bank Money Market Savings Account is a blend of a savings and money market account. It offers higher interest rates than you’d receive on a Fifth Third Bank’s savings account and it’s still possible to access your money through an ATM. The monthly maintenance fee is only $5 and there are multiple ways to avoid it, including having a Fifth Third Checking account or keeping an average monthly balance of at least $500.

This account has two types of interest rates: Standard and Relationship. To earn the higher Relationship rate, all you’ll need is a Fifth Third Checking account. The downside is even at the Relationship level, the interest rates are still quite low, especially if you have less than $25,000. This account starts earning a more respectable amount once you have more than $25,000, but there are other options out there that earn even more.

You can open a Fifth Third Relationship Money Market account online, over the phone or at a Fifth Third Bank branch. They estimate it takes less than 10 minutes to open an account online. To set things up, you’ll need to provide your basic personal information, a valid driver’s license or state ID and a way to fund your account.

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How Fifth Third Bank’s money market accounts compare

Fifth Third Bank’s money market account can be a nice addition if you already have a Fifth Third checking account. You can transfer extra funds out of your checking account into the money market account, where they’ll earn a higher interest rate, then transfer back to checking when you need the money.

On the other hand, since the interest rates are low compared to the best accounts on the market, it’s probably not worth setting up a Fifth Third Bank money market account by itself. It’s a better play if you already have a Fifth Third checking account.

Fifth Third Bank CD Rates

Fifth Third Bank Promotional CDs

Decent interest rates that last up to 27 months.
 

APY

Minimum Deposit

11 months

2.10%

$5,000

18 months

2.30%

$5,000

27 months

2.00%

$5,000

Fifth Third Bank offers attractive rates on its Promotional CDs that compare well to the best rates in the country. These are relatively short-term offers as the longest promotional rate CD lasts only 27 months.

You must deposit at least $5,000 to qualify for the promotional rate. The interest rate is the same no matter how much you deposit; it doesn’t increase for larger amounts.

If you need to take out part of your CD principal early, Fifth Third Bank will charge a penalty. The penalty amount depends on how close you are to the CD maturity date:

  • Between seven days to 364 days until maturity: the penalty is 1% of the amount taken out.
  • 365 days up to 36 months: the penalty is 2% of the amount taken out.

However, the penalty will not exceed the amount of interest earned by your CD so you will at least get your original deposit back. The only exception is if you take money out within six days of opening the CD. Then, Fifth Third Bank will charge a minimum penalty equal to 7 days of interest.

To open a Fifth Third Bank Promotional CD, you should visit a Fifth Third Bank branch or contact them by phone. They do not provide the option to open CDs online.

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Fifth Third Bank Standard CDs

A lot of options but overall disappointing interest rates.
 

Less than $5,000

$5,000 to $9,999

$10,000 to $24,999

$25,000 to $49,999

$50,000 to $99,999

7 to 89 days

0.05%

0.05%

0.05%

0.05%

0.05%

3 to 6 months

0.05%

0.05%

0.05%

0.05%

0.05%

6 to 12 months

0.05%

0.05%

0.05%

0.05%

0.05%

12 to 24 months

0.05%

0.10%

0.10%

0.15%

0.15%

24 to 36 months

0.15%

0.15%

0.15%

0.20%

0.20%

36 to 48 months

0.20%

0.20%

0.20%

0.30%

0.30%

48 to 60 months

0.30%

0.30%

0.30%

0.40%

0.40%

60 to 84 months

0.40%

0.40%

0.50%

0.50%

0.50%

84 months

0.50%

0.50%

0.60%

0.60%

0.60%

While Fifth Third Bank offers many different lengths for their standard CDs, the interest rates are disappointingly low compared with the competition. The interest rate is almost non-existent on CDs that last less than a year and don’t get much better as you lock into longer maturities. While there is a small rate bump for larger deposits over $25,000, it’s not large enough to justify adding so much money.

For CDs that last less than 90 days, the minimum deposit is $5,000. For all CDs that last longer than 90 days, the minimum deposit is $500.

If you need to take out part of your CD principal early, Fifth Third Bank will charge a penalty. The penalty amount depends on the length of the CD term.

  • Between seven days to 365 days the penalty is 1% of the amount taken out.
  • 365 days up to 36 months: the penalty is 2% of the amount taken out.
  • More than 36 months: the penalty is 3% of the amount taken out.

However, the penalty will not exceed the amount of interest earned by your CD so you will at least get your original deposit back. The only exception is if you take money out within six days of opening the CD. Then, Fifth Third Bank will charge a minimum penalty equal to seven days of interest.

All of Fifth Third Bank’s CDs can be set up through a 529 plan to save money tax-free for future education expenses.

To open a Fifth Third Bank Standard CD, you should visit a Fifth Third Bank branch or contact them by phone. They do not provide the option to open CDs online.

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How Fifth Third Bank’s CDs accounts compare

While Fifth Third’s promotional CDs offer an attractive interest rate, once you get past that initial period their rates are pretty disappointing. You really don’t earn that much even if you lock in for more than five years or deposit at least $50,000.

Another downside is that their CDs do not let you take money out without getting hit with a penalty. Other CDs on the market give you at least some penalty-free early access to your money.

If you’re looking for a higher return on your savings, these other CD options might be a better spot for your money.

Overall review of Fifth Third Bank

With Fifth Third Bank, you get accounts with low fees that are easy to avoid. We also like that even though Fifth Third is a regional bank, account holders have free, nationwide access to their money through Allpoint, Presto! or 7-11 ATMs. The main problem we have with Fifth Third Bank is that its interest rates are below average across the board.

With Fifth Third Bank, the more of its services you use, the better its accounts look. If someone has a Fifth Third checking account, they automatically avoid the monthly fee on savings accounts or money market accounts. If someone wants to open a Fifth Third CD or investment account, they’ll qualify for better rates and lower fees by opening an Enhanced or Premier Checking account as well.

On the other hand, there’s nothing in the Fifth Third accounts that would get us to open one all by itself. If all someone wants is a stand-alone account, chances are they would be better off looking elsewhere.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.