Fifth Third Bank Review 2021

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Updated on Friday, October 1, 2021

Fifth Third Bank

Fifth Third Bank was founded in 1858 as The Bank of the Ohio Valley, and has since expanded

throughout the Midwest and parts of the Southeast. In recent years, Fifth Third Bank began publicly sharing its own Environmental, Social and Governance reports, dedicating itself to responsibility and accountability. This is in contrast to its history with the Consumer Financial Protection Bureau, which has pursued the bank for discriminatory lending practices and opening unauthorized accounts on behalf of unknowing customers.

You won’t find competitive interest rates at Fifth Third Bank, though you can get banking accounts with fees that are often waivable. For accounts where a location is needed to confirm rates, we used Fifth Third Bank’s headquarters location of Cincinnati, Ohio.

Fifth Third Bank savings accounts 4 out of 5

Fifth Third Momentum Savings
  • APY:0.01% on all balances
  • Minimum opening deposit: None
  • Monthly fee: $5 (or $0 if meeting certain requirements)

Fifth Third Momentum Savings currently pays a minimal amount of interest, but comes with no minimum opening deposit. It does have a $5 monthly maintenance fee, though this fee can be waived if you have a Fifth Third checking account; you maintain an average monthly balance of $500 or more in your Momentum Savings account; one of the account owners is under age 18; or you’re enrolled in the Fifth Third Military Banking program. These same fee waiver conditions apply to all Fifth Third savings products.

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Fifth Third Relationship Money Market
  • APY:0.01% on all balances
  • Minimum opening deposit: None
  • Monthly fee: $5 (or $0 if meeting certain requirements)

Traditionally, money market accounts pay more interest than savings accounts — but that’s not necessarily the case in today’s environment, and the Fifth Third Relationship Money Market Account is a prime example. It currently pays just 0.01% APY, far lower than rates offered by competitors’ high-yield savings accounts. There are no minimum opening deposit requirements and the $5 monthly fee can be waived in the same manner as Momentum Savings.

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Member FDIC

Fifth Third Minor Savings
  • APY: N/A online (contact Fifth Third Bank for rates)
  • Minimum opening deposit: None
  • Monthly fee: $5 (or $0 if meeting certain requirements)

Fifth Third Bank’s Minor Savings account can be used to teach your child about banking and money management, but it also pays a minimal amount of interest. While there is technically a monthly maintenance fee, this fee is waived if one of the account holders is under the age of 18. There is no minimum opening deposit requirement with this account.

Fifth Third Health Savings
  • APY:0.01% on all balances
  • Minimum opening deposit: None
  • Monthly fee: $3.50 if average daily balance is $500 or less; $3.00 if average daily balance is between $500.01 and $2,000; $2.50 if balance is between $2,000.01 and $3,000; $2 if balance is between $3,000.01 and $4,000; $0 if balance is above $4,000

If you have a high-deductible health plan, you can choose to open a Health Savings Account (HSA). Money saved or invested in an HSA is tax-deductible, which means it can lower your taxable income. If you spend the money on qualified health care expenses or wait to make withdrawals until after the age of 65, there’s no penalty for making withdrawals. You can use this account to invest, but only after you’ve saved up more than $2,000.

There is no minimum opening deposit for the Fifth Third HSA, but you’ll pay a fee if your account balance is under $4,000. Like with most Fifth Third accounts, you would be able to find HSAs that pay a higher APY elsewhere.

Compare Fifth Third Bank to some of the highest-yield HSAs around.

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Fifth Third Bank checking accounts 3.5 out of 5

Fifth Third Preferred Checking
  • APY:0.01% on all balances
  • Minimum opening deposit: None (though you must have at least $100,000 in deposit and/or investments at Fifth Third Bank)
  • Monthly fee: $25 (or $0 if meeting certain requirements)
  • ATM access: Up to 10 monthly free ATM transactions in the U.S.

Preferred Checking is best for those who do the majority of their banking at Fifth Third. To qualify, you must have at least $100,000 across all of your deposit and investment accounts at Fifth Third Bank. If your balance ever dips below this threshold, you’ll pay a monthly maintenance fee of $25.

This account comes with several perks, including 10 free ATM transactions per month. Account holders will also have access to free:

  • Checks
  • Notary services
  • Money orders
  • Cashier’s checks
  • Safety deposit box
  • Identity theft protection
  • Self-directed online trades in your brokerage account
  • Access to Fifth Third Bank’s investment professionals

You’ll also be able to access reduced rates on certain lending products — however, while this account does technically pay interest, the amount is negligible.

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Member FDIC

Fifth Third Momentum Checking
  • APY: N/A online (contact Fifth Third Bank for rates)
  • Minimum opening deposit: None
  • Monthly fee: None
  • ATM access: 50,000+ in-network ATMs

Momentum Checking from Fifth Third Bank is marketed as a free checking account with no minimum opening deposit or monthly maintenance fee. However, you will pay a $3.95 monthly fee associated with this account’s debit card. While this account doesn’t pay interest, it does allow consumers to access exclusive discounts at select retailers through the linked debit card’s Prewards program. Another benefit is that customers in all markets can access direct deposits up to two days ahead of schedule.

Fifth Third has in-network ATM relationships with Allpoint, Presto! and 7-Eleven, giving customers free access to more than 50,000 fee-free ATMs. When you use an out-of-network ATM, Fifth Third will charge a fee of $2.75, in addition to any fees charged by the ATM owner.

Fifth Third Student Banking
  • APY: N/A online (contact Fifth Third Bank for rates)
  • Minimum opening deposit: N/A (contact Fifth Third Bank for requirements)
  • Monthly fee: None
  • ATM access: 50,000+ in-network ATMs

Fifth Third Student banking has no minimum opening deposit requirement and no monthly fee, while also paying a marginal amount of interest. By holding this account, any potential monthly maintenance fees on your Fifth Third savings account will be waived. As this card is built specifically for college students, ATM transactions are free at in-network ATMs, but there is a $2.75 fee at out-of-network ATMs. If you’re looking for other options, review our list of the top student checking accounts on the market today.

Fifth Third Express Banking
  • APY: N/A online (contact Fifth Third Bank for rates)
  • Minimum opening deposit: None
  • Monthly fee: None
  • ATM access: 50,000+ in-network ATMs

Fifth Third Express Banking is a checking account option that’s best for those who don’t need check writing capabilities. It is also difficult to deposit checks into this account: Whether you’re depositing in a physical branch or via the mobile app, there are considerable fees for cashing any non-Fifth Third Bank check. It pays no interest, has no minimum opening deposit requirements and does not come with monthly fees. While in-network ATM usage is free, out-of-network ATM fees are $2.75.

Fifth Third ABLE Checking
  • APY:0.01% on all balances
  • Minimum opening deposit: Depends on your state
  • Monthly fee: $2 (or $0 if meeting certain requirements)
  • ATM access: 50,000+ in-network ATMs

An ABLE account can help disabled individuals and their families shelter money from asset tests so they can continue to access life-sustaining government programs. The money held in an ABLE account can grow tax-free and be used on nearly any expense for the disabled person. You can invest money in your ABLE account for future life expenses, or spend the money down as you incur expenses today.

If you want to do the latter, you may want to look at Fifth Third’s ABLE Checking account. To open this account, you will have to initiate the process with a state ABLE plan rather than with Fifth Third Bank (to find out more information on how to apply, visit the ABLE National Resource Center’s website). Minimum opening deposit requirements are set by the state rather than the bank, though most requirements hover around $25. There is a monthly maintenance fee associated with this account, though it can be waived if you enroll in paperless statements or maintain an average monthly balance of $250 or more.

View the best checking account offers from the competition.

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Member FDIC

Fifth Third Bank CDs 2.5 out of 5

TermAPYMinimum opening deposit to earn APY
1 year0.01%$500
3 years0.01%$500
5 years0.01%$500

Fifth Third certificates of deposit (CDs) pay very little interest for the time being. Fifth Third Bank offers extremely short-term CDs with terms of one week to three months — these terms currently pay the same APY as the longer-term CDs listed above, but require a $5,000 minimum opening deposit. CDs can also be purchased as a Fifth Third 529 account.

Interest on Fifth Third CDs compounds daily, while penalties on early withdrawals are 1% of the principal withdrawn on CDs with terms of up to 364 days, 2% on terms of one to three years and 3% on terms of three years or more.

Check out the best CD rates on the market.

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on Fifth Third Bank (OH)’s secure website

Member FDIC

Customer experience at Fifth Third Bank

Fifth Third Bank operates in 11 states:

  • Florida
  • Georgia
  • Illinois
  • Indiana
  • Kentucky
  • Michigan
  • North Carolina
  • Ohio
  • South Carolina
  • Tennessee
  • West Virginia

In-network ATMs top 50,000 in number, giving account holders easy access to their money. Customer service is available via phone Mondays through Saturdays or chat with a live agent Monday through Friday, as well as weekends. A 24/7 customer service line is available to Preferred Checking account holders, and all customers can report a lost or missing bank card 24/7, too.

Fifth Third Bank allows for online banking via its site or mobile app. On the app, you’ll be able to deposit checks, set account alerts, send and receive money through Zelle, get directions to the closest ATM or Fifth Third banking branch and more.