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

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Reviewed By

Updated on Sunday, November 1, 2020

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

0.01%

$25,000 - $49,999

0.01%

$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

0.01%

0.02%

$25,000 - $49,999

0.01%

0.02%

$50,000 - $99,999

0.01%

0.02%

$100,000 - $249,999

0.01%

0.02%

$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

0.01%

0.01%

0.01%

0.01%

0.01%

3 to 6 months

0.01%

0.01%

0.01%

0.01%

0.01%

6 to 12 months

0.01%

0.01%

0.01%

0.01%

0.01%

12 to 24 months

0.01%

0.01%

0.01%

0.01%

0.01%

24 to 36 months

0.01%

0.01%

0.01%

0.01%

0.01%

36 to 48 months

0.01%

0.01%

0.01%

0.01%

0.01%

48 to 60 months

0.01%

0.01%

0.01%

0.01%

0.01%

60 to 84 months

0.01%

0.01%

0.01%

0.01%

0.01%

84 months

0.01%

0.01%

0.01%

0.01%

0.01%

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.